cheqd Unveils Credential Payments for Onchain Trusted Data Trading
cheqd, a startup specializing in identity data control, has launched its latest product called Credential Payments. This new addition to their existing SaaS product, Credential Service, aims to support an onchain market for trusted data trading.
Ensuring Privacy While Sharing Trusted Data
Trusted data refers to sensitive information that individuals prefer to keep private, such as identification documents and medical records. However, there are situations where third parties need access to this data. cheqd believes it has solved this challenge by introducing Credential Payments. With this solution, businesses can acquire trusted data without exposing its contents to unauthorized access.
Credential Payments ensures that the data remains off-chain while allowing payments between data vendors to be conducted onchain. Buyers can have the assurance that the purchased data is verifiable and complete. cheqd specializes in integrating Self-Sovereign Identity (SSI) tools into organizations’ existing infrastructure, enabling them to benefit from decentralized identities seamlessly. By incorporating Credential Payments into this model, businesses can access customer data without compromising user privacy.
Benefits for Businesses and Customers
Credential Payments offers advantages not only for enterprises requiring customer data for services like KYC but also for customers themselves. Once a customer completes KYC with one vendor, they can do business with other organizations that acquire their trusted data from the original vendor. This streamlined experience reduces the need for multiple verification checks and minimizes the risk of identification documents being stored or leaked online.
Applications in Education and Beyond
Besides compliance, Credential Payments has other potential use cases. One example highlighted by cheqd is in the field of education where verifying individuals’ qualifications has always been necessary. Employers and other entities seeking to validate candidates’ credentials can use this solution by paying a small fee to access the relevant credentials. This creates a two-sided marketplace for trusted data, promoting transparency and reducing fraud.
Navigating the Complex Data Economy
As the data economy continues to grow and governments introduce new and sometimes conflicting data regulations, the demand for global identity solutions has increased. Complying with initiatives like the EU’s eIDAS 2.0 and similar legislation in the US is no easy task. However, companies that can navigate this complex market and provide solutions that allow data to be transacted without compromising user privacy will thrive.
Hot Take: Credential Payments Revolutionizes Onchain Data Trading
cheqd’s latest product, Credential Payments, is set to revolutionize onchain trading of trusted data. By ensuring privacy while sharing sensitive information, businesses can access customer data without compromising user privacy. Additionally, customers benefit from a streamlined experience and reduced verification checks. The application of Credential Payments extends beyond compliance, with potential use cases in education and other industries. As the data economy evolves and global identity solutions become crucial, companies that can navigate complex data regulations will thrive. Credential Payments is a significant step towards secure and transparent onchain data trading.
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