Media

Blockpass Identified as ‘Key Player’ in Identity Market

May 2021
Blockpass has recently featured in a report published by A2Z Market Research which discusses the ‘Self-Sovereign Identity Market 2021 Recovering From Covid-19 Outbreak’. The report, which analysed a range of aspects of the self-sovereign identity global market, was broken down by region, application and more, and named Blockpass as one of the ‘top key players’ in the market.

Self-Sovereign Identity (SSI) has been a driving goal of Blockpass since its inception and the potential benefits it brings are manifold. One of the primary advantages to SSI is that users take back control of their own data; the need for this has been increasingly apparent in recent years as a multitude of companies have been shown to misuse users data for gain or profit, bypassing the users’ wishes. Changing to a SSI model respects the privacy and confidentiality of users’ personal information whilst also providing opportunities such as users monetising their own data if they so choose. Linked to this is the benefit of SSI in reducing or removing large, centralised repositories of personal data information which reduces the likelihood and severity of data breaches which have become all too common over the past two decades.  

 

The report went into detail around Self-Sovereign Identity business strategies, SWOT analysis, various market influence factors, revenue share, development and various other aspects of the market. In broad terms, the report noted that: “SSI will appeal to institutions that value secure and traceable identities in the long run, thanks to the immutability of blockchain records and the absence of large data repositories. However, there will be little differentiation of the user experience. The need for the continued use of third party blockchain servers, like those offered by IBM and Microsoft, will result in the continued dominance of the subscription model.’

 

In addition, the report looked at predicted growth trend and forecast for the market out to 2027, concluding that: “[The] Self-Sovereign Identity Market is growing at a High CAGR during the forecast period 2021-2027. The increasing interest of the individuals in this industry is the major reason for the expansion of this market”.

 

Over the past year or so as many companies and businesses have switched to a remote working and operating focus, the benefits of SSI and necessity of remote identity verifications have only become more pronounced. The possibilities range into all manner of industries, though healthcare is often raised as one of the most promising areas for SSI verification solutions to innovate. With SSI, individuals can quickly access a plethora of regulated industries and services as they wish, and options that before would not have been possible due to the sharing of confidential information are opened up with systems that can provide secure and privacy-centric communication. 

 

The power of Blockpass with SSI and remote identity verification comes in the form of the unique re-usable KYC model used by Blockpass’ solutions and the experience and expertise of the team behind it in navigating regulatory waters and developing the most user-centric and user-friendly solutions that allow anyone to instantly onboard with services they meet the requirements of. The continual development of Blockpass’ products and services, the security and flexibility of Blockpass’ solutions, the incredible value and savings that can be offered compared to other services and the slew of partnerships that continue to be announced all no-doubt contributed to Blockpass being named one of the ‘key players’ in the SSI space by the report. 

 

Blockpass provides regulatory compliance services with KYC and AML solutions for users, merchants and businesses. Blockpass already provides KYC and AML to a number of blockchain companies, and can be integrated with blockchains themselves as an ‘identity layer’ to provide a secure and compliant ecosystem for everyone involved. Adhering to regulations is a necessity for any solution that wants to go mainstream or have a wide audience, and, just as in the real world, is essential for keeping legitimate users safe and protected. Blockpass is applicable to any kind of DeFi project and yield farming/liquidity mining is no different. Users will be able to gain certification proving they aren’t in conflict with any regulations and thus are suitable to conduct financial transactions with, ensuring there are no issues with funds or local restrictions. Recently, Blockpass has begun to pioneer the idea of ‘On-Chain KYC’, bringing simple and effective KYC services to anyone who needs them, embedded into the blockchain. 

 

The Blockpass platform is fully automated and hosted in the cloud, with no integration or setup fee. Businesses can sign up to the KYC Connect console in a matter of minutes, test out the service, and start conducting identity documents verification, KYC and AML checks. Sign up for FREE at console.blockpass.org.