Spanish telecom giant Telefónica is now a system integrator of Polygon’s identity solution, Privado ID, as the European Union moves to adopt trusted digital identity wallets across its member states.
According to a Sept. 10 announcement, Telefónica Tech, the digital business unit of Telefónica, will integrate Privado ID’s tools into its managed blockchain service, TrustOS.
The collaboration aims to develop proofs-of-concept for various digital identity use cases, including age verification, digital national identities, e-signature solutions and content certification.
“This will allow users to automatically issue their accreditations — such as training diplomas, academic qualifications, or attendance at seminars and courses — as verifiable credentials and load them into digital wallets,” said the companies.
The move comes as Europe prepares to implement the European Digital Identity Regulation — a framework proposed by the European Union to provide citizens, residents, and businesses with a digital and universally recognized digital identity for accessing public services and making transactions.
Applying for a bank loan before the European Digital Identity. Source: European Digital Identity Regulation
The European Commission has to establish technical standards, specifications, and procedures by Nov. 21, 2024. This includes setting security, interoperability and certification standards for wallets. Following the issuance of standards, state members will have 24 months to offer these wallets to their citizens.
“With the EU Digital Identity Wallets, citizens will be able to prove, across the EU, their identity where necessary to access services online, to share digital documents, or simply to prove a specific personal attribute, such as age, without revealing their full identity or other personal details,” the Commission explained on the regulation’s official page. “Citizens will at all times have full control of the data they share and by whom.”
Applying for a bank loan after the European Digital Identity. Source: European Digital Identity Regulation
Privado ID tools rely on zero-knowledge cryptography as a core part of the digital identity solution. The technology allows one party to prove to another that they know certain information without revealing the actual information itself. In the European digital ID wallet, for instance, it could enable the verification of age or citizenship without revealing more personal data than necessary.
“The regulation aims to create a more secure and standardized framework for electronic identification and trust services across Europe, making it imperative for businesses and individuals to adopt compliant and innovative identity solutions,” the companies said in a statement.
Polygon has recently spun off its digital ID service. According to the company, its technology has undergone proofs-of-concept with multinational banks and other financial institutions, including Deutsche Bank and Consensys.
Magazine: How Chinese traders and miners get around China’s crypto ban
