Global independent analyst organization KuppingerCole has confirmed Anonyome Labs’ verifiable credentials product is a “next-generation identity solution for elevating user privacy and trust and mitigating fraud and impersonation during onboarding, authentication, and high-value transactions.”
KuppingerCole described Anonyome’s verifiable credentials (user-held digital identity) product as a “flexible and future-ready solution to support industries requiring rigorous identity verification and security, such as finance, healthcare, and education.”
The analysts confirmed Anonyome Labs offers a “customizable setup for quick deployment” that “stays current with emerging standards, has interoperability with all competitive credential formats, and is compatible with multiple ledgers and non-ledgers.”
“Threat detection and fraud prevention are crucial features designed into the Anonyome Labs’ verifiable credentials offering,” senior analyst, Anne Bailey, said.
KuppingerCole commended Anonyome’s solution to organizations looking to “leverage the paradigm shift towards user-held digital identities for increased security, trust, and privacy within consumer interactions across all communication channels.”
This independent greenlight for Anonyome’s verifiable credentials solution is significant given the global digital identity verification market is set to explode from $18.41 billion in 2025 to $50.07 billion by 2030.
Strong momentum for user-held digital identities and licenses in Europe and the USA is driving the growth, particularly the European Digital Identity (EUDI) wallet initiative associated with eIDAS 2.0 and supported in other regions including the United States with mobile driving licenses (mDL).
KuppingerCole forecasts that by 2030, 2.6 billion individuals globally will be actively using digital identities.
KuppingerCole also acknowledged Anonyome Labs as a company, finding its “strength lies in its stability as a company with long-standing and proven revenue from other product lines which allows enterprise customers to launch their decentralized identity initiatives without worrying that their vendor will run out of funding, be acquired, or other disruptions in this emerging market.”
KuppingerCole made the findings in an executive view of Anonyome Labs’ approach to applying decentralized, reusable identity for onboarding and authentication use cases, to reintroduce trust, elevate security, and reduce fraud in multi-channel interactions.
Read the full KuppingerCole report.
What are verifiable credentials?
Verifiable credentials, also called reusable credentials or referred to as user-held digital credentials, are cryptographically protected identity documents issued by a government, bank or other authority which the user stores in a digital wallet on their device and shares with trusted connections (e.g. with their bank, healthcare provider, or university) to unlock services (e.g. proof of identity at a bank, proof of age at a bar, or proof of visa at an airport).
Underpinned by decentralized identity technology, reusable credentials enable secure registration and authentication for users, without the need for usernames, passwords, 2FA, or any third party controlling the process. See how they work.
For business, verifiable credentials mitigate fraud risk, restore customer trust, and improve consumer access control by creating uniformity across all access channels, such as apps, websites, branch offices, and call centers.
KuppingerCole describes the process this way:
“Once end-users have been onboarded with a mobile wallet and initial credential based off the government-issued ID have been issued, the organization can use it to onboard the user and unify all authentication processes across all channels, including online, in-person/in-store, and call center scenarios.
“For an in-store scenario, the store employee asks the end-user for their identifier (may be an email, PIN, or other attribute), pulls up the end-user profile and sends an authentication request to the user’s mobile wallet. The user then accepts the request and proceeds with the transaction.
“If an end-user gets an unexpected request, they can deny it, which also informs the store employee not to proceed with any transactions. The verifiable credential solution enables organizations to request credential verification from any channel, helping to secure and re-introduce trust into the onboarding process, contact centers, stores and branches, in verified chats, and in distributing alerts and messages to end-users.”
Why are organizations turning to verifiable credentials?
Almost every industry is being challenged with the urgent need to defend against increasingly sophisticated threats and attacks, particularly from generative AI, and to restore trust with their customers.
Significantly compounding this challenge of attack and mistrust is the vast disparity in authentication processes, from in-person to online to call centre, and between web and app interfaces. Inconsistencies frustrate users and heighten their fears and mistrust, because they don’t know whether to trust interactions coming from the organizations they’re dealing with.
Restoring trust and streamlining processes are critical – and reusable, digital, user-held identities achieve it.
KuppingerCole says:
“Verifiable credentials support diverse use cases across sectors like financial services, insurance, education, and healthcare. Well-suited use cases for the verifiable credentials product include any industry with privacy concerns and faced with identity fraud and eroding trust between end-users and services.
“In each of these industries, the verifiable credentials product can facilitate secure and tamper-proof identity verification for onboarding and authentication.”
Read 17 Industries with Viable Use Cases for Decentralized Identity
Explore Anonyome Labs’ verifiable credentials solution
Read the full KuppingerCole executive view on Anonyome Labs’ verifiable credentials
Read Verifiable Credentials – the Killer Feature of Decentralized Identity
Anonyome Labs empowers end users with privacy, cyber safety, and identity solutions. Since 2014, we’ve brought innovative solutions to market that enable both individuals and businesses.
Founded in 2004, KuppingerCole is a global, independent analyst organization headquartered in Europe. It specializes in providing vendor-neutral advice, expertise, thought leadership, and practical relevance in Cybersecurity, Digital Identity & IAM (Identity and Access Management), Cloud Risk and Security, and Artificial Intelligence, as well as technologies enabling Digital Transformation.
