Every minute we keep activate our phones or open our computers, we are required to input credentials, keys, and captchas in order to access data stored on distant databases. Everything in our more linked world is dependent on our identification. As a result, we are constantly requested to prove our identity – both in the actual world and on the internet. Traditionally, we accomplish this by entering passwords online or showing government authorities our passports and licenses. We give up our personal information in return for services and permission to engage in particular activities, both online and off.
Web2 has compelled us to recognize that the penalty of utilizing ostensibly “free” services like Google and Facebook is the exposure of our identities. When we consent to the privacy rules of websites, our information is held in centralized data centers maintained by a few organizations.
The vast majority of us are of the opinion that it is desirable to have access to the bulk of the internet even if it means providing these firms with access to our identities. This implies that you will not be able to access social networking websites such as Facebook and Instagram, as well as websites for making trip arrangements such as TripAdvisor and Booking.com, as well as websites for online shopping such as Amazon and eBay. In a society as dependent as ours is on the internet, this would severely restrict the services we are able to access, or at the very least, it would make our lives more uncomfortable.
The bulk of us have just accepted the idea that our data might be (and has been) hacked at any given moment despite the inherent danger of keeping information in a centralized data storage system. Even with groundbreaking legislation like GDPR in Europe and CCPA in the United States, it might be argued that we have grown less concerned about data breaches due to the frequency with which they are reported.
What do you know about Web3 and decentralization?
Imagine for a moment of you did not had to enter your login information whenever you switched between various applications or platforms. Imagine that you do not check your phone as part of the two-factor authentication process. Imagine a world in which you are not concerned about the likelihood of a data breach occurring. Decentralized identity solutions offer a gateway for a seamless experience that allows users to simply and securely browse across multiple platforms as we make the transition from Web2 to Web3. This transition occurs when we go from Web2 to Web3.
Decentralization is a fundamental principle of Web3 technology. Decentralization gives people ownership, access, and control over their own data without depending on middlemen from large technology companies.
This decentralization principle may also be used to identity storage and verification. Rather than depending on third-party servers, customers have total control over their personal data saved in their wallets.
Digital wallets based on blockchain technology provide a safe method for storing on your device information approved by trustworthy authority without depending on third parties.
Zero-knowledge proof encrypts user information on blockchain and does not reveal it while proving anything true (ZKP). At such technology and security, people may access products and services with the push of a button.
Verifying your credit history and employment in your digital wallet will make loan and mortgage eligibility simpler. Digital receipts and medical records simplify insurance reimbursement. Your schooling background and extracurricular accomplishments will speed up college applications. These real-world use examples will improve procedures.
Restoring internet credibility by eradicating bots
The idea of decentralized identity will not only make it easier for people to use Web3, but it will also make it feel more real. Fake, spam, and bot accounts might be a thing of the past in a Web3 world. At the very least, they might go down if sites required their users to prove who they are by using the information on their digital wallets.