Gavin Wood, the founder of Polkadot, recently provided valuable insights into the future of blockchain technology, highlighting the significance of a specific use case for its widespread adoption. During a revealing conversation on Raoul Pal’s podcast, Wood discussed the concept of “personhood proofing” as a potential catalyst for the mass acceptance of blockchains.
Wood explored the idea that while blockchains have predominantly been utilized for financial transactions, there is one crucial aspect of daily life that has yet to be addressed: personality verification. He explained, “What I’ve been contemplating over the past two years is that blockchains have only truly dominated the realm of value, specifically money. They haven’t grasped the notion of personality, which is something we rely on every day for almost everything.”
Wood emphasized that identity authentication plays a vital role in everyday transactions, particularly significant purchases. He stated, “When you go to a store to buy, let’s say, a high-priced computer equipment, they ensure that you are indeed a person before you can spend more than $1,000. You may not realize it, but it is an essential element of modern society, at least in the Western world.”
The discussion delved into the potential of blockchain technology to incorporate personality proofing in a manner that does not depend on government authorities, who currently handle the majority of identity checks. Wood argued, “We do this naturally, as we expect to be able to recognize a face, and many transactions rely on this. Much of our social structure relies on personality proofing, which must be integrated into the blockchain for it to become a significant part of society.”
Wood expressed his concerns about relying on centralized entities like governments or corporate solutions like Worldcoin for this purpose. He stated, “The question is, how can we accomplish this without depending on entities like governments to determine who is considered a person and who is not? I am not a proponent of Worldcoin’s approach, as I believe it places too much trust in the Worldcoin system. I am also not a fan of the KYC (know your customer) passport approach, as it relies too heavily on governments.”
When seeking solutions, Wood emphasized the need for innovative methods that can securely and decentralize personality integration into the blockchain. He concluded by urging developers to come up with more inventive approaches to incorporating personalities into blockchains, thereby enabling broader and more practical adoption of the technology.
Disclaimer: The views and opinions expressed by the author, or any individuals mentioned in this article, are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading in cryptocurrencies carries the risk of financial loss.
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