Decentralized Identity Solutions Are Key To Web3 Advancement

By Li Jun, Founder of Ontology

Over a number of years we have witnessed incredible growth across the web with regards to privacy and data ownership. We must ensure that security is at the forefront of innovation as security holds the power to create an efficient and reliable ecosystem, without which, Web3 will falter.

Investors have already spied the opportunities presented by this new future of the internet, and have begun shifting their focus to Web3 projects thus far in 2022. This surge is only the beginning, and suggests what is to come as it continues to garner interest. This influx of investment and development has spurred regulators to keep a sharper eye on the space. In particular, in recent weeks we’ve seen the EU outline proposals to extend its Transfer of Funds to the crypto sphere which would vastly change the state of play for data collection in the space, as well as the introduction of the Digital Services Act which aims to increase individual privacy, reduce the spread of misinformation and stop tracking and targeted ads based on an individual’s identity and personal information.

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The internet is an essential part of our everyday lives. It’s now a rarity to meet someone without some form of a digital identity. As a result, the online sphere has been inundated not only with individuals’ personal data, but also sensitive information relating to digital assets and financial data. We are now entering the next interface of the web, which will ultimately be defined by data and who is in control of it. Until now, big tech has dominated the internet through immersive features that allow them to collect individual’s personal information, and monetize users’ data.

As it stands, any data or information that enters the web is stored and owned by the provider, not the consumer. Web3 is quickly changing this and is focused on making sensitive data private, where individuals have complete control over their personal data, and in some cases, can even benefit monetarily from its sale. Users themselves can decide what they want to do with their data, whether they want to store it or sell it, instead of organizations gaining from it at no cost.

Blockchain transactions are both transparent and immutable. With this in mind, decentralized identity (DID) solutions can ensure every effort is employed to uphold the integrity of users’ data, providing new safeguards for users. DID solutions can verify identities, authenticate traceability, validate digital assets, and in turn increase the overall security of the internet. Through DID applications, users can successfully manage their own digital identities, where they can log in securely to different systems without exposing their private information.

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As such, Web3 will enable users to effortlessly rotate between different social media platforms and virtual worlds with the click of a button. For this to become a reality, users will need a decentralized identity. Individuals will have the potential to navigate across a variety of platforms whilst using a consistent identity including their wallet and personal information, thanks to DID.

Without DID solutions, individuals are at risk of losing their sensitive private information due to hacks and fraud. DID solutions allow users to have total control over their private data, further enabling them to log into various systems without exposing this information to online risks. DID can also be leveraged as a tool to verify users’ professional documents, including passports and driver’s licenses. This degree of security is critical for Web3; ensuring that each and every transaction that takes place is accurately recorded and cannot be altered is imperative if Web3 is to reach its full potential.

Although the adoption of crypto and advancement across Web3 has greatly increased, with more individuals entering the sphere than ever before, there are still significant barriers that stand in the way of mainstream adoption. The future of Web3 entirely relies on the level of security that is implemented throughout the whole ecosystem. Users deserve to enter the space with complete confidence in the protection of their funds and private information. DID solutions can help address these issues and mitigate against the risk of fraudulent activity that too often entraps everyday users.

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