Another huge positive for cryptocurrency mainstream adoption! Tech giant Microsoft has become the first big company to build an application on top of Bitcoin’s blockchain. The open source project is called the Identity Overlay Network (ION).
According to Microsoft, ION is a public, permission-less and open network that anyone can use to create Decentralised Identifiers (DIDs) and manage their Public Key Infrastructure. ION is designed to deliver the scale required for DIDs, while inheriting and preserving the attributes of decentralisation present in the Bitcoin blockchain.
While the company has just released an early preview of ION, Microsoft will work with open source contributors and members of the identity community for a public launch of the ION network on the Bitcoin mainnet in the coming months.
A lot of the leading tech companies are working on digital identity projects on the blockchain. Payments giant PayPal recently acquired Cambridge Blockchain, a startup working in the space. Even Facebook CEO Mark Zuckerberg had said that his company is evaluating the possibility of Facebook logins on the blockchain.