Identity is crucial to our online interactions. Traditional identity systems, controlled by centralized platforms, are vulnerable to breaches and misuse of data, leaving users with limited control. Onchain identity, built on blockchain technology, offers a decentralized solution, giving individuals control over their personal information. It ensures better privacy, security, and a more inclusive and sustainable approach to digital identity.
People at the Core of Their Identity
At the core of onchain identity is the concept of self-sovereign identity. This means that individuals have full control over their personal data, including who can access it and how it’s used. Unlike traditional digital identities, where third-party platforms store and manage user data, onchain identity solutions put individuals in control.
The growing concern over privacy online highlights the need for such solutions. According to Go Globe, around 78% of internet users are worried about a lack of privacy due to the vast amount of personal information available online. Furthermore, 68% believe that current privacy laws are inadequate to protect users.
These concerns have a significant impact on user behavior. Around 70% of internet users reduce their social media presence due to privacy concerns, and 60% admit to providing inaccurate information on social media as a safety precaution. Additionally, 55% of users have requested the removal of online posts or un-tagging due to privacy issues, demonstrating the need for better control over personal data.
Onchain identity directly addresses these privacy concerns. By allowing users to store and share only the information they choose, onchain identity ensures that individuals remain in charge of their digital footprint. This is crucial in a world where most companies are collecting and sharing personal data, and consumers believe it’s unfair for companies to collect personal information without their knowledge, even in exchange for discounts.
Community-Driven Inclusivity
Inclusivity is another essential principle of onchain identity. These decentralized systems aim to ensure that people from all walks of life have access to a secure digital identity. By removing barriers like geographic location or access to traditional banking, onchain identity platforms can reach communities that have historically been excluded from the digital economy.
According to the World Bank, nearly 1 billion people globally lack any form of legal identification. Onchain identity has the potential to bridge this gap by offering accessible, verifiable, and decentralized identities to anyone with an internet connection, regardless of where they live.
Freedom to Control Your Data
Onchain identity gives users full control over their data. This principle is critical as more people demand ownership of their personal information. In centralized systems, user data is often stored on servers owned by companies that can access or sell it without consent. With onchain identity, data is encrypted and stored on the blockchain, and only the individual has the keys to unlock it.
According to Pew Research, 60% of Americans believe it’s impossible to go through daily life without having their personal data tracked by businesses and the government. Furthermore, 79% are concerned about how their data is used. Perhaps even more troubling, over half (59%) of Americans admit they have little to no understanding of what businesses actually do with their data. This indicates a significant shortcoming in the way the industry handles informed consent—a critical part of effective compliance.
Onchain identity addresses these issues by giving individuals the ability to choose when, how, and with whom they share their personal information. This level of control ensures that data is only used in ways that the owner consents to, thus restoring trust in digital transactions.
Empowered Participation Through Decentralization
Onchain identity allows individuals to participate in decentralized networks without the need for intermediaries. This principle of empowered participation is crucial as it shifts power away from large corporations and puts it in the hands of users.
With decentralized identity, users can verify their identity for various online services—whether it's opening a crypto wallet, applying for a job, or accessing government services—without depending on a third party to vouch for them.
According to FutureTales LAB, global digital identity verification is expected to have an estimated economic value of $16 billion by 2026, with a projected 103% growth during the period from 2021 to 2026. This rapid growth reflects the increasing demand for secure and decentralized identity systems, which allow individuals to take control of their personal data while ensuring seamless participation in the digital economy.
These figures emphasize the rising importance of decentralized identity solutions, as more people and organizations seek alternatives to traditional centralized systems.
Trust and Security in Every Transaction
Trust and security are fundamental to any identity system. Onchain identities leverage the transparency and immutability of blockchain technology to ensure that personal data is secure. Once information is written on the blockchain, it cannot be altered or tampered with, which guarantees that identity records remain accurate and trustworthy.
The scale of data breaches in traditional identity management systems is alarming. In an article from IT Governance, there have been 35.9 billion known records breached across 9,478 publicly disclosed incidents so far in 2024. This staggering number highlights the vulnerabilities of centralized data systems and the urgent need for more secure alternatives.
Onchain identity provides a more secure solution, as blockchain’s decentralized nature makes it highly resistant to hacking and fraud. By eliminating the need for centralized data storage, users’ personal information is protected, ensuring that trust and security are maintained in every transaction.
Conclusion
Joba Network is guided by these very principles and are actively working to break boundaries for a better identity solution. As a platform dedicated to empowering individuals through decentralized identity solutions, we strive to provide users with the platform they need to build trust, security, and control in their digital lives.
As we move towards a more decentralized internet, the adoption of onchain identity will continue to grow, and with Joba Network leading the way, individuals will have the power to reclaim their digital presence with confidence and empowerment.
