How Web3 Helps People Take Control of Their Digital Identity

However, with this change come new and growing concerns over security and access, as well as fundamental human-rights issues to consider. Realistically, if digital services are only going to become more and more common in regular life, making safe access to them is about more than just convenience – it’s essential.

Fortunately, the industry is ready to address these issues in the form of sovereign digital identities that can act as both a gateway and shield for Web3 platforms. Best of all, this isn’t an idea for tomorrow – it’s a technology available to all today.

Having such an ID comes with a whole host of benefits for interacting with Web3 services because it can act as a wallet address, a reputational tool and much more. It can covey your credentials across multiple computer platforms, enable encrypted email forwarding and even serve as a digital business card.

Digital identity – specifically solutions leveraging zero-knowledge proofs (ZKP) – can also be used to attest to something without having to provide personally identifying information as proof. For crypto enthusiasts, it might be most exciting to hear it can complete know-your-customer (KYC) requirements without having to hand over sensitive documentation to third parties.

This isn’t just about Web3 access either. Anywhere you have an existing legacy identification system you have a system that could benefit from blockchain-powered, ZK-enabled, verifiable credentials. These systems ensure nobody except the owner can access their sensitive data and also give service providers the assurance they are dealing with real customers, not imposters.

The world is primed with many use cases ripe for this technology to address. Anybody will be able to send and receive safe digital payments in just a few clicks. Personal messaging can also be kept completely private while being secure from spoofing or impersonators. Even sensitive material like medical records can be linked to the ID in an encrypted manner.

In commercial applications, for instance, people could get additional rewards for sharing their data. Companies could offer perks, bonuses and rewards directly to their users based on assets within their digital identity profiles, enabling countless new opportunities for brands and consumers to participate in a vibrant Web3 ecosystem.

The coming year is bound to see some exciting developments unfold in the Web3 space. There’s no putting the genie back into the bottle. With so many new businesses entering the field, it’s time for people to begin future-proofing themselves.