Scope Of The Global Blockchain Identity Management Market

Technology has the opportunity and potential to have a significant effect on the industry. There are many ways in which technology has evolved and paved the way for new concepts that can make life easier and simpler. Blockchain is one such technology that we will explore today. This distributed ledger technology has ignited a lot of interest in the market, from finance to food; now, every industry is looking at how they can use this technology to their advantage. The identity management market is one of the main areas where Blockchain is having an impact. We'll look at how Blockchain is changing the identity management business in this blog.

According to Confirmed Market Research, the global Blockchain identity management market is projected to rise from USD 75.97 million in 2018 to USD 6,357.4 million in 2026. From 2019 to 2026, this graph indicates a CAGR of 79.33 percent. These rising figures show that more businesses are looking to use Blockchain technology for identity management.

Identity management on the blockchain: Blockchain is a distributed ledger system that stores all transactional data. This data is readily available, and the ledger is transparent, allowing for quick information exchange. The current identity management system that we use is focused on a variety of official government documents that have been issued or approved by the government. Again, this system is not at all reliable, necessitating a transfer to a system that is both safe and secure. This is where blockchain comes in. This distributed ledger technology operates on a peer-to-peer basis, removing the need for a third-party. All of the data on the DLT is cryptographically encrypted. It guarantees that the data is completely secure and unaffected by any data breach or attack.

Why Blockchain?

With the aid of Blockchain identity management, one can establish digital identities that are cryptographically encrypted. It offers a decentralised approach, in which the user receives an identity that is not reliant on a third party. The following problems can be resolved with the aid of a Blockchain identity management system:

1. Threats to security

2. Discretion

3. Enhanced power

4. Streamlining the company process

5. Impermanence

6. Faster transaction processing

These rising use cases point to a growing need for Blockchain practitioners who can help companies make the most of the technology.

What Comes Next?

Blockchain professionals are in high demand as a result of the increasing demand for Blockchain technology; numerous line certification programmes will help you learn what you need to know about Blockchain technology and its applications. The Blockchain Council provides the most extensive online certification programme in the area of Blockchain technology. This encompasses both theoretical and practical aspects. If you, too, want to pursue a career as a Blockchain expert, now is the time to enrol in a Blockchain certification programme.