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As the number of users increases continuously in online services, it becomes difficult to secure their identities that are controlled by centralized institutions. Users have to create a personal identity to explore the services provided by platforms such as Google, Facebook, and Instagram. The entities grabbed the opportunity and started to control users’ personal data so they could share the information with other entities.
According to the data released in April 2022, there are nearly 5 billion internet users across the world. To protect the personal identity of the users, Quadrata came up with a solution. This new innovation will help online users complete their Know Your Customer (KYC) details without sharing their personal data with the entities.
To provide security for the users, they have to complete their basic information on the Web 3 KYC process. The CEO of Quadrata stated that once the KYC process is registered, it will be permanently noted on the chain, so there is no need to repeat the KYC process every time.
What Is Quadrata Offering To The Users?
- Unique Identification
- Real Time Monitoring
- Maintaining the Web UI and Solidarity SDK
- Compliance Infrastructure
The CEO and co-founder of Quadrata Fabric Cheng stated that Decentralized identity (DID) and compliance services will play a vital role in the success of decentralized finance (DeFi) platforms. These decentralized identities will allow users to keep their personal information on online platforms, and users will have the stability to control who they can share data with, without having any control over individuals.
Recently, there was a case in which Portugal’s President’s personal information was stolen in a cyber attack. By using digital identities, the users will be less prone to these types of cyber attacks. Decentralized identity keeps the users’ profiles safe while the centralized institutions who are managing the information will tend to provide a service all at once.
“The ownership of digital assets mimics asset possession in the physical world. Assuming that owners are operating within the bounds of the law, blockchain-enabled digital ownership cannot be interfered with by the government.”
The proof of identity may differ from one entity to the other, but in Quadrata, the Quadrata passport will be in the form of non-fungible tokens (NFTs). Cheng stated that decentralized identity will be widely accepted by users and blockchain technology will make a great contribution to the growth of financial services.
Recently, Quadrata has collaborated with Ethereum Layer-2 and Polygon to unite its Web3 Passport Network with the mentioned platforms. Users can now create as many Ethereum accounts as they want without obtaining any permission. The investors on the Ethereum blockchain can be easily verified, which makes the platform more trustworthy.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
