Decentralized Identity Solutions Statistics


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Decentralized Identity Solutions Statistics 2023: Facts about Decentralized Identity Solutions outlines the context of what’s happening in the tech world.

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Top Decentralized Identity Solutions Statistics 2023

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Decentralized Identity Solutions “Latest” Statistics

  • According to chain.link, statistics show that despite security measures, data protection issues are not improving; up to 10% of the population is impacted by identity theft annually, and that proportion is increasing throughout the pandemic.[1]
  • According to the Association of Certified Fraud Examiners, false billing and disbursements were involved in 83.5% of the fraud instances it examined in 2016.[2]
  • According to Dock, 71.1 million people fall victim to cyber crimes every year and individuals lose an average of $4,476.[2]
  • According to a recent survey, it shows that personally identifiable information is the most targeted data for breaches, comprising 97% of all breaches in 2018.[3]
  • Over 60% of the global GDP is expected to be digitized by 2022, meaning personal data will continue to increase in value.[3]
  • Despite governmental regulations and corporate initiatives to improve cybersecurity in 2018, 2.8 billion customer data records were made public at a cost of more than $654 billion.[3]
  • According to Consensys, approximately 1.1 billion people around the world have no proof of identity, and 45% of those without an identity are among the poorest 20% on the planet.[3]
  • By 2022, it is anticipated that more than 60% of the world’s GDP will be digital, meaning the value of personal data will continue to rise.[3]
  • According to a recent report by Javelin, it estimates that 42 million Americans were victims of digital identity fraud last 2021.[4]
  • According to Gartner, he mentioned 1Kosmos in the Hype Cycle for blockchain, and as stated, 35% of enterprise blockchain applications will integrate with decentralized applications and services.[5]
  • Forbes estimates that big banks spend up to $500 million annually on cybersecurity, with $25 billion going on AML compliance in the US.[6]
  • During the projection period, it is expected that the decentralized identity market will increase from $285 million in 2022 to $6,822 million by 2027, at a compound annual growth rate CAGR of 88.7%.[6]

Also Read

How Useful is Decentralized Identity Solutions

A decentralized identity solution eliminates the need for a central authority to validate and verify the identity of an individual. Instead, individuals are empowered to control their own identities through the use of blockchain technology, which provides a tamper-proof and immutable ledger of transactions. This means that users can authenticate themselves without relying on a third party, reducing the risk of data breaches, identity theft, and other security threats.

One of the main benefits of decentralized identity solutions is their emphasis on privacy and control. By giving users ownership of their personal data and the ability to selectively share it with others, these solutions offer a more secure and transparent way for individuals to manage their identities online. This can help mitigate the risks associated with centralized data storage, where a single breach can expose the personal information of millions of users.

Furthermore, decentralized identity solutions have the potential to streamline identity verification processes across different industries and sectors. For example, in the finance sector, individuals could use their decentralized identity to authenticate themselves for financial transactions without the need for multiple logins or verifications. This could not only improve convenience for consumers but also reduce friction in accessing services and conducting business online.

In addition, decentralized identity solutions could pave the way for new opportunities in areas such as self-sovereign identity, where individuals have full control over their own identities and are not reliant on any central authority or government. This could have significant implications for marginalized communities, refugees, and other vulnerable populations who may not have access to traditional forms of identification.

However, decentralized identity solutions are not without their challenges. One of the main obstacles is interoperability, as different platforms and protocols may not be compatible with each other. This could limit the widespread adoption of decentralized identity solutions and create silos of identity data that are difficult to reconcile.

Moreover, concerns about scalability, security, and user experience also need to be addressed in order for decentralized identity solutions to gain mainstream acceptance. Without sufficient infrastructure and support, these solutions may struggle to meet the demands of a rapidly evolving digital ecosystem.

Overall, decentralized identity solutions hold great promise in revolutionizing the way we manage and control our identities online. By putting users in charge of their personal data and fostering greater privacy and security, these solutions have the potential to reshape the digital landscape for the better. As technology continues to advance and the need for secure and user-centric identity solutions grows, decentralized identity may very well become the norm rather than the exception.

Reference


  1. chain – https://blog.chain.link/digital-identity-on-the-blockchain/
  2. dock – https://blog.dock.io/decentralized-identity/
  3. consensys – https://consensys.net/blockchain-use-cases/digital-identity/
  4. indicio – https://indicio.tech/decentralized-identity-market-signals/
  5. 1kosmos – https://www.1kosmos.com/identity-management/decentralized-identity-management/
  6. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/decentralized-identity-market-59374755.html

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