Social media platforms have unfortunately become a breeding ground for digital fraudsters, according to Matthias Mende, with a considerable number of malicious individuals leveraging these platforms to exploit unsuspecting victims. Every day sees the creation of fraudulent accounts, made in the likeness of popular content creators, with the primary objective of tricking followers and other unsuspecting individuals into parting with their hard-earned money. To combat this growing concern, some are turning to the blockchain as a potential solution, exploring the possibilities of a decentralized social identity verification system.

At the World Token Summit 2023, Matthias Mende, co-founder of the Dubai Blockchain Center and a distinguished speaker at the event, spoke with Cointelegraph about one of the center’s innovative projects. This initiative employs blockchain technology to create a decentralized social identity for users.

During his interview with Cointelegraph, Mende emphasized that identity theft is a persistent issue in the digital sphere. He revealed his personal encounters with scammers who have repurposed his social media content to create counterfeit accounts under his name. As Mende said,

“With approximately 200,000 followers on Instagram, nearly every second day sees the emergence of a new counterfeit profile. I am constantly receiving inquiries from people asking if it’s me. These fraudsters even go to the extent of sending screen-recorded videos from my Instagram story.”

Mende lamented the unfortunate reality of individuals bent on causing harm, emphasizing the need for tools to counteract such malicious activities. As a response to these challenges, Mende has spearheaded a project designed to utilize blockchain technology to authenticate the credibility of social media profiles.

Taking a leaf out of the United Arab Emirates (UAE) government’s book, which has launched an app known as “UAE Pass” tethered to individuals’ national ID cards (Emirates ID) enabling digital identity verification through smartphones, Mende revealed an analogous project called Bonuz. This initiative will leverage blockchain technology to provide a similar platform that links people’s social media networks.

Mende expressed his conviction that blockchain holds the key to solving the issue of digital identity theft:

“I am confident that the problem can be significantly mitigated. With this system, a user isn’t simply linking his Instagram or his primary Web2 account, but is connecting an identity where all genuine social accounts are associated.”

He further opined that the creation of a decentralized social identity will offer irrefutable proof of identity on the blockchain. This will ensure that individuals can interact with confidence, knowing the accounts they are dealing with genuinely belong to the person they purport to be, effectively eliminating the risk of fraud.

Adopting blockchain technology for identity verification not only enhances the security of social media interactions but also paves the way for a more trustworthy digital community. As the technology continues to evolve, it is poised to address a wide range of challenges faced by users in the digital space, ultimately leading to a safer online environment. Furthermore, projects like Bonuz, driven by leaders like Mende, serve as a testament to the innovative potential of blockchain in reinforcing digital security, thereby restoring trust in online interactions.