Sovereign Identity (SSI)
Cheqd is an open-source, community-driven project based on the Cosmos blockchain that is developing a much-needed technology for all of us. There will come a time when everyone will have full control over their personal data. No one will be able to use them without consent. And that’s how the vision Cheqd offers us.
The basic hypothesis is to create new business models in which businesses and people can exchange data on mutually beneficial terms. In addition, this relationship would be based on absolute trust and transparency between the parties, because Web 3.0 is built on blockchain. Blockchain won’t allow any of us to cheat, it won’t allow us to hide the unscrupulous actions of partners — that’s what we all really want.
SSI is a digital identity method that centers control over information around its owner — it puts the individual at the center of the ecosystem. Unlike the current system, it is a user-centric and user-controlled approach to sharing authentic information. Ultimately, Cheqd will help individuals and businesses trust each other.
MUTUAL SHARING OF COSTS BETWEEN SEVERAL ORGANIZATIONS
The costs of conducting identity verification are shared either equally or in proportion to usage among the beneficiary organizations. This is often an extension of the straightforward model described above. An example would be a consortium such as BankID in Sweden, where the costs of KYC are shared between different organizations. In this scenario, the individual/company also does not pay.
Pay-as-you-go: Each interaction is paid per check (manually or per API application call).
Tiered subscription: Checking organizations pay by blocks depending on usage.
Around the world, identity is commercialized in too many ways to list. They range from transparent and simple relationships, such as paying for a passport, to complex and opaque models, such as targeted advertising.
Sovereign Identity (SSI) will reproduce some of these models, disrupt others, and create entirely new ones as well. Creating entirely new models is something we at cheqd are genuinely excited about. In this blog, we’ll talk about some of the commercial models prevalent in digital identity and how cheqd is creating new models for the SSI world.
Corporate SSI
Organizations such as the Global Legal Entity Identifier Foundation (GLEIF) are already developing implementations of SSI (such as their Virtual Legal Entity Identifier.vLEI) to give companies a digital identity. This will mean that due diligence/adaptation, mergers and acquisitions and other processes will be simplified and improved over working with paper documents or, at best, easily forged PDFs.
Conclusion
The beauty of this technology is that it solves universal problems that apply to all industries. As more and more companies use SSI, the list of use cases will grow rapidly, making SSI a reality in the very near future. This is only a small part of what can be said in one article about the Cheqd project. There is much more to come.
Social media and the Cosmos Cats validator
telegramm Cosmos Cats community