WESTFORD, MASSACHUSETTS, UNITED STATES, June 27, 2024 /EINPresswire.com/ -- Blockchain Identity Management Market size was valued at USD 1.3 billion in 2022 and is poised to grow from USD 2.37 billion in 2023 to USD 293.39 billion by 2031, growing at a CAGR of 82.6 % during the forecast period (2024-2031).

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Blockchain Identity Management is a method of providing a secure and decentralized solution that provides real-time information about a company or person through a distributed trust model. It simplifies the process for clients allowing a decentralized public key infrastructure (DPKI) distribute encryption keys and create a trusted medium and tamper-proof for asymmetric verification of identity holders, while necessary for the identification provided and reduced.

Exploring the New Trends in the Market

The following are the key Blockchain Identity Management Trends that will shape the growth of the market in the next 5 years

Blockchain identity management blockchain technology has been widely used in the last few years. This technology has the potential to change the way business and personal identities are managed by providing a secure, and nondestructive tool to manage and store identity data the demand for identity is only growing because the world is becoming more digital. There are opportunities for blockchain identity management to meet this requirement as it can help prevent theft and fraud of our personal information.

The increasing demand for transparency across the retail supply chain is creating more opportunities for market growth. Transparency requires full disclosure of information across every interface, including the use of fluids to create fabric as they include color, raw materials, customer instructions, the environmental impact of the products they supply, and more. Brokers increase transparency to improve employee satisfaction, customer experience, revenue growth, etc.

Expected Growth and Changes in the Market- Future Impact in Next 4-5 Years

The blockchain identity management market is expected to change dramatically over the next 4-5 years. Key sectors such as finance, healthcare and government services will increasingly adopt blockchain-based identity solutions to improve security and streamline processes. The technological capabilities of intrusive, non-disruptive identities will enable critical data breach and identity theft issues to be addressed and give users and organizations great confidence.

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Transformative Change and Market Expansion- Long-term Impact Over the Next 10 Years

Looking ahead to the next decade, blockchain identity management is poised to change how identities are managed globally. The market will see greater adoption across all verticals and will change, especially in identity verification processes. The concept of individual sovereignty, where individuals have full control over their own data, will be particularly important, reducing reliance on centralized authorities and reducing the risks associated with data transfers apply to everywhere

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Tech Giants Expand Their Ecosystems with Strategic Initiatives

In February 2023, AWS (US) partnered with Ava Labs to promote the adoption of blockchain among businesses, organizations and governments. .

In May 2022, Microsoft launched Microsoft Entra, a new family of products that includes Azure Active Directory (Azure AD). This release also introduces two new categories: Microsoft Entra Permissions Management and Microsoft Entra Verified ID. Microsoft Entra Verified ID uses identity standards to provide a secure, interactive, and proprietary authentication solution.

By addressing the shortcomings of traditional identity management systems, blockchain technology has the potential to reshape the way we prove, verify and protect our digital identities. Blockchain identity management is at the forefront of the digital transformation, offering a secure, transparent, and user-friendly approach to digital identity management.

Related Report:
Blockchain Market

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