Morne Patterson - Exploring the Potential and Emerging Trends of NFT’s for Personal Identifiers

Introduction

Non-Fungible Tokens (NFTs) have gained significant attention in recent years, primarily associated with digital art and collectibles. However, the potential applications of NFTs extend beyond the world of art. In this post I will explore how NFTs could become the de facto personal identifiers of people, revolutionising the way we verify and authenticate identities. We will delve into the possibilities and discuss emerging trends that showcase the traction we are witnessing in this regard.

Digital Identity Verification

NFTs can serve as a secure and immutable form of digital identity verification. Each individual can have a unique NFT tied to their personal information, such as their name, photo, biometric data, or other identifying details. This NFT can be used as a digital passport, enabling individuals to prove their identity securely online or in physical interactions.

Ownership and Control of Personal Data

NFTs can empower individuals to have ownership and control over their personal data. By tokenising personal information and linking it to an NFT, individuals can choose what data they want to share and with whom. This decentralised approach allows individuals to have greater control over their privacy and data security, reducing reliance on centralised authorities.

Digital Signatures and Authentication

NFTs can be utilised for digital signatures and authentication purposes. As unique digital assets, NFTs can serve as digital signatures, verifying the authenticity and integrity of documents, contracts, or transactions. This has the potential to streamline and secure various processes, such as signing agreements, approving financial transactions, or authorising access to sensitive information.

Decentralised Social Media Identity

With the rise of decentralised social media platforms, NFTs can serve as a digital identity across different platforms. Users can have an NFT representing their social media identity, which includes their profile information, reputation, and verified credentials. This allows for seamless and portable identity management, enabling individuals to maintain their online presence across multiple platforms.

Proof of Certification and Achievement

NFTs can act as proof of certification or achievement in various domains, such as education, professional certifications, or accomplishments in sports or entertainment. By tokenising these credentials, individuals can easily demonstrate their qualifications, achievements, or skills, making it easier for employers, institutions, or potential collaborators to verify their credibility and expertise.

Emerging Traction and Examples

Several projects and initiatives are already exploring the potential of NFTs as personal identifiers

The Sovrin Foundation aims to create a decentralised identity network using blockchain and verifiable credentials. It allows individuals to manage their digital identity securely and selectively share information with others.

uPort, built on the Ethereum blockchain, enables individuals to create and manage their digital identity. It offers a self-sovereign identity solution, allowing users to control their personal information and selectively disclose it to third parties.

SelfKey is an identity management platform that leverages blockchain and NFTs to enable individuals to securely manage their digital identity, including personal documents, KYC information, and credentials.

Civic is another blockchain-based identity verification platform that uses NFTs to provide individuals with control over their personal data and to verify their identity securely.

Conclusion

NFTs have the potential to revolutionise the way we verify and authenticate personal identities. From digital identity verification to ownership of personal data, NFTs offer a decentralised and secure solution. With emerging projects and initiatives, such as Sovrin, uPort, SelfKey, and Civic, we are starting to see traction in the development of NFT-based personal identifiers. As this technology continues to evolve, we can anticipate a future where NFTs become the de facto method for establishing and managing digital identities, offering individuals greater control, privacy, and security in their online interactions.