The news may be especially bullish for Bitcoin as Microsoft developers hint they will use the actual Bitcoin chain to build the platform.
Microsoft to Present Decentralized Identity Proof of Concept at Consensus 2018 based on Bitcoin’s Lighting Network.
Ankur Patel, Principal Program Manager of Microsoft’s Identity Division, is leading these incubations and explained in a blog post the value of digital identity for the billions of people living today in the world, and how blockchain technology will offer an easy to use self-owned identity to completely control how data is accessed and used.
To achieve this vision, we believe it is essential for individuals to own and control all elements of their digital identity. 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.
Patel made the case for decentralized identity to own and control one’s identity in a system where privacy is by design and built-in from the ground up. Microsoft’s project wants the trust to be earned by people and built by the community, unlike conventional identity systems which are mostly geared toward authentication and access management.
The company has participated in the Decentralized Identity Foundation (DIF) to set up a decentralized identity ecosystem built on standard, open source technologies, protocols, and reference implementations. Patel said his team is collaboratively developing Decentralized Identifiers (DIDs), Identity Hubs, Universal DID Resolver, and Verifiable Credentials.
Daniel Buchner, the lead developer of Decentralized Identity at Microsoft, wrote two tweets that back the community’s suspicions.
I was intro’d to Bitcoin in early 2011 by a good friend at Mozilla. That year I started working on a proposal called Firefox Handshake, a vision for decentralized apps/comms based on Bitcoin-anchored decentralized IDs
Now, in May 2018, we’re at the tipping point of inevitability
— Daniel Ƀ (@csuwildcat) May 13, 2018
Blockchain Week New York City, aka Consensus 2018, could be the next big catalyst for Bitcoin, according to Robert Sluymer, an analyst at Fundstrat Global Advisors. Microsoft’s presentation at Consensus 2018 is Wednesday, May 16th at 9:10 a.m