The hashgraph group (THG) has launched a self-suvereign identity (SSI) platform called “Idtrust” to provide a blockchain based on digital identity for individuals and institutions.
In an announcement sent exclusively to the cointelegraph, THG said the Idtrust platform was built on the Hedera Network and activated by artificial intelligence. An SSI platform allows users to issue, manage and prove credentials safely without the need for centralized authorities.
The launch will come as governments and businesses accelerate digital identification programs, including the Swiss E-ID initiative and the Eidas 2.0 regulation of the European Union.
In addition, Blockchain -based identity initiatives also roll in Southeast Asia. On Friday, Vietnam Launched a National Blockchain platform It will be used to empower a decentralized identity solution.
Personal Control of IdTrust data provides an edge to competitors
THG co-founder and CEO Stefan Deiss told CointeleGraph that the Idtrust platform uses the stateless proof mechanism of the Hedera Consensus Service (HCS), claiming it has a unique advantage of other blockchain-based solutions.
“Where the Polygon and Ethereum need to bring the entire history of the contacts, Idtrust does not cause the hedera network to grow and does not put any additional burden on validators,” Deiss said.
He added that Idtrust’s identity was to be disconnected from the hedera network and users were not required to hold heders (Hbar) Token or use the same key scheme as those on the hedera network. “This type of flexibility is not available in other solutions,” Deiss claimed.
He added that Idtrust is standing in the tight SSI market by offering a complete decentralized solution to digital identity management for businesses and governments. This includes not only validation but also permission capabilities.
“It has stamped it in addition to solutions such as Polygon ID or Worldcoin, which is primarily focused on validating identity or uniqueness,” Deiss told cointelegraph. “Compared to Microsoft Entra, the Idtrust offers a decentralized trust model that offers individuals full control over personal data.”
Related: Philippines to secure government documents in Polygon despite Network Hiccup
Switzerland pushing for digital identity
The launch of Idtrust arrives as Switzerland drives towards a national digital identity.
On June 20, the Swiss Federal Council opened A process of consultation with a new ordinance to adjust the implementation of electronic identity (E-ID) nationwide.
Deiss told Cointelegraph that the Swiss E-ID would be a ownership system built on W3C standards and SSI principles, making it compatible with the Idtust system.
“The Idtrust wallet can handle the credentials that Swiss has proven, and users can mix with the proven performances to get access to the applications that are in need,” Deiss said. “For example, proof of personality or proof of a valid driver’s license.”
Deiss added that as a Switzerland-based company, THG cooperates with the government and follows the process of E-ID initiative and consultation with the ordinance that controls details about the Swiss E-ID.
He said the launch of Idtrust gives ThG to have more active and advanced discussions with Swiss authorities.
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