As metaverse plays a more dominant role both in terms of brands as well as transaction utisiling it, the chances of fraudulent activities has increased. Various issues which metaverse can cause in theft of data due to the system being faulty. Social engineering can lead identity theft, among others. “A decentralised identity management solution is highly needed because it allows complete access to one’s own data. The metaverse should use ‘zero-knowledge proof’, which makes the system feature proof in terms of attacks,” Sharat Chandra, vice president, Research and Strategy at blockchain-based identity management platform EarthID”, told FE Digital Currency.
As per industry observers, as companies move toward automation, incorporating artificial intelligence (AI) and machine learning (ML), cybersecurity solutions will also evolve and have a bigger impact. For instance, companies currently use what they call zero-knowledge proof or protocol. Through this technology the prover, can prove to the verifier that the claimed assertions are true while not providing any extra information. The metaverse is devising ways in which someone’s identity can be confirmed without revealing it. This way, hackers will not be able to steal personal information, such as private keys, thereby securing the plaform. Both individual information and the content of a file can be verified without unlocking or decrypting the contents,” Pratik Gauri, founder and CEO, 5ire, said.
It is believed that Web3.0, will create pro-privacy, anti-monopoly web using decentralisation. This would successfully solve the issue of data privacy by restoring users’ identities to their rightful owners while drastically minimising hacks and data breaches. “The Web3.0 architecture is inherently superior when it comes to privacy. Blockchain forensics are organisations which will analyse the movement of digital assets on the blockchain and identify connections between different destinations and wallets to determine whether these are genuine or fraudulent transactions”, Ajeet Khurana, founder, Reflexiacal, said.
For industry experts unlike a public (or permissioned) blockchain, a private (or permissioned) blockchain should be set up where only need-to-know parties will be allowed to access. “Blockchain offers several inherent security characteristics, such as network attack defence, bad actor penalties, consensus procedures, and privacy,” Gauri added.
Blockchain provides people with genuine ownership and control over their digital possessions. Users control their own cryptographic keys and seed phrases, which allow them to access their assets through non-custodial wallets. According to Chandra, essential data is protected by utilising the Metaverse Standards Forum, which promotes the creation of open metaverse standards.