Microsoft’s Plans Will Help Recognize Bitcoin’s and Blockchain Technology’s True Potential
Microsoft is one of the most important technology companies around the world and it could be a key payer to expand Bitcoin (BTC) and blockchain technology. The company explained in a recent blog post that they believe that individuals need a decentralized digital identity.
Could Microsoft Help Bitcoin and Blockchain Tech?
In a blog post released by Microsoft, the announced that they released an early preview of a Sidetree-based DID network that is called Identity Overlay Network (ION). This network, which runs on top of blockchain technology, has been developed based on an emerging set of open standards that they have developed working with several of their partners in the Decentralized Identity Foundation (DIF).
This shows that there are many different use cases for blockchain technology in different areas and it is also calling the attention of enterprises and companies such as Microsoft.
About the new network, Daniel Buchner, Senior Program Manager of the Microsoft Identity Division, explained:
“ION is a public, permision-less, open network anyone can use to create DIDs and manage their Public Key Infrastructure (PKI) state. ION is designed to deliver the scale required for a world of DIDs, while inheriting and preserving the attributes of decentralization present in the Bitcoin blockchain.”
As Buchner explains, there are several things and issues that need to be improved and implemented before is ready for testing on the Bitcoin mainnet.
Since 2017, Microsoft has been working with blockchain technology in a more active way than never before. At the same time, the firm has signed a partnership with MasterCard in 2018 so as to assist in the development of another digital identity platform. With this new project, the intention is to provide users with better service when accessing their online data and accounts.
Bitcoin shows that it can also be used to deploy different services and build on top of it, not only for transactions. Blockchain technology is expanding around the world and there are several companies that are experimenting with it.