It’s almost an obsession at this point that Microsoft has with new technologies and blockchain is no exception. Just days after Microsoft announced its Azure Blockchain Service, it has moved onto yet another new project.
Yes, it seems that Bill Gate’s giant company has revealed that it is creating a decentralised identity network (DID) which is being done thanks to the Bitcoin blockchain. This is known as the most trustworthy blockchain in the ecosystem.
Through the Blockchain based DID, Microsoft is willing to let go of its software users login details. The new system running on Bitcoin’s parent blockchain will give users of Microsoft the ability to control their identity to use independent of any company as the user sees fit.
A lot of blockchain enthusiasts have been waiting for the creation of a blockchain-based digital identity and so this innovation could see internet users own a portable credential wallet that will help them connect to all digital platforms and apps with ease.
Proponents of this tech believe that it would give a helping hand to privacy as users would no longer need to leave digital footsteps online unless they want to of course. This innovation would also reduce the chances of hacks and leaks because there aren’t any centralised pools of data to make use of.
Microsoft has said:
“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.”
Following the announcement, the bulls rushed into praise Microsoft interest in the Bitcoin blockchain and its potential significance on Bitcoin prices. In fact, one user said:
“At $8,000 the market is grossly under-pricing the significance of the Microsoft news. For a tech giant of this magnitude to announce they are using BITCOIN is probably the most significant announcements in this space to date. They have just endorsed BTC as a platform they trust.”
But flip the coin, and others feel that Microsoft were getting a lot more out of this deal than Bitcoin.
“It is the stocks of Microsoft that should rise because they showed the world that Blockchain is Bitcoin. They use the most secure and decentralized protocol for their applications. That’s it. Bitcoin remains the same store of value with or without Microsoft…Microsoft has gained more value from Bitcoin than Bitcoin from Microsoft.”