Blockchain technology in identity management helps in integration and verification of the users more accurately. A combination of factors, including the desire for self-sovereign identification and growing security concerns associated with existing models, is propelling the blockchain identity management market forward. The use of blockchain technology for identity management streamlines the Know Your Customer (KYC) processes for BFSI organisations while also ensuring that the users' personal information is protected.
The use of blockchain as an identity management solution allows users to regain control of their data and centralise it in one place. Although the market is growing, the lack of a common set of regulatory standards, an uncertain regulatory landscape, and concerns about the authenticity of users are limiting its expansion. In the near future, blockchain will be able to compile all of the data in one place, regardless of when the data is made available online.
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When it comes to identity management, blockchain technology makes it easier to integrate and verify users with greater precision. A combination of factors, including the desire for self-sovereign identification and growing security concerns associated with existing models, is propelling the blockchain identity management market forward. The use of blockchain technology for identity management streamlines the Know Your Customer (KYC) processes for BFSI organisations while also ensuring that the users' personal information is protected.
This report offers the major market player’s profiles, such as IBM (US), AWS (US), Civic Technologies (US), KYC-Chain (Hong Kong), Bitfury (US), Evernym (US), Factom (US), Netki (US), ShoCard (US), UniquID (US), Microsoft (US), Oracle (US), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (Airbitz) (US), Blockverify (UK), Peer Ledger (Canada), Cambridge Blockchain (US), uPort (US), Originalmy (Brazil), Neuroware (Malaysia), Tradle (US), Existenceid (Australia), Coinfirm (Poland), and BTL Group (Canada).
Opportunities: Blockchain identity management assists in expanding the market for top players.
The current and future trends in the blockchain identity management market are discussed in order to determine the overall attractiveness of the industry. During the forecast period, the top influencing factors will draw attention to the global market opportunity.
One of the most important factors driving the growth of the blockchain identity management industry is the increasing need for parties to establish trust and transaction transparency between them. Additionally, the increase in demand for privacy and security solutions among enterprises contributes to the market's expansion. Furthermore, the expansion of e-commerce is expected to contribute to the expansion of the blockchain identity management market.
During the forecast period, however, it is expected that a lack of awareness about blockchain technology will impede the market's growth in terms of revenue. A rise in demand for increased scalability and transaction speed is expected to provide significant growth opportunities for the blockchain identity management market in the coming years, according to industry analysts.
The Global Blockchain identity management market report has been categorized as below
By Service Providers
By Organization Size
Small & Medium Enterprises (SMEs)
By Industry Vertical
Automotive & Transportation
Retail and E-commerce
Rest of the World
Published Date : July-2021