cheqd and Dock, two decentralized identity (DID) platforms, have announced a strategic partnership to accelerate the adoption of DID solutions, as reported to Finbold on Wednesday, September 18.
The integration will create a network of over 100,000 users and hundreds of active partners.
Dock and cheqd decentralized ID solutions
Dock is known for supporting identity solutions providers with know-your-customer (KYC) processes, background checks, and biometrics by helping them create verifiable digital credentials.
The platform improves customer onboarding, accelerates transactions, and boosts operational efficiency.
Likewise, it offers a robust application programming interface (API), user-friendly web applications, and a secure ID wallet infrastructure employed by over 600 clients.
On the other hand, cheqd operates an enterprise-grade infrastructure for building credential ecosystems and enabling clients to control and monetize their data.
With over 80,000 addresses on its mainnet and 200 partners, cheqd addresses some of the key hurdles in digital privacy, compliance, and scalability across a number of industries.
What the Dock and cheqd collaboration brings
Combining cheqd’s payment infrastructure with Dock’s flexible software-as-a-service (SaaS) platform, the partnership is set to deliver scalable solutions for industries ranging from finance to government services.
This collaboration will see Dock’s mainnet and testnet traffic migrate to the cheqd network, with the DOCK token being converted into CHEQ.
However, both platforms will continue to operate independently.
Fraser Edwards, CEO and Co-founder of cheqd, highlighted the significance of the partnership, stating it creates the most comprehensive stack for decentralised ID:
“Dock and cheqd partnering establishes the most feature-complete software stack for decentralised ID (DID) encapsulating no-code management and privacy preserving payments for verifiable credential. This alliance is a clear signal that cheqd is the home for DID with Dock and their clients joining our ecosystem of partners and clients, as well as the merging of two communities who firmly believe in the vision of DID.”
The growth of the decentralized ID market
The DID market is expected to grow significantly over the next five years, with a projected CAGR of over 90%, driven by increasing regulatory demands such as the eIDAS regulations in Europe.
The joint cheqd and Dock network will provide extensive support for DIDs, with multi-SDK integration and open-source tools.
To ensure their solutions accommodate the needs of governments and enterprises alike, both companies will remain committed to regulatory compliance, including the EU Digital Identity Framework and eIDAS 2.0.
With the backing of a strong leadership team, including cheqd’s Fraser Edwards and Ankur Banerjee, alongside Dock’s Nick Lambert and Elina Cadouri, the alliance is poised to drive the mainstream adoption of decentralised identity.
Additional upcoming innovations announced by the two partners, such as cheqd’s MiCA-compliant stablecoin and Dock’s mobile driver’s licences and cloud wallet, are also set to further enhance the ecosystem.
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Publish date : 2024-09-17 22:00:00
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