cheqd and Dock have announced a strategic alliance to accelerate the adoption of Decentralised Identity (DID) solutions. This partnership involves migrating Dock Certs and its client base to the cheqd network, marking a significant step towards global digital identity.
Partnership Announcement
cheqd and Dock will remain independent entities, but $DOCK tokens will be merged into $CHEQ to accelerate digital identity worldwide. Dock specializes in aiding ID Solutions Providers, including KYC and biometric companies, in launching ID ecosystems where their partners can create, share, and monetize verifiable digital credentials. Over 600 companies have registered on the Dock Certs platform. Meanwhile, cheqd has developed enterprise-ready trust and commercial infrastructure, enabling organizations to build credential ecosystems and data markets with privacy-preserving credentials.
Integration Details
The integration of cheqd and Dock’s platforms will create a powerful network of over 100,000 community members and hundreds of partners. The focus is on delivering a scalable, cutting-edge solution suitable for both traditional and Web3 industries such as finance and government services. Dock’s mainnet and testnet traffic will migrate to the cheqd network, and $DOCK tokens will be converted into $CHEQ tokens. The partnership also ensures compliance with regulatory frameworks, including the EU Digital Identity Framework and eIDAS 2.0.
Significance and Market Future
The decentralised identity market is projected to experience a CAGR of over 90% in the next five years, making it a multi-billion dollar industry. The collaboration between cheqd and Dock aims to create a vast network of Decentralised Identifiers (DIDs) and support broad application development. The companies are also focusing on new product offerings, such as cheqd's MiCA-compliant stablecoin and Dock's mobile driver's licenses (mDLs).
The alliance between cheqd and Dock will expedite the scaling of digital identity, providing advanced technologies and solutions for users and developers worldwide. Both companies aim to create a robust ecosystem for identity management while ensuring compliance with all necessary regulatory requirements.
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