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Concordium Launches Web3 ID to Boost Online Safety Amidst Centralized Data Control
Concordium, the Layer 1, science-backed blockchain creating a safer digital world, has today announced the release of Web3 ID, a blockchain-native identity platform with programmable privacy for individuals and organizations. Web3 ID allows digital identity holders to issue Zero-Knowledge-Proofs to dApps, while allowing dApps to seamlessly request proof of user identity. This empowers individuals and businesses with complete control over their information, combating the lack of data ownership in centralized legacy systems.
Mikael Breinholst, Head of Product at Concordium, said: “As individuals and companies alike struggle with increased online fraudulent activities and transactions, the Web3 ID platform provides a refreshed outline for how we view ourselves and our data in digital spaces. As we take necessary steps away from centralized data storage and verifications, a new era of safety becomes increasingly clear. With Web3 ID’s Zero-Knowledge Protocols and programmable identities, users maintain autonomy and safety over their data transactions while benefiting from blockchain technology’s inherent security.”
Concordium´s built-in ID layer and Zero-Knowledge-Proof technology ensure individuals need only reveal relevant information when transacting on the Web3 ID platform, while unrelated details are held on a decentralized wallet. Organizations using Web3 ID can issue requests and verify fraud-proof credentials instantly, adding new layers of security to blockchain services. Users are also granted seamless verification and an increase in transactional security through Concordium’s regulatory-compliant technology.
Kåre Kjelstrøm, CTO & CPO at Concordium, commented: “Concordium´s Web3 ID is a much-needed identity infrastructure that is intuitive and easy for dApps to build on, offering seamless usability, while being highly cost-effective. The world’s most widely used technology companies have openly harvested and sold user data since their inception. Web3 ID offers a new standard for the ownership of data. Users no longer have to forgo sensitive information in exchange for services, and instead, have full autonomy over their personal information. As more dApps begin building on Web3 ID, a multitude of use cases will emerge across various 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, AI service provider 2021.ai, and carbon offset management platform Aqualibre.
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