IT sector ready for decentralized identity, says Curity

Customer identity and access management firm Curity says decentralized identity is on the verge of a big bump, with 57 percent of IT decision makers surveyed planning to introduce decentralized ID to their operations.

Decentralized identity, or self-sovereign identity (SSI), will change how identity professionals and security teams manage identities, according to the marketing report.

ID management, decentralized identifiers (DIDs) and verifiable credentials (VCs) form a self-controlled identity, the report says. “Both DIDs and VCs are now defined by global standards governed by non-profit organizations, and vendor adoption is rapidly increasing.”

Because decentralized identity means organizations need to process significantly less personal identity information, it can lead to reduced risk.

Curity’s report indicates that the market will develop more quickly than in the United States than the United Kingdom, with 74 percent of U.S. IT executives saying they would incorporate decentralized identity within one year.

Digital wallets show strong uptake

In addition to 200 IT decision makers, Curity also surveyed 1,000 consumers about digital wallets, their perceived security which industries they trust most with wallets.

Fifty-nine percent of respondents said they use a digital wallet. Of those, 32 percent were daily users and 79 percent used one at least weekly.

Consumers trusted financial institutions, medical providers and technology companies most with wallet management, at 38 percent, 35 percent and 34 percent, respectively. Governments and transportation companies were the least trusted, at 22 and 17 percent, respectively.

“Though governments can dictate consumer behavior by issuing mandates” according to the report, “if they wish to compete with the popularity of private companies, they need to address consumer trust.”

“Organizations (will) start to consider implementing decentralized identity plans” this year, it reads. “For this new era of digital identity and decentralized identity to become the new normal, collaboration will be required to make digital wallets as accessible as possible.”

Curity, an identity management API firm in Stockholm, conducted its research for the white paper in January, with respondents split evenly between the U.S. and UK.curity

Article Topics

Curity  |  decentralized identifiers (DIDs)  |  digital wallets  |  identity management  |  market report  |  verifiable credentials