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]

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How Useful is Decentralized Identity Solutions

One of the key advantages of decentralized identity solutions is the ability to put users in control of their own identity. By leveraging blockchain technology, individuals can manage and store their personal information in a secure and private manner, reducing the risk of data breaches and identity theft. This shift towards self-sovereign identity empowers users to selectively disclose their data to various services, giving them more transparency and control over who accesses their information.

Moreover, decentralized identity solutions can enhance trust and security in online transactions. With traditional centralized identity systems, users must rely on third parties to verify their identity, which can be cumbersome and vulnerable to fraud. Decentralized options cut out the middle-man and allow for direct verification, streamlining the process and minimizing the potential for manipulation. This not only increases efficiency but also boosts user confidence in the digital landscape.

Furthermore, decentralized identity solutions have the potential to foster interoperability and compatibility between different platforms and systems. With traditional identities tied to specific providers or services, users face complications when trying to switch between various platforms. However, decentralized solutions promote standardization and open protocols, enabling seamless integration across different systems. This interoperability can benefit users by offering a more fluid and connected online experience.

Additionally, decentralized identity solutions can address issues related to identity silos and fragmentation. In the digital age, individuals often have multiple accounts and identities scattered across various platforms, leading to a fragmented online presence. Decentralized solutions aim to create a unified digital identity that spans across different services, eliminating the need for duplicate information and simplifying the management of one’s online persona.

Despite these benefits, decentralized identity solutions are not without their challenges. Adoption and implementation can be complex and require a significant shift in mindset from both users and organizations. Building a robust and reliable decentralized identity system also requires addressing security vulnerabilities and ensuring user privacy remains a top priority.

Overall, the potential of decentralized identity solutions to revolutionize the way we approach digital identity is promising. By putting users in control, enhancing trust and security, fostering interoperability, and combatting fragmentation, these alternative systems offer a viable solution to the limitations of centralized identity systems. As technology continues to evolve, embracing decentralized identity solutions may pave the way for a more secure, efficient, and user-centric online environment.

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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