Embracing a Passwordless Future: Navigating the Shift to Decentralized Security in 2024

The world has swiftly embraced digitalization, empowering individuals to accomplish over 90% of their daily tasks through mobile apps or web interfaces. Activities like bill payments, flight bookings, health consultations, and even exploring one’s DNA lineage have become more accessible, thanks to digital platforms.

Despite this progress, the average person manages about 35 accounts with traditional string-based passwords serving as the primary means to protect personal information. In December 2023, biotech company 23andMe experienced a security breach affecting nearly 7 million users, highlighting the vulnerability of string-based passwords, with a Google report revealing that 56% of individuals reuse passwords across various platforms.

To address these challenges, the industry is transitioning towards a decentralized model, envisioning a future where users transact using portable verifiable digital credentials (VCs), eliminating the need for traditional passwords. This shift aims to enhance security, reduce user fatigue from multi-factor authentication (MFA), and simplify the authentication and authorization process.

Governments are exploring the unification of citizens’ digital credentials, enabling access to public services with government-issued verifi

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