As Web3 Embraces Decentralized Identities, Businesses Must Evolve Or Die

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Pick up your smartphone, flip open your laptop and try to access any kind of web service or app, and you’ll almost certainly be prompted to enter your password. It’s a mundane and accepted part of living in the digital world, where everything is reliant on proving your identity. We’re constantly being asked to verify that we are who we say we are, but unfortunately doing so means surrendering our personal information on a daily basis. 

It’s a fact of life that using free services like Facebook and Google comes at the cost of giving up your personal data. The moment you agree to the privacy policy of these companies, your data becomes theirs, stored in a centralized server and used as a source of profit. 

For many of us, it’s a price worth paying because it means we can access everything on the internet. If you’re not prepared to give up your identity, you won’t be able to use most social media sites, you won’t be able to book tickets or accommodation online through sites like TripAdvisor and Booking.com, and you won’t be able to shop at Amazon or eBay. In a world that has become increasingly dependent on the web, the inability to access these kinds of services would be a major inconvenience. 

However, there are signs that this won’t always be the case. As the decentralized world of Web3 takes over, users will no longer have to make this trade-off. Web3 is ushering in a superior security paradigm where you no longer need to check your phone for an SMS to get past two-factor authentication. It’s a future in which you won’t have to worry about your personal information being stolen