The Hashgraph Group (THG) has launched a self-sovereign identity (SSI) platform called "IDTrust," providing blockchain-based digital identity solutions for individuals and institutions.
In an exclusive announcement sent to Cointelegraph, THG stated that the IDTrust platform is built on the Hedera network and will be powered by artificial intelligence. The SSI platform allows users to securely issue, manage, and verify credentials without the need for centralized authorities.
As the platform launches, governments and businesses around the world are accelerating digital identity projects, including Switzerland's electronic identity (e-ID) initiative and the EU's eIDAS 2.0 regulation.
Additionally, blockchain-based identity initiatives are also being launched in Southeast Asia. On Friday, Vietnam launched a national blockchain platform to support decentralized identity solutions.
THG co-founder and CEO Stefan Deiss told Cointelegraph that the IDTrust platform uses Hedera Consensus Service (HCS) stateless proof mechanism, claiming it has significant advantages over other blockchain-based solutions.
"Polygon and Ethereum must carry the full interaction history, while IDTrust does not lead to growth of the Hedera network and does not impose any additional burden on validators," Deiss said.
He added that IDTrust identities are separate from the Hedera network, and users do not need to hold Hedera (HBAR) tokens or use the same key scheme as the Hedera network. "This flexibility is not available in other solutions," Deiss claimed.
He further stated that IDTrust stands out in the crowded SSI market by providing a complete decentralized digital identity management solution for businesses and governments. This includes not only authentication but also authorization features.
"This differentiates it from major solutions like Polygon ID or Worldcoin that primarily focus on proving identity or uniqueness," Deiss told Cointelegraph. "Compared to Microsoft Entra, IDTrust offers a decentralized trust model that gives individuals complete control over their personal data."
The launch of IDTrust coincides with Switzerland's advancement of national digital identity.
On June 20, the Swiss Federal Council opened a consultation process regarding the new decree regulating the implementation of the national electronic identity (e-ID).
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 these credentials in verifiable presentations to gain access to required applications," Deiss said. "For example, proof of personality or valid driver's license proof."
Deiss added that as a Switzerland-based company, THG has been collaborating with the government and has been closely monitoring the e-ID initiative and the decree consultation process regarding the detailed regulations of the Swiss e-ID.
He stated that the launch of IDTrust allows THG to engage in more proactive and advanced discussions with Swiss authorities.
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Original article: “Hashgraph Launches Self-Sovereign Identity (SSI) Platform ‘IDTrust’ to Challenge Worldcoin and Microsoft”
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