We disrupt established identity paradigms and create new trusted data marketplaces. Explore how our network and solution, powered by SSI, is applied across various use cases.
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.
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 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.
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.
Verifiable Credentials (VC) 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.
An SSI approach, allows users to be verified without exposing significant amounts of Personal Identifiable Information (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.
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.
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.
Verifiable credentials 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.
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.
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.
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.
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.
SSI moves documents from physical or PDF versions into fully digital copies where provenance and veracity can be easily checked. By digitising these, the relationships between organisations and individuals can be clearly codified and checked. Also, they are less easy to lose. Finally, these documents support other use-cases such as auditing or certifying a supply chain.
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.
SSI helps to prove who created, owned and/or currently owns NFT across their lifecycle as well as providing ownership of fractions. It also solves the provenance issue regardless of the ledger NFTs are hosted on. SSI can enable a fully decentralised content consumption with payment and identity — directly from the creator without a distribution channel. This helps creators to receive fair payments for their work and interact with their audiences directly.
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The report aims to establish a baseline total addressable market for self-sovereign identity specifically, which can then be iterated upon by the community.
If you are an SSI Vendor, Consultancy, Enterprise, Government agency, or a Web3 company contact us for a discovery call so we can learn about your use case, problem statements, and get you set up with cheqd.
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