Blockchain Technology to Replace Passwords and IDs by 2030, New Global Standard Announced
In a groundbreaking move expected to reshape digital identity, the International Blockchain Alliance (IBA) today announced a new global standard that will replace traditional passwords and identification systems with blockchain technology by 2030. The shift, dubbed the 'Web3 Identity Protocol,' will allow users to verify their identities without ever sharing personal data, using decentralized, encrypted digital signatures stored on a public ledger. Experts predict this will eliminate data breaches, reduce fraud by 80%, and end the era of phishing attacks, as no central server will hold user information. However, critics warn of a 'digital divide,' as governments race to implement the system, leaving billions without internet access at risk of being locked out of essential services like banking and healthcare. The first pilot programs are set to launch in Estonia and Singapore next year.