Bitcoin’s Blockchain is really proving the naysayers wrong in all respects, at the moment. The e-currency has just surpassed the $8,000 barrier, proving all the doom and gloom prophecies over the blockchain to be nothing but feeble opinions of centralised punters. But, that is not all… Tech giants, Microsoft, have moved into the realm of decentralised networks by launching the world’s very first decentralized infrastructure implementation by a major tech company. This, it has done directly on the Bitcoin Blockchain. Surely the world can no longer deny the value of Blockchain principles and decentralised currency.
Instead of trading in Bitcoin on the Blockchain, Microsoft is leveraging the advancements of the Blockchain and its ability to share and verify data, to channel ‘trustless’ digital identity solutions (DIDs) on the web. This tech will allow individual users to create a digital profile and remain in complete control of their information while on the web, rather than handing their sensitive information over to centralised servers for storage.
The intention is to make individual usernames and passwords over countless platforms that you might frequent, obsolete. Instead, users can use one decentralised profile or DID in the form of a private Key hash code, that when inputted, registers on the Bitcoin Blockchain and proves ownership. Nodes on the ION (Identity Overlay Network) network will keep a concise record of the DIDs and timestamp them on the blockchain to verify them.
An ION ID would be created by you on the network with a public key as reference for the account. Once all of your particulars are updated and formulated within the digital ID, you would sign it off with a private key, much like the one you use when you transact in Bitcoin.
Your profile is then filed on an ION Node and archived to the system in the form of metadata, without the system actually accessing the data contained in the ‘package’. This Node is then tethered to the blockchain. Each time you use your key at a supporting vendor to verify your identity, the node will identify the public and private keys you use on the Blockchain and verify the data and the transaction.
This form of technology could be used in many cases. Wherever proof of identity is needed, ION could be of use:
Sign into a Blockchain Casino with ease
Register for loyalty schemes
Verify your Identity at a club
Trade on the Stock Exchange
The list goes on and on.
BENEFITS TO THE PUBLIC
A lot of business is done online nowadays. Having to input your data onto an online vendor’s site all the time only adds to the risk that you are taking on the web. Your identity is only as safe as its security features. Once you are able to register an ION account (currently in testing phase on the chain), you will no longer have to register your credentials ever again if the vendor has access to the protocols through Microsoft. It not only secures your information more thoroughly but will also streamline your time on any digital platform.
BENEFITS FOR THE BLOCKCHAIN
There are numerous benefits for the Blockchain and cryptocurrency as a whole, thanks to this Microsoft initiative.
It makes the incentive of becoming a blockchain start-up company all the more inviting. An entrepreneur can now guarantee that his/her decentralised Blockchain company will become part and parcel of a platform that is on the cutting edge of future development.
Microsoft is one of the tech industry heavyweights. Just their acceptance of Bitcoin’s Blockchain is enough to calm all doubts about the authenticity and reliability of this cryptocurrency and its platform. It proves outright, that the Blockchain leads the way to the future.
Bitcoin exposure is sure to grow, which means that Bitcoin vendors are sure to see an influx of business. Though ION has nothing to do with the e-currency, per se, you cannot promote the platform without promoting what it stands for and what it provides the public with.
Microsoft’s initiative seems to highlight the entire Bitcoin package, which does wonders for research and education. It’s been said before that Bitcoin would be so much more popular if the public were just educated enough on the principles underpinning the currency and its platform. Taking the decentralized philosophies to the mainstream public by way of Microsoft and its affiliations, is sure to up the interest level of the underlying platform. Surely, this will promote more thorough research into the Bitcoin ‘mystery’.
Microsoft’s interest in Bitcoin is sure to establish it as the number one Crypto-platform in the world, striking up favourable crypto to crypto trade leverage.
THE VEGASCASINO THUMBS UP
At VegasCasino, we see a future that makes transacting on our platform even easier than it already is. We already stand by and trust the principles underpinning the Blockchain. As such, we welcome any and all modifications and additions that make the network just that much better.
For an insight into one of many ways in which the Blockchain can pay off, why not try some of our fine casino entertainment on our proudly Bitcoin-First gambling site.
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