Copy link
Increase text size
Decrease text size
Link copied

Microsoft unveils decentralized identity network built on bitcoin blockchain

Thu, 16 May 2019, 05:04 am UTC

Tech titan Microsoft this week unveiled a decentralized identity (DID) network built on the bitcoin blockchain.

The company noted that blockchain technology has the potential to create identity systems that highly secure and censorship-resistant. However, the technology’s transactional volumes are extremely limited at present, and cannot meet the global demand stemming from DID systems.

“The most robust, decentralized, public blockchains operate at just tens of transactions per second, nowhere near the volume a world full of DIDs would demand,” it said.

The key issue here was to improve performance and scale DID systems while maintaining the properties of decentralization and self-ownership. To address this challenge, Microsoft teamed up with the members of Decentralized Identity Foundation (DIF) – ConsenSys and Transmute – to develop a blockchain-agnostic protocol for creating scalable DID networks, called Sidetree.

Building upon this protocol, Microsoft developed Identity Overlay Network (or ION) which runs atop the Bitcoin blockchain. It is based on an evolving set of open standards developed in collaboration with DIF members.

“ION is a public, permission-less, open network anyone can use to create DIDs and manage their Public Key Infrastructure (PKI) state. ION is designed to deliver the scale required for a world of DIDs, while inheriting and preserving the attributes of decentralization present in the Bitcoin blockchain,” Microsoft explained.

Furthermore, the company said that it has observed “tens-of-thousands of DID operations per second” on low-powered consumer reference hardware.

Speaking to CoinDesk, Yorke Rhodes, a program manager on Microsoft’s blockchain engineering team, said that the team has been working for a year on a key signing and validation software relying on public blockchains, such as bitcoin or Ethereum, but capable of handling “far greater throughput than the underlying blockchain itself.”

Microsoft said that it has deployed an early preview build of ION on Azure. It is also teaming up with ecosystem partners to operate ION nodes. Some of the organizations who are joining the project to run nodes include Equinix, Casa, Learning Machine, Civic, and Cloudflare.

“In the coming months, we’ll work with open source contributors and members of identity community to prepare for a public launch of the ION network on Bitcoin mainnet,” it said.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,993.05 (+3.92%)
  • Ethereum (ETH) $171.79 (+2.24%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $362.74 (+0.67%)
  • Bitcoin SV (BSV) $297.40 (+4.99%)
  • Bitcoin (BTC) $8,993.05 (+3.92%)
Jan 28, 2020 (Tuesday)
07:06
Crypto Technicals: ETH/USD hovers shy of 200-DMA (176.06), poised for further gains
04:36
Crypto Technicals: BTC/USD extends break above 200-DMA, $10,000 level in sight
04:36
Iran issues over 1,000 licenses to cryptocurrency miners: Report
04:10
Swiss banking giant Julius Baer launches digital asset services
Jan 27, 2020 (Monday)
15:51
Blockchain startup SettleMint raises €1.9M from KPN Ventures and Medici Ventures
14:05
Bitcoin Gold blockchain suffers 51% attack, $70k worth of crypto double spent
13:24
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:53
Accenture launches blockchain-based marketplace to onboard suppliers
11:50
Crypto Technicals: LTC/USD holds cloud support, shows signs of upside resumption
11:13
South Korean military taps Raonsecure for blockchain-based biometric ID solution
10:21
Indian securities regulator SEBI sees potential in blockchain technology, calls for more active research
08:22
Australian crypto exchange Independent Reserve expands to Singapore
08:05
Hawaiian lawmakers seek to allow banks to offer crypto custodial services
07:24
Crypto Technicals: ETH/USD consolidates weekend gains, break above 200-DMA (176.56) to fuel further upside
07:23
Dubai Multi Commodities Center to establish Crypto Valley to boost blockchain ecosystem
05:58
World Economic Forum announces new global consortium for cryptocurrency governance
05:15
Ukraine to block crypto wallets and seize illegally obtained assets
04:51
Lancashire Cricket and SecuTix use blockchain to improve user experience in purchasing tickets
04:33
Crypto Technicals: BTC/USD bounces off channel support, set to retest 200-DMA (8916)
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft