EMURGO, AID:Tech team up to bring Web3 on-chain reputation to Cardano

EMURGO Ventures announces an investment agreement with AID:Tech to bring its Web3 on-chain reputation solution to Cardano for a positive impact on society.

Assistance: Technology is a decentralized digital identity company building Web3 reputation solutions for real-world utilities. The company operates a Proof-of-Reputation (PoR) protocol that rewards people for their time and contributions.

AID:Tech empowers people to own, control and manage their identities. Our technology allows users to build their on-chain reputation and get rewarded for their social efforts. .”

What can the Cardano community expect from teaming up?

EMURGO said its investment in AID:Tech will support the development of a volunteer and earn ecosystem, including dedicated wallets. This technology is based on Decentralized Identifiers (DID) via Non-Fungible Tokens (NFT).

The Volunteer and Earn program, which operates on the Cardano chain, builds a digital identity solution for earning reputation on-chain. This allows them to “empower those who volunteer at businesses, sports organizations, universities, NGOs, and charities.”

Program participants will be issued certified NFTs from the Cardano NFT Marketplace fiboEMURGO’s Yoroi Wallet forms the backbone of the ‘Volunteer and Earn’ program that gives Cardano users access to the ecosystem.

Speaking about the investment in EMURGO, AID:Tech CEO Joseph Thompson said the field of Web3 volunteer ID solutions is underserved. He sees a huge opportunity in front of him to close this gap.

We have a huge opportunity to build Web3 Wallets for our clients with millions of volunteers. I believe that it is a new paradigm shift to acquire value that was not there before.

Digital identities are the foundation of the digital future

top 4 companies Deloitte We recently published a report on digital identities,The foundation of a rapidly evolving technology-based and data-driven economy and society“

According to the report, properly implementing a company’s digital identity policy can result in “efficiency, revenue and transformational benefits” for staff and customers, making them 23 times more likely to win new business.

Yet despite the benefits of having a sound digital identity policy, many organizations overlook its importance and hinder themselves as society moves more and more toward a digital future.

Too many organizations fail to put digital identity at the heart of their business models and operations, and this omission could prevent them from fully realizing the benefits of responsible digitization.