Elastos partners with Metaverse Bank to offer decentralized digital identity services
- A central pillar of SmartWeb.User-controlled validation covers all forms of personal credentials
- Metaverse Bank provides its employees with its own digital encrypted assets (EDA) to ensure both interoperability and privacy between assets.
Singapore/London: February 7, 2024 – Elastos today partnered with The Metaverse Bank (TMB) to offer a decentralized digital identity service that allows users to securely and privately verify all forms of personal credentials without relying on third-party intermediaries. I will make it possible.
The service covers a wide range of applications, from eKYC banking verification to educational background, professional references, age, residency or financial status, or other required credentials. Unlike traditional centralized authentication processes, there are no intermediaries, giving individuals complete control over what they share and for what purpose. No data is shared or left behind with third parties.
TMB uses blockchain technology to record, secure, and match transactions based on any type of unit of value, such as financial assets, access/use rights, ownership, or other forms of authentication, including identity. Masu. Thanks to the development and use of EDA, the nature of the asset is virtually irrelevant. EDA contains all the information not only about an asset's value, but also its ownership, provenance, history, and even physical location and jurisdiction thanks to blockchain. Users on either side of a transaction are free to choose their own assets to exchange at the time they initiate the transaction or at the time they initiate the transaction. In this case, this means any form of personal identification.
Decentralized Digital Identity (DID) is central to Elastos' Web3 vision.So-called smart web It turns the Internet into a user-driven, interactive ecosystem.
“It’s about marrying decentralized technology with security and moving from centralized control to a more democratic space where users own and control their data,” says Jonathan Hargreaves, Global Head of Business Development and ESG at Elastos. says Mr.
“In fact, taking control of your identity is where this whole vision begins. Through our partnership with TMB, users will be able to verify their credentials on their own terms, giving them control over what they share and what they do. It gives you complete and absolute control over your objectives,” he says.
“Data integrity relies not only on the transfer of ownership and control to the user, but also on multiple independently verified “smart contracts” that are far less susceptible to interference and manipulation than their centralized counterparts. ” is also guaranteed by the nature of blockchain technology. ” adds Jonathan.
TMB's services are powered by Enigma3, an AI-driven platform that enables the recognition and adjustment of all forms of transaction value, allowing individuals to connect with service providers fully on their terms, in this case as part of the identity verification process. You will be able to connect directly to The entire infrastructure has been developed according to open banking standards, with around 100 countries currently applying some form of the standard, ensuring consistency, compliance and a significantly higher level of security.
“The blockchain technology underpinning Enigma3 reflects the far-reaching benefits of Web3 and decentralization. Users have complete control over their data, what exactly they send and who has access to it. is distinctly different from traditional and even online commerce, which is characterized by opaqueness and institutionalized privacy violations regarding personal data.The lack of intermediaries controlling access and use creates a last resort to entry. Barriers are removed. In fact, such a system is inherently more inclusive than its centralized predecessor, as it is the user who initiates and defines the access,” said Rob, founder and CEO of Metaverse Bank. Atkin said.
“Decentralized and user-controlled DID services are the cornerstone of Elastos’ true SmartWeb vision, a vision that TMB wholeheartedly shares. We are excited to play our part in ensuring the same.” ” he added.
About Metaverse Bank
of metaverse bank is the world's first transaction platform custom-built for Metaverse and Web3 business models, allowing payments and other transactions to seamlessly move between cryptographic tokens and real-world assets. It is based on the Enigma3 engine, which is powered by AI and facilitates a multi-inclusive economic model.
Elastos is a public blockchain project that integrates blockchain technology with a reimagined set of platform components to produce a modern internet infrastructure that inherently protects privacy and ownership of digital assets. Our mission is to build globally accessible open source services and enable developers to build an Internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the internet works and better manage their data.