Securing digital identity in a risky world

Digital identity and its protection have become increasingly crucial for people and organizations.

- PRANJAL SHARMA

Without authenticating identity, it is nearly impossible to conduct basic tasks at home and work. Some of the smartest new technologies are being used to create and protect digital identities.

Digital identity spans a wide spectrum of activities but it can broadly be classified into privacy and security. A third dimension is to detect and prevent breach and fraud. There are numerous categories within the label of digital identity, including creating credentials, master data management, financial transaction and authentication protocols.

The world market for digital identity is worth $961 billion and is projected to grow to $1.33 trillion by 2025, according to an assessment by 1414 Ventures. The venture capital company says that the key driver for the market's growth is the demand for seamless user experience. There is a growing need for frictionless and convenient access to digital services across multiple devices. The growth in breakthrough technologies like blockchain and artificial intelligence requires data guardrail solutions.