finbold.com
AllianceBlock’s NexeraID has joined the World Wide Web Consortium (W3C) to influence the direction of self-sovereign identity solutions and contributes to developing global standards for identity management.
The company building seamless gateways between decentralized (DeFi) and traditional finance (TradFi) announced NexeraID, AllianceBlock’s solution for self-sovereign identity issuance and verification, joined the W3C on May 3, as per the information shared with Finbold.
NexeraID allows businesses to easily onboard customers to Web3 with either self-custodial or custodial wallets by serving as a self-sovereign identity issuing and verification platform.
In particular, NexeraID protects user identities and assets while streamlining complicated compliance operations. Decentralized identifiers (DIDs) and verifiable credentials (VCs) are already supported, and the solution follows the standards set by the W3C.
W3C, a global tech consortium
The W3C is an international community that creates cutting-edge online standards via collaborative effort. W3C is known standards HTML and CSS are the foundational technologies upon which websites are built.
Tim Berners-Lee, credited with inventing the World Wide Web, currently serves as the director of the W3C, and its members actively participate in advancing foundational web technologies, creating a framework for technical ethics, and collaborating with professionals from the industry and academic community.
AllianceBlock Founder and CEO Rachid Ajaja stated:
“We are extremely excited to be working with fellow W3C member organizations in the development of interoperable web standards, bringing expertise to help shape the principles of sovereign identity, which can only be done by collaborating with other industry leaders in these fields.”
NexeralID future commitment
W3C boasts 450 industry heavyweights as members, including Microsoft, Apple, Ethereum Foundation, and Coinbase. NexeraID is committed to working actively with other market players to further the adoption of Web standards for Decentralized Identifiers (DID) and Verifiable Credentials (VC).
NexeraID will be able to tap into W3C’s broad network of influential industry participants and contribute their technical skills to the improvement and development of new standards in the digital identification area.
In 2022, Decentralized Identifiers were adopted as a recommended practice for all websites. Because they permit users and institutions to create and control digital identities across disparate systems, they offer enhanced security and privacy. Another W3C standard, “Verifiable Credentials,” allows users to provide authenticating proof that is both digitally protected and safe.