Microsoft Steps Towards Blockchain Technology, Planning To Launch A Decentralized ID System
Feb 14, 2018 Posted / 26921 Views
Recently, Microsoft shared a post named - “ Decentralized Digital Identities and Blockchain – The Future as We See It”, where they stated about their adaptation of Blockchain Technology. Microsoft will provide decentralized ID’s (DID’s) experience at Microsoft Authenticator app.
With the motive to provide complete access and control over identity, Microsoft has opted for public Blockchains which would let a consumer experience better security, permissionless- access, and self –ownership. It will be a decentralized form of identity system which means there will be no central authority to regulate things.
In its previous posts, Microsoft preferred Bitcoins, Ethereum, and litecoins as favorable platforms for primary stages of DID’s.
“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,” – Microsoft
With the emergence of this collaboration, consumers will be able to keep control in their hands. As today while operating we allow so many third-party apps to access our personal information which can be further used without our consent. Cases of data violation and identity theft have come forward a number of times, which makes it even more important for a consumer to keep ownership with himself.
Earlier the concept of Public Blockchain was denied on the basis of expensive technology and difficult to scale. But today the developers have provided a solution similar to Lightning Network(LN), used to improve payment scale of Bitcoin and for the cost efficiency, Layer-two is preferred which will reduce the number of on-chain transactions.
“While some blockchain communities have increased on-chain transaction capacity (e.g. block size increases), this approach generally degrades the decentralized state of the network and cannot reach the millions of transactions per second the system would generate at world-scale. To overcome these technical barriers, we are collaborating on decentralized Layer 2 protocols that run atop these public blockchains to achieve global scale, while preserving the attributes of a world-class DID system,” - Microsoft.
We are still not clear about gains and advantages that Microsoft will get through introducing Decentralised ID’s. Considering the long-term benefits may be Microsoft wants to call itself one of those service providers who doesn’t want to build their financial future through spying on their customer accounts.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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