What CEOS Need to Know About Self-Sovereign Identity and DeFi

What CEOS Need to Know About Self-Sovereign Identity and DeFi

What CEOS Need to Know About Self-Sovereign Identity and DeFi | DeviceDaily.com

 

In this episode of  How to CEO, we interviewed Vadim Slavin from GlobaliD. As the world shifts to the Web 3 phenomenon, identity is a crucial factor that needs to be addressed. Unfortunately, time and again, we have seen how our data might be handled and accessed by unwanted entities. 

GlobaliD is an identity management platform for self-sovereign identity. They aim to build a place where people can carry out their identity tasks daily, without any hassles. Vadim himself managed the product delivery team and the credential platform. 

Let’s Understand Web3

To understand Web 3, we must first understand what Web 3 is. As Vadim says, “What is Web 3? Well, for that, you have to answer what is Web 1 and Web 2….” So, let’s figure out what it’s all about. 

As many might remember, Web 1 was the very first iteration of the world wide web, and it was solely about static bulletin boards and someone else controlling the information we saw. During the days of Web 1, our digital identity pretty much did not exist. However, things changed with Web 2. 

Know About Self-Sovereign Identity

As Vadim explained further: “Web 2 was about interactivity” just like he said, Web 2 was the era of Facebook, Craigslist, and more. Our identities in Web 2 are handled by these companies, where we log in and create our digital footprints. We get no choice over how our data is controlled, nor do we get a say in what happens to it. 

So, what’s next? Web 3 control into the hands of users, without a service provider or a company to answer to. With Web 3, we can purchase content and own it while also proving that we own it, all independently. 

When it comes to identity, Vadim explains that Web 3 makes us own our identities.

For the first time ever, we get to have a say in how and where our data is used. Data information about us as individuals, but we also control the content we produce. As Vadim says,” you no longer have to trust anyone to manage your identity.”

Decentralized finance (DeFi) is financial technology based on secure distributed ledgers which we can own.

Vadim explains that today, proving your identity online or at a grocery store can be a tiring and burdensome experience, along with being insecure. This is where self-sovereign identity comes in. A self-sovereign identity system that is portable and can go anywhere with us. It is owned by us — not anyone else. 

Third-party verification providers

We can get authorized using third-party verification providers. This can all be done without us having to share any private information at all, thus making it significantly more secure. Moreover, we have complete control and a say over our identity and no other body, company, or organization. 

Where are the business opportunities with DeFi?

When asked about business opportunities, Vadim suggested that the best way to stay in the game is to adopt. According to him, there is no major player in Web 3 that controls the trends, so the best thing you can do is stay up to date and adapt to trends. Not only does staying updated with trends help us with business — but it also helps us stay safe and secure.

Vadim’s handle is “VS,” and he explains it’s just like the early days of Twitter, picking a username, and the quicker we get, the better options we have for a handle of our choice.

Image Credit: Provided by the Author; Thank you!

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Murray Newlands

Murray Newlands is an entrepreneur, investor, business advisor and speaker. He is the founder of the How to CEO podcast and you can read his blog at MurrayNewlands.com.

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