Polygon publishes a Web3 identity service named Polygon ID

It is reported that Polygon has released a Web3 identity service called Polygon ID, which will allow blockchain-based applications to verify user credentials without disclosing personal information. This product can verify user data of blockchain applications while maintaining privacy on the chain; It uses zero-knowledge proof, which can verify data while encrypting data and hiding it from the verifier.

Interpretation of this information:

Polygon, a protocol that aims to improve scalability and interoperability of blockchains, has released a new identity service called Polygon ID. This service enables blockchain-based applications to verify user credentials without disclosing any personal information, preserving users’ privacy on the chain.

The need for such a service arises from the current identity verification methods used in blockchain applications. Most blockchain systems require users to provide personal information that could compromise their privacy. This information includes personal identification numbers, social security numbers, passport numbers, or similar sensitive data. This is a significant drawback for some blockchain-based systems, which focus on user anonymity and privacy as core principles.

Polygon ID solves this problem by using zero-knowledge proofs, a cryptographic method that allows for data verification while hiding the actual data from the verifier. This means that blockchain-based applications can verify user data without exposing any sensitive information about the user.

Zero-knowledge proof is a fascinating concept that is gaining popularity in the field of blockchain technology. It relies on complex mathematical algorithms that enable two parties to verify the authenticity of a transaction or data without revealing the data itself.

One practical application example of Polygon ID is in the finance sector, where users’ financial data is critical but also highly sensitive. With this new identity service, financial institutions can verify user data without the need for the user to reveal their personal identifiable information. This makes it safer for users to share their financial data with blockchain-based financial institutions.

In summary, Polygon ID is a useful innovation that enables blockchain applications to verify user data without disclosing any sensitive or personal information to a third party. This service uses zero-knowledge proof and other sophisticated cryptographic methods to ensure that user privacy is preserved while transactions are authenticated. It will be interesting to see how this service is adopted in the blockchain ecosystem and how it changes the way identity verification is done in the blockchain industry.