Hashgraph unveils IDTrust to challenge Worldcoin and Microsoft

The Hashgraph Group (THG) has launched a self-sovereign identity (SSI) platform called “IDTrust” to provide a blockchain-based digital identity solution for individuals and institutions

In an announcement sent exclusively to Cointelegraph, THG said the IDTrust platform is built on the Hedera network and will be powered by artificial intelligence. An SSI platform allows users to issue, manage and verify credentials securely without the need for centralized authorities

The launch comes as governments and enterprises accelerate digital identity programs, including the Swiss e-ID initiative and the European Union’s eIDAS 2.0 regulation

In addition, blockchain-based identity initiatives have also rolled out in Southeast Asia. On Friday, Vietnam launched a national blockchain platform that will be used to power a decentralized identity solution

Personal data control gives IDTrust an edge over competitors

THG co-founder and CEO Stefan Deiss told Cointelegraph that the IDTrust platform uses the Hedera Consensus Service (HCS) stateless proof mechanism, claiming it has a distinct advantage over other blockchain-based solutions

“Where Polygon and Ethereum have to carry the full history of interactions, IDTrust does not cause the Hedera network to grow and does not put any additional burden on the validators,” Deiss said.

He added that IDTrust identity is disconnected from the Hedera network and that users are not required to hold the Heders (HBAR) token or use the same key scheme as those in the Hedera network. “This kind of flexibility is not available in other solutions,” Deiss claimed

He added that IDTrust stands out in the crowded SSI market by offering a complete decentralized digital identity management solution for enterprises and governments. This includes not just authentication but also authorization capabilities

“This sets it apart from solutions like Polygon ID or Worldcoin, which focus primarily on proving identity or uniqueness,” Deiss told Cointelegraph. “Compared to Microsoft Entra, IDTrust offers a decentralized trust model that offers individuals full control over personal data.”

Related: Philippines to secure government documents on Polygon despite network hiccup

Switzerland’s push for digital identification

The IDTrust launch comes as Switzerland pushes toward a national digital identity.

On June 20, the Swiss Federal Council opened a consultation process on a new ordinance to regulate the implementation of electronic identification (e-ID) across the country

Deiss told Cointelegraph that the Swiss e-ID will be a proprietary system built on W3C standards and SSI principles, making it compatible with the IDTrust system.

“The IDTrust wallet will be able to hold Swiss Verifiable Credentials, and users will be able to mix those in Verifiable Presentations to gain access to applications that require,” Deiss said. “For example, Proof of Personhood or Proof of Valid Driver’s Licence.”

Deiss added that as a Switzerland-based company, THG works with the government and has followed the e-ID initiative and consultation process on the ordinance regulating the details concerning the Swiss e-ID

He said the IDTrust launch allows THG to have more active and advanced discussions with the Swiss authorities

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• #Switzerland
• #Decentralization
• #Privacy
• #Identity
• #Adoption
• #AI
• #Identification
• #Hedera
• #Web3 Decentralization Initiatives Add reaction