The metaverse hype is real, with tech giants racing to one-up each other. The HashCash CEO predicts the future shall witness blockchain decentralized identity as critical and integral
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.
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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).
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Led by Chowdhury, the US-based HashCash Consultants has been a frontrunner gaining international recognition in blockchain development and deploying products in more than 26 nations. The company has announced expansion plans across East India and will venture into metaverse development in the next year. In addition to cutting-edge blockchain DI solutions, HashCash also announced recent updates in its critically acclaimed white-label crypto exchange platform.
DI/SSI test pilots are being conducted all over the world. The possibility of proving one’s identity with a smartphone replacing several redundant labor-intensive protocols and increasing privacy has drawn attention from the US government, which is considering using blockchain DI for defense. Spin-off applications will emerge in the near future. However, the primary application will be leveraging personal need-to-know information over several platforms.
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