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Microsoft creating a blockchain-based platform for storing identity



Microsoft creating a blockchain-based platform for storing identity

The renowned computer and software company, Microsoft is planning to step into the world of blockchain and cryptocurrencies with identities. The company has moved on from just managing identities. Furthermore, it has now come to properly storing and managing identities on the blockchain in its ecosystem.

The company published a whitepaper titled “Decentralized Identity” that deals with the company’s future strategy to implement the platform. Furthermore, the whitepaper was apt subtitled with the phrase “Own and control your identity”.

About the Whitepaper

The company is planning to create decentralized identity portraits to provide users with a greater control over their privacy and private data. The company urges that technology has brought ease and accessibility in our lives to an extent only imaginable as a dystopian world previously.

Furthermore, the company states that multiple data breaches have left the user’s personal data exposed to the world. It is indeed a grave threat to an individual’s privacy. Microsoft plans to collaborate with various diversified communities. Their common motive would be creating an open, interoperable and compliant Decentralized Identity (DID).

“Identity Hub” is going to be the product focusing on the user’s basic information encrypted securely. This will also include along with it, their own devices. Furthermore, it would also contain data about their storage on Microsoft’s native cloud service, Azure.

We believe a standards-based Decentralized Identity system can unlock a new set of experiences. It  empowers users and organizations to have greater control over their data.”

To further provide control to the user on their personal data and information, Microsoft will bring another product. The project would be in concept similar to an application, like a Wallet, that will help users track their personal information. Furthermore, through this app, users will manage the data shared with the firms, and revoke access from any firms at any time.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.