Institutional Tokenization 3.0: Break Silos
October 2024 Institutional Tokenization 3.0: Break Silos Since Tokeny started building tokenization solutions in 2017, we have seen financial institutions exploring tokenization of assets in…
The digital world has undoubtedly been increasing, and as a result, spreading into our daily lives. This is perhaps increasingly true when it comes to businesses, which over the past decade have come to rely heavily on technology. Cloud computing, web services and as a result companies similar to Logicata that have evolved to potentially help manage these services. The world of business is undoubtedly changing due to the emergence of new technological solutions. For instance, earlier, any product launch would have been done at a traditional tradeshow to attract potential customers. However, currently, virtual trade shows seem to have gained momentum in the business world. However, this is not just it! There are several other noteworthy changes in the world of business that are taking the world by storm. That is why, companies such as Facebook, who seem to have understood the needs of people by noticing the shift in consumer preferences, have come up with new and innovative ways to integrate our daily lives with these next technological advances in computing and the internet.
Are you ready to digitize yourself in the metaverse?
The metaverse has been a hot topic of late. As Facebook rebranded to Meta, a lot of attention has turned towards projects focused on this alternate reality. Decentraland’s MANA token reached a new all-time high, and companies such as Roblox saw big increases in share prices.
As is always the case with nascent technologies, the rise of metaverse platforms has brought some issues. Here are a few:
- Unfiltered content – anyone can access any type of content, and considering a large amount of the user base are teenagers, this is concerning.
- Accessibility problems – gaining access to metaverse platforms is a pain when you consider how many accounts you need for various web services.
- Loss of virtual assets – anything purchased in the metaverse can simply be lost, and the tokens representing these assets can never be recovered.
- Privacy concerns – users are increasingly concerned about privacy issues and protecting their data, with this not being helped by Facebook throwing their hat in the virtual ring. In any case, companies should have an adequate privacy platform in place to ensure that they are protecting users’ data accordingly and in compliance with any regulations, there may be.
The key to solving these issues is abundantly clear: digital identities. Here’s how:
- Age restricted content – users log into the metaverse with identities, allowing platforms to appropriately filter certain content and environments.
- Universal login – like Google authentication, onchain digital identities enable users to log in to different virtual venues in the metaverse via one click.
- Asset recovery – onchain identities guarantees ownership of virtual assets because tokens can be linked to the identity and not to the wallet.
- Privacy protected – a cybersecurity solution similar to advanced security systems such as cloud-based alarm management platform used for business operations, allowing service providers to only see verified information rather than actual data, reducing privacy concerns.
As the metaverse gets more and more popular, and with more virtual assets being viewed, bought and sold in this environment, identity will become a core component of this world. Users will need to know who they are dealing with, they will need easy recovery processes in the case of lost wallets. This will be key as the metaverse matures and its ties with digital assets continue to strengthen.
What do you think? Join the ONCHAINID Telegram chat group to discuss digital identity: click here.
