A decentralised identity platform must be an integral part of metaverse design in order to tackle cybercrime and cybersecurity issues.
Gartner estimates that in 2026, 25% of people will be spending at least an hour per every day on the internet, for work or shopping, education and for entertainment. The market for metaverses worldwide is predicted to reach $678 billion over 7 years and will expand at a rate of 39.8 per cent between 2022 and 2030.
PwC’s latest report “A Middle East Perspective on the Metaverse” exposes the potential for the metaverse to boost and transform the key sectors of the Gulf Cooperation Council(GCC) nations. According to PwC its report, the potential metaverse impact on GCC economies is projected to exceed USD 15 billion over the coming seven years.
In 2030, the projected metaverse economic impact in GCC countries for tourism and travel stands at 3.2 billion. This is followed by gaming with 2.4 billion, and the retail and e-commerce sector in the region of 2.2 billion.
The metaverse doesn’t just create opportunities for new ones but also opens the door for cybersecurity threats that could result in huge financial and legal losses for companies, brands and enterprises. It is important to be aware of these risks and try to reduce these risks as soon as possible. Privacy and cybersecurity are one of the main concerns surrounding the general acceptance and use of a technology known as the metaverse.
Identity thefts and false representations in the Metaverse
There is a high risk of misrepresentation of avatars which can lead to a distrust gap between people and entities in real-world and virtual environments. A decentralised identity platform must be an integral part of the metaverse design in order to deal with security and cybercrime concerns that include cybercrime involving virtual identities, ad hoc fakes, as well as cyberattacks on data within the metaverse.
The metaverse is a virtual universe; creating it with self-sovereignty concepts and a consent-driven structure will help address the trust deficit issue. In the decentralised, identity-powered metaverse your online identity is always tied to your real identity and isn’t able to be stolen or misused without your consent.
This would provide greater control over the personal information we store. The user can decide who is able to access their data and deactivate access at any point while keeping their data secure from malicious hackers and hackers.
Metaverse offers a unique chance for users to conceal their identities online using avatars. This allows users to shield their identities from exposure and misuse, but they still require authentication, to ensure that there isn’t any mistaken identity or lack of authorization.
Digital identities come in and play a significant function in authenticating users when requested from service companies, and third-party players, as well as by regulators, while ensuring the privacy of all interactions.
Ownership and Identity in the Metaverse
Let’s examine ways in which the world of metaphysics is organized. The technological components of the metaverse are broadly divided into three general categories: identity, interface as well as ownership, infrastructure and. User-generated content (UGC) is a crucial part of the concept and structure of the metaverse. To allow full control over UGC the self-sovereign, native identity construct is required to allow users to manage their identities and data across different metaverses.
Interface This is the name given to devices, creators’ tools and other equipment that allow applications and content creation to communicate with the metaverse.
Identification and Ownership
Digital identity – platforms that allow the creation of reusable and secure identities with persistent avatars, making use of self-sovereign digital identity
Digital assets Web3 wallets allow secure ownership of assets digital currencies, tokens and other digital assets.
Payments are instruments for an effortless exchange of value in the dynamic world.
infrastructure In the infrastructure layer includes solutions related to connectivity storage, security, and computing.
Self-Sovereign Identity (SSI) is required to enable secure and frictionless access for users across Web 3.0 as well as metaverse-based systems.
SSI is not just a way for players in a metaverse gaming environment to share their identities across virtual worlds, but can also facilitate the monetisation of gaming assets and the smooth trading of gaming assets and tokens between gaming players in a safe and secure manner.
Cybersecurity within the Metaverse
In the digital age, the identity of a person is all-important. It allows you to log into your accounts online as well as purchase items and connect with other users on the internet. Therefore, it’s not surprising that controlling your personal information is a top goal for a lot of users.
However, as the internet has changed and so has the method by which you manage your identity. We need more than just a username and password for accessing our accounts. Today, we require more sophisticated authentication methods, like two-factor authentication or biometric authentication.
As we advance into the digital world it’s becoming increasingly difficult to control our identities. Every day, we sign up for new accounts on a variety of sites or services. It’s getting increasingly difficult and challenging to keep the track of all these accounts. With the rise of social media and other internet-based websites, personal information is more accessible than ever before.
Present IAM (Identity as well Access Management) and user onboarding systems, based on centralised infrastructures are susceptible to DDoS(Distributed Denial of Service) attacks as well as security breaches, and phishing attacks. Blockchain-based, decentralised identity management platform does not have one point of weakness and is not susceptible to being compromised by DDos attacks or credential theft. Emerging threat vectors that are emerging in the metaverse require a zero-trust, blockchain-based approach to create a safe and user-centric environment.
Decentralised identity is an identity system that does not rely on an authority central to manage the user’s identities. Instead, it relies on computers distributed across the world to authenticate users and confirm their identities, which makes it much harder for criminals or hackers to access the user’s data or to impersonate users online.
The metaverse offers the potential for a market worth 250 billion to 400 billion over the coming two years. Dubai’s metaverse Strategy with a goal to create Dubai as an important player in the metaverse economy will bring in four billion dollars to the economy.
The $500 billion city of Saudi Arabia of NEOM is a major metaverse element. The UAE’s metaverse Incubator is anticipated to develop new metaverse concepts in the early stages of development and web-based applications. These initiatives will increase the growth of metaverses across the region.
Technologists and business leaders must recognize that in order to unlock the full potential of economic growth it is essential to build secure and user-friendly digital spaces that enable users to interact with, interact with and securely transact.