Telecommunications giant Telefonica Tech collaborates with Privado ID to develop digital identity solutions for the European Union markets.
The European Union is set to implement the European Digital Identity Regulation (eIDAS2), and a significant development in this regard is the collaboration between the privacy-focused digital identity company, Privado ID, and Telefonica Tech, the strategic digital business unit of the Spanish telecommunications giant Telefonica Group.
This partnership is a crucial step in Privado ID's mission to provide state-of-the-art digital identity solutions. Telefonica Tech's extensive experience and expertise in blockchain-based solutions and systems integration are expected to play a key role in driving the future of digital identity.
One of the first proof-of-concepts the collaboration aims to develop is for age verification. This mechanism could be used to provide a reliable and secure, privacy-compliant solution for granting access to adult content and gambling platforms.
Under eIDAS2, each EU Member State must provide Digital Identity Wallets to its citizens, and the regulation outlines specific technical specifications and certification. The collaboration between Privado ID and Telefonica Tech is aimed at leveraging Telefonica Tech's experience in decentralized technology, systems integration, and managed blockchain service TrustOS to develop innovative verifiable credential use cases.
David Schwartz, Chief Executive Officer and Co-Founder at Privado ID, stated that empowering large companies to integrate innovative technologies, such as Privado ID's advanced zero-knowledge proof-based digital identity platform, is crucial for widespread adoption of self-sovereign identity.
José Luis Núñez, Global Head of Blockchain and Web3 at Telefónica Tech, emphasized that the organization ensures "privacy, security, and compliance" in its adoption of digital identity solutions, not only in the public sector but also in private companies of all sizes and technology profiles.
The European Digital Identity Regulation (eIDAS2) aims to create a secure and standardized framework for electronic identification, making it imperative for businesses and individuals to adopt compliant identity solutions. With eIDAS2, EU citizens, residents, and businesses will have the opportunity to identify themselves or provide confirmation of certain personal information upon its implementation.
For precise details about the collaboration between Privado ID and Telefónica Tech, official press releases from both companies or regulatory filings relating to eIDAS2 projects are recommended for consultation.
- The collaboration between Privado ID and Telefonica Tech in web3 technology could potentially revolutionize the news about finance and business industries, particularly in the European Union, as they aim to develop innovative verifiable credential use cases for the European Digital Identity Regulation (eIDAS2).
- In line with Telefónica Tech's commitment to privacy, security, and compliance, their partnership with Privado ID in the industry of technology is expected to yield a reliable and secure, privacy-compliant solution for adult content and gambling platforms, leveraging Telefónica Tech's experience in decentralized technology, systems integration, and managed blockchain service TrustOS.
- As the European Union prepares to implement eIDAS2, the partnership between Privado ID and Telefónica Tech could be a significant development in the web3 industry, providing state-of-the-art digital identity solutions that are essential for businesses and individuals to adopt compliant identity solutions for easier and more secure electronic identification.
