JPMorgan is considering launching a digital wallet that would help consumers manage their digital identities and assets throughout several platforms, though it is uncertain how decentralized the proposed service would be.
The world’s largest bank uploaded a video outlining a proposed solution that would let users select the digital identity they want to use in communications with Web3, metaverse, and DeFi protocols.
The video highlights the importance of digital identity which can put the users in control of their identification credentials by providing only the required information. “Imagine using only your credit score to take advantage of buy-now-pay-later options without revealing all of your personal information,” the video added.
Such a digital wallet is said to enable users to transfer their developed content to additional platforms and establish their ownership of their NFTs.
The digital wallet is described as “a proof of concept” in the video’s disclaimer, and whether the business will actually release such a product has yet to be confirmed.
According to Microsoft, decentralised identifiers, which differ from conventional usernames and email addresses, are owned and managed by the entity itself and can be used to protect access to resources, sign and validate credentials, and ease application data interchange.
In March 2021, Microsoft introduced ION, a permissionless identity network, on the Bitcoin mainnet. The business stated in a blog post that it has spent the four years leading up to the launch building decentralised identification.
