Blockchain
cheqd meta-analysis finds the Self-Sovereign Identity market is worth over $550 billion
cheqd, a technology company enabling individuals and organisations to take full control of their data, has conducted a meta-analysis, as part of a new whitepaper, estimating the potential of the Self-Sovereign Identity (SSI) market to be over $550 billion annually. This staggering figure reflects the full value of people’s data and its usages. It is based upon areas of opportunity including finance, compliance (KYC), gaming, NFTs, the Metaverse, Official ID, and E-Commerce amongst others.
The whitepaper, entitled ‘Self-Sovereign Identity; How big is the market opportunity?’ aims to address the lack of clarity on the total addressable market value for SSI, establishing a credible baseline that can then be iterated upon by the community.
SSI is an emerging user-centric concept for exchanging authentic and trusted data, including people and organisations, in a more secure manner. The estimated figure of $550 billion affirms cheqd’s belief in the scale and value of SSI technology, which has already seen an exponential increase in tangible use cases in 2021 and 2022, proving foundational to the implementation of NHS Staff Passports as well as the IATA Travel Pass.
The current identity model is controlled by third-party providers who generate the majority of value from this data. This centralised structure brings with it a host of security threats, laying open the potential for hackers to target companies’ data siloes on mass scales or trick individuals into giving away their passwords. In the United States alone, identity theft losses cost $502.5 billion in 2019 and increased to $712.4 billion in 2020. In the UK, annual UK-issued debit and credit card identity thefts reached a value of £29.7 million in 2020.
cheqd aims to redress these structural markets issues by inverting data ownership, allowing individuals to create a single profile that they control and share with companies as and when they choose.
cheqd CEO, Fraser Edwards comments, “When the Economist described data as the new oil, it was not wrong. This whitepaper confirms our sense of the increasing utility and relevance of SSI and digital identity, but also lays out, for the first time, the sheer scope and tangible value of the technology. It is undeniable that SSI can revolutionise the ways individuals and companies exchange data across industries as diverse as finance, gaming, and travel. We are proud to stand at the forefront of this transformation, giving people ownership of their digital lives and putting them in control for the first time.”
Click here to read the whitepaper in full; cheqd’s methodology has been published in detail so that all market participants are able to use the data for their own calculations.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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