Two Blockchain-Based Digital Identity Projects Are Being Developed in Argentina

August 4, 2021 Bitcoin.com

Blockchain identity market to grow $3.58B by 2025, report claims

August 2, 2021 Coin Telegraph

Blockchain identity market to grow .58B by 2025, report claims

Adoption

A new forecast for the global blockchain identity management market expects growth at a compound annual growth rate of almost 71% during 2021–2025.

A new report on the potential for blockchain identity management solutions to become integrated across sectors has forecast strong growth for its global market, at a compound annual rate of close to 71%.

The report grounds its predictions on a study broken down into segments by sector — e.g., government, healthcare, banking, financial services and insurance (BFSI), geography, and applications. It was published by the Lyon-headquartered market research solution provider ReportLinker.

Drawing on an analysis of several existing blockchain identity management market vendors — Accenture, Amazon, Bitfury Group, Civic Technologies and others — the report expects the total global market to grow by $3.58 billion between 2021 and 2025.

The study’s baseline assumption is that the market for blockchain identity management will continue to expand as the proliferation of online and cloud services and digitalization more broadly continue apace. As Cointelegraph has previously reported, the demand for more efficient, decentralized and privacy-respecting identity solutions has arisen in a vast array of diverse sectors, from public services to logistical and supply chain networks and all the way down to consumer wearables and other smart devices.

With increasing digitalization, a form of secure identity verification to access basic services — both public and private — online is quickly becoming an inescapable requirement; some have gone so far as to argue that privacy-preserving digital identity needs to be recognized as a basic right for all.

In tandem, with the global user base of social media networks now exceeding the 3.8-billion mark, some advocates have argued that blockchain offers the only adequate, equitable identity solution that can protect these users from threats such as data theft and privacy abuses.

Earlier this month, Ethereum co-founder and lead developer Vitalik Buterin pitched his vision of the future of the Ethereum network across a range of non-financial applications, singling out areas that included both decentralized social media and identity verification and attestation.

SelfKey (KEY) gains 450% after DeFi pivot and data management upgrades

March 22, 2021 Coin Telegraph

Coin Telegraph

The rollout of new identity management platforms and a pivot toward DeFi appear to have triggered a 450% in the price of SelfKey.

Data has become one of the most valuable resources on the planet and its analysis, collection and monetization have helped companies like Google and Facebook achieve blue-chip status in the eyes of investors. With monetization comes risk and privacy protection is one of the biggest challenges companies and data producers face.

One cryptocurrency project that focuses on helping individuals and companies manage personal data is SelfKey (KEY), a blockchain-based identity platform that seeks to revolutionize the KYC process and embody the ethos of Self-Sovereign Identity.

Data from Cointelegraph Markets and Tradingview shows that the price of KEY has vaulted 470% over the past month, climbing from a low of $0.00495 on Feb. 17 to a high of $0.0283 on March 20 as trading volume surged 450% in 24 hours.

*KEY/USDT 4-hour chart. Source:* *TradingView*

As blockchain technology gains mainstream adoption, the need for ways to secure and transmit identity information becomes increasingly important, and recent developments for the SelfKey project could possibly have it become one of the frontrunners in providing relevant tools for the cryptocurrency community.

SelfKey enters the DeFi arena

Trading activity and community excitement began picking up in early February when the project began discussing the SelfKey Exchange Marketplace, also known as KeyFi, a DeFi platform with a focus on protecting user data.

On Feb. 18, SelfKey announced the successful completion of an airdrop to users who had completed the KeyFi platform credentials verification and the team also revealed an ongoing airdrop taking place between February and June where qualified KEY holders would have the opportunity to receive KEYFI tokens as well as additional KEY.

Following the airdrop revelations, trading and Twitter volumes noticeably increased as DeFi users begun to show more interest in the privacy-focused platform.

After its initial price breakout that peaked on Feb. 21, KEY entered a consolidation period that lasted until March 9 as the whole of the decentralized finance sector saw a pullback in token prices and protocol activity.

Since March 9, the price of KEY has increased by more than 280% as the project engaged community members with discussions related to identity management, the SelfKey Foundation, the SelfKey Identity Wallet, and the SelfKey ID.

The emergence of DeFi over the past year has been a driving force of growth in the cryptocurrency space and shows no signs of slowing in the near future. As companies and mainstream users begin to explore what DeFi has to offer, SelfKey could see further upside if its identity protection products gain traction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Identity