Hashgraph unveils IDTrust to challenge Worldcoin and Microsoft

The Hashgraph Group (THG) has launched a self-sovereign identification (SSI) platform referred to as “IDTrust” to offer a blockchain-based digital identification resolution for people and establishments.

In an announcement despatched completely to Cointelegraph, THG mentioned the IDTrust platform is constructed on the Hedera community and might be powered by synthetic intelligence. An SSI platform permits customers to difficulty, handle and confirm credentials securely with out the necessity for centralized authorities.

The launch comes as governments and enterprises speed up digital identification applications, together with the Swiss e-ID initiative and the European Union’s eIDAS 2.0 regulation.

As well as, blockchain-based identification initiatives have additionally rolled out in Southeast Asia. On Friday, Vietnam launched a nationwide blockchain platform that might be used to energy a decentralized identification resolution.

Private knowledge management offers IDTrust an edge over rivals

THG co-founder and CEO Stefan Deiss informed Cointelegraph that the IDTrust platform makes use of the Hedera Consensus Service (HCS) stateless proof mechanism, claiming it has a definite benefit over different blockchain-based options.

“The place Polygon and Ethereum have to hold the total historical past of interactions, IDTrust doesn’t trigger the Hedera community to develop and doesn’t put any further burden on the validators,” Deiss mentioned.

He added that IDTrust identification is disconnected from the Hedera community and that customers usually are not required to carry the Heders (HBAR) token or use the identical key scheme as these within the Hedera community. “This sort of flexibility shouldn’t be obtainable in different options,” Deiss claimed.

He added that IDTrust stands out within the crowded SSI market by providing a whole decentralized digital identification administration resolution for enterprises and governments. This consists of not simply authentication but in addition authorization capabilities.

“This units it other than options like Polygon ID or Worldcoin, which focus totally on proving identification or uniqueness,” Deiss informed Cointelegraph. “In comparison with Microsoft Entra, IDTrust affords a decentralized belief mannequin that provides people full management over private knowledge.”

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Switzerland’s push for digital identification

The IDTrust launch comes as Switzerland pushes towards a nationwide digital identification.

On June 20, the Swiss Federal Council opened a session course of on a brand new ordinance to control the implementation of digital identification (e-ID) throughout the nation.

Deiss informed Cointelegraph that the Swiss e-ID might be a proprietary system constructed on W3C requirements and SSI rules, making it appropriate with the IDTrust system.

“The IDTrust pockets will be capable of maintain Swiss Verifiable Credentials, and customers will be capable of combine these in Verifiable Displays to achieve entry to purposes that require,” Deiss mentioned. “For instance, Proof of Personhood or Proof of Legitimate Driver’s Licence.”

Deiss added that as a Switzerland-based firm, THG works with the federal government and has adopted the e-ID initiative and session course of on the ordinance regulating the main points in regards to the Swiss e-ID.

He mentioned the IDTrust launch permits THG to have extra lively and superior discussions with the Swiss authorities.

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