Microsoft, one of the world’s top tech and IT companies looks set to introduce new innovations hinged on Blockchain Technology. The proposed concepts are built on the foundation of Decentralized Identifiers (DID) through the World Wide Web.
Decentralized identifiers help protect customer’s digital assets by granting them independence of operation and express ownership of their accounts devoid of company or government interference. DIDs aim at greater privacy and security for users.
Unlike the current systems, Microsoft prioritizes decentralization and looks to give consumers a greater control of their personal data. This proposed concept is hinged on recent growing concerns over privacy policies of varying companies, particularly those in the social media space.
In its publication, Microsoft explains thus:
Users have developed a habit of using the same identifier and password across a wide array of products and services. This results in poor security, association and tracking of accounts.
One of such proposed products is a ‘personal data store or identity hub’. The product deals with a combination of the user’s personal devices and cloud storage which would be offered through Microsoft’s cloud computing service, Azure.
The idea behind this identity hub is to provide a platform for users to store their identity information in the hub and grant them sole access which would require their permission for third parties to access it. Through the identity hub, Microsoft grants users complete security and privacy of personal information hence, breaking current trends where users data are held by countless third parties.
The second product is a proposed Microsoft “wallet-like app”. The product among other things will allow users manage the permissions to their data including the ability to revoke them when they desire. Rather than store money, the wallet-like app will store something more valuable: your identity.
With widespread adoption of Blockchain Technology on the horizon, Microsoft hopes to capitalize on the relative lack of activity in the market and potential long term benefits for early adapters. However, both DID products still have a long way towards implementation and success but with adequate cooperation of the blockchain community; completion wouldn’t be far off.
The move by Microsoft further sheds light on the potential gains of the emerging blockchain and cryptocurrency industry as more tech companies and institutional investors look to explore its utility and benefits at this early stage. Notably, fellow American tech company IBM has been at the fore front of blockchain innovations and partnerships especially in UAE.