The Next Web discusses how Microsoft is developing digital identity management techniques using blockchain as the basis, hopefully proving all the naysayers wrong:
Following a collaboration with the Decentralized Identity Foundation (DIF), Microsoft has revealed its plans to rely on blockchain technology to solve some of the challenges we face when managing our identities and personal data digitally, such as improving privacy and security across the physical and digital world.
“We believe it is essential for individuals to own and control all elements of their digital identity,” the company said in a blog post. “Rather than grant broad consent to countless apps and services, and have their identity data spread across numerous providers, individuals need a secure, encrypted digital hub where they can store their identity data and easily control access to it.”
To this end, the company is developing an off-chain solution – akin to the Lightning Network – that will allow it to process massive volumes of ID data without congesting the blockchain network.
While the company has yet to demo working prototypes of its solutions, it has shared some findings from its jointly research with the DIF. In addition to its uses for cryptocurrencies like Bitcoin and Ethereum, the Windows-maker concludes that blockchain tech is well-suited for a number of other applications.
Blockchain is being leveraged in so many industries that it will one day be as ubiquitous as computers themselves.