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Cheqd: Making privacy-preserving digital credentials fun
The document discusses the creation of a trusted data economy through Self-Sovereign Identity (SSI) and digital credentials. It emphasizes empowering global SSI communities, lowering verification costs, and incentivizing data-sharing among organizations to enhance user privacy and ease of access. Cheqd aims to revolutionize the digital credential ecosystem by establishing a sustainable business model and creating better user experiences across various industries.
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Cheqd: Making privacy-preserving digital credentials fun
- 1. Creating the trusteddata economy Ankur Banerjee CTO & Cofounder, Cheqd Making privacy-preserving digital credentials fun
- 2. 1. Empower globalSSI communities 2. Open to everyone interested in SSI 3. All content is shared with CC BY SA Alex Preukschat @SSIMeetup @AlexPreukschat James Monaghan @james_monaghan Coordinating Nodes SSIMeetup.org SSIMeetup objectives
- 3. “People want moreprivacy” 3 cheqd (.io) Read more 👉 cheqd.link/top-5-trends https://creativecommons.org/licenses/by-sa/4.0/
- 4. You should be thecentre of your data universe cheqd.link/what-is-cheqd 4 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
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- 10. “People want moreprivacy…the same way they want to exercise more” 10 cheqd (.io) Read more 👉 cheqd.link/top-5-trends https://creativecommons.org/licenses/by-sa/4.0/
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- 12. How do wecurrently originate digital credentials? “Show me your passport, a selfie, these other documents from two years ago…” You aka “holder” Bank aka “receiver” Trusted organisations aka “issuers” Govt Agency Employer Credit bureau “Can I trust what’s in these documents?” 12 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
- 13. This is expensiveright now Can’t have access because check takes ~minutes ⏱ to ~weeks 📆 You aka “holder” Bank aka “receiver” Trusted organisations aka “issuers” Govt Agency Employer Credit bureau $10 $2 $50 Takes time, effort, and money 13 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
- 14. 14 So why shouldcompanies give it away for free? cheqd (.io) Basic KYC check: ~$5-10 Criminal record check: ~$50-100 Company background: $100-500 (GLEIF-accredited LEI: ~$100/year) Having a sustainable business model: Priceless 💸 https://creativecommons.org/licenses/by-sa/4.0/
- 15. cheqd is notjust another layer one. We believe in open standards and fixing broken business models. 15 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
- 16. We are establishinga clear incentive model for the entire ecosystem (especially issuers) Flow of value Note: Issuers will also be verifiers and vice versa, verifiers will also be issuers. Credential Holder Credential Receiver Credential Issuer Infrastructure: cheqd & other node operators 16 We are incentivising organisations with data silos to release that data to individuals and join the SSI revolution This benefits everyone in the SSI ecosystem cheqd (.io) Node operator % of revenue flow Node operator Node operator Node operator YOU https://creativecommons.org/licenses/by-sa/4.0/
- 17. Establishing a clearincentive model for the entire ecosystem Value / payment Lower KYC costs Current ID checks cost between $2 - $10 Recurring revenue stream Collected by the issuer each time a Credential is verified Infrastructure: 17 cheqd (.io) Node operator Node operator Node operator Node operator Node operator ID check reduced to 0.25c 0.20c 0.05c Credential flow / verifiable trust Verifiable trust Bank (Issuer) Holder Company (Verifier) https://creativecommons.org/licenses/by-sa/4.0/
- 18. Node operator SSI’s potentialto create new data marketplaces is exponential x 100 - 1000s of these ecosystems Infrastructure: cheqd (.io) Node operator Node operator Node operator Node operator Government Banking Healthcare Insurance Credit Travel e-Commerce Lenders https://creativecommons.org/licenses/by-sa/4.0/
- 19. Growth of Self Sovereign Identity Better userexperience, privacy, and security More identity subjects using and demanding SSI More places accepting SSI More organisations issuing SSI Lower cost structure for creating trusted data Lower prices for consuming trusted data Flywheel for SSI adoption cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
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- 21. Your wallet shouldhold any kind of trusted digital statement https://creativecommons.org/licenses/by-sa/4.0/
- 22. Our on-ledger primitivesallow digital credentials of any type 22 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
- 23. SSI VENDORS SSI START-UPS COSMOS& WEB 3.0 CONSULTANCIES INVESTORS https://creativecommons.org/licenses/by-sa/4.0/
- 24. Our partners workglobally, cross-industry & use-case 24 cheqd (.io) SSI for gaming Portable avatars / experience / achievements Community credentials Credentials for reputation / access Decentralised reputation Prove reputation without central authorities Regulatory compliant DeFi Privacy-preserving KYC for DeFi Preferences Express preferences with privacy Single sign-on No more username or password logins Onboarding Re-usable, digital KYC credentials Corporate identity Re-usable, digital KYB credentials Supply chain Prove supply chain is certified Healthcare Portable, digital healthcare records Employment / HR Portable, digital professional records, e.g. degree Citizens / governments SSI-based national identity Travel / hospitality User-centric home for travel documents, inc. vaccines e-Commerce / Retail One-click checkout for anyone to improve conversion and prevent fraud https://creativecommons.org/licenses/by-sa/4.0/
- 25. What else ischeqd doing differently? 25 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
- 26. License issued in2012 Schemas are used in digital credentials…and traditional ID docs This becomes increasingly important in a world of Verifiable Credentials, where reliance on the schema is a core part of the verifier being able to trust the a credential presented to them. Schema attributes https://creativecommons.org/licenses/by-sa/4.0/
- 27. License issued in2012 License issued in 2015 new attributes in new format Schemas regularly change over time In this example, we have two driver’s licenses. The first is valid between 2012 and 2020, which overlaps with the issuance of a new license format in 2015. In this scenario, systems will need to understand and check the validity of both licenses and their associated schemas. https://creativecommons.org/licenses/by-sa/4.0/
- 28. ✓ Height ✓ Weight ✓Eyes Schema issued in 2012 Schema issued in 2015 Schemas regularly change over time If the initial schema is updated in a centralised registry such as schema.org, it may actually overwrite and invalidate the old schema, making it very difficult for client applications and verifiers to trust older or deprecated documents - which should still retain a high level of assurance. https://schema.org/driversLicense ✓ Name ✓ DoB ✓ Sex ✓ Issuance ✓ Expiry ✓ Class ✓ ID ✓ Name ✓ DoB ✓ Sex ✓ Issuance ✓ Expiry ✓ Class ✓ ID https://schema.org/driversLicense ☒ Height ☒ Weight ☒ Eyes https://creativecommons.org/licenses/by-sa/4.0/
- 29. This can beproblematic for client apps I can assure you that this license was valid in 2015 Computer says no… We’ve all encountered some form of ‘Computer says no’ in this context. This could cause even more headaches with Verifiable Credentials if we do not learn from previous mistakes.. https://creativecommons.org/licenses/by-sa/4.0/
- 30. Single point offailure when storing schemas at web URLs The Facebook outage of 2021 which took down apps that used “Login with Facebook” functional https://creativecommons.org/licenses/by-sa/4.0/
- 31. Cloud infrastructure isquite centralised and concentrated Systematic, global outages on cloud providers has take out many, many services https://creativecommons.org/licenses/by-sa/4.0/
- 32. “Linkrot” breaks linkson the web, all the time https://creativecommons.org/licenses/by-sa/4.0/
- 33. How is cheqdfixing the user experience and longevity issues? 33 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/
- 34. DID method prefix Resource Collection ID Queryparameters Resources discoverable using DID URLs did:cheqd:mainnet:46e2af9a-2ea0-4815-999d-730a6778227c?resourceName=Passport&versionTime=2022-07-01 https://creativecommons.org/licenses/by-sa/4.0/
- 35. DID method prefix Resource Collection ID Modulepath Specific Resource ID Resources discoverable using DID URLs did:cheqd:mainnet:46e2af9a-2ea0-4815-999d-730a6778227c/resources/688e0e6f-74dd-43cc-9078-09e4fa05cacb DID method prefix Resource Collection ID Module path Specific Resource ID did:cheqd:mainnet:zF7rhDBfUt9d1gJPjx7s1JXfUY7oVWkY/resources/688e0e6f-74dd-43cc-9078-09e4fa05cacb UUID-style identifier Indy-style identifier https://creativecommons.org/licenses/by-sa/4.0/
- 36. Visual representations ofcredentials help users pick them out In this example from British Airways, the pass at the front is for a “Gold” loyalty status member, whereas the pass at the back is for a “standard” loyalty status member. This information can be represented in a Verifiable Credential, of course, but the example here uses the Apple Wallet / Google Wallet formats to overlay a richer display. https://creativecommons.org/licenses/by-sa/4.0/
- 37. How can wemake privacy-preserving digital credentials fun and a daily habit? 37 cheqd (.io) https://creativecommons.org/licenses/by-sa/4.0/