Microsoft’s Blockchain – Manage your Digital Identity More Securely
Microsoft has announced that they have plans to use the blockchain technology as a base for processing and storing digital identity data. The blockchain has great potential beyond its application in cryptocurrencies, and now Microsoft is going to step in to explore its potential.
Blockchain can be considered as an electronic ledger or a secure storage space which can store any data, documents, files, information and much more. But when a new technology is developed people will have many concerns regarding its use, safety, etc. Steps made by companies like the Microsoft can create a sense of safety and reliability among the people and encourage them to use the technology.
After collaborating with the DIF (Decentralized Identity foundation), Microsoft revealed that it is going to implement blockchain to improve privacy and security and solve all the problems encountered related to identity and personal data.
Microsoft team believe that every single person should own and have control of their digital identity. Their aim is to provide a secure & encrypted digital hub to every individual, where their identity can be stored and its access controlled. One of the best advantages will be that instead of depending on third-party services, the blockchain will be able to put control in the customer’s hands as well as securely store personal data.
After having a thorough check-up of the consensus protocols, blockchains, decentralized storage systems, and different emerging standards, Microsoft concluded that the blockchain technology and protocols are apt for enabling DIDs (Decentralized Identifiers). Developers will be able to access a more accurate set of attestations and reduce legal problems (like KYC/AML, GDPR, etc.) by processing the info rather than controlling it on the user’s behalf.
To ensure safety and security, the company has also proposed new services like the Decentralized Identifiers (DIDs), Identity Hubs, Universal DID Resolver and the Verifiable Credentials.
Blockchain Magazine is an independent platform mainly focused on news and stories related to blockchain and other decentralized technologies. We are committed to deliver and present a reliable and true picture of blockchain framework.