Identity and the Metaverse: Decentralized control

Identity and the Metaverse: Decentralized control

“Metaverse” and “Web3” are current buzzwords, with concepts permeating fintech, blockchain, and now even mainstream media. With decentralization considered to be at the heart of the Web3 Metaverse, the promise of a better user experience, security and control for consumers is what is driving its growth. However, with the identity of the user at the heart of the Metaverse, coupled with the unprecedented volume of online data, there are concerns about data security, privacy and interoperability. This has the potential to hinder the growth of the Metaverse, but both regulated and self-sovereign identities have an important role to play in ensuring that we truly own our identities and data in this new space.

What is the Metaverse?

While the concept of the Metaverse has been around for a while, it was recently brought into the spotlight (to the annoyance of many in the blockchain community!) when Mark Zuckerberg chose to rename his company “Meta” . With so many aspects of our lives already going digital, many believe that the Metaverse will touch everyone’s future and that it will dramatically change the way we interact with technology.

There is much debate about what the Metaverse will look like and what it will include, but it is thought to be the sum of many interpretations that the Metaverse will replicate the physical world in a digital context and enable similar interactions to those we have in our daily lives. In theory, it will include augmented reality, the digital economy and Web3.

Inclusion and identity

The Metaverse offers endless opportunities for people and businesses from different fields and with different needs. It was recently announced that one of the biggest changes within the Metaverse will be inclusivity, meaning that anyone with access to the Internet will be able to take advantage of its benefits. This includes the billion people around the world who are currently unbanked eventually being able to access the global economy through the Metaverse.


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