Microsoft exploring use of blockchain technology, pointing to the likes of Bitcoin, Ethereum, and Litecoin
It is reported that tech giant Microsoft are exploring the use of blockchains, touting names such as Bitcoin, Ethereum, Litecoin, for their respective technologies. The reason this is of interest to the company, is they see value and efficiencies in the use of the blockchain technology for their decentralized IDs (DIDs) through the Microsoft Authenticator app.
They highlight that with the current model, people do not have any form of control over their identity, which is exposed to all sorts of potential issues; theft, data breaches etc. Microsoft believe that with the use of Blockchain, people can store, control and access their identity in an encrypted digital hub.
Microsoft commented saying "With consent, Microsoft Authenticator will be able to act as your User Agent to manage identity data and cryptographic keys. In this design, only the ID is rooted on chain. Identity data is stored in an off-chain ID Hub (that Microsoft can't see) encrypted using these cryptographic keys,"
Previously, Microsoft were touted to have been entering into a formal partnership with IOTA, however this was later denied by the company. In time, it will be made clearer about who and which networks Microsoft will work with on this project of theirs.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
