Global Decentralized Identity Market

1. Global Decentralized Identity Market Focus on DID Class, Identity Modality, Application, and Use Cases Strategic Analysis and Future Outlook December 2019 TOC

2. Global Decentralized Identity Market BIS Research is a leading market intelligence and technology research company. BIS Research publishes in-depth market intelligence reports focusing on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management. BIS Research provides multi-client reports, company profiles, databases, and custom research services. Copyright © 2019 BIS Research Inc. All Rights Reserved. This document contains highly confidential information and is the sole property of BIS Research. Disclosing, copying, circulating, quoting or otherwise reproducing any or all contents of this document is strictly prohibited. Access to this information is provided exclusively for the benefit of the people or organization concerned. It may not be accessed by or offered whether for sale or otherwise to any third party. All rights reserved at BIS Research 2

3. Global Decentralized Identity Market Preface Preface Increasing competitive advantages such as high accuracy and enhanced reliability, over the traditional centralized and federated identity management are expected to aid the users in significantly leveraging the benefits of the decentralization in identity management. The level of control and authority these self-sovereign decentralized identities provide to an individual, is resulting in a growth of consumer confidence to shift toward digitization. Moreover, the increasing data breaches and a surging demand for connected IoT devices is leading to a rise in the requirement for decentralized identity among consumers. The decentralized identity market research study offers a wide perspective on the analysis of the identity ecosystem. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools, that have been used to build the forecast and the predictive models. This study was designed to answer some of the most crucial questions of the global decentralized identity market: ▪ What are the current use cases in the decentralized identity market? ▪ What are the key technological trends which are aiding the decentralized identity market growth globally? ▪ What is the supply chain pattern and how are the different players linked in the same? ▪ Which factors are expected to further support the usage of decentralized identity in various application areas? ▪ What are the key strategic initiatives which the companies undertook in the decentralized identity market? ▪ How are the companies monetizing by adopting decentralized identity in their portfolio? All rights reserved at BIS Research 3

4. Global Decentralized Identity Market The report is a compilation of various segmentations including market classification by DID class, user type, and identity modality. While highlighting the key driving and restraining forces for this market, the report also provides a study of the different applications such as finance, healthcare, mobility, and government, among others. The report is based on discussions and interviews with the top management of several leading platform providers, trust authorities, regulatory body, and technology providers. The decentralized identity market is not expected to play out the same way for every region or platform, hence, this report segments the market as follows: North America, Europe, Asia-Pacific, and Rest-of-the-World. The analysis of each region details the individual push and pull forces, in addition to the key players from that particular region. BIS Mobility December 2019 All rights reserved at BIS Research 4

5. Global Decentralized Identity Market T Table able of of C Contents ontents Executive Summary……………………………………………...…………….19 1 Market Dynamics .................................................................................................... 25 1.1 1.2 Decentralized Identity: Definition ................................................................ 25 Decentralized Identity and Blockchain Concept ........................................ 25 1.2.1 Decentralization .............................................................................. 26 1.2.2 Data Integrity .................................................................................. 26 1.2.3 Digital Signature ............................................................................. 26 1.2.4 Data Mining ..................................................................................... 27 1.2.5 Proof-of-Work (PoW) ...................................................................... 27 1.2.6 Proof-of-Stake (PoS) ...................................................................... 27 Market Overview ............................................................................................ 28 Market Drivers ............................................................................................... 30 1.4.1 Increasing Number of Data Breaches ........................................... 30 1.4.2 Establishment of Consortiums and Associations ....................... 32 1.4.3 Growing Need of Non-Human Digital IDs and Security in Consumer Goods ....................................................................... 32 Market Restraints .......................................................................................... 33 1.5.1 Interoperability Among the Identity System ................................ 33 1.5.2 Lack of Regulatory Guidelines and Standardization ................... 34 1.5.3 Associated Environmental Implications with High Energy Requirements of Cryptography Techniques ................................ 35 Market Opportunities .................................................................................... 35 1.6.1 Integration of Blockchain in Decentralized Identity .................... 35 1.6.2 Emerging Need of Smart Contracts .............................................. 37 1.3 1.4 1.5 1.6 2 Competitive Insights .............................................................................................. 38 2.1 Key Market Developments and Strategies .................................................. 38 2.1.1 Business Expansions .................................................................... 40 2.1.2 Partnerships, Collaborations, and Joint Ventures ...................... 41 2.1.3 Product Launches .......................................................................... 42 All rights reserved at BIS Research 5

6. Global Decentralized Identity Market 2.1.4 Business Model ............................................................................................. 44 Other Key Activities ....................................................................... 43 2.2 3 Industry Analysis .................................................................................................... 45 3.1 3.2 3.3 3.4 Ecosystem Analysis ..................................................................................... 45 Evolution of Identity ...................................................................................... 46 Need of Decentralized Identity ..................................................................... 47 Industry Concepts ......................................................................................... 48 3.4.1 Merkle Tree ..................................................................................... 48 3.4.2 Zooko’s Triangle ............................................................................. 48 3.4.3 Seven Laws of Identity ................................................................... 50 3.4.4 Principles of Self-Sovereign Identity ............................................ 51 Technology Trends ....................................................................................... 52 3.5.1 Compliance Management .............................................................. 52 3.5.2 Development in Authentication and Trust Frameworks ............. 53 3.5.3 Biometric-as-a-Service ................................................................... 54 Standards and Regulations .......................................................................... 55 Decentralized Identity Use Cases ................................................................ 57 3.7.1 Existing Use Case .......................................................................... 57 Key Players Active in the Decentralized Identity Market ........................... 59 3.5 3.6 3.7 3.8 4 Global Decentralized Identity Market (by DID Class) ........................................... 63 4.1 4.2 4.3 Market Overview ............................................................................................ 63 Public DID ...................................................................................................... 64 Pairwise DIDs ................................................................................................ 65 5 Global Decentralized Identity Market (by User Type) .......................................... 67 5.1 5.2 5.3 Market Overview ............................................................................................ 67 Individual ....................................................................................................... 67 Enterprise ...................................................................................................... 68 6 Global Decentralized Identity Market (by Identity Modality) ............................... 69 6.1 6.2 Market Overview ............................................................................................ 69 Physiological ................................................................................................. 70 All rights reserved at BIS Research 6

7. Global Decentralized Identity Market 6.3 Behavioral ...................................................................................................... 71 7 Global Decentralized Identity Market (by Application) ........................................ 73 7.1 7.2 7.3 7.4 7.5 7.6 7.7 Market Overview ............................................................................................ 73 Finance........................................................................................................... 74 Government ................................................................................................... 75 Healthcare ...................................................................................................... 77 Housing .......................................................................................................... 78 Mobility ........................................................................................................... 79 Others ............................................................................................................ 80 8 Global Decentralized Identity Market (by Region) ............................................... 82 8.1 8.2 8.3 8.4 8.5 8.6 Market Overview ............................................................................................ 82 North America ............................................................................................... 82 Europe ............................................................................................................ 84 Asia-Pacific .................................................................................................... 86 Rest-of-the-World .......................................................................................... 88 BIS’s Outlook for Key Regions .................................................................... 89 9 Company Profiles ................................................................................................... 91 9.1 9.2 Overview ........................................................................................................ 91 Authenteq Tarbena GmbH ............................................................................ 93 9.2.1 Company Overview ........................................................................ 93 9.2.2 Role of Authenteq Tarbena GmbH in Global Decentralized Identity Market ................................................................................ 93 9.2.3 SWOT Analysis ............................................................................... 95 Civic Technologies, Inc. ............................................................................... 96 9.3.1 Company Overview ........................................................................ 96 9.3.2 Role of Civic Technologies in Global Decentralized Identity Market ................................................................................ 96 9.3.3 SWOT Analysis ............................................................................... 98 EVERNYM INC. .............................................................................................. 99 9.4.1 Company Overview ........................................................................ 99 9.3 9.4 All rights reserved at BIS Research 7

8. Global Decentralized Identity Market Role of EVERNYM INC. in Global Decentralized Identity Market ................................................................................ 99 SWOT Analysis ............................................................................. 101 uPort ............................................................................................................. 102 9.5.1 Company Overview ...................................................................... 102 9.5.2 Role of uPort in Global Decentralized Identity Market .............. 102 9.5.3 SWOT Analysis ............................................................................. 104 Nuggets Tokens Ltd. ................................................................................... 105 9.6.1 Company Overview ...................................................................... 105 9.6.2 Role of Nuggets in Global Decentralized Identity Market ......... 105 9.6.3 SWOT Analysis ............................................................................. 106 Datarella GmbH ........................................................................................... 107 9.7.1 Company Overview ...................................................................... 107 9.7.2 Role of Datarella GmbH in Global Decentralized Identity Market .............................................................................. 107 9.7.3 SWOT Analysis ............................................................................. 109 Cambridge Blockchain Inc ......................................................................... 110 9.8.1 Company Overview ...................................................................... 110 9.8.2 Role of Cambridge Blockchain in Global Decentralized Identity Market .............................................................................. 110 9.8.3 SWOT Analysis ............................................................................. 112 VeriMe .......................................................................................................... 113 9.9.1 Company Overview ...................................................................... 113 9.9.2 Role of VeriMe in Global Decentralized Identity Market ............ 113 9.9.3 SWOT Analysis ............................................................................. 115 9.10ExistenceID .................................................................................................. 116 9.10.1 Company Overview ...................................................................... 116 9.10.2 Role of Existence ID in Global Decentralized Identity Market .. 116 9.10.3 SWOT Analysis ............................................................................. 117 9.11Everest ......................................................................................................... 118 9.11.1 Company Overview ...................................................................... 118 9.11.2 Role of Everest in Global Decentralized Identity Market ........... 118 9.11.3 SWOT Analysis ............................................................................. 119 9.4.2 9.4.3 9.5 9.6 9.7 9.8 9.9 All rights reserved at BIS Research 8

9. Global Decentralized Identity Market 9.12FINEMA CO., LTD. ....................................................................................... 120 9.12.1 Company Overview ...................................................................... 120 9.12.2 Role of FINEMA CO., LTD. in Global Decentralized Identity Market .............................................................................. 120 9.12.3 SWOT Analysis ............................................................................. 121 9.13Bloom Protocol ........................................................................................... 122 9.13.1 Company Overview ...................................................................... 122 9.13.2 Role of Bloom Protocol in Global Decentralized Identity Market .............................................................................. 122 9.13.3 SWOT Analysis ............................................................................. 124 9.14Jolocom GmbH ............................................................................................ 125 9.14.1 Company Overview ...................................................................... 125 9.14.2 Role of Jolocom GmbH in Global Decentralized Identity Market .............................................................................. 125 9.14.3 SWOT Analysis ............................................................................. 127 9.15Blockstack PBC ........................................................................................... 128 9.15.1 Company Overview ...................................................................... 128 9.15.2 Role of Blockstack PBC in Global Decentralized Identity Market .............................................................................. 128 9.15.3 SWOT Analysis ............................................................................. 129 9.16R3 ................................................................................................................. 130 9.16.1 Company Overview ...................................................................... 130 9.16.2 Role of R3 in Global Decentralized Identity Market ................... 130 9.16.3 SWOT Analysis ............................................................................. 132 9.17Microsoft Corporation................................................................................. 133 9.17.1 Company Overview ...................................................................... 133 9.17.2 Role of Microsoft Corporation in Global Decentralized Identity Market .............................................................................. 133 9.17.3 Financials ...................................................................................... 134 9.17.4 SWOT Analysis ............................................................................. 137 9.18List of Emerging Players ............................................................................ 138 9.18.1 Validated ID, SL ............................................................................ 138 All rights reserved at BIS Research 9

10. Global Decentralized Identity Market 9.18.1.1Role of Validated ID, SL in Global Decentralized Identity Market ....................................................................... 138 9.18.2 Keyp GmbH ................................................................................... 138 9.18.2.1Role of Keyp GmbH in Global Decentralized Identity Market .... 138 9.18.3 NewBanking .................................................................................. 139 9.18.3.1Role of NewBanking in Global Decentralized Identity Market ... 139 9.18.4 Metadium Technology Inc. .......................................................... 139 9.18.4.1Role of Metadium Technology Inc. in Global Decentralized Identity Market ....................................................................... 139 9.18.5 TheKey BDMI International Foundation Ltd. .............................. 140 9.18.5.1Role of TheKey International Foundation Ltd. in Global Decentralized Identity Market ................................................ 140 9.18.6 Trusti ............................................................................................. 140 9.18.6.1Role of Trusti in Global Decentralized Identity Market .............. 140 9.18.7 Fractal GmbH ................................................................................ 141 9.18.7.1Role of Fractal GmbH in Global Decentralized Identity Market . 141 9.18.8 AGEify ........................................................................................... 141 9.18.8.1Role of AGEify in Global Decentralized Identity Market ............ 141 9.18.9 MADANA ....................................................................................... 141 9.18.9.1Role of MADANA in Global Decentralized Identity Market ........ 142 9.18.10Peer Mountain ............................................................................... 142 9.18.10.1Role of Peer Mountain in Global Decentralized Identity Market 142 9.18.11Dominode ...................................................................................... 142 9.18.11.1Role of Dominode in Global Decentralized Identity Market ....... 142 9.18.12Hu-Manity.co ................................................................................. 143 9.18.12.1Role of Hu-Manity.co in Global Decentralized Identity Market .. 143 9.18.13globaliD ......................................................................................... 143 9.18.13.1Role of globaliD in Global Decentralized Identity Market .......... 143 9.18.14Hub ................................................................................................ 144 9.18.14.1Role of Hub in Global Decentralized Identity Market ................. 144 9.18.15Vetty ............................................................................................... 144 9.18.15.1Role of Vetty in Global Decentralized Identity Market ............... 144 9.18.161Kosmos ....................................................................................... 144 All rights reserved at BIS Research 10

11. Global Decentralized Identity Market 9.18.16.1Role of 1Kosmos in Global Decentralized Identity Market ........ 145 9.18.17V-ID ................................................................................................ 145 9.18.17.1Role of V-ID in Global Decentralized Identity Market ................ 145 9.18.18Velix.id ........................................................................................... 145 9.18.18.1Role of Velix.id Token in Global Decentralized Identity Market . 146 9.18.19DIW Token ..................................................................................... 146 9.18.19.1Role of DIW Token in Global Decentralized Identity Market ..... 146 9.18.20Blockchain Helix AG .................................................................... 146 9.18.20.1Role of Blockchain Helix AG in Global Decentralized Identity Market ....................................................................... 146 9.18.21Kimlic OU ...................................................................................... 147 9.18.21.1Role of Kimlic in Global Decentralized Identity Market .............. 147 9.18.22Persona ......................................................................................... 147 9.18.22.1Role of Persona in Global Decentralized Identity Market .......... 147 9.18.23VerTrius ......................................................................................... 147 9.18.23.1Role of VerTrius in Global Decentralized Identity Market .......... 148 9.18.24NuID, Inc. ....................................................................................... 148 9.18.24.1Role of NuID, Inc. in Global Decentralized Identity Market ....... 148 9.18.25KABN ............................................................................................. 148 9.18.25.1Role of KABN in Global Decentralized Identity Market .............. 148 9.18.26Decentral Inc. ................................................................................ 149 9.18.26.1Role of Decentral Inc. in Global Decentralized Identity Market . 149 9.18.27BlockSystem, Inc. ......................................................................... 149 9.18.27.1Role of BlockSystem, Inc. in Global Decentralized Identity Market ....................................................................... 149 9.18.28SelfKey .......................................................................................... 149 9.18.28.1Role of SelfKey in Global Decentralized Identity Market ........... 150 9.18.29ShoCard, Inc. ................................................................................ 150 9.18.29.1Role of ShoCard, Inc. in Global Decentralized Identity Market . 150 9.18.30Netki, Inc. ...................................................................................... 150 9.18.30.1Role of Netki, Inc. in Global Decentralized Identity Market ....... 150 10Report Scope and Methodology .......................................................................... 151 All rights reserved at BIS Research 11

12. Global Decentralized Identity Market 10.1Report Scope ............................................................................................... 151 10.2Global Decentralized Identity Market Research Methodology ................ 152 10.2.1 Limitations .................................................................................... 153 10.2.2 Primary Data Sources .................................................................. 154 10.2.3 Secondary Data Sources ............................................................. 155 All rights reserved at BIS Research 12

13. Global Decentralized Identity Market List of Tables List of Tables Table 1: Funding Analysis of Key Stakeholders .................................................................................. 24 Table 1.1: Impact Analysis of Market Drivers ...................................................................................... 30 Table 1.2: Impact Analysis of Market Restraints ................................................................................. 30 Table 1.3: Impact Analysis of Market Opportunities ............................................................................ 30 Table 1.4: Prominent Data Breach Cases ........................................................................................... 32 Table 2.1: Decentralized Identity: Business Models ........................................................................... 45 Table 3.1: Guiding Principles of Self-Sovereign Identity ..................................................................... 52 Table 3.2: Key Regulatory Bodies Involved in the Decentralized Identity Market ............................. 56 Table 3.3: List of Key Players in the Global Decentralized Identity Market ........................................ 60 Table 4.1: Key Differences Between Public and Private Blockchain .................................................. 66 Table 4.2: Classification of Different Distributed Ledger Systems ...................................................... 67 Table 9.1: Authenteq Tarbena GmbH: Product Portfolio for Global Decentralized Identity Market .. 95 Table 9.2: Civic Technology: Product Portfolio for Decentralized Identity .......................................... 98 Table 9.3: EVERNYM INC.: Product Portfolio for Global Decentralized Identity Market ................. 101 Table 9.4: uPort: Product Portfolio for Global Decentralized Identity Market ................................... 104 Table 9.5: Nuggets: Product Portfolio for Global Decentralized Identity Market .............................. 107 Table 9.6: Datarella GmbH: Product Portfolio for Decentralized Identity ......................................... 109 Table 9.7: Cambridge Blockchain: Product Portfolio for Decentralized Identity ............................... 112 Table 9.8: VeriMe: Product Portfolio for Decentralized Identity ........................................................ 115 Table 9.9: Existence ID: Product Portfolio for Decentralized Identity ............................................... 118 Table 9.10: Everest: Product Portfolio for Decentralized Identity ..................................................... 120 Table 9.11: FINEMA CO., LTD.: Product Portfolio for Decentralized Identity .................................. 122 Table 9.12: Bloom Protocol: Product Portfolio for Decentralized Identity ......................................... 124 Table 9.13: Jolocom GmbH: Product Portfolio for Decentralized Identity ........................................ 127 Table 9.14: Blockstack PBC: Product Portfolio for Decentralized Identity ....................................... 130 Table 9.15: R3: Product Portfolio for Decentralized Identity ............................................................. 132 Table 9.16: Microsoft Corporation: Product Portfolio for Global Decentralized Identity Market ...... 135 All rights reserved at BIS Research 13

14. Global Decentralized Identity Market List of List of Figures Figures Figure 1: Global Population, 2010-2018 .............................................................................................. 19 Figure 2: Identity Theft and Fraud Complaints .................................................................................... 21 Figure 3: Incidents of Data Breaches .................................................................................................. 22 Figure 4: Application Areas of Decentralized Identity ......................................................................... 23 Figure 1.1: Market Dynamics ............................................................................................................... 29 Figure 2.1: Strategies Adopted by the Key Players ............................................................................ 39 Figure 2.2: Share of Key Market Strategies and Developments, 2017-2019 .................................... 40 Figure 2.3: Key Business Expansion Activities, 2017-2019 ................................................................ 41 Figure 2.4: Key Partnership and Collaboration Activities, 2017-2019 ................................................ 42 Figure 2.5: Key Product Launches, 2017-2019 ................................................................................... 43 Figure 2.6: Key Other Activities, 2017-2019 ........................................................................................ 44 Figure 3.1: Key Functional Elements ................................................................................................... 46 Figure 3.2: Decentralized Identity Evolution Phases ........................................................................... 48 Figure 3.3: Key Building Elements: ...................................................................................................... 50 Figure 3.4: Laws of Identity: ................................................................................................................. 51 Figure 3.5: Activities Included in Compliance Management ............................................................... 54 Figure 6.1: Classification of Different Identity Authentication Methods .............................................. 73 Figure 7.1: Representation of Decentralized Identity Across Different Applications .......................... 75 Figure 8.1: Reports of Identity Theft in North America, 2016-2018 .................................................... 84 Figure 8.2: Internet Access in EU-28 Households, 2008-2018 .......................................................... 85 Figure 8.3: Asia-Pacific Digital Competitiveness Ranking, 2018 ........................................................ 88 Figure 9.1: Share of Key Companies .................................................................................................. 92 Figure 9.2: Process of Verification and Authentication with Authenteq .............................................. 95 Figure 9.3: Authenteq Tarbena GmbH: SWOT Analysis .................................................................... 96 Figure 9.4: Civic Technologies, Inc.: SWOT Analysis ......................................................................... 99 Figure 9.5: EVERNYM INC.: SWOT Analysis ................................................................................... 102 Figure 9.6: Applications, Tools and Libraries Offered by uPort ........................................................ 104 All rights reserved at BIS Research 14

15. Global Decentralized Identity Market Figure 9.7: Applications, Tools and Libraries Offered by uPort ........................................................ 105 Figure 9.8: uPort: SWOT Analysis ..................................................................................................... 105 Figure 9.9: Nuggets: SWOT Analysis ................................................................................................ 107 Figure 9.10: Datarella GmbH: SWOT Analysis ................................................................................. 110 Figure 9.11: Cambridge Blockchain: SWOT Analysis ...................................................................... 113 Figure 9.12: VeriMe: SWOT Analysis ................................................................................................ 116 Figure 9.13: Existence ID: SWOT Analysis ....................................................................................... 118 Figure 9.14: Everest: SWOT Analysis ............................................................................................... 120 Figure 9.15: FINEMA CO., LTD.: SWOT Analysis ............................................................................ 122 Figure 9.16: Bloom Protocol: SWOT Analysis .................................................................................. 125 Figure 9.17: Jolocom: SWOT Analysis .............................................................................................. 128 Figure 9.18: Blockstack PBC: SWOT Analysis ................................................................................. 130 Figure 9.19: R3: SWOT Analysis ....................................................................................................... 133 Figure 9.20: Microsoft Corporation003A Overall Financials, 2016-2018 ......................................... 135 Figure 9.21: Microsoft Corporation: Net Revenue (by Segment), 2016-2018 ................................. 136 Figure 9.22: Microsoft Corporation: Net Revenue (by Region), 2016-2018 ..................................... 137 Figure 9.23: Microsoft Corporation: SWOT Analysis ........................................................................ 138 Figure 8.1: Global Decentralized Identity Market Coverage ............................................................. 152 Figure 8.2: Segmentations for Market Estimation in the Global Decentralized Identity Market ...... 153 Figure 8.3: Report Design .................................................................................................................. 154 Figure 8.4: Primary Interviews (by Player, Designation, and Region) .............................................. 155 Figure 8.5: Secondary Data Sources................................................................................................. 156 All rights reserved at BIS Research 15

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