Microsoft has been making forays into the crypto world recently and it’s showing no signs of slowing down. In its latest project, Microsoft has released a white paper outlining its plans for a Decentralized ID (DID) system. This new system would enable users to create their own digital ID, which can be used in the know your customer (KYC) process and for a number of other uses – such as within crypto exchanges and online casinos. The system could save web users a large amount of time filling in similar and repetitive forms. Microsoft is looking to create a range of blockchain products that benefit consumers, making things easier for everyone around the globe.
Next Generation ID Management
Users who create an ID through the new service will be in complete control of their digital ID. They can give and revoke access to companies and applications at any time, without fear of repercussions. In a world where GDPR has given consumers the ability to remove their data, users can now be totally sure that any ID data stored about them is completely removed from that app or organization.
In the white paper, Microsoft says, “We believe a standards-based Decentralized Identity system can unlock a new set of experiences that empowers users and organizations to have greater control over their data – and deliver a higher degree of trust and security for apps, devices, and service providers.”
One of the biggest issues’ society faces when online is the constant need to reupload KYC documents. Whether it’s to open an account with a crypto exchange or an online bank like Revolut, users need to constantly take new photos and resubmit tedious forms. DID will resolve these issues, as companies and apps that plug into Microsoft’s open source API will be able to pull all your KYC and ID information from your account – if you give consent. If everything works as planned, it will mean no more time wasted filling out forms.
Blockchain is Coming to Xbox
Microsoft has also been working on another blockchain project, but this time it’s for the Xbox. Microsoft has teamed up with Ernst & Young (EY) to develop a blockchain that will enable royalties to be processed in record time. Currently, when a game is purchased from the Xbox store, the game developers get paid within 30 working days, the new blockchain system will decrease that time to a matter of hours – great news for game developers.
Blockchain technology is definitely the future, and this new decentralized ID system will change the way we interact with the digital world. It will remove many bottleneck points in the onboarding process, benefiting customers and users in almost every industry.