Taking Control of Your Identity with Web3 Identity Management
ML SEED Sandbox for Metaverse provides tools, building blocks and solution templates to rapidly create and deploy smart contracts, crypto assets (utility tokens and NFT tokens), web3 integration and distributed storage required in a Metaverse platform. It also provides extended support in digital experiences (Gaming, Animation, AR), DeFi, scalable blockchain options and multi-cloud to enable users to play their way into the metaverse.
Development in Progress
Problem Statement
In traditional systems, there are centralized authorities such as banks, governments, or social media platforms that serve as identity providers and perform the task of verifying individuals’ identities.
However, in a decentralized system such as Web3, there is a need for a secure and reliable way to manage and verify identities without relying on centralized authorities.
Solution
DID (Decentralized Identifier) provides a decentralized identity infrastructure that allows individuals to have control over their own digital identities. It uses cryptographic algorithms to create unique identifiers for individuals that can be used to authenticate their identity without the need for a central authority.
This enables individuals to have greater control over their personal data and privacy, and reduces the risk of identity theft and fraud.
Simplified compliance
It help organizations comply with data protection regulations as it provides a more transparent and auditable way of managing user data.
Increased security and privacy
It provide a more secure and private way for organizations to manage and authenticate their users' identities, reducing the risk of data breaches and fraud.
Enhanced interoperability
It can enable organizations to share and integrate user data across different platforms and applications, improving collaboration and innovation.
