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Privado ID to tackle global demand for decentralized digital identity software on its own

Privado ID to tackle global demand for decentralized digital identity software on its own
 

Privado ID, previously known as Polygon ID, has officially separated from Polygon Labs to address the increasing global need for digital identity and reputation software that integrates onchain and online data. Developed by the creators of the Iden3 Protocol and PolygonID, Privado ID is designed to operate across various blockchain networks, not limited to Polygon.

Privado ID says it offers decentralization and private interactions to lower costs, reduce complexity, and minimize counterparty risks. The company’s self-sovereign identity (SSI) technology allows individuals to control their own data, facilitating direct interactions with apps for receiving benefits or information. It streamlines processes such as identity verification, ensuring compliance, distributing incentives, and managing tokenized assets, according to the company announcement.

The features of Privado’s software include in-app identity verification and reusable credentials for age or know-your-customer (KYC) and know-your-business (KYB) checks, with graphics demonstrating the process for each on its website depicting the use of 3D face biometrics. The company also operates a verifiable credential marketplace that includes biometric liveness detection software to support proof of personhood. These capabilities put Privado ID into direct competition with many mainstream digital ID and biometrics providers.

The company is forging strategic partnerships with both onchain and traditional institutional organizations. Among these are proof-of-concepts (PoC) collaborations with several multinational banks and financial service companies. These PoCs aim to lay the technical groundwork for interoperable and compliant identity frameworks, reusable across institutions, applications, and smart contracts.

One focus is on using Privado ID’s verifiable credentials (VCs) for permissioned financial transactions. These credentials can ensure that only eligible participants engage in decentralized finance (DeFi) activities, like liquidity pools, enhancing compliant access for institutional DeFi. Additionally, VCs can serve as proof of identity, qualifications, and legal status, regulating access to various services.

Privado ID has also integrated with the Verax attestation registry on the Linea zkEVM Chain by Consensys. The partnership aims to create a unified, crosschain identity solution to combat the creation and maintenance of fake identities. The collaboration also supports interoperable identity in a bid to reduce discovery and coordination costs with composable trust.

The importance of  privacy-preserving digital identity solutions is underscored by the rising costs of identity theft and fraud, which reached $43 billion in the U.S. in 2022, according to Javelin Strategy & Research. The increasing prevalence of AI-generated content further complicates distinguishing between real and fake information, threatening online integrity. This issue is particularly critical during major election years, as misinformation campaigns, including deepfakes, target candidates in crucial votes.

Privado ID’s tools aim to verify the authenticity of digital content, mitigating risks from AI-generated misinformation. The company uses cryptography and zero-knowledge proofs (ZKPs) to enable individuals to verify attributes like age and qualifications without disclosing sensitive information. Supporting W3C identity standards, Privado ID can integrate with traditional data systems and any EVM-compatible blockchain, with future support for non-EVM chains planned.

The executive team at Privado ID includes co-founders David Schwartz as CEO and Antoni Martin as COO. Jordi Baylina, a key figure in developing Polygon zkEVM, will serve as a technical advisor, and Polygon Labs Co-founder Sandeep Nailwal will act as a growth advisor.

“Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries,” says Martin.

“We believe that our technology, emphasizing privacy, user control, and interoperability, will revolutionize interactions in connected spaces, reducing the risks of identity theft, fraud, and misinformation. Our commitment to being protocol-agnostic aligns with the need for unified data for blockchain interoperability and enhancing user experience, crucial for Web3’s success.”

Web3 promises an alternative to managing passwords independently or handing over data to major tech companies. Polygon ID’s recent whitepaper reveals that digital identity offerings improve the customer experience for corporates in their online interactions with their banks. Now, HSBC, a banking and financial services institution, is utilizing decentralized identity.

Ben Chodroff, head of HSBC Lab, showcased a decentralized identity prototype using Polygon ID during Hong Kong FinTech Week, emphasizing its benefits for consumers as a single, secure identity that can be used across various platforms and applications.

According to Chodroff, Polygon ID’s support for the W3C open-source identity standards and its ability to integrate with both public and private ledgers were key reasons HSBC selected this solution.

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