According to the World Economic Forum, “The Metaverse, poised to redefine the internet, intertwines the digital and physical, emphasizing the pivotal role of “identity” in shaping immersive, human-centric experiences.”

The Hedera Hashgraph firm joins forces with the World Economic Forum to promote the development of digital identity in the Metaverse. In a recent report, some important roles of new technologies in people’s lives are detailed. Thus, security and privacy become the epicenter of attention.

The Metaverse is one of the most promising technologies in the long term. Although the concept is losing strength amid the recognized technological limitations to support it, it remains on the horizon. Dozens of large companies continue working on the creation of these new spaces for social interaction.

Thus, the need to prepare for when this technology takes over from the current ones is urgent, according to Hedera. In that sense, they consider that rapid progress must be made in the creation of mechanisms that allow people to have digital identities. The latter should have all the security and privacy protection possibilities provided by underlying technologies such as the Blockchain.

One of the points most emphasized in the report has to do with the complexity of creating digital identities. Going one step further and integrating it into a technology that does not yet exist becomes more complex, they argue.

“The exploration of Metaverse identity underscores the need for a human-first approach prioritizing equality, inclusivity, accessibility, authenticity, and trust. Through our work with the WEF, Hedera continues to uphold its role in advocating for responsible technology,” Hedera posted on X.

Secure Digital Identity is Fundamental, According to Hedera

As the Hedera report explains, creating a digital identity in the Metaverse is much more complex than in the real world. This is because it encompasses multiple factors that interact in complex scenarios of novel digital expressions, credentials and data generated by the underlying technologies of the Metaverse.

Likewise, representation in the Metaverse should go beyond graphic identities. The latter to safeguard social values ​​such as democracy and inclusion. It is worth noting that the Metaverse has an enormous wealth in the variety of identities. This covers factors such as avatar design to body-based certifications and virtual signatures.

These identities must be unique to guarantee the individuality of people in a virtual territory populated by millions of users. In addition, this guarantees unique experiences that help businesses in the offer of products, services and others.

As can be inferred from the Hedera report, the work to be done within the framework of digital identity is enormous. All of this must be undertaken immediately, considering that progress towards this technology continues despite the silence.

The WEF points out the following:

“As the Metaverse evolves, comprehensively understanding identity is crucial for its potential to revolutionize how people interact and express themselves digitally, facilitating a space that respects privacy, security and human rights.”

The Metaverse is a reality that is already being created and every year new developments are added that bring it closer.

Hedera has a Blockchain network and a native token that has been gaining prominence in the crypto market. At the close of this note, the price of that currency (HBAR) is $0.099 per unit. In year-on-year terms, its performance exceeds 51%.

Hedera acknowledges the need for “a human-first approach prioritizing equality, inclusivity, accessibility, authenticity, and trust” when exploring the Metaverse identity.  Through their work with the World Economic Forum, Hedera claims it will continue to “uphold its role in advocating for sustainable finance and responsible technology.”

By Leonardo Perez


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