Digital Identity Tour in Australia
David Birch travelled down under this week for the month of August to start his Payments in Education Digital Identity Tour! In a time of increasing concern about security and a changing regulatory and technology landscape there will be some great learnings combined with touch of charm and sprinkle of humour too.
David’s first stop this week was on Dexter Cousins’ podcast, Fintech Chatter, where they spoke about defining the Metaverse and “explored what it actually means for the future of money. What they unpack is an exciting and tangible new internet that holds incredible potential for Fintech businesses, individuals, and society as a whole.” As Dexter describes it:
Metamoney: Payments in the Metaverse
David Birch defines the metaverse and its potential impact on financial services. He shares his journey of exploring web 3, the metaverse and digital identity writing a research paper and book on the topic with Victoria Richardson.
David explains the difference between virtual worlds, gaming and the metaverse, emphasising web 3 is essentially the infrastructure of the metaverse. What makes the Metaverse compelling is the concept of property ownership via tokenisation, digital wallets and digital identity.
David also highlights the potential for tokenisation leading to vastly reduced transaction costs and increased security. And a key reason why major banking institutions are taking tokenisation and stable coins very seriously. David also discusses the role of AI and smart wallets in shaping the future of financial transactions for society, acting as a personal financial advisor and handling every day transactions.
Key Takeaways:
- The metaverse is not just about virtual worlds; it is about property ownership and digital identity.
- Tokens and digital identity are crucial components of the metaverse and will enable secure and efficient transactions.
- The metaverse has the potential to reduce transaction costs and create a reputational economy based on avatars.
- The integration of AI and smart wallets in the metaverse will revolutionize financial transactions.
- The metaverse will be a safer and more secure place to do business, leading to a shift in the financial industry.
- Web 3 is essentially the infrastructure or enabler of the Metaverse.
Digital Identity Sprint Workshop at National Australia Bank
David’s second stop was to present on digital identity for National Australia Bank’s Sprint workshop on the topic. The team at NAB brought together members from both private and public sector communities in the field to explore and collaborate on to tackle this complex topic by looking to understand the challenges and opportunities that lie ahead.
NAB Digital Identity Sprint Workshop
Transacting in the Metaverse with Novatti
Novatti – Transacting in the Metaverse
David’s third stop on his tour was to Novatti Group where Dave addressed digital wallets, stablecoins, tokens, trust protocols and digital identity with practical solutions that will be the driving force behind mass adoption of digital currency.