My favorite application of blockchain technology aside from crypto is digital identity. My reason for this is that digital identity is the crux of service delivery, and relying on physical identity documents can be unsafe, inefficient and expensive. There are also 1.1 billion people globally who have no formal identity at all, so just like crypto, this tech could be a global equalizer to put all people on a level playing field.
I also really like the idea of tethering ownership of assets to your digital identity, such as the registration of your car, the deed to your land or even such things as your intellectual property. You would also be able to link up your debt, as well as your money (whether that be fiat or crypto), your personal information and your equity.
This sounds like it’s going to make life much easier, however I am wary of who would be able to view this information. I very much wish that when digital identity is the standard whether it be in 10 years or 100, other individuals/entities can only access your info as long as you grant prior permission. Instead of Google and Facebook harvesting your personal information without asking permission to deliver custom tailored ads to you, you could profit from selling your data to them instead! That sounds like a much better deal to me.
This could go even further to include further information on your medical records, criminal record, education history and so on & so forth. What a time to be alive this would be! This could also become the new standard of social media.
Do you think that this decentralised ID system is utopian or dystopian, whether it be local or worldwide? Looking forward to reading all your thoughts on digital identity & your favorite applications of blockchain tech!
ps- If Wechat is set to become China’s official electronic ID system, I really hope that Facebook does not become ours!