The advancements of technology have been driving the car to the future. The phone builders were already making dedicated phones that can be used for trading cryptocurrency. Now, Microsoft is planning ahead of time willing to use public blockchains that will provide DIDs or decentralized IDs by using its Authenticator application.
According to Redmond, the internet will become far more accessible to everyone, shopping online, or starting a new business. This will only happen when public blockchains are used to serve as a decentralized identification system for cryptocurrencies.
The principal program manager at Microsoft’s Identity Division, Ankur Patel, said that for us to achieve this vision, they believe that it is essential for individuals to acquire and manage all the details of their digital identities.
The traditional methods of storing your identification online can be risky. This process includes a grant board consent to millions of apps and different services, which in return, results in your ID ending up spreading across millions of providers. Microsoft, on the other hand, has plans to make this right.
They have researched on different ranges of decentralized storage systems and found that blockchain is the best protocol out there for accessing DIDs. Recently Microsoft added bitcoin payments for xbox games and mobile content.
Why is blockchain being used?
Bitcoin had first introduced blockchain in the market; back at that time, it was viewed as one of the safest ways to keep digital money. This system assured that these blocks would remain unhackable and no one but you can access these.
Some of the companies soon released the real merit of this system and started researching how they can use it to make their processes better. From that time, blockchain’s market has gone up in the case of the companies that have demanded a safe system and easily searchable.
The Security of Blockchain
Blockchain is famous for its security. Blockchain is an encrypted system that tracks your online transaction history. When people purchase bitcoins, they buy blocks.
These blocks hold the Bitcoin value within itself with a cryptography encryption protection. The owner of such a block is only allowed to access this block when they provide the private key that they received against the transactions. This key has to be kept safe by you because, just like a locked safe, the key can’t be kept inside the block.
Remember that this key can get stolen, and you have to make sure that you are keeping it secure. If the key doesn’t get stolen and you lose it, you will lose access to your digital property. The block will be locked forever and get lost in the network chain if no one ever reaccesses it.
The Public Ledger
Blockchain originally is a distributed public ledger that tracks the online transactions you make using bitcoins. This system will come with a link that will hold the information on your purchases.
This is where you will be doing business anonymously, as identity leaks can cause trespassing issues. The blockchain will show your transaction to the address you have sent or received digital cash from.
What Microsoft is trying to do is take your privatization to another level. They will be creating DIDs that can only be owned by you and secretly shared in places needed. The areas that will receive it will store it in these blocks that, in return, will be unhackable; hence, you will be able to protect your identity from getting stolen.
As the transactions stay anonymous yet publicly present, your identification will be with those you choose. Suppose you are buying tea from a particular shop online, they know your taste and preferences and serve you right.
In the meantime, there is another tea company that knows you like drinking tea and posts their ads directing to your social media, email, etc. This is because they have collected lead from the online tea shop you purchase from.
Once the DIDs are activated, your information will stay protected in that particular tea company, while others can’t find you.
If you are interested in this concept, you should start your online trading journey with bitcoin up trade. It will help you in becoming future-ready once these advancements are made.