The real applications of blockchain technology are becoming increasingly evident in our society. In particular, its use to provide Identity management services (Digital ID) is increasing progressively. By 2023, this market is expected to increase globally from 90.4 million dollars in 2018 to $1.9299 billion by 2023; in other words, it could have an 84% growth rate. These are the figures in a study created by Research N Reports.
The report launches a list of the world’s leading blockchain suppliers, making Nodalblock the only Spanish company to lead this technology. The majority of leading companies in this sector are American companies such as IBM, AWS, UniquID , Microsoft, Oracle, Bitfury , EdgeSecure, Cambridge Blockchain and Civic Technologies (USA). In addition, other companies are emphasized such as KYC-Chain (Hong Kong), Bitnation (Switzerland), Blockverify(United Kingdom), Peer Ledger (Canada), BTL Group (Canada), Existenceid(Australia) and Coinfirm (Poland).
The Digital ID market through blockchain is driven by various factors such as the growing demand for self-sovereign identity identification and the increase in concern for security with existing models around the world. The lack of a clear regulatory framework and concerns about the authenticity of users have led this market to seek new solutions. The objective of using blockchain technology in this area focuses on facilitating business functions through high transaction speed and immutability, as well as increasing demand from individuals and organizations thanks to the control of information that can ensure the traceability of this technology.
It is not surprising that Nodalblock is among the sector’s worldwide leading companies. In particular, it is the only Spanish company that already has real blockchain applications in fields such as digital ID, digital signature, encrypted communication and file certification. With a presence in Spain and Halifax (Canada), the company has given shareholding to Numus Financial, a Canadian venture capital fund that has invested in the Spanish company confirming that it is one of the most advanced and prepared companies in the blockchain market globally. The company has already announced its next offering in the Stock Exchange in Canada.