The Future of Digital Identities is Evolving for the Better as NexeraID Joins Forces with INATBA

by

With the surge in digital transactions coming our way, it’s essential now more than ever to have robust and secure digital identity (DID) systems that respect privacy. According to a recent study by the World Economic Forum (WEF), cybercrime and fraud linked to identities are projected to cost an astounding $23.84 trillion by 2027 – a significant jump from the $8.44 trillion reported in 2022.

In response to the ongoing struggles that come with digital transformation’s fast pace, NexeraID, a prominent identity solution provider using blockchain technology, made a notable advancement. On April 8, 2024, they joined INATBA, an international association spearheading the spread of trustworthy blockchain applications across multiple industries.

A closer look at the collaboration

Through this partnership, NexeraID aims to tackle various challenges, including privacy concerns, security risks, and regulatory compliance, prevalent in the digital identity market. The company intends to create Decentralized Identifiers (DIDs) that are both secure and adhere to local regulations for individuals using these identities.

NexeraID focuses strongly on innovation and teamwork. We’re dedicated to providing people and businesses with effective solutions for safely and assuredly maneuvering through the digital landscape.

Driving innovation within the digital identity realm

With more and more people relying on DID (Decentralized Identification) solutions for their daily needs, there’s been a significant increase in the demand for effective ways to protect personal information. In response to this trend, NexeraID has joined INATBA’s Identity Working Group, putting them at the forefront of the digital transformation movement.

A MarketandMarkets report published not long ago predicts that the international digital identity market will increase from $34.5 billion in 2023 to $83.2 billion by 2028, representing a yearly growth rate of 16.3%. This forecast highlights the significance of inventive approaches, such as those being worked on by NexeraID, in this sector’s expansion.

Through joining forces with INATBA, NexeraID will work alongside a community of international influencers and specialists, striving to determine the future direction of blockchain app (dApp) development. Additionally, this alliance grants stakeholders the opportunity to utilize NexeraID’s knowledge to shape regulations, guidelines, and procedures that foster trust, privacy, and advancement in multiple industries.

Since its founding, the International Association for Trusted Blockchain Applications (INATBA) has served as a crucial meeting place for blockchain supporters, programmers, and users to engage with regulators and lawmakers on a global scale. The organization’s primary goal is to foster communication, cooperation, and practical steps towards integrating blockchain technology into various industries.

In conclusion, joining INATBA as a member reinforces NexeraID’s dedication to upholding and advocating for top ethical practices, regulations, and advanced technology in the data privacy industry – an area notoriously challenged with various issues.

A call to action for industry leaders?

Through becoming a member of INATBA, NexeraID extends an open invitation to other industry heavyweights, inviting them to engage in dialogue and collaborate on shaping the future of blockchain technology. Moreover, it contributes to paving the way for a future where decentralized technologies reshape the fundamental nature of digital identities. Moving forward, it will be intriguing to observe how this rapidly advancing sector continues to unfold!

Read More

2024-04-08 17:11