Software security company Polygon has announced that it will be launching a new zero-knowledge proof-based identity solution for Web3 called Polygon ID.
The new tool will allow users to prove their identities "on-chain" instead of uploading sensitive documents online -- i.e. their passports, driver's licenses, health cards, etc. The new identity-focused service will utilize ZK-proofs to cryptographically confirm a user’s identity. As of right now, the service is targeted toward Know-Your-Customer verification applications. However, the company has noted that potential future applications for the new tool include creating decentralized credit scores, player reputation profiles for Web3 games, and more.
“Polygon ID is private by default, offers on-chain verification and permissionless attestation. There is nothing in the digital identity space now that ticks all these boxes,” said Mihailo Bjelic, Polygon's co-founder.
Image Credit: Polygon
Why This Trend Is Growing
- Zero-knowledge Identity Verification
- PolygonID utilizes zero-knowledge proofs to securely verify user identities on the blockchain, creating opportunities for development in decentralized identity verification solutions.
- Decentralized Credit Scoring
- PolygonID's potential application for decentralized credit scoring will increase accessibility to financial services in developing economies through trustless and secure verification systems.
- Web3 Reputation Scoring
- PolygonID's reputation scoring tool for Web3 games can create more trustworthy and secure in-game economies using blockchain-based identity verification.
Industries Being Reshaped
- Cybersecurity
- PolygonID's blockchain-based identity verification creates opportunities for increased cybersecurity and more secure access control systems.
- Finance
- PolygonID's decentralized credit scoring tool can revolutionize traditional credit scoring methodologies and increase access to financial services particularly in emerging markets.
- Gaming
- PolygonID's identity verification reputation scoring tool can bring more trust and security to in-game economies while creating opportunities for game developers to monetize reputation scores.
