Digital identity verification is a key part of our digital world, and its importance keeps growing. A report by Juniper Research predicts that over 70 billion digital identity checks will happen in 2024. This huge number shows how vital digital identity verification is in our everyday lives and many industries.
Digital identity verification is also important because of its big economic impact. According to McKinsey, giving everyone access to a digital ID could add value equal to 3% to 13% of a country’s GDP by 2030.
At Everycred, we focus on using digital identity verification with verifiable credentials to help businesses stay safe from fraud and identity theft. As privacy and data protection become more important, our solutions make it easier for businesses to follow legal rules. We also simplify processes like signing up new customers, making them faster, smoother, and more reliable.
The market for digital identity solutions is growing fast, too. It’s expected to grow from $42.12 billion in 2024 to $133.19 billion by 2030, with an annual growth rate of 21.2%. By automating the process, businesses can avoid mistakes and work more efficiently.
Digital identity verification confirms a person’s identity online using various methods. It analyzes official documents like passports or driver’s licenses to ensure authenticity, uses biometrics like facial recognition or fingerprint scans to match unique features, and cross-checks data with government records, credit bureaus, and watchlists. Sometimes, it requires active participation, like answering security questions or entering a verification code. Together, these steps create a secure and reliable way to verify identities without face-to-face interaction.
Verifiable credentials (VCs) are digital, cryptographically secure representations of information that can be used to prove aspects of an individual's identity or qualifications. These tamper-evident digital documents are totally changing the way we manage and verify identities in the digital world.
Verifiable credentials are like digital versions of physical documents such as passports, driver's licenses, or academic degrees. They contain claims about an individual that can be instantly verified without the need for manual checks. VCs typically consist of three key components:
Verifiable credentials significantly improve the security of digital identity verification. They use advanced cryptographic techniques to ensure that:
This cryptographic security makes VCs highly resistant to fraud and forgery, addressing a major concern in digital identity verification.