Written by: Khairul Haqeem, Journalist, AOPG.
The proliferation of the Internet has ushered in a period of unprecedented innovation and digital change but it has also given rise to serious concerns about the safety and management of our private information. With the incorporation of decentralised technologies and digital identification solutions, Web3, the future generation of the internet, is ready to confront this head-on. Web3 is developing a new standard for establishing one’s digital identity and interacting with the online world with the aid of cutting-edge technologies like Self-Sovereign Identity (SSI) and blockchain. Let’s delve into Web3 and see how it’s changing our concept of digital identity.
Take charge of your online identity now. It’s no longer sufficient to just have a physical presence in this world; our online identities are also indispensable. Web3 promises to advance this trend by digitising an even wider range of human activities. Of course, the burden of duty that comes along with great power cannot be ignored. There’s been a lot of talks lately about how important it is to safeguard your digital identity. Being in charge of our online identity is more crucial than ever before, especially with the proliferation of Web3 services.
Web3 introduces the concept of digital identities. These identities provide a secure means of interacting with Web3 services by use of Zero-Knowledge Proofs (ZKP). One’s digital identity may be used for a variety of purposes, such as a wallet address, to build one’s reputation, and to fulfil KYC regulations (Know Your Customer) without disclosing personally-identifying information. This technology’s promise goes beyond just facilitating Web3 connectivity. Verifiable credentials offered by the blockchain and ZK might improve the safety and efficiency of any existing authentication system.
A growing number of well-known companies, from Nike and Celebrity Cruises to Starbucks, are investing in Web3. Secure electronic transactions, confidential online communication, and protected storage of sensitive data like medical records are all possible thanks to digital identification systems. Brands and customers alike may benefit greatly from an active Web3 environment.
As expected, exciting things are on the horizon for the Web3 industry in the coming year, as more and more companies move into the pitch. And the importance of providing secure access to Web3 services has never been higher. Fortunately, the market is prepared to deal with these issues by introducing sovereign digital identities that can serve as both a portal and a firewall for Web3 systems. As many areas of society are ripe for this technology to be used, including safe online transactions, confidential communications, and protected health information, do not miss out on the potential of a decentralised digital revolution, take control of your digital identity today.