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“Digital IDs are swiftly becoming the backbone of the rapidly evolving technology and data-driven economy and society. It’s an ongoing trend in all organizational landscapes today, be it the public sector or private sector.”
Fremont, CA: Whether it is the information used to identify and establish trust with the requested organization, person, application, or electronic device, digital identities should be at the heart of all significant data-centric organizations. Digital IDs are swiftly becoming the backbone of the rapidly evolving technology and data-driven economy and society. It’s an ongoing trend in all organizational landscapes today, be it the public sector or private sector.
Notably, the demands for mobile communications is growing at a tremendous rate. The COVID-19 pandemic and the new realities of social distancing have only accelerated this trend. More than half of global online traffic is already mobile, and the percentage is more in some regions. This growing trend toward mobile payment and digital subscription solutions will continue to drive the market demand for innovative online authentication providers and digital IDs.
Besides, blockchain technology is also accelerating the field of digital identity. Blockchain enables more secure management and storage of digital identities by providing an integrated, interoperable, and tamper-resistant infrastructure with key benefits for businesses, users, and IoT control systems. A blockchain-based platform manages infrastructure and security without disclosing the data used to generate credentials. Only authorized network participants can access it, all operations and business processes are protected from unauthorized access and recorded as blockchain transactions.
The increase in demand for digital transactions and the subsequently evolving regulations and certifications will undoubtedly fuel the demand for digital IDs in the coming years. But to successfully implement more secure identifications, public and private organizations will have to address complexity head-on by leveraging leading-edge technologies like blockchain.