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Identity and the Metaverse: Decentralized control

Published 05/28/2022, 01:12 AM
Updated 05/28/2022, 03:00 AM
Identity and the Metaverse: Decentralized control

“The Metaverse” and “Web3” are the buzzwords of the moment, with their concepts permeating across the worlds of fintech, blockchain, and now even mainstream media. With decentralization thought to be at the core of the Web3 Metaverse, the promise of a better user experience, security and control for consumers is what’s driving its growth. But with users’ identities at the heart of the Metaverse, coupled with unprecedented amounts of data online, there are concerns over data security, privacy and interoperability. This has the potential to hinder the development of the Metaverse, but both regulated and self-sovereign identities could play an important role in ensuring that we truly own our identity and data within this new space.

Related: Digital sovereignty: Reclaiming your private data in Web3

Lottie Wells is the senior PR and communications manager at Wirex. With over six years of experience in the fintech industry ranging from digital payments to global remittances, she has contributed to campaigns empowering access to the financial system and the mass adoption of cryptocurrency. She is a strong believer in the benefits of the digital economy, and is an advocate for both the sector and women’s involvement within it, having spoken at the EMEA Women in Payments Symposium and having contributed to publications such as The Asia Times.

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