blockchainreporter.net
Privado ID, previously known as Polygon ID, is now an independent company again, spinning out of Polygon Labs. This is a very important step for the development of solutions for the global problem of digital identity and reputation. In an era where AI-driven misinformation is rampant, Privado ID aspires to give a safe, self-sovereign digital identity.
congratulations to the entire @Privado_ID team!
— Polygon | Aggregated (@0xPolygon) June 13, 2024
we look forward to seeing the team’s success, empowering all web3 users to take back control of their online identities and ensuring data sovereignty across dApps 🆔 https://t.co/Wi8BAStlhI
Privado ID Stays Independent to Reach Wider Audience and Integrate Systems
Privado ID is being designed as a decentralized and trustless identity platform that supports onchain and online data. Privado ID acts as a decentralized intermediary, connecting apps to trusted issuers for seamless interactions and helping trusted providers grow and survive economically.
Staying out of the Polygon ecosystem as a separate identity provider allows Privado ID to target a wider audience and integrate with other systems. Although it was originally developed as a part of Polygon (MATIC), the company itself has no affiliations with any specific ecosystem. This neutrality enables Privado ID to process sensitive data in a reliable and consistent manner.
It is essential to have a single source of accurate identity data with guaranteed synchrony across blockchain platforms, especially in the Ethereum environment. Different solutions exist to solve identity issues, yet the issue of how to achieve interoperability between protocols is still a challenge. The company can then adapt existing protocols to be a tool in the blockchain ecosystem and fit the growing market need for comprehensive identity solutions.
Privado ID Engages with Top Brands to Combat AI Fake News
In 2024, privacy-preserving solutions for the digital identity sector are in great demand. This market is expected to grow from $30. 81 billion in 2023 to $ 101 billion in 2024. 37 billion by 2030. For privacy-conscious age verification, bot defense, and reusable privacy-preserving KYC based on national ID, digital identity solutions are required.
As many of the world’s largest countries such as UK, India, USA, and Indonesia are going for general elections this year, verified information is needed the most. AI contributes to the problem by blurring the line between real and fake news. Privado ID and other digital identity solutions can prevent the adverse consequences of AI-generated fake news and build trust. Privado is engaged with leading brands including multinational financial service companies to solve these challenges through setting up of Proof-of-Concepts (PoC).