Paypal’s First Blockchain Bet: Digital Identity

Paypal has made a relatively small (for a $ 120+ billion company) in Cambridge Blockchain, which is a company focused on digital identity. Paypal’s First Blockchain Investment Cambridge Blockchain is working on a product that will amount to a digital passport: the user will be able to have strict control of who uses their data, but also be able to use it to verify themselves. The investment gives a clear picture of how Paypal, who allow people to send, receive, and store money without the need of a bank (and even use ATM services through their debit card), might use the

The post Paypal’s First Blockchain Bet: Digital Identity appeared first on CCN

News – CCN

Facebook’s Crypto Division Might Build a Blockchain Identity System: Mark Zuckerberg

Weighed down by countless accusations of user-data violations, crypto-curious Facebook has signaled that it could turn to blockchain technology for some tasks. In a video discussion, Facebook’s CEO Mark Zuckerberg told Harvard Law professor Jonathan Zittrain, that the social media giant could integrate blockchain technology into the platform’s login and data sharing systems. This would allow its billions of users to enforce control on the apps that access their data, profiles, and pages. Additionally, the technology would empower users with regards to the amount of data they share. Facebook Interested in Using Blockchain to Boot Intermediaries – Apple are you

The post Facebook’s Crypto Division Might Build a Blockchain Identity System: Mark Zuckerberg appeared first on CCN

News – CCN

Mass Adoption is Coming: The Biggest US Automaker Turns to Blockchain to Help Save Millions in Identity Theft

General Motors Financial has partnered with blockchain company Spring Labs to help reduce identity theft. It’s a move that could potentially save the car maker millions of dollars in fraud costs. As CCN previously reported, 95% of carmakers expect to use blockchain technology in the next three years, but General Motors is leading the pack. The partnership will see GM Financial, the finance branch of General Motors, join Spring Labs’ Spring Founding Industry Partners Program. The initiative is designed to advance the role of blockchain in data sharing. This is a huge nod towards real-world adoption of blockchain technology. Very

The post Mass Adoption is Coming: The Biggest US Automaker Turns to Blockchain to Help Save Millions in Identity Theft appeared first on CCN

News – CCN

Microsoft + Bitcoin Lightning Network. Decentralized Identity proof of concept to be shown off at Consensus 2018. Seems big

I'm not sure why this is flying under the radar. This seems extremely bullish for bitcoin.

At the Consensus event – Wednsay 16th at 9:10am Microsoft will be presenting the following:

"DECENTRALIZED IDENTITY FOR A DECENTRALIZED WORLD

Empower users to own and control their Identity. In this session Microsoft, along with Sovrin, Blockstack and uPort will share why we need Decentralized Identity. We will share proof of concept from first set of proposed standards and challenges ahead with a decentralized identity experience for everyone and everything."

The idea behind this is for people to own their own identity (and property) information rather than having corporations holding your details and having to verify every user. This is an extremely big industry and costs user and corporations heaps in security, verification processes, customer service etc..

I believe this is going to be built [primarily] on the bitcoin lightning network. Microsoft have already released the following:

"To support a vast world of users, organizations, and devices, the underlying technology must be capable of scale and performance on par with traditional systems. Some public blockchains (Bitcoin [BTC], [E TH], [L TC], to name a select few) provide a solid foundation for rooting DIDs, recording DPKI operations, and anchoring attestations. While some blockchain communities have increased on-chain transaction capacity (e.g. blocksize increases), this approach generally degrades the decentralized state of the network and cannot reach the millions of transactions per second the system would generate at world-scale. To overcome these technical barriers, we are collaborating on decentralized Layer 2 protocols that run atop these public blockchains to achieve global scale, while preserving the attributes of a world class DID system."

Source: https://cloudblogs.microsoft.com/enterprisemobility/2018/02/12/decentralized-digital-identities-and-blockchain-the-future-as-we-see-it/

Clearly bitcoin is way ahead with second layer solutions (lightning network) and will therefore be the strongest candidate to run this system.

Verifying this, the lead microsoft developer, Daniel Buchner, tweeted this morning;

"I was intro'd to Bitcoin in early 2011 by a good friend at Mozilla. That year I started working on a proposal called Firefox Handshake, a vision for decentralized apps/comms based on Bitcoin-anchored decentralized IDs

Now, in May 2018, we're at the tipping point of inevitability"

source: https://twitter.com/csuwildcat/status/995796810827517952

When Microsoft releases this on the bitcoin network it will boost community and institutional confidence that bitcoin is still the leader in crypto development and has the strongest and most distributed blockchain.

Daniel's tweet hints that this system is close to being released

TLDR: Microsoft will soon release a decentralized identity system which will likely be built on the Bitcoin Lightning Network.

submitted by /u/Fly115
[link] [comments]
Bitcoin – The Currency of the Internet

Bad Checks? Crypto Twitter's Identity Crisis Is Hurting More Than Bitcoin

Before the bitcoin scaling debate came to a head last fall, with a significant contingent of enthusiasts splitting off the core bitcoin network to create bitcoin cash, the @bitcoin Twitter handle tweeted information in support of bitcoin. The account has been operated by many owners over the years, and the …
Google Alert – bitcoin