Hashgraph Supports Switzerland’s New Optional e-ID System Through Hedera-Powered IDTrust

• Swiss voters narrowly accepted the introduction of a state-issued digital identification system, with 50.4% voting sure and 49.6% voting no.
• Hashgraph has expressed its help for the e-ID initiative, positioning the IDTrust platform as a privacy-first infrastructure.

The e-ID, or digital identification, is Switzerland’s leap right into a safe digital future. This digital ID, issued by the federal authorities, will enable residents to show their identification on-line in a safe and trusted means. It’s utterly voluntary, free to make use of and designed to work with, not exchange, bodily paperwork equivalent to passports and ID playing cards.

In a LinkedIn publish, the Hashgraph Group expressed robust help for the initiative and famous that

The Hashgraph Group is firmly behind this transformative nationwide initiative. The Swiss strategy to e-ID methods matches completely with the safe, trusted and citizen-controlled digital identification ideas we champion at The Hashgraph Group.

The workforce then defined that their IDTrust platform, which is on the forefront of Swiss Web3 innovation, demonstrates their dedication to creating self-sovereign identification options constructed on Hedera Hashgraph’s trusted DLT.

In a carefully watched referendum in September, 50.4% of Swiss voters mentioned ‘sure’ to the introduction of a nationwide digital ID card, narrowly trailing the 49.6% who opposed it. The outcome shocked many pollsters, who had predicted a way more snug victory for the pro-e-ID camp.

Voter turnout was 49.55%, increased than anticipated, demonstrating how strongly the problem resonated throughout the nation.

For Switzerland’s political events, which had largely supported the plan, the victory comes as a reduction. Only a few years in the past, in 2021, voters rejected an earlier model of the e-ID proposal. One of many greatest considerations on the time was that non-public corporations would have an excessive amount of management over delicate identification knowledge.

This time, lawmakers have addressed these criticisms head-on: The brand new system will likely be solely government-run, with no non-public operators managing the core identification infrastructure.

How Hedera’s IDTrust matches into this

For context, the IDTrust is a self-sovereign identification platform (SSI) constructed by The Hashgraph Group on Hedera. IDTrust goals to beat a number of the greatest limitations of conventional identification methods, together with fragmentation, vendor lock-in, knowledge overexposure and inefficiency.

Switzerland’s e-ID will likely be constructed round verifiable credentials, safe, cryptographically verifiable digital proof of issues like your identification, age or residency standing. However it would not cease with identification playing cards.

The identical belief infrastructure will allow authorities companies and personal organizations to concern a variety of official digital paperwork, from driver’s licenses and diplomas to residence permits and even membership playing cards.

It permits credentials to maneuver freely between platforms, provides customers management over what private info they share, and streamlines authentication via trusted ledger expertise and AI instruments.

As Stefan Deiss, co-founder and CEO of The Hashgraph Group, defined, the e-ID upholds Switzerland’s core values ​​of information safety, privateness and safety.

In a separate growth, filings on October 7 present that Canary has up to date its S-1 filings for each exchange-traded funds, formally revealing their ticker symbols: LTCC for the Litecoin ETF and HBR for the Hedera ETF. The HBAR ETF builds on an preliminary submitting in November 2024, which got here shortly after its debut from a non-public HBAR belief for accredited traders.

If accepted, these funds might mark an vital milestone in advancing HBAR into institutional investing.