Credential Service, introduced by the startup privacy-preserving payment and credential network company cheqd, provides businesses with a simple, plug-and-play solution for providing and maintaining digital credentials, giving users and companies more agency over their data.
In particular, the Credential Service from cheqd is a turnkey SaaS (Software as a Service) solution that can be implemented with little effort, according to details shared with Finbold from cheqd on July 12.
Notably, cheqd’s Credential Service makes it easy for businesses to issue and validate employees’ decentralized credentials as it makes it easy for businesses to issue and validate credentials with little to no technical expertise or time spent on building or integrating Decentralized Identity into current apps.
Using straightforward API services, developers may issue and maintain credentials easily. According to the latest details shared by the startup, this allows for things like Decentralized Identifiers and Identity Keys, Revocation Registries, and Verifiable Credentials and Presentations.
cheqd partners have option to use a simple set of API services
cheqd partners now have the option to employ a basic collection of API services. Credential Service is a gateway to cheqd’s future payments capabilities, a first-of-its-kind feature that will allow on-chain payments for off-chain verified data. Using Trusted Data Markets’ payment features, anybody may launch wholly novel business models.
Credential Service provides enterprises with a no-code, low-overhead entry point into cheqd’s Decentralized Identity (DID) architecture. DIDs are a cornerstone technology for allowing self-sovereign identification (SSI), which provides individuals authority over the data they need to authenticate themselves to online services and resources.
Digital wallets allow users to save their information in a private and secure environment, reducing the potential for fraud and streamlining the verification process.
Co-founder and Chief Executive Officer of cheqd, Fraser Edwards, noted:
“We are removing the barriers for those wanting to leverage the decentralized or self-sovereign identity and digital credentials through introducing the Credential Service.”
“It is especially relevant for those who have never interacted with decentralized identity and want to access payment rails without needing to use anything technically complex. Its built-in payment infrastructure, combined with a simple set of APIs, will allow developers to fully leverage credential payments in the easiest possible way.”
How the credential service works
The Credential Service relies on cheqd’s blockchain technology, a secure, public, permissionless network that abides by Europe’s General Data Protection Regulation (GDPR).
Given its foundation in self-sovereign identity technology, it was developed with the soon-to-be-enforced European Union (EU) eIDAS law in mind, which standardizes electronic identification and trust services for online commerce.
No sensitive data is kept on the cheqd network, and the same goes for all of its products. Instead, the user’s private information is stored on a separate system, away from the main ledger. Any credential may be reviewed and validated in seconds thanks to the information being signed and verified by trustworthy identifiers on-chain.