Individuals Will Finally Own Their Own Identity

So, we can think, for example, [of] the societal changes—how human beings will interact with each other. Knowing everything that they will be doing and interacting with one another, with entities, organizations, governments, and enterprises will be recorded permanently. So, think about how that’s going to affect the paradigm of “when the cat’s away the mouse can play.” I think it will have profound consequences on how you will weed out bad actions or bad actors. We also think about how the governing structure of entities—enterprises, associations and governing selves will change. We think about smart contracts replacing entire management dimensions that will be replaced by decision-making power based on code. There are organizations out there that are implementing such governance structures, and that will have fundamental implications for how those organizations are going to be run, how efficiencies are going to be implemented, and everything will become a little bit more machined, in that sense. Also, people will own their own identity, right? There [are] big movements going around about own[ing] your own data that is powered by Web3. We know that Web1 is all about reading, Web2 is about reading and writing, and Web3 is about reading, writing, and owning. And so, with the evolution of Web3, people will start realizing not only the power of owning their own identity, their own data, but also using them as they go through and interact with societies. For example, when they’re requesting a mortgage or a loan at a bank or applying for a job, they will own the data that will be verified through a zero-knowledge proof by the counter-party to verify that the individual is qualified, without necessarily transferring the ownership and the visibility of that data.