In news out today, Microsoft said they will be supporting public blockchain technology in order to improve and decentralize ID systems.
Specifically, Microsoft says they will use bitcoin, ethereum, and others to implement decentralized identity systems.
A decentralized identity system would not be controlled by a single, centralized institution.
Removing that would prevent the possibility of censorship and it would also give individuals control over their own identity.
Why blockchain and why bitcoin?
Some quotes about why they chose bitcoin and blockchain technology to go this route:
"After looking at various types decentralized identity systems, Microsoft turned to public blockchains due to their ability to enable privacy, self-ownership, and permissionless access."
And then this:
“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."
Besides being a payment or currency, identity is another possible use case for blockchain technology.
Microsoft specifically pointed to bitcoin, ethereum, and litecoin as three platforms that could be suitable for distributed ID.
This is potentially huge news as it provides a real world use case for blockchain technology.
This is also one of the first real world business problems that blockchain technology is actually being used to solve.
The next time someone tries to tell you that bitcoin and cryptocurrency are all akin to beanie babies with no real world use cases, just point them to this article, right after you tell em to suck it! ;)
Many more like this are probably going to pop up over the next couple years as well.
The future is now.
More info from the release can be seen here:
Very cool that large companies are starting to embrace blockchain as well
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It’s about time now. All the big companies are working on blockchain.
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it's the era of blockchain and cryptocurrency.
it's an innovative approach from Microsoft to ensure IT security.
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Your post is Microsoft exploring blockchain and bitcoin for decentralized ID systems - by @voiceofreason very useful for all people
Thanks for sharing
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I saw a recent ad from IBM touting their blockchain technology, clearly this is where technology is going.
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It would seem to me that although they are partnering with Stellar in support of an international payments platform. That might be their good will project in terms of helping to bring banking to the 3rd world.
Their own project seems to leverage advantages of block chain, such as ledgers and ways of setting up trustless contracts for use in massively overhauling global supply chains, specifically shipping it would seem. Well, for now that seems to be their user case study.
https://www.maersk.com/press/press-release-archive/maersk-and-ibm-to-form-joint-venture
https://www.ibm.com/blockchain/hyperledger.html
There is no cryptocurrency involved, and it would seem that this would very much be a private blockchain application, mainly to bring stability I would imagine. A software application of blockchain technology, so more of a hybrid, than a true rendering of what Bitcoin was created for.
Still it represents evolution of the idea, and in all cases there will be a need for both truly decentralised applications, and those that can ultimately be controlled to a certain degree, whilst allowing its users anonymity within the sandbox its owner has created.
I think there will be big business in both.
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blockchain seems like it would be awesome for managing logistics and inventory and massive global shipping problems, maybe even dealing with things like customs more efficiently.
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Yeah the integration network between each entity in the supply chain at the moment is complex and highly susceptible to malware attacks. With logistics being such a fluid entity its also hard to build automated systems that can adapt.
In controlled warehouses like Amazon it works like a dream.
Bridging between each company's preferred software application is doable, and it all talks to each other, but yeah I think industry can learn alot from current blockchain applications. ARK for one, and bridging. Getting code to talk to one another is one of the major hurdles right now.
Though I do think block chain and some form of adaptive learning machine intelligence will eventually supersede the systems we have in place right now. I don't think it will be decentralised tech, that is as per IBM no crypto currency tokens governing the staking process and securing the network. But its interesting to watch.
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Its good information provided. Thanks for sharing.
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I think this is down to bitcoin having the largest share in the crypto market.
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You're highly welcome Microsoft, your expertise will be highly recommended and appreciated
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Microsoft is big international company
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Thanks for the info
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First T-Mobile and now Microsoft, blockchain is starting to go mainstream.
That is nice and all, but the community will have to find a way to discourage scammers from the platform. I know it is decentralized, however I know there are many white hackers who can take down these clearly fake and Ponzi scheme sites.
We tech enthusiasts know how to spot the fake, but the common folks are not as smart in these things. We cannot allow another BitConnect/Spaceminer and a thousand other scams to continue. The average consumer will not tolerate that.
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Thanks for that timely update on the useful application of blockchain technology
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I'm happy to see how more and more big companies are coming to the blockchain technology and how almost each month we can see more interesting projects trying to solve a real problem as for example vechain against piracy as you say the future is now. Regards
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Its just a matter of time and the world will see the reality of crypto's dominance in the discourse of systems and applications. Timely post @africaunited
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I liked the news after my friend @africaunited
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I had no idea blockchain technology was a thing until a few weeks ago. I didn't even know bitcoin was just a use of blockchain tech. I'm only 19 years old, but even I understand the magnitude of how powerful this is going to be. I believe that blockchain is the equivalence of the creation of the internet for my generation. Gotta tell my friends to start paying attention!
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thanks for sharing this good informations.
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Its good information provided
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Blockchain is gradually gaining relevance in solving world challenging economic problems.am not surprised at the news that Microsoft is adopting this Blockchain tech.... For sure I expect more to follow suit.
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Welcome to the party Microsoft.... never too late to jump on the wagon we got plenty of room.
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From Blockchain to AI, Bots to Big Data and more, get valuable insights and guidance from Microsoft experts, whether you’re exploring, planning, or building your cloud apps.
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Genuinely Good work..! ! Thank You for sharing this on steemit!
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Awesome post! I invite you to visit our blog and vote us back! And of course to enjoy our content :)
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