INCREASED DIGITALIZATION OF BUSINESS AND PROCESSES
Digitalization of business processes describes the digital transformation based on digital applications, IT infrastructure, and optimally networked data and systems. Digitalization is taking place in almost every industry, such as management, IT, controlling and finances, marketing, sales, customer services, production and HR among other domains of a company, in order to provide seamless user experience. Many organizations are taking initiative towards expansion and building of digital capabilities, which are aimed at top line revenue growth. There are various technologies driving digitalization in businesses, including blockchain, artificial intelligence, big data, Internet of Things, robotic process automation and cloud technology among other technologies. For an instance, based on a survey, blockchain technology is expected to overtake other technologies, such as data analysis, cloud computing and internet of things in venture capital investment.
RAPID INCREASE OF ONLINE SERVICES AND CLOUD APPLICATIONS
The number of online users has been increased significantly with the advent of mobile applications. The flow of communication has been enhanced with the availability of connected devices and smartphones with increased internet penetration. With the emergence of cloud computing, every industry has undergone tremendous transformation, due to its rapid development and deployment capabilities. Adoption of cloud computing in businesses has enabled the necessary automation and standardization, which includes reduced IT overhead costs, help scaling IT processes up and down as per the requirement, improving the overall flexibility of IT, increasing the service quality through the self-healing feature of standard solutions.
ABSENCE OF COMMON SET OF STANDARDS AND IMPROPER REGULATORY
Proper regulations are required to streamline the standards for blockchain technology. In fact regulatory entities frequently lag with the advancing technologies. Though new products and services have been launched and developed but no proper regulation has been settled to provide the transaction a common way but auditability and transparency are considered crucial feature of blockchain, but still the technology require to develop new regulation. Regulation such as Information-sharing regulations is required to get altered in order to protect companies as well as their investors and also the customers.
Thus, the growing technology of blockchain identity management not only require developments in case of solutions and services but also for setting common set of standards and proper regulator ties as presently improper regulatory and absence of common set of standards is one of the major restraints in the blockchain identity management and acting as the barrier in the adoption of blockchain identity management.
INCREASED CONCERNS ON THE AUTHENTICITY OF THE USER
Blockchain is used for letting people to exchange data in a secure way. And as the number of cyberattacks and identity thefts and data leaks are increasing globally, the concern regarding the authenticity for block chain is high as it many people and many organizations are investing into block chain.
For example the attacks on bitcoin cryptocurrency that can be done are double spending or race attack, finney attack, Brute force attack, Vector 76 or one-confirmation attack, Selfish mining and fork after withholding(FAW) attack and few other attacks.
The risk of using public keys or private key and public which are encrypted, and if anybody gets the access to the right combination of the public key and private key, the information and the money can get stolen from the account of the person.
INCREASED INVESTMENT FOR BLOCKCHAIN IDENTITY MANAGEMENT SOLUTION
While the cryptocurrencies are the latest technological and secure way to exchange data and transfer money by internet but the system is not fully secured as if any hacker gets access to the private key and public key of the account, any information of the person and the money would not remain safe.
So to make it more secure, companies are investing more into blockchain identity management system for more security.
The government groups along with banks are also ready to invest more on providing the identity management system solution like U.S government along with the U.S. Treasury Department has seen the impact of blockchain on the banking system.
LACK OF SKILLED WORKFORCE
Lack of skilled workforce has come up as a major concern , in an article published in April, 2018, in BTC manager it has been observed that Coincheck fiasco, a company has come forward and blamed that short-staffed situation in its risk mitigation division has resulted in hacking. There is a much need of talent when it comes to managing block chain based technology; furthermore, according to Coindesk in 2017 it has been observed that McDonald has encouraged the audience who are mostly finance professionals to look within their own ranks for opportunities to retrain existing staff.
However, despite of having end number of jobs offered in the field of blockchain based companies but there is a huge shortage of skilled staff which is one of the major challenges in the field of blockchain identity management market.
Some of the prominent participants operating in this market are Amazon Web Services, Inc., Bitfury Group Limited, Bitnation, Blockverify, BTL Group Ltd., Cambridge Blockchain, LLC, Civic Technologies, Inc., Coinfirm, Evernym, Inc., Factom, Existence ID, IBM Corporation, KYC-CHAIN LIMITED, Netki, Microsoft, Neuroware, OriginalMy.com, Peer Ledger, Inc., uPort, UniqID, Tradle, Oracle, ShoCard, Nodalblock among others.
Global Blockchain Identity Management Market – Industry Trends and Forecast to 2026
Europe Blockchain Identity Management Market – Industry Trends and Forecast to 2026
Asia-Pacific Blockchain Identity Management Market – Industry Trends and Forecast to 2026
Middle East and Africa Blockchain Identity Management Market – Industry Trends and Forecast to 2026
North America Blockchain Identity Management Market – Industry Trends and Forecast to 2027