Decentralized identity is a self-sovereign digital identity which is created and maintained by the individual. The external link of central authorities such as Microsoft and Google which acted as an obstacle between an individual and an application or service is effectively removed with the help of this concept, and the sole ownership of any identity falls back under the user’s control.
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According to the European Union Blockchain Observatory and Forum, decentralized identity is defined as a digital identity created by an individual with total control of his or her identity throughout their life span.
The global decentralized identity market is expected to witness a huge demand across industries, especially from the financial sector, in the coming years. The market is rapidly expanding, driven by a rising consumer base, largely due to increasing number of data breaches. The industry has witnessed numerous changing market dynamics over the years as the established players as well as new market entrants from various industries are trying to gain a strong foothold in the decentralized identity market. This chapter presents a thorough analysis of the market dynamics, comprising factors which either enable or inhibit the overall market growth, along with potential opportunities which can be tapped in the future.
In the current era of technological advancement and proliferation, connected devices are the cornerstone aiding in effective data processing for any device segment, ranging from smart watch to spacecraft. In particular, the Internet of Things (IoT) and the widespread acceptance of connected ecosystems have effectively revolutionized industries such as automotive, infrastructure, agriculture, healthcare, and electronics. However, there is a growing concern that manufacturers don’t implement strong security features in these connected devices, thereby leading to frequent data breaches. Another point of concern is the centralized management of data. The traditional pattern of user data management is stored in the centralized data center which is being documented through the current federated model of data management, making it prone to cyberattacks.
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Some of the most common data breaches include malware attacks, phishing, SQL injection attacks, and denial-of-service. Among all these categories of breaches, the threat of DDoS and malware attacks have increased significantly in the past few years. This is because of the ready access to easy-to-use tools and by a wider criminal understanding of its potential for the profit through extortion. These attacks, which directly target enterprises and individuals, may potentially lead to huge financial and personal losses. Despite increasing efforts by the organizations to secure the data, every year, there are reports of hundreds of data breaches. For instance, the Business Risk team at Verizon, in 2008, highlighted that financial services, retail, and food & beverage accounted for nearly three-quarters of breaches.
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