Privado ID, formerly known as Polygon ID, has emerged as an independent entity once again, breaking away from Polygon Labs. This marks a significant milestone in advancing solutions for the global issue of digital identity and reputation. In a time where AI-driven misinformation is widespread, Privado ID aims to offer a secure, self-sovereign digital identity.
Congratulations to the entire team at @Privado_ID! We eagerly anticipate the team’s achievements in empowering all web3 users to reclaim control over their online identities and ensuring data sovereignty across decentralized applications .
https://t.co/Wi8BAStlhI
Privado ID Establishes Independence for Broader Reach and System Integration
Privado ID is being developed as a decentralized and trustless platform for identity that supports both onchain and online data. Acting as a decentralized intermediary, Privado ID connects applications to trusted issuers for seamless interactions, supporting the growth and sustainability of trusted providers.
Remaining outside the Polygon ecosystem as a distinct identity provider enables Privado ID to target a wider audience and seamlessly integrate with various systems. While initially part of Polygon (MATIC), the company is now unaffiliated with any specific ecosystem. This neutrality enables Privado ID to handle sensitive data in a dependable and uniform manner.
Having a single source of accurate identity data that is synchronized across blockchain platforms, especially within the Ethereum realm, is crucial. While various solutions exist to address identity challenges, achieving interoperability between protocols remains a hurdle. Privado ID can adapt existing protocols to become a valuable asset in the blockchain ecosystem, meeting the growing demand for comprehensive identity solutions.
Privado ID Collaborates with Prominent Brands to Combat AI-Generated Misinformation
In 2024, there is a growing demand for privacy-preserving solutions in the digital identity sector. This market is projected to expand from $30.81 billion in 2023 to $101.37 billion by 2030. Privacy-focused age verification, defense against bots, and reusable privacy-preserving Know Your Customer (KYC) solutions based on national ID are essential in the digital identity space.
With major countries such as the UK, India, USA, and Indonesia gearing up for general elections this year, verified information is paramount. AI exacerbates the issue by blurring the lines between real and fake news. Privado ID and other digital identity solutions can mitigate the negative impacts of AI-generated fake news and foster trust. Privado is actively collaborating with top brands, including multinational financial service companies, to address these challenges through Proof-of-Concepts (PoC).
Tags: MATIC
