According to BlockBeats, Polygon Labs, the main development team behind Polygon, has completed the development of its identity solution derivative product, Privado ID. The team is dedicated to expanding Privado ID beyond the Polygon network and is currently actively establishing strategic partnerships with on-chain and institutional organizations. This includes proof of concept (PoC) with some multinational banks and financial services companies, aiming to establish a technical foundation for an interoperable and compatible identity framework.
The PoC will also explore the use of Privado ID's verifiable credentials (VC) as access control points for permitted financial transactions. The development of Privado ID is a significant step towards enhancing security and privacy in the digital finance world. The team's commitment to expanding beyond the Polygon network indicates their ambition to make a broader impact in the blockchain industry. The strategic partnerships they are establishing could potentially lead to wider adoption of the Privado ID solution, particularly in the banking and financial services sector.
