#BlockchainIdentity

[market-insider]

Future of Blockchain Identity Management: From Passwords to Decentralization

The global blockchain identity management market size is expected to reach USD 34.94 billion by 2030, growing at a CAGR of 82.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Blockchain technology presents a robust solution for mitigating the risks associated with data breaches and unauthorized access. Blockchain significantly reduces vulnerabilities by storing identity information in a decentralized and immutable ledger. Employing cryptographic protection further enhances the security and reliability of the identity management process, driving market growth. Individuals gain enhanced control over their personal data through blockchain-based identity management.

This empowerment allows users to selectively share specific attributes as needed, safeguarding their privacy and enabling consent management. Moreover, the technology fosters seamless portability of identities across various platforms and services, streamlining user experiences and eliminating the need for multiple accounts. Blockchain's distributed architecture enables swift and efficient identity verification procedures. Real-time user verification facilitated by consensus mechanisms simplifies onboarding and authentication processes. In addition, the decentralized nature of blockchain eliminates the reliance on a single central entity for identity data management.

This not only eradicates the need for trust in a central authority but also eliminates the risk of data manipulation or a single point of failure. The COVID-19 pandemic positively impacted the market by heightening awareness about data privacy and security. As individuals and organizations shifted more activities online, concerns about cyber threats, data breaches, and unauthorized access grew significantly. Blockchain technology's inherent security features, including cryptographic encryption and immutability, gained attention as effective tools to mitigate these risks. This increased awareness led to a greater appreciation for blockchain's potential to ensure the confidentiality and integrity of personal and sensitive information, driving market growth.

Request a free sample copy or view report summary: Blockchain Identity Management Market Report

Blockchain Identity Management Market Report Highlights

The services segment is expected to grow at a significant rate from 2023 to 2030. With services encompassing a wide range of offerings, from strategy development to technical support, its flexibility, and tailored approach are driving the segment growth

The application provider segment dominated the market in 2022. Application providers frequently invest in R&D to stay ahead of the curve, continuously enhancing their offerings to align with evolving market trends and regulatory requirements

The permissioned network segment dominated the market in 2022. The permissioned nature of these networks facilitates compliance with regulatory frameworks, allowing organizations to meet legal and industry-specific requirements. As businesses increasingly prioritize data protection and adherence to regulations, permissioned networks provide a robust solution that balances security, efficiency, and compliance

The large enterprises segment dominated the market in 2022. The integration of blockchain-based identity management aligns with the growing emphasis on regulatory compliance and data protection standards

With their substantial influence and ability to invest in advanced technology solutions, large enterprises are at the forefront of adopting and shaping the future of blockchain-based identity management, positioning themselves to leverage its benefits for improved operational efficiency, user experience, and overall security

The IT & ITeS vertical segment dominated the market in 2022. The streamlined and transparent processes enabled by blockchain-based identity management align harmoniously with the IT & ITeS sector's goals of optimizing operational efficiency and enhancing user trust

Asia Pacific is expected to register the fastest CAGR from 2023 to 2030 due to the rising need for dependable blockchain-driven identity solutions. Governments in nations like Singapore, India, and Australia are championing blockchain identity to amplify service efficacy, evident in applications like e-voting and e-passports

[maeverobson96]

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[wingstothought]

Navigating the new normal: Revealing the transformative power 0f digital identity

At a time when technology continues to reshape our world, the concept of digital identity has become a central driving force transforming various aspects of our lives. From online interactions to financial transactions, the way we perceive and manage our identities has evolved dramatically. This blog looks at the latest trends in digital identity, its impact on society, and the challenges and…

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[cryptoknowmics]

You cannot avoid sharing information during resident registration, birth certificates, wedding certifications, online account logins, and at many more places, but with blockchain identity solutions, you can protect your data. This guide aims to give you clarity on the blockchain identity management solutions and some tips to build an identification app via blockchain. Read More  

[ayeshavohra-eprnews-posts]

IdRamp Named as a Distributed Ledger Steward by the Sovrin Foundation #BusinessTechnology #BlockchainIdentity #CyberSecurity #DecentralizedIdentity #DistributedLedger #IdentityManagement #ITSecurity #SovrinNetwork #ePRNews

https://eprnews.com/idramp-named-as-a-distributed-ledger-steward-by-the-sovrin-foundation-421120/

[timothyjchambers]

So wish #BlockchainIdentity efforts well…. www.ibm.com/blogs/blo…

[truthblockchain]

Voting and Credit Checks May Move Onto The Blockchain

Voting

So how did blockchain voting work in this situation?

People voted via a mobile app which was essentially the equivalent of a ballot paper. The mobile ballots are “tokens” or potential votes which are cryptographically tied to a candidate. The voter makes their decision, it is verified by a number of different servers or computers known as “validating nodes.” Upon verification, the token or ballot paper is debited from the voter’s ledger and put on the candidate’s ledger. This is an automatic process and means that a single person cannot vote twice. And it’s now on a blockchain that cannot be tampered with.

Credit checks

China has been cracking down hard on cryptocurrencies and ICOs, but it has been focusing heavily on DLT. Earlier this year, Chinese President Xi Jinping said that blockchain has “breakthrough” applications.

Parts of the Chinese government have been working with blockchain firms in various areas such as credit scoring. One of those companies is Points which has partnered with a subsidiary of China’s Ministry of Industry and Information Technology and the China Academy of Information and Communications Technology to create blockchain solution for know your customer (KYC) and credit scoring.

The KYC product removes the need for institutions to repetitively conduct the process manually.

“With its partnership with the Chinese government, Points has access to verify ID and criminal records on 1 billion people in China. Thanks to Points’ blockchain protocol, the normally time-consuming KYC process which would normally be done manually, increases the efficiency for institutional partners,” founder Sarah Zhang told CNBC by email.

“It does this by reducing the institution’s need to store data on their own servers as Points because they can simply verify identities or other relevant information through blockchain that has already been verified before.”

This process could be used all around the world but requires data to be opened up to allow verification of a person’s identity and their credit score.

https://www.cnbc.com/2018/08/29/bitcoin-world-is-experimenting-with-blockchain.html

[viktoriya-crowdpoint]

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