The digital arm of Spain’s biggest phone company, Telefónica, has launched a partnership with Polygon’s Privado ID to improve digital identity options. This partnership aims to meet new legal standards and push forward privacy-focused digital identity services as the European Union gets ready for a large-scale rollout of digital identity wallets.
The identifying tools from Privado ID will be added to Telefónica Tech’s TrustOS blockchain platform. Digital identity will be able to be used in new ways, like for e-signature solutions, age proof, and digital national IDs. Users will also be able to send credentials, such as diplomas and certificates, straight into safe digital wallets. This will protect users’ privacy and make sure they follow the latest EU rules.
Telefónica Tech and Privado ID are working together on this project to make proofs-of-concept for different digital identity apps. Some of these are privacy-focused options that let users prove certain things about themselves, like their age or citizenship, without giving out personal information that isn’t needed.
As Europe gets ready to implement the European Digital Identity Regulation, this relationship is even more important. The goal of this rule is to give everyone a single digital name that they can use to access public services and safely and quietly buy things online. We think that companies and people will find it much easier to follow these new rules now that Telefónica and Privado ID are working together.
By November 2024, the European Commission will have finished making technical and security standards. Member states will then have 24 months to give their people digital identity wallets. Telefónica Tech’s participation puts it in a good situation to help make answers for both the public and private sectors that are safe and respect privacy.
One important part of these methods is Privado ID’s use of zero-knowledge cryptography, which lets identifying attributes be checked without giving away too much information. With this technology, users will be able to show who they are or certain facts about themselves, like their age, while still keeping control of their personal information.
In the past few months, Polygon has successfully tried its digital ID solutions with a number of banks and other financial companies. Through this agreement, Telefónica and Privado ID will lead the way in creating new and legal digital identity tools for people all over Europe.
