Legal Identity for All: Can Bitcoin’s Blockchain Rise to the Challenge?
The United Nations aims to make it possible for all people to have a legal identity, including birth registration. This is one of the targets under the overarching goal of eradicating extreme poverty for all people everywhere by the year 2030. But providing an ID for everyone is a tremendous challenge. That is why experts are looking at Bitcoin’s....
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Microsoft is partnering with ConsenSys, an Ethereum-coder collective, and Blockstack Labs, an application stack for decentralized, server-less apps secured by the blockchain, in trying to improve the state of the millions of people – mostly children – who face severe challenges from having no legal identity. The partners are engaged in a long-term project to employ blockchain-based solutions to the challenge of legal identity, Microsoft noted in a blog on its Microsoft Azure website. Microsoft Azure is an open cloud-computing platform. The identity issue was explored during the recent....
Identity is one use case of the blockchain that has many people excited. For the first time, an individual has the potential to create a true, immutable identity distributed across an entire network. As Consensus 2016 wrapped up earlier this week, a group of thought-leaders who have been working in the identity space for decades presented their beliefs on what to consider when building an identity system using blockchain. Christopher Allen, the principal architect at bitcoin sidechain firm Blockstream, echoed the sentiment of other panelists about the duality of identity on the blockchain.....
El Salvador’s bitcoin roll-out has had its up and downs since the country officially made it legal tender on September 7th. In the past month, residents have posted both the good and bad of bitcoin adoption. It has been chiefly favorable as citizens settle into their new standard of having a cryptocurrency as a legal […]
ConsenSys, the NYC-based venture production studio, announced yesterday an important partnership with Microsoft, the American multinational technology company, and Blockstack Labs, a venture that is also building blockchain-based software, to create an 'open-source, self-sovereign, blockchain-based identity system'. The companies are joining forces to tackle several identity and reputation problems outlined in the ID2020 conference, the event was held in the New York City branch of the United Nations. According to ConsenSys’s press release UN members, private companies, and government....
The anonymity of bitcoin transactions has been a challenge for financial regulation. But it has also been a challenge for those users who wish to hide their identity. Using the same Bitcoin address: not recommended. The only reason to provide a different bitcoin address for each transaction is to protect your anonymity. If you reuse the same address, your entire transaction history can be instantly available to anyone simply by logging on to blockchain.info Your transaction can be traced and anyone can calculate how much money you have and how you spend it. On the contrary, with the use of....