Understanding Passportless Systems in Blockchain and Cryptocurrency

Passportless is a term used to describe individuals who do not possess a passport, either because they are stateless or because they cannot obtain one due to various reasons such as political or economic restrictions.

In the context of blockchain and cryptocurrency, passportless refers to the ability of individuals to participate in decentralized networks and access financial services without the need for traditional forms of identification, such as a passport. This is achieved through the use of self-sovereign identity systems, which allow individuals to prove their ownership of digital assets and identities without relying on intermediaries or centralized authorities.

Passportless systems are often seen as a way to increase financial inclusion and reduce the risks associated with traditional forms of identification, such as identity theft and data breaches. However, they also raise important questions about privacy, security, and the potential for fraud and other malicious activities. As such, passportless systems are still in the early stages of development and widespread adoption is not yet imminent.