The post The identity-first path to decentralization appeared on BitcoinEthereumNews.com.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. We have a people problem in web3. Unfortunately, despite the promise of decentralization and data ownership, platforms still aren’t talking to each other very well. As a result, ingrained issues like identity management, data sovereignty, and privacy continue to trouble our nascent sector. A unified framework is, therefore, key to unlocking web3’s true potential—one that bridges the data divide and provides decentralized identity with strong privacy protections. This approach proposes a win-win for both sides of the stakeholder equation. Users benefit from cross-chain identity, data monetization, and a unified sense of self. Businesses, meanwhile, gain access to rich and verified user data while maintaining privacy and regulatory compliance. Better yet, this identity-first path to decentralization enables other new capabilities like on-chain reputation systems, chain-agnostic logins, and AI data utilization. One thing’s becoming increasingly clear in the early days of web3—we must get identity right to get decentralized ecosystems right. Let’s explore how we can best connect people and platforms in this brave new world of the internet. A win-win for users and businesses Take a closer look and you’ll notice fragmented identities and disconnected data sovereignty hindering interoperability in both the internet new and old, leaving users with scattered information across the digital ether. This lack of integration limits trust-building and creates inefficiencies in industries—from advertising to AI—where cohesive data is essential. These issues are all too familiar. Web2 social media giants and search conglomerates centralize identities but fail to connect them across platforms. The result? Siloed, static profiles owned by platforms and not people. Web3 promises a solution: decentralized, interoperable identities owned by individuals. However, putting this into practice is proving challenging. While web3 improves upon…

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Filed under: News - @ October 17, 2024 11:27 am