Polytrade ID: On-chain Identity for Organizations

Introducing Polytrade ID. Here to revolutionize the way entities and web2 approach verification.

Overview

In today’s age, businesses of all sizes are constantly seeking ways to streamline their operations and improve efficiency. One of the most critical aspects of this is the ability to securely and seamlessly interact with other businesses, platforms, and services. However, current methods of identification and verification can often be Tedious, time-consuming, and error-prone, leading to significant challenges for businesses.

Polytrade ID is a unique digital identity issued to organizations that are aiming to interact with all products and services. Currently, we require organizations to sign up to our platforms using their email and enter their information on each platform separately with no way of tracking their transactions or mapping all documents uploaded. Hence, as part of the Polytrade 2.0 ecosystem, Polytrade ID is a solution presented to mitigate these issues.

Goals

  1. Assign on-chain identities to organizations
  2. Offer a smoother and faster experience to organizations
  3. Map transactions and documents on all of Polytrade’s platforms to their identities

Mapping of transaction history to the Polytrade ID serves as a reputation score, which can be used to evaluate the organisation’s creditworthiness and track record. This can be particularly important for buyers or investors who are considering engaging in a transaction with the organizations.

Moreover, by tracking defaults or other negative events, the Polytrade ID system can provide greater transparency and accountability. This can help reduce the risk of fraud or other types of financial crime, ultimately benefiting all participants in the ecosystem.

Polytrade ID will act as an on-chain identity proof, providing a secure and private way to verify the buyers, sellers, or entities on blockchain. Once an identity is verified, the data is stored on-chain and can be used universally.

Technical Specifications

Polytrade ID will be deployed on Polygon zkEVM. Here are its technical specifications.

Phase 1

This phase focuses on the ID generation process and mapping documents to clients. However, it does not address the storage centralization aspect as it requires an encryption strategy to protect our client data.

Smart Contracts

ID Manager

The ID manager is a smart contract that handles the ID generation for organisations in the Polytrade 2.0 ecosystem.

Organizations interact with the contract to issue a Polytrade ID, which is used to track all their RWA transactions on-chain. It also keeps track of their KYC status and manages wallets under the organizations giving them the right to use the Polytrade ID across all platforms.

Documents Manager

The documents manager is a smart contract that handles the URI generation and mapping to Polytrade IDs for any documents uploaded by organisations on the platforms, each document will be given a unique URI that will require authentication before being accessed, typically only an admin would be able to view its contents.

Polytrade ID

Overall, Polytrade ID is an essential tool for organizations, providing a seamless way to store and manage important documents and transactions on the blockchain. By offering a transparent and secure solution for identity verification, underwriting, and asset tokenization, the system has the potential to revolutionize the way organizations interact in the global marketplace.

Coming soon!

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