WISeKey International Holding Ltd, a leading global cybersecurity, Blockchain and IoT platform company, discussed progress made on the development of the WISeID Metaverse during its Davos 2023 Event, held on January 18, 2023.
The WISeID Metaverse mission is to develop a trusted, secure, multi-purpose open-source engine anyone can use to build interoperable identities and crypto wallets under the user control and consent.
WISeKey is working with OISTE.ORG and several blockchains to set best practices for digital identity and crypto wallet technology through collaboration on open-source code which can be used as a starting point for anyone who strives to build interoperable, secure, and privacy-protecting ID metaverse.
Latest Fintech News: WISeKey Joins Forces with The Hashgraph Association To Offer Trusted NFT Solutions Via Its WISe.ART Platform Built On Hedera
At the event, Carlos Moreira, WISeKey’s Founder and CEO discussed how digital identities enhanced Avatars will allow us to navigate the metaverse using its WISeID technology delegating the Company’s presence on the Metaverse to authenticated versions of ourselves created via machine learning that would navigate and do all sorts of transactions on our behalf.
Digital identities should be under user control, rather than platform control for several reasons:
- Users have the ability to keep their personal information private and secure. Platforms, on the other hand, may use user data for their own gain or share it with third parties without the user’s consent.
- Users maintain continuity of their identity across different platforms, rather than being forced to create multiple identities on different platforms.
- Promotes competition among platforms, as users will be able to easily move their identity from one platform to another.
WISeID first generation acts as a trusted identity service that enables access to the web and mobile applications with strong authentication techniques. WISeID supports online KYC onboarding, OTP and digital certificate login, and an innovative “hands-free” secure login based on QR-Codes which users can read using the WISeID suite of mobile applications without even having to type any passwords.
Latest Fintech News: KYN Capital Group Gives Corporate Update for Koinfold Pay 2.0 Enhanced Features supporting Bitcoin And 75+ Crypto Tokens
WISeID is an innovative approach to people’s identity able to protect online interactions for individuals and companies. WISeID provides users with a Digital Identity that can be used to secure email communication, digitally sign documents with legal validity and it’s complemented with features such as dual factor authentication and single sign-on. WISeID is based on the WISeKey/OISTE Root of Trust and integrates innovative blockchain technologies to distribute the identity attributes and build federated ecosystems. WISeID supports online KYC onboarding, OTP and an innovative “hands-free” secure login based on QR-Codes which users can read using the “My WISeID” mobile application without even having to type any password. Additional security services include digital signature services for documents
Additional security services include digital signature services for documents. WISeID implements standards such as OpenID Connect and OAUTH2, that can be easily integrated by customers to enhance the security of their cloud applications. WISeID can also be combined with Microsoft Active Directory, facilitating integration with corporate applications.
The WISeID second generation Digital Identities in Metaverse includes an identification module that its built into the protocol, while supplementary applications will be developed. Users will have autonomy over their identity meaning that they are in full control of their personal identification information and hence need not to rely on any central entity or third party for identity verification. With a truly NFT identity, users can create, sign and verify claims, while parties who interact with a user will be able to prove their identity. Additionally, users will be able to selectively disclose their information.
Users can establish a reputation on Metaverse through digital identities, improving the way we exchange value. Value is exchanged through digital signatures, requests for verification and transactions; these transactions then allow a user to gradually build a reputation which can be inspected and verified by other digital identities and value intermediaries.
Latest Fintech News: Notifi Launches On Arbitrum, Starting With Vesta And SynFutures
[To share your insights with us, please write to sghosh@martechseries.com]
