According to research firm ReportLinker, the market for blockchain-based identity applications will grow by $ 3.58 billion over the next four years.
ReportLinker researchers analyzed the potential of decentralized identity storage solutions. Options for their practical use at the government level, as well as in the health, banking, finance and insurance sectors were explored.
After examining data from Accenture, Amazon, Bitfury Group and Civic Technologies, analysts expect the global blockchain-based identity market to grow by $ 3.58 billion between 2021 and 2025. Its CAGR will be around 71%.
According to ReportLinker’s forecasts, the market will continue to expand as cloud services and digitalization evolve. This implies increased security in identity verification for access to any public and private service.
The idea is becoming more and more popular among users that when storing data, any institution must respect its confidentiality, and this should become ordinary civil law. Therefore, there is a need for more efficient decentralized solutions aimed at maintaining confidentiality.
Analysts stressed that blockchain-based solutions will be in demand in almost all industries, from government services and logistics to home electronics and wearable devices. ReportLinker concluded that blockchain is the only identity solution that can protect users from data theft and privacy breaches.
The international user base of social networks already exceeds 3.8 billion people. Ethereum co-founder Vitalik Buterin recently unveiled his vision for future decentralized networks where Ethereum addresses can be used as online identifiers.
