Blockchain identity is tested in more countries; sector already worth US$ 5 billion | Business

Two new blockchain identity projects started to be implemented in different regions of Argentina. This is a trend in the use of this technology, which centralizes and protects citizens’ personal information, allowing for easier and faster document management, for example. It is estimated that this new market has already capitalized US$ 5 billion, with a perspective of growth of more than 70% by 2025.

Blockchain identity is trending around the world (Image: Pete Linforth/Pixabay)

Argentina tests blockchain identity projects

The first of these Argentine projects is part of a blockchain initiative that took place recently in Misiones province and aims to improve citizens’ experience when dealing with government-related procedures. The idea is to allow citizens of Misiones and Mar del Plata to simplify the actions necessary to obtain any document issued by the regional government.

The other blockchain project underway in the country seeks to provide rural and industrial producers with better credit scores by weighing their carbon footprints. It is an initiative for a greener industry in the Gran Chaco region.

These two projects are part of a larger initiative called Projeto Didi, the first focused on digital blockchain identity launched by the Argentine government, whose mission is to improve and strengthen state organizations, enabling the identification of citizens using these new technologies.

Javier Madariaga, director of the Didi Project, commented to the local newspaper News from 6 how this approach saves time and money for both citizens and governments. “This technological model, highly innovative in terms of digital identity, not only ensures secure and private management of personal information, but also generates a highly significant reduction in transaction costs and data verification.”

The Didi project is financed by the Inter-American Development Bank (IDB), which offered to support these two initiatives during the first 12 months of operation. The project uses an app called ID, which allows people to save their digital identities, economic, civic and social data. “Our goal is to make this model of digital identity grow and that more and more organizations use it and apply it in their work processes”, concluded Madariaga.

Market already capitalizes US$ 5 billion and is expected to grow 71%

Blockchain documents are a global trend (Image: Arisa Chattasa/Unsplash)

Blockchain documents are a global trend (Image: Arisa Chattasa/Unsplash)

It is an application model of blockchain technology that is on the rise around the world. A new report by the French company ReportLinker indicates that this sector has already capitalized around US$ 5 billion, and is expected to grow another US$ 3.58 billion, equivalent to 71%, by 2025.

The data is based on surveys of more than 10,000 consumers from a variety of industry segments including government, healthcare, banking, financial services, insurance, geography and mobile apps. The study also concludes that blockchain identity management will continue to expand as digitized and cloud services grow.

The survey determines that there is a growing demand for more efficient, decentralized identity solutions that respect the privacy of users in multiple sectors, from public services to smart devices. Thus, the blockchain comes as a perfect tool to solve these problems and optimize the ease and speed of accessing this data.

With information: Notícias del 6, Cointelegraph

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