Blockchain Expands to Digital Identity, Telecommunications

As the crypto space evolved, blockchain use cases expanded from simple digital currencies and non-fungible tokens (NFTs) to more complex areas such as digital identity verification and telecommunications.

In anticipation of the Token2049 event in Dubai, discussions with industry leaders highlighted how blockchain technology is being integrated to solve problems across various sectors.

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One of the key areas where blockchain is making an impact is digital identity verification. As artificial intelligence (AI) technology advanced, it brought both benefits and challenges. Malicious actors have exploited AI for hacking research and deepfake scams, making it increasingly difficult to verify human identity.

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Terrence Kwok, founder of Humanity Protocol, noted that proving one's humanity seemed far-fetched a few years ago. However, with the current state of AI, it is now easy to create convincing deepfakes and fake documents. This trend is expected to worsen, underscoring the need for robust digital identity verification systems.

Humanity Protocol uses blockchain technology to address these challenges. The protocol aims to verify whether an entity is human or AI-generated, ensuring the authenticity of digital interactions.

Another innovative use case for blockchain is in the telecommunications sector. The current satellite connectivity landscape is dominated by a few large players, creating an oligopoly. This structure leaves many countries reliant on these few providers, posing significant challenges for connectivity.

Spacecoin, a project led by Stuart Gardner and Tae Oh, aims to disrupt this oligopoly by launching a decentralized physical infrastructure network (DePIN) through a fleet of nanosatellites. This network would allow smaller companies and individuals to launch their own satellites, creating a decentralized connectivity solution.

By integrating cryptocurrency into the project, Spacecoin provides a trustless means of payment and data exchange, leveraging blockchain technology to ensure transparency and security.

These projects demonstrate the versatility of blockchain technology in addressing complex challenges across different industries. From digital identity verification to decentralized satellite networks, blockchain is proving to be a powerful tool for innovation and problem-solving.