Data management is crucial in today's data-centric world, where security, transparency, and efficiency are paramount. Industries like consumer insurance, media, advertising, and healthcare face challenges in managing large volumes of sensitive data while maintaining privacy and compliance.

Verida Network aims to address these challenges. Unlike traditional systems, Verida offers a decentralised infrastructure that ensures user data remains private, secure, and accessible only with consent.

This positions Verida to capitalize on colossal opportunities worth trillions of dollars, including the consumer insurance market valued at over $6 trillion, the $1.5 trillion media and advertising sector, and the $1 trillion health and pharmaceutical industry. The potential for significant returns is immense.

However, realizing this potential requires overcoming significant hurdles in transitioning from Web2 to Web3 technologies. Verida Network is not just interested but committed to providing the necessary infrastructure to tackle these challenges.

Current Challenges in Web3 Adoption

Web3 technology is still in its infancy and struggles to compete with Web2 alternatives due to inefficiencies in developing feature-rich, robust applications. Although the blockchain includes the Inter-Planetary File System (IPFS), a new type of decentralised data storage infrastructure is still needed.

This new decentralised infrastructure should support identity, authentication, messaging, and personal data storage.

Users and developers are accustomed to the high performance, availability, and security of Web2. However, the Web3 sector urgently requires a more advanced technological stack to provide superior services. Current decentralized storage networks like Filecoin (based on IPFS), Sia, and Arweave do not meet these needs.

Verida Network offers private encrypted databases and gives users control over where and how their data is stored. It also supports real-time synchronisation, permissioned data access, and client-side encryption. Such an ecosystem provides all the necessary features for the Web3 sector to surpass Web2 competition.

Verida is the Decentralized Solution for Private User Databases

Verida Network is a layer-zero decentralised public infrastructure (DePIN) ecosystem that integrates user-controlled keys with the performance and privacy of traditional databases for complex dApps. Unlike blockchain networks, Verida is a DePIN that offers privacy-preserving database storage for self-sovereign identities.

Essentially, Verida Network was designed to give users control over their data and how they interact with the digital world.

Chris Were, CEO and co-founder of Verida, elaborated on this vision:

“For years, the crypto world has focused on faster blockchains as the key to mass adoption. In reality, the true breakthrough lies in managing personal data and integrating it with crypto.”