Microsoft Announces Blockchain-Based Decentralized Identity System

During the Consensus Conference 2018, Microsoft, the sixth largest IT company announced the launching of its distributed identification system using blockchain technology. This system has been developed in order to oversee the stock market and cryptocurrencies.

This announcement could be groundbreaking for Bitcoin as the IT company suggested that real Bitcoin chains could be used to build the platform of this new revolutionizing program. From another point of view, this declaration can come as a surprise as Bill Gates, founder of Microsoft, publicly criticized cryptocurrency by calling it “nonsense”.

One can wonder why ultimately the company still went ahead and entered the growing blockchain field. Chief project manager of the Microsoft’s authentication project team, Ankur Patel, explained how blockchain technology is important for all individuals and how it can provide a simple way to own and dispose of one’s personal data. This means that people would own their digital identity and could monitor themselves the use and access to their information.

“In order to realize this vision, we believe that it is very important for individuals to own and control their digital identities.

Individuals need a secure, encrypted digital center where they can store their identity data and easily control access to it instead of the default authorization. Give countless applications and services, and have their identity data spread across many providers.”Ankur Patel, Chief Project Manager

This new project is based on the belief that identity authentication and access management that are usually used in traditional identity system don’t convey trust like individuals and communities do. To support what is now considered the future of digital space, Microsoft participates in the construction of the DIF, the Distributed Identity Foundation, in order to build a distributed identity ecosystem.

Based on algorithms, standard open source technologies, and reference data, Microsoft and the DIF are working on developing identification centers, distributed identifiers or DIDs, verifiable certificates, and universal DID parsers.

Ankur Patel explains, that in order to ensure an operation that works on the same scale as more traditional systems, the project needs an underlying technology that is more operational than some blockchain platforms. Some individuals from the Bitcoin community believe that the Chief manager’s comment suggest that Microsoft might use the Bitcoin Lighting Network to develop its identity system.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today