In web2, identity systems are centralised. Our data is managed by service providers and stored on their private servers. This setup allows for effective data governance (for business data protection and personal data privacy compliance) and efficient data processing. However, this convenience carries significant risks, which we, as users, ultimately bear. Centralised storage makes a prime target for data breaches. Additionally, we are left with no choice but to trust that companies will use our data responsibly — while in reality our personal information is constantly analysed and monetised.

In contrast, web3 introduces a decentralised approach to identity. Anonymity is celebrated, and if this anonymity must be compromised for mass adoption, the users at least must maintain control and ownership over their data. New technologies, prominently blockchain and edge AI, enable what is known as Self-Sovereign Identity (SSI), which allows users to independently manage their identity and selectively share their data — no single party controls or has access to the complete set of user data.

As digital environments advance, there is a growing need for solutions that effectively bridge the gap between web2 and web3 identity systems. The table below illustrates their fundamental differences and the associated challenges in negotiating them, which guided the critical design principles and value propositions of BINGO’s digital identity solutions.

So, What do Next-Gen Identity Solutions Look Like?

As the landscape of web3 expands, its regulatory framework remains unclear, which contributes to the hesitancy of web2 players to engage with the market. BINGO arrived at a nuanced approach that considers the technological capabilities, the business expectations of web2, and the values driving the success of web3. Although a recognised identity framework for web3 is still emerging, BINGO proactively pioneers a solution that aligns with web2 requirements and the decentralised ethos of web3. By leveraging advanced technologies like edge AI and zero-knowledge proof cryptography, developed at ParallelChain Lab, BINGO not only anticipates the future of digital identity but shapes it, facilitating a smooth transition for users and businesses into the new era of digital interaction.

BINGO by ParallelChain is a collection of identity verification solutions powered by AI, empowering modern businesses to grow beyond boundaries with the fastest customer onboarding, ease of compliance, and competitive intelligence.

Learn More: https://bingo.parallelchain-lab.io

Product Enquiries: bingo@parallelchain.io