As the digital age advances, the need for identity verification grows increasingly critical.
Roundtable anchor, Rob Nelson, explored this topic with David Bailey, CEO of BTC Inc., delving into whether bitcoin’s blockchain is the ultimate solution for securing digital identity in a world of emerging AI and mixed-reality metaverses.
“Bitcoin’s chain will be here forever," Bailey asserted, emphasizing the cryptocurrency's unmatched permanence and security. “It’s the most widely distributed and computationally powerful network in the world. Roughly 1% of the world’s energy is currently dedicated to mining the network.” According to Bailey, this makes bitcoin uniquely positioned to underpin the digital identities of the future.
While Bailey acknowledged bitcoin’s longevity, he pointed out that practical applications like digital identity will likely rely on second or third-layer solutions built on top of the network. “It’s very early in the buildout of this protocol,” he said. “Digital identity has a major place in bitcoin, but it could be decades before it becomes something the mass market adopts.”
Rob Nelson expressed growing admiration for bitcoin’s transformative potential. "The more I talk to you, the closer I feel to becoming a maximalist. You really are an evangelical for the coin," he said, referring to Bailey's passionate advocacy.
Bailey didn’t shy away from embracing the transformative potential of bitcoin, urging everyone to get involved. “You have one life to live, and you were born in a moment where we can transform money, civilization, and society through this technology,” he said. “You’d be crazy not to embrace this moment of change.”
As the future of digital identity takes shape, Bailey’s belief in bitcoin’s foundational role remains unwavering. Whether through its core blockchain or layered innovations, the road to verifying who we are in the digital realm might just run through bitcoin.