How Web 3.0 will Reshape Authentication
“With the advent of Web 3.0, we are approaching the promise of a decentralized Internet and decentralized identity. This session will discuss the impact of Web 3.0 on authentication, including the transition to identity-based verification that replaces proxies like usernames/passwords, one-time codes, etc. With users in control of their identity data, how will this affect authentication frameworks used for employee and consumer identity and access management? The speaker will provide a glimpse into what organizations can expect on the authentication front as Web 3.0 gains traction and how they can begin preparing for these changes today.
The session will cover:
Decentralization is not a new concept. It is changing how we think about financial services and “possession” of digital assets (a.k.a. NFTs). There are already established identity standards in the Web3.0 world, namely Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs) by the W3C body. Rather than juggling numerous IDs across various sites and platforms or trusting everything to a third-party provider, an individual can leverage a digital wallet to hold credentials and authenticate with desired entities. This framework simplifies identity management while adding protection and giving users greater control over their identity and how they authenticate with various service providers including DeFi services, traditional financial institutions, employers, etc.
Web3.0 embraces blockchain technologies and smart contracts. The role and benefits of blockchain technology, which originated in cyber currency platforms, can implement decentralized ID frameworks where users control their identity data. These technologies deliver an immutable, secure and flexible ledger to support identity protection. With an identity stored in a digital wallet rather than on a central server or other authority, it’s possible to lock down data while preventing the traceability of sensitive data.
How decentralized Identity and Web3.0 enable private identity management blockchains that support advanced authentication including biometrics; identity proofing used for credential verification; multi-factor authentication (MFA without clumsy one-time codes); and a more streamlined experience that distributed ledgers and blockchain deliver.
Why Decentralized identity and Web3.0 can deliver a single source of truth where the user, the consumer for example, is the authenticator. How it can’t be tampered with, but can be audited. What’s more, how the framework introduces opportunities to innovate new authentication use cases such as enforcing contracts across organizations and supporting new and different types of digital transactions.”