The world may still be waiting for widespread adoption of blockchain technology but there is little doubt now that crypto has gained widespread recognition. And Microsoft’s venture into Bitcoin-based technology may have just sealed the deal for Bitcoin’s legitimacy within the mainstream.
The company unveiled its latest initiative, Project ION, a few days ago. ION is already being compared to Lightning, the network that harnesses the Bitcoin blockchain to create seamless micro-payment solutions between two parties to any given transaction.
And it appears that Microsoft is also partnering with the WWW Consortium to build open source protocols that will allow anyone to build distributed digital identies. Microsoft claims that its objective is to leverage blockchain technology to safeguard your data.
The company is hoping that it can exploit the blockchain’s inherent properties to offer a technology which grants users more autonomy and security for their online login credentials.
This is not new, however. Digital identity has always been something of a final frontier for blockchain tech. We are increasingly living in a world where our online personas are taking on just as much importance as our identities offline. And that implies a greater onus on personal online security – and more robust solutions to manage them.
As discussed recently on Bitcoin News, there have already been a number of precedents from established companies incorporating the Bitcoin protocol – such as food and beverage chains Jamba Juice, Whole Foods, Baskin Robbins, Starbucks and Caribou Coffee,
So Microsoft’s proposition is neither new nor original. But Microsoft do bring enormous weight to the concept of unprecedented digital sovereignty arising from blockchain tech.
Layer Two Solution
The choice of Bitcoin – as opposed to Ethereum, for example – does raise the question of why. Bitcoin is super slow after all. But Microsoft has anticipated the problem and has plans to bring about what it calls a ‘layer-two’ solution. It plans to make use of the InterPlanetary File System to allow users to access and store their data whilst the blockchain aspect of the solution remains transparent to the user.
The solution, it is believed, offers up the kind of scalability that will allow accommodation of tens of thousands tasks per second. More generally, Microsoft’s acceptance of Bitcoin could be a potential shot in the arm for crypto currency. With Bitcoin now hovering at around the $8000 mark once more, the recent rise in Bitcoin appears to have set the foundations for a new alts season.