Blockchain DI frameworks are key to securing the future of Metaverse: Raj Chowdhury
Blockchain DI frameworks are key to securing the future of Metaverse
Storing data on a decentralized blockchain ledger will secure it with cryptographic encryption, allowing the owner to control and choose the way other parties have access to that data.
PALO ALTO, Calif. (PRWEB)
13 December 2022
Tech leaders are confident that Web 3.0 and the metaverse will transform the world in a few years. Research indicates that people will spend at least 1 hour daily in the virtual world by 2026. HashCash Consultants CEO Raj Chowdhury highlighted how growing global privacy concerns will accelerate the use of decentralized identifiers, and blockchain will emerge as a crucial platform for their development.
Decentralized identity, also known as SSI (self-sovereign identity), can be broadly categorized as an open standard solution that focuses on privacy and securing online transactions using blockchain technology. The framework consisting of Verifiable Credentials (VC) and Decentralized Identifiers (DID) is highly useful in combating theft, fraud, social engineering and data breaches across the virtual metaverse. However, the real potential lies in real-world applications where documentation is required – education, law, healthcare, employment, passports and others.
The HashCash CEO, also a well-known blockchain pioneer, states: “Storing data on a decentralized blockchain will secure it with cryptographic encryption, allowing the owner to control and choose the way other parties have access to that data.”
The ability to prove a person’s identity without revealing it is a significant achievement in overcoming privacy and security concerns. A person applying for a loan can use DI to show that his/her salary falls within the limit required by the bank without explicitly showing actual income, employer name or other sensitive information. Blockchain application has great potential across the healthcare sector, where confidential disclosure of medical information can wreak havoc.
“The milestone indicates that we are ready for the future with real solutions for actual projects by improving state-backed identity solutions. A lot of sensitive information is shared during the KYC process, which will change in the coming days,” Chowdhury said, referring to the DID standardization protocol for SSI and DI projects mentioned earlier this year by the global World Wide Web Consortium (W3C).
Led by Chowdhury, the US-based HashCash Consultants has been a frontrunner and achieved international recognition in blockchain development and product distribution in more than 26 nations. The company has announced expansion plans across East India and will venture into metaverse development in the next year. In addition to pioneering blockchain DI solutions, HashCash also announced recent updates to its critically acclaimed white-label crypto exchange platform.
DI/SSI test pilots are conducted worldwide. The ability to prove one’s identity with a smartphone that replaces several redundant labor-intensive protocols and increases privacy has drawn the attention of the US government, which is considering using blockchain DI for defense. Spin-off applications will appear in the near future. However, the primary application will be to leverage personal need to know information across multiple platforms.
About Raj Chowdhury:
Raj Chowdhury is the CEO of HashCash Consultants and Paybito. Raj pioneered the first interbank trade finance and remittance implementation of blockchain technology between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with decision makers in this space. He is a contributor to the Economic Times, Business World, CNNMoney and advises industry leaders on the adoption of Blockchain. He is a member of Asha Silicon Valley, a non-profit organization committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
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