BlockchainWeb3

Decentralized ID Could Be The Next Big Thing In Web3: Cardano Sustainability Lead

Blockchain requires more non-speculative use cases to help onboard the next billion mainstream users. Several blockchain use cases have come up and investors are always on the lookout for the next big thing that will take the sector to a new level.

Decentralized identity (ID) solutions might be the next blockchain use case to attract and onboard the next wave of mainstream adopters, based on Cardano’s sustainability lead.

Speaking in a panel discussion at the Web3 Corporate Innovation Day, Cardano’s Alexandre Maaza stated that blockchain is yet to have massive use cases that can help attract the next generation of blockchain adopters.

Nonetheless, the emergence of blockchain-decentralized identity solutions might offer the next ‘killer’ use case to attract millions of new users. Maaza stated that The Cardano Foundation believes that Web3 still lacks a massive and attractive use case that is relevant for people and businesses:

“One of the views that we have at the foundation is that digital identity for people, products, data, and documents, is one of these killer applications that can scale.”

Web3 decentralized IDs are described as privacy-oriented solutions that enable users to offer just the minimum amount of information needed for verification, instead of sensitive personal data.

On that note, decentralized ID users can also withdraw their information through seed phrases since identities are stored locally in users’ crypto wallets – becoming majorly important privacy-preserving solutions.

Non-Speculative Use Case To Attract A Billion Users To Blockchain

A lot of the hype surrounding crypto can be attributed to price speculation from retail investors seeking considerable profits. Nevertheless, blockchain technology will require a non-speculative use case to attract mainstream adopters, as Maaza explained a bit further:

“I believe a killer use case where you’re talking about millions and billions of people, things represented on-chain, that are not speculative in nature, is what will bring this kind of technology to the forefront.”

Ton Foundation’s director of investments, Justin Hyun, also thinks that onboarding the next 500 million users will need simple apps with “actual usability,” like blockchain-based Telegram mini apps that might be a ‘Trojan horse’ for mass blockchain adoption.

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While speaking to reporters, Hyun stated that abstracting complexity away from users will also prove to be important in their aim to onboard half a billion users. They said the goal is to bring 500 million people on-chain by 2028 – which is their goal – and will eventually need sustainable use cases that interact with the blockchain without the user knowing ha in the front end.

Decentralized ID Could Save Firms From Data Breaches

While developing a decentralized ID solution has not yet reached levels of profit generation for most firms, it could ultimately save huge costs by avoiding possible data breaches.  

Maaza stated that the value of digital identity to various businesses that harvest data will reduce since the IDs of the users are decentralized.

“For many other businesses, it’s a cost center. You have to protect customer data. And when that gets breached, that incurs large amounts of damage control.”

Cardano is among several blockchain networks that are creating in-house non-custodial digital identity wallets.

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Despite the technological paradigm still being in the budding stage, some nations and jurisdictions are already exploring decentralized IDs. For example, Istanbul has decided to employ decentralized identity solutions to boost data privacy, using Omchain’s proof-of-identity (PoI), which works efficiently without requiring database queries during validation.

As technology advances, investors are seeking ways to capitalize on available platforms and opportunities to earn huge returns on their investments in the coming years. Decentralized IDs are still in their nascent stage. However, they offer massive opportunities, and experts believe they will accelerate blockchain adoption globally.


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Peter Jennings

Peter Jennings is a prominent crypto broker with years of experience in the industry. He has helped many clients navigate the world of cryptocurrencies and make profitable investments. Jennings is known for his in-depth knowledge of the market and his commitment to providing top-notch customer service.

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