In this digital age, there are approximately 2.5 billion people signed up on various social media platforms. When we sign up for these platforms, we invariably concede our personal information such as our name, age, and interests to these digital giants. These giants then sell this data to advertisers for financial gains, which compromises our privacy. Furthermore, with hackers becoming shrewder by the day, our online identities are in serious danger. Many organizations are using Blockchain to save us from this threat.
The Blockchain Solution:
Microsoft intends to place all control over personal data in people’s hands by using blockchain technology. This way, no breach of privacy occurs without the user’s consent. Microsoft dreams to create a single digital identity for every individual, which only they can moderate.
After testing out many technologies such as decentralized storage systems, consensus protocols, and others – blockchain technology ultimately emerged as a clear winner. When implemented, Microsoft wants to ensure DIDs become easy to use and accessible to everyone.
For reference, Microsoft’s blog post reads:
“Each of us needs a digital identity we own, one which securely and privately stores all elements of our digital identity. This self-owned identity must be easy to use and give us complete control over how our identity data is accessed and used.”