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Video24 Feb 2023

Digital Identity

Dr. Ruth Wandhöfer, Partner, Gauss Ventures joined us to discuss the role of digital identity and why it matters to Web3.

A digital identity is essentially authenticating yourself to access the digital world. Web3 based digital identity could be based on the key principle of data minimization, meaning that users only share the data that is actually required in order to gain access to a service or to make a transaction.  Most of, GDPR is about how to protect data after it has been shared. Users can have self-custody of their digital identity as well as choose to keep it with trusted intermediaries. Ruth highlights how the European Union is about to roll out the EU identity wallet starting in 2023. Other countries could be inspired by this, but for cross border operation of such a digital ID beyond Europe, mutual recognition, technical standardization and interoperability would be key.

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