Blockchain-Based Digital ID Market Could Grow by More Than $3 Billion by 2025
Blockchain-based digital IDs have seen significant growth over time. Different bodies, from the EU to Pacific Islands, have showcased support. The blockchain identity market can grow a further $3.58 billion by 2025 at a compounded annual growth rate of 71%. But there needs to be a tangible equivalent for digital certificates/credentials.
Email addresses and phone numbers are used as identifiers to access websites and apps. Still, access to these identifiers and personal information is at the mercy of service providers, who can revoke them at anytime. A new form of digital identity based on emerging standards, such as verifiable credentials and decentralized identifiers, can enable such digital credentials to work everywhere. Be more trustworthy, and respect privacy.
