In this era of Web3 growth, an increasing emphasis is being put on decentralized identity solutions and self-sovereign identity models, adoption of biometric authentication for secure identity verification, expansion of digital identity wallets and more. With that being said, here are five companies doubling down on web3 and digital identity in 2024.
ConsenSys
As a leading blockchain technology company, ConsenSys is doubling down on web3 and digital identity solutions. Established by Ethereum co-founder Joseph Lubin and with a focus on decentralized applications and identity management, ConsenSys is at the forefront of shaping the future of digital identity.
Just earlier this month, it rolled out a new technology, Smart Transactions, as an optional feature to users of its MetaMask brand. This reimagined transaction experience protects users from harmful MEV (Maximal Extractable Value) attacks such as frontrunning and sandwiching, enabling users’ transactions to remain private until confirmed on chain, which means bots can’t frontrun them. It’s a significant development with data platform EigenPhi estimating that these forms of MEV cost Ethereum users up to 124,000 ETH — over $350 million at current prices – in 2023 alone.
Microsoft
Microsoft has been investing heavily in web3 technologies and digital identity solutions. With initiatives like the Decentralized Identity Foundation and partnerships with blockchain platforms, Microsoft is committed to advancing the adoption of secure and user-centric digital identity systems.
It also recently added external authentication methods to be used with Microsoft Entra ID, calling the deployment of MFA, “the single most important step to securing user identities” in an official blog post. In addition to providers that already have integrations in place, external authentication methods is a standards-based open model where any authentication provider that wants to build an integration can do so.
IBM
IBM is leveraging its expertise in blockchain technology to develop innovative web3 solutions for digital identity management. By partnering with industry leaders and investing in research and development, it continues to pave the way for a more secure and efficient digital identity ecosystem. By utilizing innovative technologies like blockchain, AI, and biometrics, IBM assists organizations in securely managing digital identities, meeting regulatory standards, and addressing cybersecurity challenges, among others.
Civic
Civic is a blockchain-based identity verification platform that is revolutionizing the way individuals and businesses manage their digital identities. By using decentralized technology, Civic is empowering users to take control of their personal data and securely access online services.
For instance, it recently introduced a new physical ID card that Civic Pass holders can use to prove their identity and reduce the threat of AI driven identity fraud. A Civic Pass is a non-transferable token that allows users to access decentralized applications and services by attesting that a user is a legitimate person. With a physical ID card, users can now protect themselves from “face farming” threats. This involves bad actors that try to gain access to online account imitating a person’s identity using videos and selfies of that person.
Sovrin
Sovrin is a decentralized identity network that is dedicated to providing secure and verifiable digital identities for individuals and organizations. By leveraging blockchain technology, Sovrin is creating a trusted ecosystem where users can control their personal information and interact with confidence in the digital world.
A functioning network for an identity metasystem is a social system, and building it requires a means of building coherence to align the actions of people and organizations. The Sovrin Foundation was created to do just that. As part of its plans to building a functional SSI network, it conitnues to work on several core areas, in addition to the technical standards, such as governance, community, operations, and adoption
