“Decentralized identification for a decentralized world”, under this slogan the presentation of a new authentication system will take place. On the morning of May 16, Microsoft will tell you the details of using the bitcoin blockchain for a personal identification system.
The Microsoft team proposes to stop using corporate services for content and storage of data and make users the owners of their personal data. Practice shows that all the costs application creators spend on systems for protecting and storing customer data cannot reliably protect user information from hacks and viruses.
Therefore, Microsoft believes that in order to resolve security issues, users should have full control over their personal data. This approach is relevant given the number of applications used by clients today that require identification information.
Building such a security system of the future is possible through the use of blockchain, which makes it possible to decentralize the placement of personal data. Information is not stored by each service on its own server, but by an encrypted storage of identification data, a hub. And the user opens access to this hub to third-party applications at his own discretion.
To support the millions of transactions per second that the system will need to generate on a global scale, the underlying blockchain technology must be able to scale. Microsoft is confident that the bitcoin blockchain is the best suited for solving technical problems, and second-layer systems will reduce the number of costly interactions in the blockchain. The decentralized identity system will use Lightning Network technology and decentralized Layer 2 protocols that run on top of blockchains. Microsoft developer Daniel Buechner is confident that the application, based on decentralized IDs, will be a “game changer in the adoption of cryptocurrencies.”
Naturally, this is not the first attempt to use blockchain technology to develop such a system. Most recently, Telegram announced the creation of a new service for storing users’ personal data, Telegram Passport, the first service for its future blockchain platform Telegram Open Network (TON). However, Telegram took a different route, offering to collect all personal data on one third-party server. Practice will show which approach to ensuring the security of personal data will be more reliable.
You May Also Like
Johnny Depp became a partner of the startup TaTaTu
Johnny Depp is teaming up with TaTaTu, a newly launched blockchain social entertainment platform, to create cinematic content.
Five Steps to Blockchain Adoption
Behind the loud hype and monetary investments in the blockchain and cryptocurrency markets, it can be difficult to realize how young this industry really is. Widespread consumer acceptance has not yet been achieved, nor have many promising projects been launched.
