For digital identity, blockchain identity management offers a safer and decentralized solution facilitating the distributed trust model. The present identity management system is being transformed by blockchain technology by providing the self-sovereign identity in relation to decentralized networks as giving out several IDs might result in data breaches and security issues. As blockchain facilitates decentralization, it abolishes the aforesaid mediators between any communication and interaction. Blockchain technology assists in enhancing the prevailing identity management by solving the problems of KYC onboarding, identity theft, and lack of control over private information.
The blockchain identity management solution functions by enrolling for global ID, ensued by uploading of KYC (know-your-customer) papers, authentication of KYC papers, creating trust score of the person, and offering a digital ID. This solution can be employed over permissionless and permissioned networks, that is, public and private networks correspondingly, though permissioned networks are safer as it provides access on the basis of merely invites. Owing to its security and transparency, blockchain identity management has been implemented by several industries like financial services, banking, telecom & IT, government services, supply chain management, e-commerce, life sciences & healthcare, and travel & hospitality, among other industries.
The expansion of the global blockchain identity management market is mainly driven by factors like rise in the requirement to institute transactions transparency and trust between parties. Further, the increase in the need for security and privacy solutions among businesses is also projected to propel the market growth. In addition, the rise in penetration of e-Commerce is also expected to drive the market expansion during the forecast period. Other major aspects boosting the growth of the global blockchain identity management market comprise the rising need for blockchain identity solutions throughout the industry sectors, increasing security issues with prevailing models around the world, and for self-sovereign recognition, and streamlining the business functions through immutability and high-transaction speed.
Nevertheless, the dearth of alertness about blockchain technology is projected to be the key factor hampering the growth of the global blockchain identity management market during the years to come. Nonetheless, the rise in initiatives by the government for the development of blockchain technology in developing and developed countries is expected to bring growth avenues for the market players, thus driving the market growth. Also, the increase in the need for enhanced transaction speed and scalability is anticipated to offer key expansion prospects for the blockchain identity management market during the forecast period.
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To cite, IBM, in February 2019, has introduced its newest product portfolio for IoT (Internet of things) solutions that entail artificial intelligence and advanced analytics for helping intensive businesses like Metropolitan Atlanta Rapid Transit Authority. Users, with its design, will merely require making a Civic ID one time and it will be accessible for all supported applications, enabling secure and fast account creation.