Microsoft Corporation is working on its decentralized identity (DID) network upon the bitcoin blockchain according to the announcements received earlier today in our coming altcoin news.
In the blog post, the company stated that the infrastructure dubbed The Identity Overlay Network (ION) will be based on the developing set of open standards in conjunction with the Decentralized Identity foundation. Microsoft claims that the new approach will get to the issues that mean ‘’the most robust, decentralized, public blockchains operate at just tens of transactions per second, nowhere near the volume a world full of DIDs would demand.’’ The company also pointed out that the approach will bring tens of thousands of operations to be achieved per second. The blog post outlines:
“We believe every person needs a decentralized, digital identity they own and control, backed by self-owned identifiers that enable secure, privacy preserving interactions. This self-owned identity must seamlessly integrate into their lives and put them at the center of everything they do in the digital world.”
The program manager for the Microsoft Identity Team Daniel Buchner, says that the goal of the decentralized network is to remove the control that the services, organizations, and apps have over digital identifiers including email addresses and usernames.
The Microsoft Corporation wants to create a better ecosystem where ‘’billions of people and devices can securely interact over an interoperable system built on standards and open-source components.’’ The tech giant also plans to collaborate with open-source contributors so the ION can be launch on the Bitcoin mainnet in the upcoming weeks.
The technology that provides users with bigger control over their digital identity is now currently in high demand. PayPal is even investing in such a startup as mentioned in the latest cryptocurrency news last month. ION is not the first initiative that is based on the blockchain for Microsoft. At the start of the month, the company released its new Azure Blockchain development Kit for the Ethereum blockchain. Starbucks is one of the companies that use this service in order to track their coffee production.
The new Azure Blockchain Service is one of the company arms that Microsoft launched on May 2nd. It is designed to allow customers to leverage blockchain solutions in a streamlined fashion.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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