Time for part 5 of our Twitter Series on regulations & digital identity!
The first question is, what role does digital identity play in the world of blockchain regulations? 🤔
Well, for starters, public key 🔑 on a blockchain network is sort of one's digital identity
Essentially, it is one of the ways that enable token holders to verify that it is who they say they are!
And this identity component will be key to pretty much everything once #regulations begin increasing amid growing #decentralization
Not only will it solve the problems within the #crypto space but also in the physical world
But can this be done with privacy in mind?
What if this turns into a nightmare where government entities end up holding more control than expected?
This is where the fight has always been focused in the #crypto space!
It's always about maintaining a balance!
And this is why Shyft was launched 😇
The Shyft team realized the importance of getting digital identity right, be it in:
Business ✅
Government ✅
Institutional ✅
No matter the size or type
We will give rise to the true & powerful form of digital representation
That is not to say there’s no digital representation today
Digital identity has made it possible for smart contracts to function ✅
And also allows crypto & stablecoin payments to work ✅
The thing is, the aim is a lot bigger!
The aim is to automate a large part of the day-to-day digital activities
But for that, we need a strong form of digital identity
We need a record of who & what everything & everyone is!
But, the current solutions in the digital identity space haven't worked as expected
The reason being that we need a solution that is pretty much 10x better!
So, the most pressing question here is how to make a product that is usable from an identity perspective, digitally
Unfortunately, we haven't reached that stage yet!
However, #regulations will act as a catalyst here.
After all, #regulations do enable the adoption of innovative technologies 💡
So, this is how regulations & digital identity are interconnected in the #crypto world
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