Public key infrastructure (PKI) is a set of rules, policies, and procedures needed to create, manage, distribute, use, store, and revoke digital certificates. It’s a critical enabler for the secure transfer of data across networks.
As per Statista, the global digital payment transaction value in 2020 was $5.4 trillion, showcasing the immense need for secure data transferring methods like the PKI.
Background or History
The concept of PKI was first introduced in 1976 by Whitfield Diffie and Martin Hellman. It was designed to address the issue of secure communication over insecure channels without a shared secret key. The establishment of organizations like the Certificate Authority (CA) and other regulatory bodies formalized the usage and standardization of PKI.
Use Cases or Functions
PKI is widely used in various sectors, from finance to technology. The functions of PKI include:
- Authentication: Ensuring the identity of the communicating parties
- Data Integrity: Verifying the data has not been tampered with during transmission
- Confidentiality: Encrypting the data to avoid unauthorized access
- Non-repudiation: Proving that the sender really sent the message
Impact on the Market, Technology, or Investment Landscape
The growing need for secure data transactions has increased the importance of PKI in today’s digital world. Various industries, including finance, eCommerce, and healthcare, are investing heavily in PKI to ensure secure transactions. According to a report by MarketsandMarkets, the global PKI market size is expected to grow from $1.7 billion in 2020 to $3.9 billion by 2025.
Latest Trends or Innovations
With the emergence of blockchain and distributed ledger technology, PKI is experiencing new advancements. The integration of PKI and blockchain for secure credentialing systems is a breakthrough innovation in the field. Furthermore, the advent of quantum cryptography poses new challenges as well as opportunities for PKI.
| Year | Global PKI Market Size (in USD billion) |
| 2020 | 1.7 |
| 2025 (Expected) | 3.9 |
Conclusion
Public Key Infrastructure is central to secure data transmission. Its relevance extends to every sector relying on digital communications, making it a vital component in today’s digital world. With the continuous development in cryptography, PKI will continue to evolve, providing robust solutions for data security.
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