Microsoft exploring blockchain and bitcoin for decentralized ID systems - by @voiceofreason
In news out today, Microsoft said they will be supporting public blockchain technology in order to improve and decentralize ID systems.
Specifically, Microsoft says they will use bitcoin, ethereum, and others to implement decentralized identity systems.
A decentralized identity system would not be controlled by a single, centralized institution.
Removing that would prevent the possibility of censorship and it would also give individuals control over their own identity.
Why blockchain and why bitcoin?
Some quotes about why they chose bitcoin and blockchain technology to go this route:
"After looking at various types decentralized identity systems, Microsoft turned to public blockchains due to their ability to enable privacy, self-ownership, and permissionless access."
And then this:
“After examining decentralized storage systems, consensus protocols, blockchains, and a variety of emerging standards we believe blockchain technology and protocols are well suited for enabling Decentralized IDs."
Besides being a payment or currency, identity is another possible use case for blockchain technology.
Microsoft specifically pointed to bitcoin, ethereum, and litecoin as three platforms that could be suitable for distributed ID.
This is potentially huge news as it provides a real world use case for blockchain technology.
This is also one of the first real world business problems that blockchain technology is actually being used to solve.
The next time someone tries to tell you that bitcoin and cryptocurrency are all akin to beanie babies with no real world use cases, just point them to this article, right after you tell em to suck it! ;)
Many more like this are probably going to pop up over the next couple years as well.
The future is now.
More info from the release can be seen here:
Very cool that large companies are starting to embrace blockchain as well
It’s about time now. All the big companies are working on blockchain.
it's the era of blockchain and cryptocurrency.
it's an innovative approach from Microsoft to ensure IT security.
Your post is Microsoft exploring blockchain and bitcoin for decentralized ID systems - by @voiceofreason very useful for all people
Thanks for sharing
I saw a recent ad from IBM touting their blockchain technology, clearly this is where technology is going.
It would seem to me that although they are partnering with Stellar in support of an international payments platform. That might be their good will project in terms of helping to bring banking to the 3rd world.
Their own project seems to leverage advantages of block chain, such as ledgers and ways of setting up trustless contracts for use in massively overhauling global supply chains, specifically shipping it would seem. Well, for now that seems to be their user case study.
https://www.maersk.com/press/press-release-archive/maersk-and-ibm-to-form-joint-venture
https://www.ibm.com/blockchain/hyperledger.html
There is no cryptocurrency involved, and it would seem that this would very much be a private blockchain application, mainly to bring stability I would imagine. A software application of blockchain technology, so more of a hybrid, than a true rendering of what Bitcoin was created for.
Still it represents evolution of the idea, and in all cases there will be a need for both truly decentralised applications, and those that can ultimately be controlled to a certain degree, whilst allowing its users anonymity within the sandbox its owner has created.
I think there will be big business in both.
blockchain seems like it would be awesome for managing logistics and inventory and massive global shipping problems, maybe even dealing with things like customs more efficiently.
Yeah the integration network between each entity in the supply chain at the moment is complex and highly susceptible to malware attacks. With logistics being such a fluid entity its also hard to build automated systems that can adapt.
In controlled warehouses like Amazon it works like a dream.
Bridging between each company's preferred software application is doable, and it all talks to each other, but yeah I think industry can learn alot from current blockchain applications. ARK for one, and bridging. Getting code to talk to one another is one of the major hurdles right now.
Though I do think block chain and some form of adaptive learning machine intelligence will eventually supersede the systems we have in place right now. I don't think it will be decentralised tech, that is as per IBM no crypto currency tokens governing the staking process and securing the network. But its interesting to watch.
Its good information provided. Thanks for sharing.
I think this is down to bitcoin having the largest share in the crypto market.
You're highly welcome Microsoft, your expertise will be highly recommended and appreciated
Microsoft is big international company
Thanks for the info