Crypto scammers and the need for tools to prevent theft: World Token Summit

Throughout his speech, Mende talked about one of the centers projects carrying out blockchain innovation to produce a decentralized social identity for its users. According to the executive, hes personally experienced many scammers taking content he published on social media and producing deceptive accounts impersonating him. Due to the fact that of these problems, Mende started a task that will utilize blockchain to validate the authenticity of social media accounts. Using the blockchain, it is working on a platform that will supply blockchain-based authentication to peoples social media networks. The executive also shared that when theres a decentralized social identity, there can be evidence of identity in the blockchain, and individuals can be 100% sure that the accounts they are interacting with are undoubtedly the individual they declare to be and not a fraud.

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Digital scams is a substantial problem in social media. Each day, fraudsters create new accounts imitating popular material creators, and attempt to get fans and other unwary victims to send them money. To resolve the issue, some turned to the blockchain to try to produce and execute a decentralized social identity confirmation system. At the current World Token Summit 2023, Cointelegraph spoke with Matthias Mende, the co-founder of the Dubai Blockchain Center and a speaker at the occasion. Throughout his speech, Mende talked about among the centers jobs executing blockchain technology to produce a decentralized social identity for its users. Cointelegraph press reporter Ezra Reguerra with Matthias Mende (best) at the World Token Summit occasion in Dubai. Source: Cointelegraph Speaking to Cointelegraph, Mende shared that identity scams has been a constant problem within the area. According to the executive, hes personally experienced numerous fraudsters taking content he posted on social networks and producing deceitful accounts impersonating him. He explained: “I have like 200,000 fans on Instagram, and truly, like every other day, theres a new fake profile coming out. I always find messages from individuals asking, Hey, Mende, is this you? Because they screen-record them from the IG [and theyre even sending videos Instagram] story. Like, fraudsters go to the next level.”The executive said that while its regrettable, the truth is that there are a lot of individuals who wish to harm others. “We need tools to avoid that,” he said. Mende began a project that will use blockchain to confirm the authenticity of social media accounts because of these problems. In the United Arab Emirates (UAE), the federal government has actually executed an application called the “UAE Pass,” which is linked to individualss nationwide recognition card called the Emirates ID. This allows people to use their mobile phones to confirm their identity to company through smartphone-based authentication. Taking motivation from this concept, Mende shared that the center produced a job called Bonuz that will operate. Using the blockchain, it is working on a platform that will provide blockchain-based authentication to individualss social networks networks. Related: Forensic analysis can take advantage of tokenization: World Token Summit panelAccording to Mende, he believes that blockchain has the capability to solve the issue of digital identity fraud:”I believe it will be solved a lot. Why? Since the user now doesnt just link his Instagram or his main like his account on Web2 now. He connects actually an identity where all his true socials are connected.” The executive also shared that when theres a decentralized social identity, there can be evidence of identity in the blockchain, and individuals can be 100% sure that the accounts they are interacting with are undoubtedly the person they claim to be and not a fraud. Magazine: Decentralized social networks: The next big thing in crypto?