A new decentralized identity network developed by tech giant Microsoft has been launched on top of the Bitcoin blockchain according to a blog post from earlier today. According to the post, the Identity Overlay Network (ION)’s beta has been deployed on the Bitcoin network and results are awaited of the beta test.
The new identity platform was developed in a partnership with the Decentralized Identity Foundation, an organization working to promote DLT-based identity solutions. The new system was developed independently from other projects of Microsoft and thus stays true to the decentralized roots. The project is capable of independent working and doesn’t rely on utility tokens, validator nodes or other more elements of a new consensus mechanism. Instead, the existing power of the Bitcoin network is used within its ecosystem. The approach is quite progressive when compared to other supposedly blockchain-based systems being developed by big companies and sets a good precedent for the future that even big tech companies can effectively take part in progressive decentralization for the future.
A date for the final release hasn’t been announced by the Microsoft team and they are looking to see how it goes in the near future before making further forays. Such a new system will definitely benefit the decentralized consensus-based identity efforts to help with the identity theft crisis. With the help of this platform, everyone will be given the opportunity to control their identity and all of their personal and business accounts and transactions as a result of it.
Identity theft is a real issue in which a hacker with access to crucial information can seize control over the digital assets of an individual without his knowledge. Hundreds of millions of dollars worth of money is lost everywhere due to identity theft scams.
Microsoft is betting a lot on Blockchain technology’s potential for the future with a range of new projects designed to help the masses. They include a new blockchain-based Azure service and a blockchain kit within its system for developers working on the Ethereum blockchain. Now the new ION project has been launched on the parent Bitcoin blockchain itself.
Other competitors of Microsoft are also working in the decentralized identity management space with ConsenSys also working on DID, their own blockchain-based smart ID management system. ConsenSys is headed by Joseph Lubin, one of the founders of the Ethereum blockchain who left Ethereum to work on ConsenSys back in 2018.
Image source: pixabay.com
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