The Hashgraph Group (THG) has launched a Self-Sovereign Identity (SSI) platform called “Idtrust” to offer a blockchain-based digital identity solution for individuals and institutions.
In an announcement that was sent exclusively to Cointelegraph, THG said that the Idtrust platform was built on the Hedera network and is driven by artificial intelligence. An SSI platform enables users to safely issue, manage and verify the references without the need for centralized authorities.
The launch comes to accelerate digital identity programs as governments and companies, including the Swiss E-ID initiative and the EIDAS 2.0 Regulation of the European Union.
In addition, blockchain-based identity initiatives have also been rolled out in Southeast Asia. On Friday, Vietnam launched a National Blockchain platform that will be used to provide a decentralized identity solution with electricity.
Personal Data Control gives Idtrust a lead over competitors
THG co-founder and CEO Stefan Deiss told Cointelegraph that the Idtrust platform uses the Hedera Consensus Service (HCS) Stateless evidence mechanism, and claims that it has a clear advantage over other blockchain-based solutions.
“Where Polygon and Ethereum have to bear the entire history of interactions, Idtrust does not ensure that the Hedera network grows and does not put an extra burden on the validators,” Deiss said.
He added that the identity of Idtrust has been disconnected from the Hedera network and that users are not obliged to hold the Heder (HBBAn) -to use the same key schedule as that in the Hedera network. “This type of flexibility is not available in other solutions,” Deiss claimed.
He added that Idtrust stands out in the busy SSI market by offering a complete decentralized solution for digital identity management for companies and governments. This not only includes authentication, but also authorization options.
“This distinguishes it from solutions such as Polygon ID or Worldcoin, which primarily focus on evidence of identity or uniqueness,” Deiss told Cointelegraph. “Compared to Microsoft Entra, Idtrust offers a decentralized trust model that offers individuals full control over personal data.”
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Switzerland’s urge to digital identification
The Idtrust launch comes when Switzerland pushes to a national digital identity.
On June 20, the Swiss Federal Council opened a consultation process on a new regulation to regulate the implementation of electronic identification (e-ID) throughout the country.
Deiss told Cointelegraph that the Swiss e-ID will be its own system on W3C standards and SSI principles, making it compatible with the Idtrust system.
“The Idtrust wallet may contain Swiss verifiable references and users can mix them in verifiable presentations to gain access to applications that need it,” Deiss said. “For example, proof of personality or proof of valid driver’s license.”
Deiss added that THG works with the government as a company established in Switzerland and followed the e-ID initiative and consultation process on the regulation that arranges the details regarding the Swiss e-ID.
He said that the Idtrust launch is able to have more active and advanced discussions with the Swiss authorities.
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