Tech leaders are certain that Web 3.0 and the metaverse will transform the world in a few years. Research indicates people will spend at least 1 hour daily in the virtual world by 2026. HashCash Consultants CEO Raj Chowdhury highlighted how rising global privacy concerns will expedite the use of decentralized identifiers, and blockchain will emerge as a crucial platform for their development.
Decentralized identity, also known as SSI (self-sovereign identity), can be broadly categorized as an open-standard solution that focuses on privacy protection and securing online transactions using blockchain technology. The framework comprising verifiable credentials(VC) and decentralized identifiers(DID) is highly useful in combating theft, fraud, social engineering, and data breaches across the virtual metaverse. However, the actual potential lies in real-world applications where documentation is necessary- education, law, healthcare, employment, passport, and others.
The HashCash chief, also a noted blockchain pioneer, states, “Storing data on a decentralized blockchain ledger will secure it with cryptographic encryption, empowering the owner in controlling and choosing the way other parties have access to that data.”
The ability to prove a person’s identity without revealing is a significant achievement in overcoming privacy and security issues. A person applying for a loan can use the DI to show that his/her salary falls within the threshold required by the bank without explicitly showcasing the actual income, employer name, or other sensitive information. The blockchain application has great potential across the healthcare sector, where confidential medical information disclosure can wreak havoc.
“The milestone indicates that we are ready for the future with real solutions for actual projects by improving state-backed identity solutions. Much sensitive information is shared during the KYC process, which will change in the upcoming days,” said Chowdhury in reference to DID standardization protocol for SSI and DI projects mentioned earlier this year by the global World Wide Web Consortium(W3C).
SOURCE: PR Web