Blockchain technology, with its digital ledgers and decentralized approach, is becoming a pivotal tool for managing proof of personhood, ensuring secure and encrypted data storage. This technology addresses several areas:
Know-Your-Customer (KYC) and Web of Trust: Blockchain can support KYC processes and create a web of trust among users by assigning trust values within a network.
Biometrics: Projects like Worldcoin use blockchain for biometric-based identity authentication, scanning irises to authenticate online identities.
Challenges with Artificial Intelligence: With the rise of AI, blockchain's role in verifying real versus artificial online identities becomes crucial. It offers a decentralized solution for identity verification, reducing the risk of data leaks and hacks.
Self-Sovereign Identity: Blockchain supports the concept of self-sovereign identity, giving individuals control over their personal data. This ensures that users decide what data is accessible and how it is used.
Resisting Identity Theft and Fraud: Blockchain’s immutable nature makes it resistant to identity theft and fraud. It securely logs all interactions, preventing data alteration or tampering.
Other Applications: Besides Worldcoin, other projects like OpenChat and the Rarimo protocol leverage blockchain for unique human verification.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
