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.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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