Key State Capital has launched a comprehensive database of decentralized identity projects, revealing that nearly 60% of countries developing digital IDs are also focusing on decentralized options. The move aims to provide greater control over personal data for citizens globally. Despite challenges like limited interoperability and short-lived pilot programs, the market for decentralized IDs is projected to grow significantly in the coming years, potentially reaching $203.5 billion by 2034.
A significant advancement in the decentralized digital identity (DID) sector occurred with the launch of the largest database dedicated to DID projects by Key State Capital in Zurich. This comprehensive Web of Trust Map reveals that around 60% of the 117 countries exploring digital IDs also aim to implement decentralized versions, highlighting a global trend of governments seeking to empower citizens with greater control over personal data.
Key State Capital’s Thibault Serlet noted that the focus of the database is on decentralized ID initiatives that have governmental backing, as broader mapping would be too complex at this stage. The data indicates a worldwide push towards digital identity systems, with 59% of countries developing both decentralized and centralized options. Meanwhile, 24% are working solely on centralized IDs, and only 18% are not pursuing digital ID developments.
Key State Capital aims to mainstream the DID ecosystem by making this database freely accessible, providing essential technical and pilot information, including details on interoperability and privacy protocols, which are often challenging to acquire. However, the results also reveal the disappointments within the DID sector, such as the short-lived nature of many governmental pilot programs and frequent project changes, indicating an industry still exploring effective solutions.
One critical issue remains the lack of interoperability among projects, which impedes seamless data sharing between digital ID wallets and service platforms. Serlet remarked, “There’s not really a lot of interoperability. Everything is completely siloed… as the progress becomes more established, there’ll be more and more closed ecosystems.” Despite these challenges, growth in the decentralized ID market is anticipated, with projections suggesting it could reach a value of $203.5 billion by 2034. Serlet emphasized that government involvement is pivotal in this growth.
The recent unveiling of the Web of Trust Map by Key State Capital marks a pivotal step in understanding global initiatives in decentralized identity projects. The database underscores a significant governmental commitment to digital identities, while also revealing challenges such as limited interoperability and the ephemeral nature of many projects. Nonetheless, the projected growth of the decentralized identity sector points to its increasing relevance across various industries. Key State Capital aims to capitalize on this trend by investing in scalable and privacy-centric technologies to enhance the decentralized identity framework.
Original Source: www.biometricupdate.com
