People would be able to choose the digital identity credentials they want to share across Web3, DeFi, and the metaverse using the bank’s perspective digital wallet.
JPMorgan is studying the concept of a digital wallet that would enable customers to manage their digital identity and assets across platforms, but the extent of decentralisation of the possible product is unknown.
The banking behemoth released a video describing a proposed solution that would allow users to choose the identity credentials they want to share across Web3, the metaverse, and DeFi protocols.
The video states, “As digital asset portability and ownership grow more popular, you’ll need a digital identity that gives you control over your identification credentials, allowing you to verify who you are wherever you are by sharing just what you choose to share.” Imagine taking advantage of buy-now-pay-later options using simply your credit score, without disclosing any other personal information.
The video says that such a digital wallet might let individuals confirm ownership of their NFTs and relocate their developed content to a different site.
A disclaimer at the conclusion of the film states that the digital wallet is only a “proof of concept” and that there is no assurance that the firm would implement such a solution.
In March 2021, Microsoft introduced ION, a permissionless identity network, on the Bitcoin mainnet. Prior to the launch, the business said in a blog post that it had been creating decentralised identification for four years.
Microsoft claims that decentralised IDs are owned and managed by the entity, unlike conventional usernames and email addresses, and may be used to protect access to resources, sign and validate credentials, and ease application data interchange.
Co-founder of Disco Jonathan Howle told Blockworks in July that decentralised identification may overcome current trust gaps in Web3, such as uncollateralized loans in DeFi and verified authorship in NFTs.
Bloomberg reported this week that the South Korean government would enable residents to prove their identification via digital IDs implanted in their smartphones by 2024.
Lisa Fridman, a co-founder of Quadrata, concurred with JPMorgan’s position that a digital identification solution should enable users to choose to divulge information about their identity without disclosing personally-identifying information. She said that Quadrata has released a Web3 passport that is currently live on the Ethereum mainnet and Polygon and is focusing on integrating with apps to create a decentralised ecosystem.
The co-founder of Quadrata stated that it is difficult to predict how decentralized JPMorgan’s possible product would be during the proof-of-concept stage. Nonetheless, she views this as a possible plus.
Also Read: Dogecoin Price Increases 13% as Elon Musk’s Twitter Deal Nears Completion
