Microsoft Builds Decentralized Identity Network Atop Bitcoin Blockchain
Microsoft is building a decentralized identity (DID) network atop of the bitcoin blockchain, the tech giant announced on May 13.
In a blog post, the company said the infrastructure, known as the Identity Overlay Network (ION,) is based on an evolving set of open standards developed in conjunction with the Decentralized Identity Foundation.
In explaining the rationale behind ION, the blog post added:
We believe every person needs a decentralized, digital identity they own and control, backed by self-owned identifiers that enable secure, privacy preserving interactions.
Technology that gives users greater control over their digital identities is gaining traction, with PayPal investing in such a startup last month.
ION is far from Microsoft’s first blockchain initiative. Earlier this month, it released a new Azure Blockchain Development Kit for the Ethereum blockchain, with Starbucks implementing this service to track coffee production.