Hashgraph introduced an ID solution on the blockchain

Hashgraph Group has launched a sovereign identification platform (SSI) IDTrust based on the Hedera network. This is reported by Cointelegraph.

The solution utilizes artificial intelligence technology and allows users to securely transmit, manage, and verify credentials without the involvement of centralized authorities.

The product launch took place against the backdrop of the accelerated implementation of SSI programs by governments and corporations, including the Swiss e-ID initiative and the European Union's eIDAS 2.0 regulation.

On July 25, the authorities of Vietnam announced the establishment of the national blockchain platform NDAChain, which is positioned as a basic level of data verification for systems in the public and private sectors.

Co-founder and CEO of Hashgraph Stefan Drees explained that IDTrust uses a state-less proof mechanism of the Hedera Consensus Service. This approach does not create additional load on the network and validators, unlike similar SSI solutions based on other blockchains like Polygon and Ethereum, he added.

According to him, IDTrust is separate from Hedera, and users do not need to use the network's key scheme. The platform's functionality provides the possibility of not only authentication but also authorization.

"This distinguishes it from solutions like Polygon ID or Worldcoin, which are primarily focused on identity or uniqueness verification. In comparison to Microsoft Entra, IDTrust offers a decentralized trust model that gives users complete control over their personal data," emphasized Dais.

The Switzerland-based company is cooperating with the authorities of the country as part of an initiative to implement electronic identity cards. It is expected that IDTrust will be fully compatible with the e-ID state system being implemented on the principles of SSI.

Let us remind you that in March, the Hedera developers launched the beta version of the new EVM-compatible blockchain HashSphere, designed for corporations in regulated industries.