In an effort to hasten the adoption of Decentralised Identity (DID) solutions, cheqd and Dock have announced their partnership. This involves migrating Dock Certs and its clientbase to the cheqd network. In order to speed digital identity globally, the $DOCK tokens will be merged into $CHEQ tokens, keeping cheqd and Dock as independent entities.
Dock specializes on assisting Identity Solutions Providers, including KYC, background check, and biometrics firms, to develop ID ecosystems where their partners may generate, share, and monetize verifiable digital credentials. Businesses may expedite client onboarding, increase transaction speeds, and improve overall company efficiency by establishing an ID ecosystem. With a reliable API, a user-friendly web application, and secure ID wallet architecture, Dock provides a comprehensive solution. More than 600 businesses have set up accounts on Dock Certs, their Decentralized ID platform.
Concurrently, Cheqd has developed commercial infrastructure and trust that is enterprise-ready, allowing businesses to create trusted data markets and end-to-end credential ecosystems. People are able to own, manage, and monetize their data in a way that protects their privacy and is portable. More than 200 organizations have established themselves on its mainnet, and over 80,000 addresses have been generated. Cheqd aims to tackle the economic and technological obstacles that have hindered the expansion of digital credentials. Its emphasis on interoperability, regulatory compliance, simplicity of integration, and privacy-preserving credential payments builds a solid infrastructure that can grow across sectors.
Upon integrating the well-established ecosystems of Dock and Cheqd, a robust network including more than 100,000 community members and hundreds of engaged partners will be created. This partnership will provide a scalable, cutting-edge solution appropriate for both conventional and Web3 industries such as banking, identity solution providers, government services, and more by fusing Dock’s flexible SaaS platform with cheqd’s reliable payment infrastructure.
The mainnet and testnet traffic of Dock will be migrated to the cheqd network as a result of the collaboration between the two decentralized ID experts. Additionally, in order to create a single asset for powering the single decentralized network, the $DOCK token will be converted into $CHEQ tokens.
Fraser Edwards, Co-founder and CEO at cheqd stated:
Nick Lambert, Co-founder and CEO of Dock Labs stated:
The decentralized identity market is expected to grow at a compound annual growth rate (CAGR) of more than 90% over the next five years, turning it into a multibillion dollar sector. Enforcing the eIDAS standards pertaining to the verification of individuals, corporations, and electronic documents presents a chance for decentralized solutions that may meet the requirements of both businesses and regulators.
Wide-ranging application development and integration opportunities will be made possible by the joint network developed by Cheqd and Dock, which will support a large number of Decentralised Identifiers (DIDs). It will also feature multi-SDK integration and open-source tooling such as DIF Registrar & resolver, Credo, Veramo, Walt.id, and Vidos (Mailchain). Both parties will continue to be compliant with eIDAS 2.0 and the EU Digital Identity Framework.
Fraser Edwards, the co-founder and CEO of Cheqd, has extensive experience leading teams and managing self-sovereign identities. He gained this expertise while leading the World Economic Forum’s Known Traveller Digital Identity project, which included the governments of Canada and the Netherlands as stakeholders. He is the owner of cross-ledger payment patents and designed the Jasper-Ubin project’s payment architecture in collaboration with the central banks of Canada and Singapore. Ankur Banerjee is a co-founder and CTO with experience in digital identification, biometrics, and distributed tech architecture. He co-chairs the decentralized Identity Foundation’s Technical Steering Committee and co-chairs several blockchain and cloud AI patents. Co-founder and CFO Javed Khattak contributes a plethora of technical, strategic, and financial know-how. His experience includes advising governments, central banks, and international brands in addition to managing multibillion dollar funds.
COO Elina Cadouri, who formerly developed and oversaw Outsource.com, which grew to generate several million dollars in revenue annually, and Remote.com, one of the fastest-growing remote work platforms globally, complements Dock CEO Nick Lambert’s vast expertise in the blockchain industry. Richard Esplin, Dock’s Head of Product, has dedicated his career developing open source and digital identities, as well as consulting with government agencies and major corporations on procurement, solution design, and process automation.
Both organizations have established a substantial clientele in the digital ID and verification field since their founding. Cheqd has strategic collaborations across sectors and use cases, such as reusable KYC, with companies like DanubeTech, Finclusive, and Northern Block internationally. With its extensive features, Dock will continue to propel the cheqd blockchain’s real-world adoption among the world’s biggest ID firms. Aliva, University of Arkansas at Little Rock, Classter, Gravity, BurstIQ, and several more significant ID verification firms are among Dock’s clientele, with many more to follow. The respective clientele of Dock and Cheqd together constitute a significant asset that will be used to further their objective of mainstreaming DID-based identity management.
Through their partnership, cheqd and Dock will provide builders and end users with access to their newest products, which will include cheqd’s soon-to-be MiCA compliant stablecoin and fee abstraction technology as well as Dock’s soon-to-be cloud wallet and mobile drivers’ licenses (mDLs). Both businesses are striving to integrate extra regulatory frameworks while facilitating compliance with the EU Digital Identity Framework and eIDAS 2.0.
