How does Web3 enhance authentication procedures? | CyberNcrypt
Before we get into the authentication procedure, let’s briefly review Web3.
Web3 (also referred to as Web 3.0 or the metaverse) is a new internet version based on blockchain technology. It incorporates principles like token-based economics and decentralization, but Web3 is more than simply a technique to increase cash flow using cryptocurrency.
Experts are in agreement that Web3 can give consumers enhanced data security, scalability, and privacy, features that are absent from our present version of the internet, which is controlled by big tech. Some of the world’s top firms retain confidential information on their servers for use in marketing, product development, and other lucrative endeavors.
Web3, on the other hand, promotes decentralized software protocols that enable consumers to better control their privacy and enable businesses and apps to more correctly verify people. Many Web3 advocates contend that Web3 technology is suited for creating and enforcing IAM.
Authentication Process
Blockchain is an information recording and tracking method that makes it almost hard to cheat, hack, or alter the system. It functions as a digital record of transactions that may be replicated and distributed among all computers linked to the blockchain.
In the same way that blockchain may be used to monitor digital financial transactions, it can also be used to authenticate users and confirm credentials.
The fact that Web3 is founded on cryptography, the backbone of blockchain authorization, makes it ideal for IAM.
Consider it a universal, distributed data repository with two distinct types of nodes. One node, the wallet node, participates in the network by submitting claims, while the other, the complete node, participates by confirming claims via cooperation.
When a transaction is sent to the database, the network utilizes the available information to assess whether the transaction is legitimate. Once the complete nodes cooperate to establish whether a transaction is genuine, it becomes a component of the datastore truth, and the wallet node may make claims such as data ownership or identity truth.
Web3 is built on blockchain technology that combines ease and security, which gives it the ability to disrupt existing authentication procedures. Decentralized identification systems, such as crypto wallets, provide an indisputable source of truth, eliminating the need for multiple administrators to validate a sequence of credentials for several accounts throughout the web that is connected with a single person.
Other features of Web3
Web3 identities will not only be able to authenticate traditional apps but will also let users engage in additional on-chain activities with IAM consequences. IAM might be transformed by the widespread usage of digital wallets.
Token gating is a Web3 concept that may be used to limit access and provide special content to token holders. It is an economic change that makes digital content a commodity. Nevertheless, this also implies that permission based on decentralized IDs may be applied to assets, databases, and other access-controlled systems.
For instance, suppose you want to sign up for new internet service. The corporation will take your name, address, phone number, credit card information, date of birth, and occasionally your social security number in order to verify your identification. You’ve probably inputted this information hundreds of times and supplied it voluntarily to other businesses.
When you register for a Web3 online service, your information is already saved and authenticated safely inside your decentralized ID. You will no longer be required to provide personal information to corporations in order to verify your identity, sign up for services, or create accounts. Your decentralized ID as a verifiable source demonstrates that you are who you claim to be.
