SSI (self-sovereign identity) uses blockchain so that users get direct control of who accesses their online credentials
Blockchain-based digital identity revenue to reach $1B by 2024. Source: pixabay.com
According to Juniper Research, the SSI movement will reach annual revenue of $1.1 billion by 2024. This is up from an expected $100 million by the end of this year.
The study reveals that businesses that pay a subscription to run identity services will bring 88% of revenue for SSI providers.
Since SSI solutions are still in their early stages, the companies are in need of a consultancy approach to aid implementation.
The research shows that SSI will appeal to institutions that value secure and traceable identities in the long run.
Self-Sovereign Identity has high potential due to its security and data privacy credentials, but our report shows that, in order for it to succeed, businesses and governments need to take the lead and rule out use of less secure, but easier to implement, alternatives
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