Using Blockchain Technology For Logon Usernames, Passwords & ID Framework
The increasing digitalization of the global economy has created a plethora of benefits for the average user. Information and financial opportunities are closer than ever before, with millions of online marketplaces offering a variety of services and products. For the disenfranchised consumer, the difference is even more spectacular. The internet marketplaces have been quick to give third world constituents the opportunity to participate in an otherwise inaccessible worldwide economy.
But with all of its benefits, the digital nature of the modern economy has also created its own unique problems. In particular, the prevalence of different services has encouraged every user to participate in many different ecosystems, each with their own requirements for membership and transaction. Studies show that the average user of the internet has a surprising 90 online accounts associated with their digital footprint, a number projected to climb to 207 by the year 2020.
This means that the average online presence has to keep track of 90 usernames and 90 passwords. And if security protocols are followed by the user, this often means 90 different passwords and 90 unique usernames. The University of Oxford found that a significant number of online transactions are abandoned due to the user forgetting the password associated with their account. And even if they remember passwords, some users who use the same phrase for several accounts leave their financial information at serious security risk.
Universal Login Concept
This is where the blockchain technology of the modern fintech sector steps in to potentially save the day. Several notable startup companies have been created in order to come forward with an identity-based system which would allow for the use of a universal digital identity. Instead of having to remember 90 usernames and 90 passwords, the secure blockchain process could theoretically allow users to remember one secure set of information for every online thing they decide to do.
The concept has gained significant popularity over the years. Popular blockchain startups like Blockpass and Civic have already begun development on a universal logon system for their customers. The motivations for this development are wide and varied. For some companies, the primary goal is to create a system for data to be analyzed more effectively by big businesses.
But for companies like Metaverse, the general interest is primarily in creating an effective framework for the implementation of a universal login. The Metaverse Digital ID would link users online to their real-world identity, taking away the need for outside login credentials, regardless of the type of site the credentials are used for.
Potentially, the services could appeal better to the masses through the implementation of things like avatars, reputations, or even online passports to help create a new identity for a user on the internet. The creation of a digital footprint may seem scary to some, but for many it means a new way to save information and contribute to the online marketplace of concepts and economics.
The universal login system continues to gain traction in the cryptocurrency community, with new propositions coming every day.