Hopae, a leading provider of digital identity solutions, today announced its recognition as a Representative Vendor in the 2024 Gartner Market Guide for Decentralized Identity.

This inaugural Market Guide for Decentralized Identity highlights the growing demand for decentralized identity solutions.

“Security and risk management leaders have long been responsible for identity data that is both centralized and federated, but now need to prepare for the democratization of identity data through decentralization,” the report states. “By 2026, at least 500 million smartphone users will be regularly making verifiable claims using a digital identity wallet built on distributed ledger technology.”

“I believe the recognition from Gartner reflects Hopae’s significant contributions and innovative solutions in the decentralized identity sector,” said Jaehoon Shim, Founder and CEO of Hopae. “Decentralized identity can address numerous challenges in identity verification processes, which are becoming more costly and complex due to AI and deepfake technologies. Decentralized identity has wide-ranging applications, from cross-border travel and banking to logistics, age verification, eKYC, and even sports and entertainment.”

Hopae has been a pioneer in this field. The company was founded by core developers of COOV, a nation-scale decentralized wallet and verification system for COVID-19 vaccination certificates, which has been used by 43 million South Korean citizens. The system was designed to handle large-scale transactions and achieved interoperability with major mobile service platforms and other countries including EU and Singapore.

Hopae's proprietary, patented Digital Credential eXpress (DCX) technology enables 30x faster issuance and verification of credentials compared to other wallets  DCX is designed to create a simple, seamless, and scalable digital identity infrastructure for all. Anyone can easily integrate DCX into existing systems without prior knowledge to decentralized identity or distributed ledger.

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As a Founding Member and Member of the Technical Advisory Council of the OpenWallet Foundation under Linux Foundation Europe, Hopae has contributed to open-source digital wallet technology and its adoption. One of its notable contributions is the SD-JWT module, which recently reached 140K monthly downloads.

Hopae has also made significant strides in the esports sector. One of its most recognizable projects, Hopae.gg, allows amateur players to register once with federations and use their digital wallet repeatedly for tournament participation, venue entry, and ID verification at matches. This solution has reduced operational costs for hosts by 40%, primarily by streamlining registration and verification processes. Additionally, by lowering entry barriers, the number of participants increased by 30%.

Looking ahead, Hopae plans to expand its use cases, particularly in Europe, where recently adopted EU Digital Identity regulation aims to provide digital wallets to 80% of citizens by 2030.

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_{Gartner®, Market Guide for Decentralized Identity, Michael Kelly et al., 8 July 2024}

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