Concordium has set a new precedent with the launch of Web3 ID, an identity platform seamlessly integrated with the blockchain, with programmable privacy features for users and organizations alike. With Web3 ID, individuals can issue zero-knowledge-proofs to decentralized applications (dApps), while giving dApps the ability to request user identity verification. This transformative development empowers individuals and organizations by giving them absolute control over their data, addressing the prevailing lack of data ownership seen in traditional centralized systems.
Mikael Breinholst, Head of Product at Concordium, emphasized, “In a time when online fraud and unscrupulous transactions are on the rise, the Web3 ID platform offers a fresh perspective on how we perceive our digital identities and data. By moving away from centralized data storage and verification processes, we’re ushering in a new era of online safety. Web3 ID, with its Zero-Knowledge Protocols and customizable identities, ensures that users maintain autonomy and security over their data transactions, all while harnessing the inherent security of blockchain technology.”
Concordium’s built-in ID layer, combined with zero-knowledge-proof technology, allows individuals to disclose only the necessary information during transactions on the Web3 ID platform. The rest is securely stored in a decentralized wallet. Organizations using Web3 ID can promptly request and verify fraud-proof credentials, adding an extra layer of security to their blockchain services. Users benefit from seamless verification processes and enhanced transaction security through Concordium’s compliance-focused technology.
Kåre Kjelstrøm, CTO & CPO at Concordium, remarked, “Concordium’s Web3 ID is an intuitive and cost-effective identity infrastructure that dApps can easily integrate with. For too long, tech giants have collected and monetized user data without consent. Web3 ID sets a new standard for data ownership. Users no longer have to sacrifice sensitive information in exchange for services; they now have full control over their personal data. As more dApps adopt Web3 ID, we can expect to see a wealth of use cases across multiple industries.”
The launch of Web3 ID marks a significant milestone in Concordium’s commitment to fostering a regulated future for both emerging and established organizations in the blockchain space. This release follows Concordium’s recent collaborations with industry leaders, including smart wallet host Web23, AI service provider 2021.ai, and carbon offset management platform Aqualibre.