Polygon’s new tool allows credentials verification without risk to sensitive information

Polygon rolled out its new tool to allow users to identify & verify the information of people without any risk to their sensitive information.

Polygon blockchain is a Proof-of-stake (PoS) consensus-based popular crypto network, known as a best Ethereum layer-2 scaling solution. Matic is a native coin on the Polygon network. Polygon was launched by Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic in 2017. To this date, the Polygon blockchain team has engaged with many government agencies in India to use blockchain technology in certification systems. 

On 1 March 2023, the Polygon team announced the launch of 4 tools under its Polygon ID project.

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The Polygon ID team is excited to announce 4 tools have been released in the #PolygonID Identity Infrastructure to build a more equitable internet that places identity at the center of it.

The future is self-sovereignhttps://t.co/h66KyDurJE pic.twitter.com/jTBbzBNVJk

— Polygon (@0xPolygon) March 1, 2023

The Polygon team explained that before this date, it was a very tedious task for any online company to verify the identity of users with safety but now it is possible with the help of the new tools that the Polygon team developed.

Polygon’s new identity tool will help all the devs, and Defi protocols (crypto & non-crypto) to implement that tool in their platform to verify particular data of the users without any threat to their identity.

Polygon ID leverages the Iden3 protocol and Circom ZK toolkit.

This Identity Infrastructure allows anyone to become an issuer, verifier, or holder of a Web3 identity. Off-chain data can now be used for trustless, on-chain verifications in a Verified Credential format.

— Polygon (@0xPolygon) March 1, 2023

The team also acknowledged that its identity verification tool is based on the Iden3 protocol and Circom ZK toolkit, so it means sensitive information of the users will not be directly used by any counterparty.

It is basically a Web3 concept-based KYC verification tool. Experts noted that it will allow beer bar shops to verify the age of customers without any threat to their identity and similar kinds of other use cases will be possible in other sectors.

Polygon ID can be used in a range of use cases, including usage in KYC programs, e-commerce onboarding, passwordless login, used by banks as a tool to issue undercollateralized loans, and DAOs.

— Polygon (@0xPolygon) March 1, 2023

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Polygon’s new tool allows credentials verification without risk to sensitive information

 

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