According to the report, by 2025, the blockchain identity market will grow by $3.58B

A new report on the cross-departmental integration potential of blockchain identity management solutions predicts that its global market will grow strongly, with a compound annual growth rate of nearly 71%.

The report makes predictions based on a segmented study: by sector-such as government, healthcare, banking, financial services and insurance (BFSI)-geography and is Publish Provided by ReportLinker, a market research solution provider headquartered in Lyon.

According to the analysis of existing blockchain identity management market providers (Accenture, Amazon, Bitfury Group, Civic Technologies, etc.), the report predicts that the total global market will grow by US$3.58 billion between 2021 and 2025.

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The baseline assumption of the study is that as online and cloud services and broader digitalization continue to develop rapidly, the blockchain identity management market will continue to expand.As Cointelegraph previously reported, right More efficient, decentralized and privacy-respecting identity solutions From public services to logistics and supply chain networks, to consumer wearables and other smart devices, this is happening in all fields.

With the increase in digitization, a form of secure identity verification for accessing basic public and private online services is quickly becoming an inevitable requirement; some people even believe that a privacy-protected digital identity is needed Recognized as the fundamental right of all people.

At the same time, as the global user base of social media networks has now surpassed the 3.8 billion mark, some advocates believe that blockchain provides the only adequate and fair identity solution that can Protect these users from threats such as data theft And privacy abuse.

Earlier this month, Ethereum co-founder and lead developer Vitalik Buterin explained his vision for the future of the Ethereum network in a series of non-financial applications, including two areas Decentralized social media and Identity verification and proof.