Digital fraud is a huge problem on social media. Every day, more scammers create new accounts impersonating popular content creators and try to get their followers and other unsuspecting victims to send them money. To solve the problem, some turned to blockchain technology to try to create and implement a decentralized identity verification system on social networks.
At the recent World Token Summit 2023, Cointelegraph spoke with Matthias Mende, co-founder of the Dubai Blockchain Center and speaker at the event. During his speech, Mende spoke about one of the center’s projects that implements blockchain technology to create a decentralized social identity for its users.
Speaking to Cointelegraph, Mende said that phishing has been an ongoing problem in the sector. According to the executive, he himself has suffered the experience of many scammers who took the content he posted on social networks and created fraudulent accounts posing as him. He explained it this way:
“I have like 200,000 followers on Instagram, and really, like every other day, there’s a new fake profile coming out. I’m always getting messages from people asking me, ‘Hey Mende, is that you? And they even send videos because they’re filmed from the story. from I.G. [Instagram]. Scammers go to the next level.”
The executive said that, although it is unfortunate, the reality is that there are many people who want to harm others. “We need tools to prevent it,” he said. Due to these issues, Mende launched a project that will use blockchain to verify the legitimacy of social media accounts.
In the United Arab Emirates (UAE), the government has launched an application called “UAE Pass”, linked to the citizens’ national identity document, the Emirates ID. This allows people to use their smartphones to verify their identity to service providers through smartphone-based authentication.
Taking inspiration from this concept, Mende shared that the center created a project called Bonuz that will work in a similar way. Using the blockchain, he is working on a platform that will provide blockchain-based authentication to people’s social networks.
According to Mende, he believes that blockchain has the ability to solve the problem of digital identity fraud:
“I think it will be fixed a lot. Why? Because the user now doesn’t just link their Instagram or their main as their account on Web2 now. They actually link an identity where all their true socials are linked.”
The executive also shared that when there is a decentralized social identity, there can be proof of identity on the blockchain, and people can be 100% sure that the accounts they are interacting with are really the person they claim to be and not a fraud. .
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