The most exciting part of the next evolution or movement powered by blockchain is that most industries will be decentralized thereby distributing ownership, wealth, and value creation. To add to that, all these decentralized platforms will become available in this super-metaverse that binds it all together in one massive awesome multi-layered, interoperable, never-ending explosion of creative potential.
But with such great power, albeit decentralized, comes great responsibility, especially in terms of security and privacy. The greatest threat to our very identity and what might constitute the governance of our mobility and empowerment will be cyber security, and the imminent threat of data breaches and aggressive hacks.
Historically we allotted responsibility to centralized large ‘secure’ financial systems to hold and manage our finances. We, in theory, were assured that our finances would be safe and managed by ‘professionals’ for a fee. Of course, such ‘Fort Knox’ structures were not entirely risk-free but for the purposes of this article, I will focus this piece on what the future has in store for us all.
As finance becomes more decentralized, so will the responsibility of security and privacy. We, the individual, will assume these extremely important tasks and with DeFI or decentralized finance, the onus will lie largely on ourselves (aided of course with 3rd party security and firewall firms) to ensure that our deposits and assets are secure and safe from the would-be cyber-criminal.
There are several ways to secure your digital assets, from offline hardware wallets to using 3rd party password generators and protectors, to finally and most importantly, having the individual fully understanding the threats that surround us and assuming absolute control of your identity online.
KYC or know-your-customer is an extremely important part of the digital ecosystem now and even more so in the future. It is basically a method of validating one’s identity through the submission of official documents, a number of biometric comparisons made by AI, and then the validation and storage of said proof on that particular system or database. Not only is this a vital part of the ecosystem but it is legally required and strictly enforced by most governing bodies, a trend that we should embrace as we become digital beings.
With the limitations of today’s technology and the fact that most people have a simple device like a mobile phone or laptop to access the internet, the biometrics used at this stage is mostly reliant on facial recognition. This might change as hardware broadens into additional biometric capturing options like fingerprinting, eye-retina scanning, dental graphing, and even the potential for DNA verification. What might sound like a scene out of Spielberg’s 2002 science fiction movie, Minority Report, these options will inevitably become a reality as we race towards more secure forms of KYC.
As the world becomes more digitized, the greatest risk to our well-being will be the threat of cyber security. It will be an intense battle between good and evil, the likes of which we have only read in comic books! For every one law-abiding citizen, there are several highly motivated and skilled individuals and teams spanning the globe, working around the clock finding ways to hack the system, swindle, embezzle and defraud.
Although still prevalent, cybercrime has come a long way since the email phishing scams of the 90s and early 2000s. Now cybercrime takes on a more sophisticated long-term outlook whereby potentially masking their agenda with short-term entertainment outlets like face-swap apps, aging estimators, what your baby might look like if you combine your faces, and so the list goes on.
Tik-Tok is also notorious for building a biometric database that people have not willingly opted into, yet the world’s short-term vanity seems to completely ignore the inherent risks in seeking fame, social recognition and acceptance.
Leaping forward a few steps into the ‘metaverse’. Although there are currently various definitions or use-cases for what a ‘metaverse’ might be, from virtual shopping portals, game platforms, to arts and entertainment, etc, ultimately everything we currently understand or are familiar with in terms of the internet and our physical environments (in one form or another) will lead into the metaverse!
For me, the metaverse or multi-verse or whatever term we settle on will be this infinitely cool digital paradigm where our imaginations will be given limitless bounds to build, explore, operate, create and earn. Our lives will become richer as we participate in a decentralized system where commerce is blended with creativity. DeFi, NFTs, blockchain, gaming, and the creative explosion of what lies beyond are so incredibly exciting!
But the metaverse does not come without risk. In fact, as outlined by the increasing need to intensify security and privacy, comes the fact that to access the metaverse, you will need to be KYC compliant. Moreover, all forms of interaction and transaction will be governed by KYC!
Herein lies the warning! If we can see this becoming a reality in the not-so-distant future (a few months away in my opinion), then why are we so willing to give up our identities in the short term? Is it education, boredom, or extreme vanity?
Whatever it might be, I implore you all to take back control and stop giving your metaverse access keys or future selves away to these unscrupulous companies who would either sell your data to the highest bidder or worse, cooperate with said illicit organizations or authorities bent on manipulation and control.
With immediate effect, stop using these apps that might seem innocent, but unquestionably have the potential for massive long-term criminal impact and fraud.
Take back control of your identity, stop giving away your data that should be highly protected and valued, and be aware of what the future will hold for us all.
If we take these protective measures now, we will all stand to reap the benefits that exist within the glittering horizon of an augmented future. The metaverse will be an opportunity that every single person on this planet will be able to access one day, as wealth and value get more and more decentralized creating a utopia that will be filled with vibrancy and prosperity. But of course in saying this, don’t forget to spend time outdoors, stay active and get that much-needed sun and fresh air. After all, what is a digital self, if the physical self is not around to enjoy what I believe to be a truly exciting inclusive future.
Let me know what you think about the above and your views of what the future might hold!
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