In today’s world of consumer scale digital experiences and consumer grade expectations, previous approaches that required a manual touch to onboard individual users no longer work. Legacy vendors were primarily architected for employee oriented, low volume and high touch use cases. Self Service Admin Panel -> Identity Governance and Administration, or the onboarding and management of users, is a category of identity technology that has again produced large companies such as Sailpoint ($6B).
As we saw with Social Login, new companies like Dynamic are emerging to provide crypto wallet login-as-a-service, aggregating the many crypto wallet providers and providing a single authentication API. The big unlock here is the more mass availability of crypto wallets like Metamask, that can serve to authenticate users into websites and applications. While still very valuable and ubiquitous, there is now a movement to take advantage of decentralization on the blockchain versus centralization on the big tech platforms. Both approaches have their merits, and it’s likely that there will be numerous billion dollar next generation companies built in the passwordless authentication space.Ĭrypto Wallet Login -> In the last decade, the big innovation enabling easy “single sign on” authentication into websites and applications was leveraging Social Login providers like Facebook and Google to easily sign in and register to any website or application. Next generation companies range from those looking to replace the entire identity stack like Stych or Transmit Security to be passwordless, or those that are looking to distribute identity management into the hands of consumers like OwnID (Mayfield Portfolio Company). Good news! Passwords can now go away thanks to new enabling technologies like FaceID and FIDO2, enabling a much better customer experience compared to previous attempts that require physical keys (e.g., YubiKey), separate mobile applications, or magic links. It’s insecure and provides a broken experience for users.
#TRANSMIT SECURITY VS OKTA PASSWORD#
The password is the bane of the internet.
Passwordless Authentication -> Many large companies have been built around the concept of services for authentication, including Okta ($16B+), Auth0 ($6B), Forgerock ($2B), and Ping Identity ($2B), but these companies were primarily architected around the concept of a password. Modern Identity Stack Opportunities Mayfield Examples of opportunities within this modern identity stack could include:
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