Switzerland Plans To Become A Crypto-Nation
Microsoft is wanting to create a decentralized, blockchain-based, a digital identity management platform that will fundamentally enable the clients to own and in addition secure access to their online persona through encoded database hub. It has been trusted that utilizing public blockchains that work as decentralized identity frameworks for digital currencies, can help in making the internet available to each kind of people as much as possible.
For past some time, Microsoft has been exploring the approaches to utilize the dispersed ledger technologies like Blockchain to make the digital identities that are more secure and will upgrade individual control and privacy.
As per Ankur Patel, the chief program manager at Microsoft’s Identity Division:
“To achieve this vision, we believe it is essential for individuals to own and control all elements of their digital identity. Rather than grant broad consent to countless apps and services, and have their identity data spread across numerous providers, individuals need a secure encrypted digital hub where they can store their identity data and easily control access to it.”
He additionally remarked:
“We are humbled and excited to take on such a massive challenge, but also know it can’t be accomplished alone. We are counting on the support and input of our alliance partners, members of the Decentralized Identity Foundation, and the diverse Microsoft ecosystem of designers, policy makers, business partners, hardware and software builders.”
Out of all the decentralized storage frameworks Microsoft has investigated, Blockchain given the most robust protocol to permit Decentralized IDs (DIDs)
A month ago, Microsoft joined the ID2020 alliance with Accenture and The Rockefeller Foundation, which is a worldwide partnership to create a blockchain-based, an open source identity system that will help 1.1 billion individuals throughout the world.
Presently, Microsoft is detailing its gaining from blockchain exploration and ID2020 partnership and its intend to utilize the Microsoft Authenticator application, that is now utilized by many individuals, to give the DIDs.
It isn’t the first occasion when that Microsoft has turnied to this booming industry. In 2014, the tech giant began tolerating bitcoins as payment to purchase Xbox games and windows applications. In January, the company additionally quit allowing bitcoin payments twice, however later continued.
Presently, it will utilize blockchain in a wide angle to make individuals’ identities more secure. With such a major brand utilizing the blockchain innovation, almost certainly it can possibly go maistream.
It is intriguing to watch what other huge names after Microsoft would make their invasion into the blockchain and digital currency industry.