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The Significance of Distributed Identity for a Distributed Web

"You cannot have a distributed web without distributed identity that operates on a large scale." Jamie Burke, CEO of Outlier Ventures and cheqd supporter.

At cheqd, we are constructing an incentivized dedicated network that empowers individuals and organizations to have complete control over their personal data, and establishing the infrastructure for distributed identity to function on a large scale.

Personalizable Business Models for Genuine Data and Self-Sovereign Identity

To accomplish this, cheqd is developing the payment channels and customizable business models for genuine/trusted data and self-sovereign identity. All too often, digital identity services online are slow, unfriendly to users, and costly for businesses to process. Identity verifications themselves can cost anywhere from $10 and upwards to verify the identity of individuals online, and hundreds of dollars for corporate entities. At an individual level, the average person has over 190 passwords, which are difficult to manage and vulnerable to hacking. Over the past few years, many startups, established identity companies, governments, and non-profits have utilized distributed identity to empower people with more control over their data and ensure its use is secure and transparent. However, what is currently lacking is a commercial incentives layer for the self-sovereign identity ecosystem.

We are leveraging blockchain technology to establish a decentralized network for digital identity payments to solve this problem.

The Future of Distributed Identity and Privacy

Our network provides the payment infrastructure between organizations and individuals for issuing, holding, and receiving genuine data globally, and also enables them to customize business models for this data in various ecosystems such as financial services, airlines, pharmaceuticals, and even emerging ecosystems like DeFi, NFTs, and Crypto.

cheqd will become the preferred network for self-sovereign/self-managed identity, benefiting all parties (issuer, holder, receiver) in the ecosystem, whether they are institutions or individuals, and become the token for the future of distributed identity and privacy.