Altcoin News- Polygon ID might be useful in compliance use cases like the “Know Your Customer.”
- With Polygon ID, organizations may no longer face the challenges of user data upkeep.
Polygon (MATIC), is one of the most popular Ethereum sidechains. Has released Polygon ID, a web3 identification service that verifies user credentials in a secure manner using blockchain technology. According to the press release, the Polygon ID self-sovereign identity infrastructure stack will help programmers get closer to tackling the issue of digital trust.
According to the press release, Polygon ID might be useful in compliance use cases like as the “Know Your Customer” procedure. This is necessary for centralized exchanges, permissioned DeFi protocols, and fiat payments gateways that provide on- and off-ramps.
zkEVM Incorporates the Identification Toolkit
Uses for this technology extend well beyond traditional banking. Including the onboarding of customers for e-commerce platforms, password-free login, the issuance of under-collateralized loans, and the operation of decentralized autonomous organizations (DAOs). This wallet is compatible with Polygon’s wallet as well.
With Polygon ID, organizations may no longer face the challenges of user data upkeep. This means giving people more say over their own identities. And giving them more options for how they share and use their personal information. In response to requests for information from the public sector and the private sector.
Support for Polygon ID, which includes developer tools, has already been shown by a number of polygon-based crypto and NFT projects. Including Grail, DePay, Kaleido, Fractal, and Clique. It verifies user data for Dapps while protecting privacy on-chain by using zero-knowledge rollups. Also known as ZK Proofs, which verify data while keeping it encrypted and disguised from the verifier.
The Polygon zkEVM, which incorporates the identification toolkit technology, will be published at the end of this month, according to the Polygon Labs development team.
Recommended For You:
ETH Whales Accumulate Polygon (MATIC) Ahead of zkEVM Launch
Source: https://thenewscrypto.com/polygon-introduces-polygon-id-for-securely-verifying-user-credentials/