The world is
preparing for digital identities in the digital era. South
Korea is already rolling out national IDs via blockchain technology including
driving licenses (referred to as mobile driving licenses).
A pilot is being
conducted in Europe for a digital ID via a digital wallet, known as the EU
Digital Identity Wallet Consortium (EWC). Marie
Austenaa, the Head of Digital Identity at Visa, affirmed the company has been chosen by the EU
to participate in the EWC pilot. Consequently, the digital ID wallet is expected to be released in
2024.
Blockchain-powered digital identities are more secure,
which will in turn mitigate fraud. It is essential for traditional brokers from
the financial landscape to adjust to the ‘crypto momentum’.
The verification process will be smoother without the
need to upload various documents (regulatory bodies must approve its use first). However, preparing for digital identities is crucial in the medium term.
Decentralized web domains and hosting environments may
pick up the pace. Traditional brokers should consider entering the web3 phase as
innovation may reflect a higher client base. Financial brokers can purchase a web3 domain and host
their website on the blockchain.
EDNS, a web3 leader on Polygon (layer-2) has recently
partnered with Alibaba cloud. The CEO at EDNS, Joey Lam said: “The motivation
behind this partnership is joining hands to deliver disruptive Web3 solutions
that are demanded by the market, especially in the storage area.”
To remain competitive, Google Cloud partnered with Casper Lands to build blockchain-based products as well innovating the Web3
ecosystem.
The Ethereum Name Service (ENS) is another popular
choice on the Ethereum blockchain. Space id (which is a new service) is
offering the same services as ENS on BSC.
ETH elevated gas fees had some impact on the monthly registrations
(as opposed to 2022), however, the registrations have remained steady. As of today, websites using ENS can be hosted via
IPFS. A web3 presence may be rewarded with a significant PR.
Lower Payments Fees
Alchemy Pay, a well-known payment provider has
made headlines as the service obtained a license from the Central Bank of
Indonesia. Alchemy Pay is providing a range of payment services.
The client selects Alchemy Pay from the checkout page. The exchange rate is
locked, the customer makes the payment, and Alchemy Pay converts the cryptocurrency that is used for the transaction to your local currency. As opposed to…
