The World Token Summit 2023 highlighted the problem of digital fraud in social media where scammers create fake accounts and defraud unsuspecting victims. To address this issue, Matthias Mende, Co-founder of Dubai Blockchain Center, is working on a blockchain-based decentralized social identity verification system called Bonuz. The project aims to prevent identity fraud by providing blockchain-based authentication to people’s social media networks.
Mende shared that he has personally experienced scammers taking content he posted on social media and creating fraudulent accounts impersonating him. He believes that blockchain has the potential to solve the problem of digital identity fraud as it provides proof of identity in the blockchain, making it impossible for scammers to create fake identities.
Taking inspiration from the UAE government’s application “UAE Pass,” which uses national identification cards, Bonuz aims to link users’ true socials to their blockchain-based identity. With decentralized social identity, people can be sure that the accounts they are interacting with are genuine and not fraudulent.
In conclusion, the implementation of a blockchain-based decentralized social identity verification system could effectively combat digital fraud in social media and provide more secure interactions between users.