Blockchain technology refers to peer-to-peer distributed, irreversible record of information. Every “block” of information comprises a comprehensive and accurate record of all transactions that cannot be changed once verified and secured cryptographically. Blockchain is used to create a platform that protects identities of individuals from theft. It significantly lowers the incidence of fraudulent activities. The technology helps organizations build strong blockchains that can handle matters of reconciliation and authentication encountered in numerous industries.
Furthermore, it allows individuals to develop encrypted digital identities that can substitute multiple usernames and passwords while providing comprehensive security features capable of saving resources and time of customers and institutions. Individuals can simply produce a self-sovereign identity on blockchain. An individual identity entirely controlled and retained personally by the individual is a self-sovereign identity. It is hard to steal such an identity from an individual. This resolves the problem of identity stealing, which is frequent in the conventional identity management system. The practice of using permissioned blockchains could also offer a decentralized way of registration. An individual would obtain an identity that is not reliant on any centralized authority and therefore cannot be controlled or interfered by any third party without the individual’s consent.
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Rise in safety concerns about conventional identity management models is significantly driving the blockchain identity management market. Increase in demand for self-sovereign identification among enterprises is also fueling market growth. Implementation of blockchain technology is simplifying business functions through remarkable immutability and transaction speed. In mid-2017, an Equifax data breach revealed data of 145.5 million users. The breach occurred due to a software flaw, which allowed hackers to take control over the company’s website. Blockchain identity management solutions would help avoid losses incurred due to improper identity management.
Lack of technical awareness and required skillsets among enterprises regarding the implementation of the blockchain technology for identity management is expected to hamper the market during the forecast period. Furthermore, lack of certain regulatory standards is limiting the market growth. However, wide usage of blockchain identity solutions in cybersecurity, banking, and IoT is anticipated to offer lucrative opportunities to the blockchain identity management market.
The global blockchain identity management market can be segmented based on enterprise size, end-use industry, provider and region. On the basis of provider, the blockchain identity management market is segmented into middleware providers, application provider and infrastructure providers. In terms of enterprise size, the blockchain identity management market can be bifurcated into small & medium size enterprises and large enterprises. Based on end-use industry, the blockchain identity management market can be classified into BFSI, automotive, IT & telecom, media & entertainment, retail, government, health care, transport and logistics, media and entertainment, travel and hospitality, and others. In terms of region, the global blockchain identity management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
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Blockchain technology can be applied to identity applications in areas such as birth certificates, e-residency, digital identities, passports, wedding certificates, IDs, and online account logins. Creating an identity on blockchain can provide individuals better control over their personal information and the users accessing it. Key players operating in the global blockchain identity management market include IBM Corporation, Civic Technologies, KYC-Chain Bitfury, Evernym, Factom, Netki, ShoCard, UniquID, Microsoft Corporation, UniquID, Oracle Corporation, Bitnation, Nodalblock, EdgeSecure, Blockverify, Peer Ledger, Cambridge Blockchain, uPort, Originalmy, Neuroware, Tradle, Existenceid, Coinfirm, SelfKey Foundation, and BTL Group. Major players are employing strategies such as partnerships, acquisitions, R&D investments, and production innovation in order to remain competitive in the market.
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