Blockchain identity management is an identity management tool that comprises a blockchain based digital verification and authentication process. The blockchain identity management tool stores and encrypts data on the user’s mobile devices, rather than in a central database. Blockchain technology uses cryptography to store and link data blocks through virtual networks. Every block of information contains a complete and accurate record of every transaction which once verified cannot be altered.
There are two main types of blockchain, public and private. In public blockchain, computers are connected to the public internet that allows the participation of any other computer connected in the same network. On the other hand, the privates blockchain allows only known enterprise devices to join the network. Private blockchain is more secure as it uses the participant’s identity to confirm membership and know with whom they are sharing the data.
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Major Key players
- IBM (U.S.),
- AWS (U.S.),
- Civic Technologies (U.S.),
- KYC-Chain (Hong Kong),
- Bitfury (U.S.),
- Evernym (U.S.),
- Factom (U.S.),
- Netki (U.S.),
- ShoCard (U.S.),
- UniquID (U.S.).
Other players in the market include Microsoft (US), Oracle (US), Bitnation (Switzerland), Nodalblock (Spain), EdgeSecure (U.S.), Blockverify (U.K), Peer Ledger (Canada), Cambridge Blockchain (US), uPort (U.S.), Originalmy (Brazil), Neuroware (Malaysia), Tradle (U.S.), Existenceid (Australia), Coinfirm (Poland), and BTL Group (Canada).
According to MRFR, The Global Blockchain Identity Management Market is expected to reach approximately USD 1,929.37 Million by 2023 growing at 85% CAGR over the forecast period 2018–2023.
Blockchain technology in identity management helps in integration and verification of the users more accurately. Self-sovereign identification and rising security concerns associated with existing models are the major factors responsible for driving the blockchain identity management market. Use of blockchain technology for identity management simplifies the KYC processes for BFSI organizations as well as ensures the protection of the user’s personal information. Using blockchain as an identity management solution enables the users to take over the control of their data and centralize it. However, lack of common set of regulatory standards and uncertain regulatory landscape and concerns regarding the authenticity of the users is hindering the market growth. In the coming future, blockchain will be able to compile the data at one location, whenever the data is put online.
By provider, the market is segmented into application providers, middleware providers, and infrastructure providers.
By organization size, the market is segmented into large enterprises and small and medium-sized enterprises.
By industry verticals, the market is segmented into BFSI, government, healthcare & life sciences, telecom and it, retail & e-commerce, transport & logistics, real estate, media & entertainment, travel & hospitality, and others.
The global market for blockchain identity management is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain identity management market is covered for North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to emerge as the leading market during the forecast period owing to the growth in venture capital funding. This is due to increase in a number of startups and thereby rising government focus on regulating the blockchain technology identity management. North America is estimated to hold the largest market in 2018 due to advancement in terms of technology and infrastructure. Recognizing the potential of blockchain technology for identity verification across various organizations in the region. The primary driving factor for the blockchain identity management market in this region is the strong presence of key industry players offering blockchain identity management solutions.
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- Regulatory bodies
- Blockchain technology solution vendors
- Independent Software Vendors (ISVs)
- Consulting firms
- Investors and consultants
- Research/Consultancy Firms
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