Home Technology EMURGO, AID:Tech Partner to Bring Web3 On-Chain Reputation to Cardano

EMURGO, AID:Tech Partner to Bring Web3 On-Chain Reputation to Cardano

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EMURGO, AID:Tech Partner to Bring Web3 On-Chain Reputation to Cardano

EMURGO Ventures announced an investment deal in AID:Tech to bring Web3 on-chain reputation solutions to Cardano for “positive social impact”.

HELP:Tech is a decentralized digital ID company that creates web3 reputation solutions for real-world utility. The company operates a Proof of Reputation (PoR) protocol, which rewards people for their time and contribution.

“AID:Tech empowers people to own, control and manage their Identity. Our technology allows users to build an Onchain reputation and be rewarded for their social efforts.

What can the Cardano community expect from the team?

The investment in AID:Tech will support the development of the “Volunteeer and Earn” ecosystem, which includes a dedicated wallet, EMURGO said. This technology is based on decentralized identifiers (DID) via non-fungible tokens (NFT).

Operating on the Cardano chain, the “Volunteer and Earn” program will create digital identity solutions to capture the chain’s reputation, which will “empower those who volunteer in businesses, sports organizations, universities, NGOs and charities”.

Program participants will receive a certified NFT from the Cardano NFT market Fibo. EMURGO’s Yoroi Wallet will be the backbone of the “Volunteer and Earn” program to allow Cardano users to access the ecosystem.

Commenting on EMURGO’s investment, AID:Tech CEO Joseph Thompson said the area of ​​Web3 volunteer identity solutions is largely underserved. He sees a huge opportunity in front of him to close this gap.

“We have a huge opportunity to create a Web3 portfolio for the clients we work with, who have millions of volunteers. We see this space as a new paradigm shift in capturing previously uncaptured value only possible through a decentralized identity in a Web3 wallet.

Digital identities are the foundation of the digital future

The first four companies Deloitte recently published a report on digital identities, calling them “the foundation of our rapidly changing technology-driven, data-driven economy and society.”

According to the report, the correct implementation of a company’s digital identity policy results in greater “efficiency, revenue and transformational benefits” for staff and customers, increasing the probability of new business acquisition by 23 times. .

However, despite the benefits of establishing a strong digital identity policy, many organizations are overlooking its importance and embarrassing themselves as society increasingly moves towards a digital future.

“Too many organizations fail to put digital identity at the center of their business model and operations, and through this omission, risk missing out on all the benefits of responsible digitalization.”

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