Microsoft to build on top of Bitcoin a decentralized identity system

Latest

Microsoft started developing a decentralized identity infrastructure on top of the Bitcoin blockchain with the purpose of making life easier for users that employ various methods of proving their online identity.
Instead of using a username and password every time you access an online location, you can simply take advantage of the Microsoft decentralized identity solution all over the online environment.
This type of decentralized system has already been placed under the name of Project ION – Identity Overlay Network and by taking advantage of Bitcoin blockchain users actually become the sole owners of their private data.
But how exactly will I be able to create a decentralized ID?
To create your own decentralized ID, you’ll have to forward a document containing your own public key on the ION network. This document signed with your private key will be recorded into the network that keeps your data. Further on, the information is placed in a transaction record and written on the Bitcoin blockchain.
Even though the valuable information is placed on a public decentralized blockchain, the details can only be accessed by the user who can also operate any necessary updates by using a private key in order to prove his or her identity.
Microsoft aims with this initiative to increase privacy and online security of users. If at the moment our online credentials are many times in the hands of multiple applications and websites, in the future these details will only become available to us.
Microsoft is not at the first blockchain-based project.
A few weeks ago the giant technology company launched the Azure Blockchain Development Kit assisting Starbucks integrate the service that will allow coffee lovers know exactly what type of coffee they drink and where it comes from. Up to this moment, the collaboration between Microsoft and Starbucks seems to progress very well, the two popular companies exploring together the blockchain technology.

Leave a Reply

Your email address will not be published. Required fields are marked *