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Investment strategist and founder of GlobalMacroInvestor Raoul Pal started a topic on the usage and impact of AI and deep fakes and the need to create a solution for digital online identity. However, blockchain-based projects like Cardano already have solutions similar to what investors described.
Today, Cardano can offer projects like Prism and X Identity that utilize decentralized technologies to authenticate persons online. According to the IAMX website, they position themselves as the first self-sovereign identity solution provider that aims to incentivize consumer activity and compliance with the strictest security standards.
Im mulling over an article for Global Macro Investor around the societal impact of the developments in AI (GPT-3, OpenAI, etc) and deep fakes. We are staring down the barrel of a big gun in terms of the damage this can do unless we solve for digital online identity....FAST. 1/— Raoul Pal (@RaoulGMI) October 9, 2022
The problem with identity theft in the digital space is constantly rising as artificial intelligence becomes more advanced in creating and sharing fake videos of certain people saying things they did not really say.
With the help of deep fake technology, scammers were able to imitate the voices and videos of prominent cryptocurrency influencers like Elon Musk, Michael Saylor and others. Blockchain and non-fungible tokens could be the solution for the entire problem.
Decentralized solutions are utilizing biometric identity terminals around the world that help create a digital identity verified by a third-party state-trusted verifier. All important data is contained on blockchains like Cardano, which makes the data storage process safer and more decentralized.
Some decentralization and blockchain enthusiasts disagreed with Raoul Pal as he suggested using the services of companies like Google and Meta in order to solve the aforementioned problem.
Delegating authentication and data collection to those corporations may lead to a monopolization of the digital online identity industry and create unnecessary risks for individuals and cause even more problems than we face today.