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Blockchain Insider Podcast by 11:FS
201. Insights: How to manage your identity on web3 and blockchain
Nov 29, 2023
Mauricio Magaldi and Catherine Gu discuss identity on the blockchain, on-chain KYC, use-cases, and safeguarding against financial crime. They explore the advancements of web three digital identity, self-sovereign identity, and the importance of privacy in blockchain. The future of identity on the blockchain involves granting individuals more control, verifiable credentials, government involvement, and challenges of adoption.
41:21
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Quick takeaways
- Web3 technology enables digital ownership of identity and can transform paper passports into verifiable credentials, improving KYC processes and privacy.
- Web3 identity reduces reliance on intermediaries, allowing users to have direct control over their data and make their own decisions about sharing it.
Deep dives
Identity on the Blockchain
Identity on the blockchain is a groundbreaking intersection of traditional identity management and blockchains. It allows users to potentially own their digital identity and have control over what information is revealed. The concept of self-sovereign identity allows users to selectively disclose relevant aspects of their identity without revealing unnecessary information. Web3 technology enables digital ownership of identity, similar to physically holding a passport. With Web3 credentials, paper passports can be transformed into verifiable credentials, enabling paperless passports and secure sharing of data directly with governments. Decentralized identity and Web3 credentials can significantly improve know-your-customer (KYC) processes, increasing efficiency, reducing friction, and enhancing privacy. The use of verifiable credentials on the blockchain increases trust, enables selective disclosure of information, and provides auditable proof of compliance, benefiting both traditional financial services and Web3 crypto-facing services. It's important to note that privacy-preserving technology is crucial for protecting digital identities and preventing the misuse of personal data.
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