NexeraID Signs Up With INATBA To Help Shape The Future Of Digital Identity In Blockchain

Republished By Plato

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The Web3-focused digital identity solutions provider NexeraID has become the latest organization to join the International Association for Trusted Blockchain Applications (INATBA), an international organization devoted to advocating for blockchain innovation.

NexeraID will contribute to many INATBA initiatives, but most of its focus will be on the topic of shaping the future of digital identity as a part of the organization’s dedicated Identity Working Group.

The startup said its participation within INATBA’s Identity Working Group underscores its dedication towards building the secure and privacy-preserving digital identity solutions that will become essential for users in the decentralized future. The group is meant to act as a kind of forum for interested parties to share ideas, knowledge and best practices, and create a united front alongside various other blockchain communities, researchers, institutions and governments, in order to advocate for the adoption of privacy-preserving digital identities.

Secure & private blockchain-based IDs

NexeraID was created by the Nexera Foundation, formerly known as AllianceBlock, an organization that’s building the infrastructure to support decentralized markets. It first debuted its popular, highly innovative digital wallet in 2022, providing crypto users with a simpler way to securely store both their crypto assets and their identity information in a private way. Its programmable smart wallet does this using a “soulbound” non-fungible token or NFT, which gives users full control over how their personal information is shared.

The soulbound NFT essentially proves the user’s identity without revealing any personal details about who that individual is, and can be shared with any Web3 dApp, service provider or other entity that requires them to prove their ID or pass KYC checks.

The startup also enables more flexible recovery options for digital wallets, eliminating the need to remember complex crypto seed phrases. With it, users can set up more familiar recovery options, similar to the Web2 experience where one can request a new password be emailed to them, in the event they can’t remember it. Other security features include the ability to pause all transactions and approvals if the user discovers their wallet has been hacked. These features have helped to position NexeraID at the forefront of cutting-edge self-sovereign-based digital security innovation,

NexeraID’s decision to join INATBA cements its status as an influential voice in the blockchain-focused digital identity industry. INATBA is a global platform that allows blockchain companies, advocates, developers and practitioners to interact and coordinate with international regulators and government policymakers. Its mission is to unite the various stakeholders in the blockchain industry and promote dialogue, collaboration and ultimately wider adoption of decentralized technologies.

Encouraging collaboration

As a member of INATBA’s Identity Working Group, NexeraID has found the perfect stage through which it can collaborate with other leaders and influencers in the decentralized digital identity space, and play a role in shaping the future of this exciting technology. Moreover, the group itself will benefit from NexeraID’s expertise in digital identity, enabling it to better influence policymakers and create unified standards around the technology in order to promote trust, privacy and innovation in every industry.

NexeraID said that, as a member of INATBA, it is fully committed to creating, promoting and adhering to the best standards of ethical conduct, technological excellence and regulatory compliance.

More importantly, NexeraID hopes that its decision to join INATBA will encourage other projects and organizations in the digital identity industry to join the conversation and collaborate on creating a more responsible and secure blockchain ecosystem.

“Together, we can drive the adoption of blockchain technology in a way that respects privacy, ensures security and facilitates inclusivity,” it said in a press release. “This alliance not only illustrates NexeraID’s commitment to improving blockchain applications but is also an invitation for all stakeholders across industries to join in shaping a digital future that is accessible, transparent, and secure for all.”

Featured image credit: Shubham Dhage/Unsplash