TechFlow news: Ben Chodroff, Head of HSBC Lab, demonstrated a decentralized identity (DID) prototype using Polygon ID at Hong Kong Fintech Week. Polygon ID is a self-sovereign, decentralized, and private identity protocol designed to provide digital identity solutions for the next-generation internet.
Online identity verification is often complex, cumbersome, and raises privacy concerns, whereas DID offers a single, secure identity that can be used across multiple platforms and use cases. Polygon ID supports open standards and can be integrated into both public and private ledgers.
HSBC Lab is prototyping a DID solution powered by Polygon ID for internal account opening. This solution enables customers to complete KYC when opening an HSBC account, then create a verified credential that can be used for logging into HSBC accounts, shopping, applying for loans, and various other transactions.
