In a world full of increasing digital transactions, the need for secure and privacy-preserving digital identity (DID) solutions has never been more pressing. As per a recent report by the World Economic Forum (WEF), global losses emanating from cybercrime and identity-related fraud are forecast to jump to a whopping $23.84 trillion by 2027 — up over 182% from 2022’s metric of $8.44 trillion.
Therefore, as people continue to grapple with the challenges presented by this rapid digital transformation, NexeraID, a leading provider of blockchain-based identity solutions, has taken a significant step forward in shaping the future of this critical landscape. On April 8th, 2024, the platform announced its membership with the International Association for Trusted Blockchain Applications (INATBA), a global initiative bringing together diverse stakeholders to promote the adoption and implementation of blockchain tech across various sectors.
A closer look at the collaboration
By fostering this strategic alliance, NexeraID hopes to address many of the pressing issues — such as poor privacy, security, and regulatory compliance — permeating the digital identity sector. The firm hopes to achieve this by developing DIDs that are not only secure but also compliant with local regulations where an individual may be operating.
With a special emphasis on innovation and collaboration, NexeraID is committed to empowering individuals and organizations with the tools they need to navigate the digital world securely and confidently.
Driving innovation within the digital identity realm
As DID solutions continue to become an integral part of people's daily lives, the need for innovative offerings that can safeguard one’s personal information efficiently has surged dramatically . In this regard, NexeraID's involvement with INATBA's Identity Working Group has positioned the firm at the helm of the ongoing digitization movement,
A recent report by marketsandMarkets projects that the global digital identity market size is expected to grow from $34.5 billion (in 2023) to $83.2 billion by 2028, expanding at a CAGR of 16.3% during the forecast period — thereby underscoring the importance of innovative solutions like those being developed by NexeraID.
By aligning with INATBA, NexeraID will be collaborating with a network of global leaders and experts, aiming to shape the future of blockchain applications (dApps). Moreover, the partnership will allow stakeholders to leverage NexeraID's expertise to influence policies, standards, and practices that promote trust, privacy, and innovation across various sectors.
It bears mentioning that since its inception, the International Association for Trusted Blockchain Applications ( INATBA ) has offered a global platform for blockchain advocates, developers, and practitioners to interact with regulators and policymakers. The project’s mission is to bring together diverse stakeholders to promote dialogue, collaboration, and action that can lead to the adoption and implementation of blockchain tech across diverse settings.
Lastly, by becoming a member of INATBA, NexeraID has bolstered its commitment to adhering to/promoting the highest standards of ethical conduct, regulatory compliance, and technological excellence within the data privacy sector — a domain that has traditionally been plagued by many problems.
A call to action for industry leaders?
By joining a respected institution like INATBA, NexeraID has, in effect, issued an open invitation to other industry leaders, imploring them to join the conversation and facilitate collaborative efforts that can shape the future of blockchain tech. Not only that, it is also helping set the stage for a future where decentralized technologies can redefine the essence of digital identities to their very core. Therefore, looking ahead, it will be interesting to see how the future of this rapidly evolving space continues to play out!
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
