As the world continues to go and grow digital with replete of fascinating technologies disrupting the norms, one major challenge we all will be faced with as we explore and exploit the digital world is “securing our digital identities”
According to PwC’s “Global Economic Crime and Fraud Survey 2022,” external threats from hackers and organized crime are rising, with 46% of respondents claiming they have suffered some form of fraud in the past 24 months. Going by the trends and stats, it is obvious that we are in for a tougher fight in protecting our identities.
How much control and security people have over their digital identities is a question longing for answers, especially in this age of digitization. The need to be in charge of who you are online has never been more important.
Securing Your Digital Identity With Web3
In recent times businesses and individuals alike are starting to appreciate this age of decentralized digital revolution with the benefits of nascent technologies such as Web3 services.
Industries are hence ready to address the challenges of protecting digital identities by creating sovereign digital identities that can act as both a gateway and shield for Web3 platforms. This idea and technology are hence made available to all today.
Web3 Sovereign Digital Identity
Web3 digital identities stand to be both essential and revolutionary and are already gaining traction in the market today. Blockchains that are Fast and efficient already exist and will provide the speed and scaling capacity to offer Web3 services and digital identity frameworks on a global scale.
Web3 Digital identities are specific solutions leveraging zero-knowledge proofs (ZKP) – used to attest to something without having to provide personally-identifying information as proof. For crypto enthusiasts, it might be most exciting to hear it can complete know-your-customer (KYC) requirements without having to hand over sensitive documentation to third parties.
This isn’t just about Web3 access either. Anywhere you have an existing legacy identification system you have a system that could benefit from blockchain-powered, ZK-enabled, verifiable credentials. These systems ensure nobody except the owner gains access to their sensitive data and also give service providers the assurance they are dealing with real customers, not imposters.
Having such an ID comes with a whole host of benefits for interacting with Web3 services because it can act as a wallet address, a reputational tool and much more. It can covey your credentials across multiple computer platforms, enable encrypted email forwarding and even serve as a digital business card.
Adding to the benefits of web3 digital identity is that anyone can safely send and receive digital payments seamlessly. Personal messaging can also be kept completely private and secure from spoofing or impersonators. Sensitive materials like medical records can be linked to the ID in an encrypted manner.
These and numerous other applications stand to make many aspects of life much easier and significantly more secure. Furthermore, it brings to balances the scales between those that produce data and those who need it.
In commercial applications, for instance, people could get additional rewards for sharing their data. Companies could offer bonuses and rewards directly to their users based on assets within their digital identity profiles, enabling countless new opportunities for brands and consumers to participate in a vibrant Web3 ecosystem.
2023 holds loads of exciting developments which would unfold in Web3. With so many new businesses in the field people are now equipped to begin future-proofing themselves.