3.12 On-chain decentralized marketplaces
The core missing piece from decentralised marketplaces has always been identity and reputation systems.
Human ID makes both easy.
There is a possibility that humans as a society might want Bots (drones, self driving cars, robots, AI Models) as participants in a lot of services such as Robotaxis, E-commerce, Food & Grocery delivery, etc.
These bots can be legally owned by a human or a legal entity to work on their behalf as an asset but with a fair degree of autonomy in decision making.
HumanChain will be doing research and adding Robo ID as a future capability which will ensure that certain guardrails are in place.
Value propositions of Identity and Reputation Systems in Decentralized Marketplaces:
Fraud Prevention: A robust identity system helps prevent fraudulent activities like fake accounts and identity theft, safeguarding both buyers and sellers.
Secure Transactions: By verifying identities, marketplaces can mitigate risks associated with unauthorized access and financial fraud.
Risk Assessment: Credit scoring and reputation evaluation help assess the trustworthiness of participants, enabling informed decision-making.
Know Your Customer (KYC): Identity verification is essential for complying with anti-money laundering (AML) and other financial regulations.
Data Privacy: Identity systems must adhere to data protection laws and regulations to safeguard user information.
Personalized Services: Understanding user preferences and behavior through identity data enhances the overall user experience.
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