Read the full report
The report aims to establish a baseline total addressable market for self-sovereign identity specifically, which can then be iterated upon by the community.
Self-sovereign identity solution & use cases
Self-sovereign identity use cases
We disrupt established identity paradigms and create new trusted data marketplaces through our network for self-sovereign identity (SSI) vendors. Our scale of distribution in the SSI space is unmatched – across our strong community of partners, we engage with companies in various industries, which further demonstrates the endless areas of opportunity for the application of SSI technology.
Explore how our network and solution, powered by SSI, is applied across various use cases.
Web 3
Gaming
Portable avatars, experience and achievements.
nft
Prove ownership and provenance
community credentials
Credentials for reputation/access
decentralised reputation
Prove reputation w/o central authorities
Other
SUPPLY CHAIN
Prove that supply chain is certified
ONBOARDING
Re-usable, digital KYC credentials
HEALTHCARE
Portable, digital healthcare records
EMPLOYMENT/HR
Portable, digital professional records
REGULATORY-COMPLIANT DEFI
Privacy-preserving KYC for DeFi
CORPORATE IDENTITY
Re-usable, digital KYB credentials
PREFERENCES
Express preferences with privacy
SINGLE SIGN-ON
No more username or password logins
CITIZENS & GOVERNMENTS
SSI-based national identity
TRUSTED DATA ECOSYSTEMS
Core payment rails, use-case agnostic
TRAVEL & HOSPITALITY
User-centric home for travel documents, including vaccines
E-COMMERCE & RETAIL
One-click checkout for anyone to improve conversion
Web 3 |
GAMING |
NFT |
COMMUNITY CREDENTIALS |
DECENTRALISED REPUTATION |
|
Prove ownership and provenance
|
Prove reputation w/o central authorities
|
|||
Other |
SUPPLY CHAIN |
ONBOARDING |
HEALTHCARE |
EMPLOYMENT/HR |
|
Prove that supply chain is certified
|
Re-usable, digital KYC credentials
|
Portable, digital healthcare records
|
Portable, digital professional records
|
|
|
REGULATORY-COMPLIANT DEFI |
CORPORATE IDENTITY |
PREFERENCES |
SINGLE SIGN-ON |
|
|
Privacy-preserving KYC for DeFi
|
Re-usable, digital KYB credentials
|
Express preferences with privacy
|
No more username or password logins
|
|
|
CITIZENS & GOVERNMENTS |
TRUSTED DATA ECOSYSTEMS |
TRAVEL & HOSPITALITY |
E-COMMERCE & RETAIL |
|
|
SSI-based national identity
|
Core payment rails, use-case agnostic
|
User-centric home for travel documents, including vaccines
|
One-click checkout for anyone to improve conversion
|
Creating trusted data ecosystems
Together with the decentralised verification layer, cheqd provides the core payment rails and is use-case agnostic. To utilise the network infrastructure’s core utility, we provide support and tooling for many different types of partners, customers, and individuals in Web2 and Web3. So they can spin out trusted data ecosystems using our network as the foundational infrastructure and payment system.
SSI for gaming
SSI would allow users to port their avatars, assets, experience and reputation between games seamlessly whilst easily proving their memberships or online identities to each other to prevent scamming. For content creators, this means that gamers can have a much longer and deeper relationship with content like avatars since they can use them across games, increasing the volume of content available to players.
Community credentials
SSI centres the reputation onto the individual, allowing them to bridge their reputation across platforms, never starting from scratch. An excellent moderator on Telegram can cross straight to Reddit without needing to start afresh. Similarly, Discord or Telegram can be gated based on whether a user follows and/or engages with a certain account on Twitter, with activity inside Telegram or Discord them providing them with access to VIP rooms.
Employment / HR
Verifiable Credentials allow facts to be checked easily and independently without needing to return to the source. Where credentials are largely static (e.g. birth certificates or degrees), the need to check with the original source is greatly diminished offering quicker and cheaper onboarding. With digital credentials, there is less time lost presenting documents in person or requesting replacement versions if they are lost.
Regulatory compliant DeFi
An SSI approach, allows users to be verified without exposing significant amounts of PII about themselves to third parties. This will allow DeFi protocols to meet regulations whilst maintaining user pseudonymity and privacy as far as possible. This will ensure that this user base is still catered for and DeFi protocols are protected from legal action. The addition of an identity layer will also address issues like wash trading securing liquidity mining rewards.
Preferences
SSI allows users to easily share preferences in a privacy-preserving manner. This enables the company/counterparty to offer differentiated services where they have them, creating a better customer experience and likely securing a relationship with the customer for the future. This ensures that the users can access differentiated and valuable services without needing to build up an account or history with a particular company.
Healthcare
SSI allows patients to hold their own health records, allowing them to take them to whichever health provider they need regardless of speciality or country. This reduces the risk of missing records or badly handwritten notes, which can create adverse health outcomes for patients as well as avoidable liabilities for healthcare professionals and the organisations that employ them.
Decentralised reputation
Verifiable credentials (VCs) provide a digital trust layer to remove the ability to impersonate someone else easily. VCs also codify commercial relationships between people and organisations, e.g. a marketing firm working with a project and using that project as a reference in the future. All of this is achieved digitally and in a decentralised way to remove the need to check with central authorities.
Citizens/governments
SSI provides the opportunity for citizens to hold their data, so they are as private as physical documents but with the ease of use of digital ones. Focusing on the privacy angle, since data is stored with the individual, any additional data is also stored with them avoiding the creation of honeypots. Through interoperable solutions, governments can avoid lock-in to specific vendors.
Supply chain
SSI provides the perfect route for organisations to share certifications or audit results with each other. In this way, the results can be passed up the chain or ultimately to the user-facing organisation which needs to make a said statement. It does this fully digitally without any need for a central authority for the supply chain, which may span multiple countries, languages and governing authorities.
Travel/hospitality
SSI stores all documents/credentials with the traveller in a digital format. This means the user can share the credentials in one interaction with all the parties who require access to them. This removes the need for untrained staff to assess documents of varying quality, removing the need for in-person checking and the resulting lengthy queues. Crucially it removes the potential for fraud since all the data must be issued securely to the individual without the potential to doctor PDFs or pieces of paper, for example.
Single-sign-on
SSI single-sign-on allows users to authenticate themselves seamlessly without sacrificing their privacy for convenience. It provides the same user experience regardless of the website or wallets used, reducing friction. Since SSI SSO implementations will interoperate with each other, websites which implement it gain access to users across the entire ecosystem. So as the ecosystem grows, they gain increased coverage not tied to a single platform.
e-Commerce/retail
SSI allows users to share relevant details instantaneously without needing to type all of them out, reducing friction. Since this data comes from a trusted source, the merchant can be comfortable that it is accurate and not fraudulent. This reduces friction and risk for the customer, potential fall-out in the checkout process for the merchant, and exposure to fraud.
Corporate identity
Onboarding
SSI allows Know Your Customer (KYC) checks to be performed periodically rather than per onboarding once and then at worst. This reduces friction for the individual and reduces the cost per company since they can rely on previous checks.
NFT
New identity solutions
A need for digital trust is sorely required – whether public or private, centralised or decentralised there’s a common denominator for all – digital identity.
Current identity models are inefficient, open to thefts and hacking and built around organisations. In the United States alone, identity theft losses cost $712.4 billion in 2020. In the UK, annual UK-issued debit and credit card identity thefts reached a value of £29.7 million in 2020. Digital trust is currently predicated on constant check-ups. In order to prove an attribute or claim, a third party is needed to certify or verify that claim.
Unlike the existing system, self-sovereign identity (SSI) is a user-centric and user-controlled approach to exchanging information in a much safer way. It safeguards privacy by removing the need to store personal information entirely on a central database and gives individuals greater control over what information they share.
Our estimate suggests that the potential of the SSI market totals ~$0.55Tr. The disrupting technology could be used everywhere from banking to metaverse, travel to healthcare. SSI has no limits in its application across sectors.
cheqd approach
Focusing on interoperability and portability – the utilisation of information and services without users losing control of the information they shared – and through SSI technology, we provide organisations with the most effective way of managing digital identity.
Our native utility token – $CHEQ – enables individuals to interact with organisations globally and for businesses to reap commercial benefits. In addition to data ownership, cheqd provides individuals and companies with a real-world financial incentive to share their data. Find out more about why identity needs a token and the business models of identity.
TRUSTED BY
