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Blockchain-based Identity Market Segmented By Solution in Applications, Middleware, Platforms with Business Size in Large Businesses, Small and Medium-sized Businesses (SMBs)
Assets can be intangible, such as copyrights and patents, or they can be tangible, such as cash or homes. Blockchain technology is constituted of ordered records distributed in a block structure. Every data block contains a hash of unique identifiers like digital fingerprint, time stamped batches of transactions, and a hash of previous block.
In this design, each block is connected in a chronological order. The interconnected blocks constitute a blockchain. Practically, it is not possible to change or modify any block in the middle of the chain. This is because all the blocks located after the modified block are required to be modified at the same instant. With this blockchain mechanism, the information on the network is immutable.
Blockchain-based identity technology features the ability to offer a transparent, decentralized and incorruptible log of patient data. This ability boosts the adoption of blockchain-based identity for data security in the healthcare industry.
Along with transparency, blockchain-based identity technology also offers privacy by concealing the identities of individuals with secure and complex codes that protect the sensitive medical data. Decentralized nature of blockchain technology enhances ease of data access for patients and healthcare professionals, and allows them share data quickly.
Blockchain-based identity technology presents opportunities for streamlined trade financing, enabling participants to track assets and exchange data easily in real-time. The ability of blockchain-based identity technology to provide a single source of truth offers data transparency and massive operational simplification between multiple parties.
The insurance sector is especially vulnerable to having multiple contrasting copies of the same data. Also, the process of mediating between different versions of truth is expensive and time-consuming. Automated claims built on blockchain-based identity help record smart contracts which facilitate a single version of the truth for claim data, increase trust between parties, and create a more efficient claims process.
Keeping medical data secure is the most crucial application of blockchain technology in the healthcare industry. Security of patient data is one of the most challenging issues in healthcare. For instance, between 2008 and 2018, close to 200 million patient medical records were laid bare in data breaches.
Credit card data, banking information, and health and genomic test records were exposed. COVID-19 is estimated to have an even more adverse consequences. Healthcare data breaches are likely to increase as the number of infections keep rising and unregulated patient data keeps increasing.
In order to tackle such threats as well keep a structured database of nCOV-infected individuals, national governments and healthcare institutions are accelerating the adoption of blockchain-based identity solutions.
Thus, the demand for blockchain-based identity solutions is estimated to increase significantly in government and healthcare industries. However, the procurement of blockchain-based identity solutions is estimated to decrease drastically in the travel and hospitality industry due to the globally imposed lockdowns.
Some of the key players in the global blockchain-based identity market are Amazon Web Services, Inc., Bitfury Group Limited, Civic Technologies, IBM, BTL Group, and KYC Chain, among others. Key innovators in the market include Oracle, Microsoft, Bitnation, Existence ID, and Nodalblock, among others.
Following are some common strategies incorporated by the key players operating in the global blockchain-based identity market:
The U.S. hosts almost all the leading companies operating in the global blockchain-based identity market. High focus on technology innovation and heavy procurement of blockchain technology in BFSI, healthcare, and transportation and logistics industries has enabled the U.S. market to record the highest market value over the past years.
As a result, the blockchain-based identity market in North America currently holds almost 50% share of the global blockchain-based identity market, and is estimated to continue leading technology innovation and procurement during the forecast period.
High demand in BFSI, retail, e-commerce, government, transportation and logistics industries in countries like Germany, France, U.K., Russia and Switzerland will enable the blockchain-based identity market in Europe record the fastest growth rate during the forecast period.
The blockchain-based identity market in U.K. currently holds the largest market share of the overall blockchain-based identity market in Europe, and is estimated to continue offering the most lucrative opportunities for revenue generation throughout the forecast period.
The blockchain-based identity market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.