In the rapidly changing digital landscape, identity verification is emerging as a critical concern. As Web3 places increasing emphasis on data ownership and trust, authenticating one’s identity is becoming a major challenge. Recently, Roundtable anchor Rob Nelson and Ralf Kubli, board director at Casper Association, discussed how blockchain technology could address this issue.
Nelson began the discussion by pointing out the prevalent confusion and distrust regarding data authenticity. He posed questions like, "How do I know where the data's coming from? How do I know I can trust the data?" Nelson suggested that blockchain technology, including possibly bitcoin, could offer the needed security and trust for authentic identity verification.
Kubli acknowledged the widespread frustration in the blockchain community regarding identity verification. "Identity is such a clear use case for blockchain," he stated. He elaborated on the concept of self-sovereign identity, where individuals fully control their data using advancements like knowledge proofs.
However, Kubli highlighted a major obstacle: the reluctance of large corporations and governments to adopt blockchain for identity verification. "Some of the largest corporations and governments are reluctant to use blockchain in this environment," he noted, despite its advantages. Kubli contrasted successful identity solutions, like India’s unified payment interface, with the fragmented approaches in the United States and Europe.
Nelson probed further, questioning whether this resistance was simply a matter of time and technological adoption. Kubli agreed, likening the situation to the early days of email adoption by governments. He expressed optimism that a compelling use case would eventually drive adoption, similar to how tokenization is becoming popular among large non-financial firms.
Kubli predicted, "I think once an entity like Microsoft or eBay comes up with a solution, the government will have to jump in."
