Ever since the internet boom, quite some people have lots of online accounts. The accounts can range from the multiple social media to e-banking, e-commerce and other accounts of interest. But with the proliferation of accounts, there exist a great possibility that the user may forget most passwords, thereby, causing “password rage.”
In the process, they lose their accounts, and this can lead to the reduction in their relationship with the website, making both the user and the site unhappy. However, a blockchain oriented company, Metaverse is aiming to remove the need for multiple username and password, by putting the identification of users on the blockchain, thereby improving user relationship with the site and making life easy for the user.
More Account, Less Problems
The Internet is the main thing right now; most people use the internet on a daily basis, the rate at which one person holds multiple accounts, is growing at a very robust pace. A study in 2011 revealed that, out of the over 1 billion people living in China, like 485 million are online and more than 25% complain of password theft, without anything being done about it, even seven years down the line.
Though companies want to satisfy their customers, as little as the login/set up stage looks like, it has created a mountain of problems for these companies, due to multifaceted login problems, which can negatively affect trade and revenue.
A survey by one of the oldest university in the world, Oxford University, states that one-third of online purchases are abandoned due to a lost or forgotten password, thereby, making e-commerce lose millions of dollars, due to this meager but great glitch, in the system.
Most companies use slow service, and most of their channels are not secure, making it really hard for customers to reset their password, even if they are willing to.
Though some people believe that, a password (or similar with little changes) for all the accounts should solve the problem. But the reverse is the case because it will make the account more vulnerable, thus, if the Password is hacked, it can affect all other accounts and the information, lying bare at the mercy of the hacker.
Research has proven that it is preferred by 51% of online users, not minding the risks. Due to the rigorous “strong” password requirements by companies, which most times consists of letters, numbers, cases, and the lengths makes it very easy for users to forget, as an average person forget passwords, in less than three weeks. Companies also compromise the information on their users by storing the data in a centralized database, making it easy for hackers, especially, if it’s not encrypted.
Therefore, there needs to be a way to curb data hacks and secure the information of the user. All these issues have been identified by Metaverse, therefore making it more easy to log in and have a smooth authentication process. The company has found a way to create a digital I.D. that can be linked to the real I.D. once set up; there is no need for additional credentials. All the user need is the private key associated with through Metaverse I.D, and all the services can be on one single account.
The new process is a great innovation as it will be easy for the individual to login without stress and without the fear of being hacked.
The service is available for individual and companies who fancy security.