At the heart of the Web 3.0 evolution is identity. How people use their identity to interact online with other people, services, devices and things is the critical piece for this next phase of the internet.
With the rise of VR technology and virtual communities and places, identity is undergoing a significant shift from Web 2.0 thinking. Gone are the fun email addresses and multiple pseudonyms, and incoming are the influencers who are creating and curating online representations that are unique, valuable and verified. We finally will say goodbye to the days of endless tracking and exploitation of client data - thank goodness - and will welcome the individual ownership and control of identity data. We will also leave behind thinking of digital identity as a door check, and instead see that data connected through every part of their interaction and service.
So what does this mean for identity and access management solutions (IAM)?
It means a pretty substantial shift has to occur to cater for the needs of decentralized, connected and personalized services. It means privacy is everything and users want control over what is shared. It means retrofitting legacy solutions will no longer be effective, and instead will present a barrier to growth and customer retention.
To meet the identity needs of Web 3.0 world, we need Web 3.0 thinking.
New generation IAM must offer user centric control, privacy by design, and add value beyond authentication and authorization.
Ensuring a consistent experience and privacy posture across every client interaction, touchpoint and jurisdiction will be the cross-industry benchmark for Web 3.0. Identity orchestration will facilitate this - simplifying and automating authentication, authorization and risk policy decisions for all user types across all interactions and surfaces.
In present day, there are many siloed authentication systems and fragmented digital identities. These will become critical risks for businesses trying to operate in Web3.0 as they will undermine business growth and customer retention.
The opportunity for identity and access management is clear: connected, interoperable and context aware identity services will increasingly deliver value and eliminate unnecessary barriers and friction going forward.
Learn more about how IndyKite are solving this in our next webinar.