Polygon, a leader in scaling systems for the Ethereum blockchain, has launched a revolutionary new product called Polygon ID, which allows users to verify their identities or credentials without revealing sensitive information.
The toolset, based on Zero-Knowledge (ZK) technology, can be used by developers to unlock features such as an enhanced signup user interface, assist in regulatory compliance, help verify user identities, and restrict access control to certain areas or features via token-gating.
With Polygon ID, a person or entity known as the “identity holder” has “claims” stored in a wallet. These “verifiable credentials” are cryptographically signed and issued to the identity holders by an issuer who is a “trusted and reputable party.”
Then, a verifier checks the proof presented by a holder. This innovative technology eliminates the need for individuals to routinely provide personal information to various websites or online applications.
According to Polygon co-founder David Schwartz, “Providing identity in a way that the average consumer can use is the holy grail of digital ID adoption. No other identity solution has been able to provide the scalability needed for mainstream adoption leveraging ZK technology until now.”
Under the design of Polygon ID, a bar owner could theoretically use the credential-verification system to verify a patron’s age without ever having to look at an identification card. In the real world, the identity holder would need to provide an ID and show all their personal information.
With Polygon ID, they only need to pass a proof, making it an excellent solution for businesses looking to streamline their operations while maintaining regulatory compliance.
The technology behind Polygon ID is called Zero-Knowledge (ZK) cryptography, which is being tipped as one of the hottest trends this year for the digital-asset industry.
ZK technology has long been viewed as a key potential use case for blockchains because it eliminates the need for individuals to routinely provide personal information to various websites or online applications.