The global decentralized identity market is expected to witness a huge demand across industries, especially from the financial sector, in the coming years. The market is rapidly expanding, driven by a rising consumer base, largely due to increasing number of data breaches. The industry has witnessed numerous changing market dynamics over the years as the established players as well as new market entrants from various industries are trying to gain a strong foothold in the decentralized identity market. This chapter presents a thorough analysis of the market dynamics, comprising factors which either enable or inhibit the overall market growth, along with potential opportunities which can be tapped in the future.

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In the current era of technological advancement and proliferation, connected devices are the cornerstone aiding in effective data processing for any device segment, ranging from smart watch to spacecraft. In particular, the Internet of Things (IoT) and the widespread acceptance of connected ecosystems have effectively revolutionized industries such as automotive, infrastructure, agriculture, healthcare, and electronics. However, there is a growing concern that manufacturers don’t implement strong security features in these connected devices, thereby leading to frequent data breaches. Another point of concern is the centralized management of data. The traditional pattern of user data management is stored in the centralized data center which is being documented through the current federated model of data management, making it prone to cyberattacks.

Some of the most common data breaches include malware attacks, phishing, SQL injection attacks, and denial-of-service. Among all these categories of breaches, the threat of DDoS and malware attacks have increased significantly in the past few years. This is because of the ready access to easy-to-use tools and by a wider criminal understanding of its potential for the profit through extortion. These attacks, which directly target enterprises and individuals, may potentially lead to huge financial and personal losses. Despite increasing efforts by the organizations to secure the data, every year, there are reports of hundreds of data breaches. For instance, the Business Risk team at Verizon, in 2008, highlighted that financial services, retail, and food & beverage accounted for nearly three-quarters of breaches.

The decentralized identifiers (DIDs) are a new type of cryptographically verifiable unique identifiers specifically made for digital identity, which makes the respective digital identity fully under the control of the identity holder and independent of any centralized registry, identity provider, or certificate authority. All DIDs have a resource named DID document, which is a JavaScript Object Notation for Linked Data (JSON-LD) file comprising all the metadata required to prove the ownership and control of a DID. This file type simultaneously shares the cryptographic keys and resource pointers essential to commence trusted peer interactions among other entities.

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One of the major concerns with the existing public key infrastructure (PKI) is realizing which key is authorized to a particular identity holder. The DID documents has a pointer, which directs toward a particular service endpoint. The endpoint is a network address used by an identity holder to communicate further, for e.g., an IP address or a URL. It enables a private and secure peer-to-peer communication between two identity holders for a direct communication. In the ledger, the service endpoint points to an agent, which is a software program acting on behalf of an identity holder enabling him to interact with other agents or the ledger. Through the DID, the agent has a determined address for sending, receiving, storing and routing encrypted data to the identity holder.

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