Elastos joined forces with The Metaverse Bank (TMB) to deliver decentralized digital ID services, to enable users to verify any form of personal credential securely and privately, without dependence on a third-party intermediary.
The service will cover a range of applications, from eKYC banking verification, to educational qualifications, professional references, age, resident or fiscal status, or any other credential that may be required. Unlike traditional, centralized verification processes, the absence of any intermediary means that the individual remains in full control of what s/he shares and for what purpose; no data is shared or remains with a third party.
TMB uses Blockchain technology to log, secure and reconcile transactions based on any type of value denomination whether it be a financial asset, access/usage rights, ownership or any other form of credential, including identity. Thanks to the development and use of EDAs the nature of the asset is effectively irrelevant. EDAs contain all the information, not just the value of the asset but – courtesy of the Blockchain – its ownership, provenance, history and, even, physical location or jurisdiction. Users at either side of the transaction are at liberty to select their own asset of exchange as/when they enter into a transaction; in this case, this could mean any form of personal identification.
Decentralized digital IDs (DIDs) are absolutely central to Elastos’ vision for Web3; a so-called SmartWeb which transforms the Internet into a user-driven, interactive ecosystem.
“It’s about merging decentralised technology and security, transitioning from centralised control to a more democratic space where users own and control their data,” says Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG.
“Control of one’s identity is actually where this entire vision starts. Through our partnership with TMB, users will be able to verify their credentials on their terms, retaining full and absolute control over what they share and for what purpose,” he says.
“Data integrity is ensured, not only due to the ownership and control being deferred to the user, but also by the nature of Blockchain technology, based on multiple, independently validated ‘smart contracts’ far less susceptible to interference or manipulation than its centralized equivalent,” adds Jonathan.
TMB’s service is empowered by its Enigma3, an AI driven platform that can recognize and reconcile any form of transactional value, enabling individuals to connect direct with service providers – entirely on their terms – in this instance, as part of an ID validation process. The entire infrastructure has been developed in accordance with Open Banking standards, ensuring consistency, compliance and a significantly higher level of security with nearly 100 countries currently applying some form of the norms.
“The Blockchain technology underpinning Enigma3 reflects the broader benefits of Web3 and decentralization. The user retains absolute control over his/her data, exactly what is submitted and who has access; a stark distinction from traditional and, even, online commerce characterized by opacity regarding personal data and the institutionalization of privacy breaches. The absence of an intermediary controlling access and use, removes the last barrier to entry; in effect – since it’s the user who initiates and defines access – such systems are inherently more inclusive than their centralized predecessors,” says Rob Atkin, CEO, Founder of The Metaverse Bank
“Decentralized, user-controlled DID services are fundamental to Elastos’ vision of a truly SmartWeb – a vision which TMB wholeheartedly shares. We are delighted to be playing a role in ensuring the same,” he adds.
About The Metaverse Bank
The Metaverse Bank is the world’s first transaction platform custom built for the Metaverse and Web3 business models to allow payments and other transactions to move seamlessly between encrypted tokens and real world assets. It is based on the Enigma3 engine driven by AI to facilitate multi-inclusive economic models.
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works for them to better control their own data.