Plotting the Roadmap for Digital Identity: Us Organizations Are Set to Embrace Decentralized Identity

62% of US organizations surveyed plan to incorporate decentralized identity solutions into their operations according to report from Curity.

US organizations are ready to embrace decentralized identity according to a research report from Curity, an API-focussed identity and access management company. 62% of US organizations surveyed stated they will introduce decentralized identity solutions into their operations with 74% of them planning to do so within the next year.

Decentralized identity has the potential to transform identity management, allowing users to control their online identity and choose which information they provide to authenticate their login when accessing digital services.

The report entitled “Plotting the Roadmap for Digital Identity” surveyed 200 IT decision makers (ITDMs) in the US and UK as well as 1000 consumers to better understand the rapidly changing digital identity landscape.

Organizations are set to embrace this latest innovation in digital identity Curity’s report reveals two thirds of consumers currently use digital wallets. Additionally, the report found almost half (46%) of consumers believed new developments in digital identity such as digital identity wallets would give them enhanced security and greater autonomy over their data.

Finance (62%), retail (61%), and travel (46%), were the most popular services by consumers with digital wallets. When it comes to public trust in storing personal data in digital identity wallets, financial institutions (38%) are current leaders, followed by medical providers. (35%), whereas the government (22%) and transport providers (17%) were the least trusted.

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Currently, 42% of US organizations are utilizing digital identity solutions and only 21% have no plans to introduce such solutions. 60% of organizations surveyed expect digital identity to have a transformative impact on their industry, with financial services (89%) and health (86%) seen as industries set to benefit most from latest innovation in this area according to ITDMs.

Other key findings include:

• 42% of US organizations are utilizing digital identity solutions compared with only 28% in the UK
• 60% of consumers in the US currently use a digital wallet
• 60% of organizations expect digital identity to have a transformative impact on their industry
• Among US consumers that currently use digital wallets, 81% use it weekly and 34% use it daily.

Travis Spencer, Curity CEO, commented on the findings, “As consumers continue to demand seamless digital experiences and organizations face increasing pressure to protect customers’ data, continued innovation and development in the digital identity space could not be of greater importance for all industries. While there are encouraging signs that businesses are adequately prepared for the paradigm shift that decentralized identity will cause, the winners after the move will be those that cultivate trust among consumers. The question of how digital identities are managed and by whom will continue to be a key question over the coming years. To keep up with this pace of change and consumer expectations digital identity must be on the priority list of enterprise architects and strategy makers.”

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