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

Decentralized identity solutions offer users greater control over their personal information by allowing them to manage their own identities through the use of blockchain technology. This technology enables users to store their information securely on a distributed ledger, removing the need for a central authority to verify their identity. Instead of placing trust in a single entity, users can rely on cryptographic algorithms to validate their credentials, providing a more secure and privacy-focused approach to digital identity management.

One of the key benefits of decentralized identity solutions is the elimination of the need for users to repeatedly verify their identity with multiple parties. With a decentralized identity, users can aggregate their credentials in a secure digital wallet, which they can then use to access various services and applications without the need to provide personal information multiple times. This not only enhances the user experience by simplifying the authentication process but also reduces the risk of exposing sensitive personal data to potential security threats.

Moreover, decentralized identity solutions can help combat identity theft and fraud by making it more challenging for malicious actors to access and misuse individuals’ personal information. The immutable nature of blockchain technology ensures that users’ credentials are tamper-proof, making it difficult for hackers to alter or steal this data. By shifting the power back to the users, decentralized identity solutions empower individuals to take control of their digital identities and protect themselves from identity-related crimes.

Another advantage of decentralized identity solutions is their interoperability across different platforms and services. With traditional centralized identity solutions, individuals are often restricted to using their credentials within a specific system or organization. In contrast, decentralized identities can be seamlessly integrated with various applications and services, allowing for a more seamless and user-centric digital experience. This interoperability not only enhances user convenience but also opens up new opportunities for cross-platform collaboration and innovation.

While decentralized identity solutions offer a promising alternative to traditional centralized systems, they are not without their challenges. One of the key obstacles to widespread adoption is the complexity of implementing and managing decentralized identities, which may require users to possess a certain level of technical knowledge and expertise. Additionally, issues such as scalability, governance, and regulatory compliance need to be addressed to ensure the long-term viability of decentralized identity solutions.

In conclusion, decentralized identity solutions have the potential to revolutionize how we manage our digital identities by providing enhanced security, privacy, and user control. As we continue to navigate the complexities of an increasingly interconnected digital world, adopting decentralized identity solutions may prove to be a valuable step towards safeguarding our identities and preserving our digital privacy.

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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