Blockchain identity management leverages a blockchain-based process for verification and identification. The technology is gaining much popularity and is observed to be penetrating across different industry domains. According to the suggestion offered by Market Research Future, the global blockchain identity management market is set to register 85% CAGR across the forecast period 2018 to 2023. The market is presumed to surpass a valuation of USD 1900 Mn by the end of the assessment period.
In this kind of management, the data of the user is saved in the user’s phone rather than some central database. It protects privacy, which is presumed to guide the growth pattern of the blockchain identity management market in the forthcoming years. The process offers accuracy of highest degree. It is expected to lead the expansion of the blockchain identity management market during the evaluation period. In the BFSI industry, the process has found application in the simplification of KYC protocol. It helps in the centralization of data, which is encouraging its application across different domains. This, in turn, is anticipated to catapult the blockchain identity management market on upward trajectory. On the flip side, factors such as ambiguous regulations, issues regarding the authenticity of users, etc. are anticipated to impede market growth in the foreseeable future.