Bitcoin Isn't Dead After All: An Unlikely Ally In Microsoft!!!
It seems the power of decentralization is starting to make some inroads. Microsoft, one of the main tech silos, is embracing decentralized blockchain, at least for the purpose of identification.
In a post today, Microsoft opened up the possibility of using public blockchains as a decentralized identity system. While this is an unlikely ally for Bitcoin and other blockchains, it does make sense since these networks are for a lot more than just money transfer.
Identity is one of the long-touted use cases of blockchain technology that does not have anything to do with payments or currency. In today’s post, Microsoft points to Bitcoin, Ethereum, and Litecoin as three specific platforms that are suitable foundations for DIDs.
This is a bit different sentiment than what Jamie Dimon spelled out a couple months back. Perhaps Bitcoin is not a total fraud after all? I guess, contrary to Goldman's call, it won't go to zero either.
The advantage to using blockchain in this manner is the fact that counterparty risk is removed. For those who own Bitshares, this is one of the main selling points of the financial products created on that blockchain, there is no counterparty risk. After the 2008/2009 economic collapse, many learned that the institutions who were on the other side of the trade were not solvent (AIG for example).
So why is a public blockchain a good fit for the root of a decentralized identity system? Much like Bitcoin itself, it comes down to removing trust in counterparties. No government or other centralized entity has control over or can censor identities that are rooted in a public blockchain.
It seems that the people over at Microsoft are well aware of what we mention on here daily.
For the time being, Microsoft looks to be forward thinking in their approach to the Internet. While this makes sense since they missed much of the present boat enabling the likes of Google and Facebook to take control, it does show that this company is looking to tangent as the market changes.
What is interesting is that we are seeing so many articles appearing on here of late about Facebook and Zuckerberg creating their own "blockchain" which would enable him to control the world. I was going to write an article to counter some of that viewpoint since I read a few more of them last night. Nevertheless, this article touched upon it at the end.
Longer term, this may be a play from Microsoft in the decentralized Internet space where they’re offering themselves as a company that will not build their financial future around spying on their userbase, which is effectively what is seen from the likes of Google and Facebook.
For full article: https://www.forbes.com/sites/ktorpey/2018/02/12/microsoft-to-embrace-decentralized-identity-systems-built-on-bitcoin-and-other-blockchains/#25302ce35ada
It might be best to delay the funeral services for Bitcoin just a little bit longer. The ganddaddy blockchain, once again, has support. Currency is only one use for blockchain. That is something that many seem to miss. When a network has a ton of activity on it, that has value. Bitcoin will continue to be a player in this realm.
This is just another example of usage that is not currency related. Over time, people are going to realize that currency transactions are just a small part of blockchain technology. There are many other applications beyond the cryptocurrency world.
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Blockchain is a genie that got out of the bottle. It doesn't matter how hard the establishment tries to get it back it's not going anywhere. Forward thinking companies that embrace it will win, other that remain stuck in the past will lose out. regards
I think you're right! I hope that one day we will be able to vote on issues in real time and possibly move to an actual democratic country. One huge problem I do see is that the masses are easily controlled through fear as seen in the bitcoin drop recently and greed the run up in bitcoin after thanksgiving. Do you think voting would work as a use case for the blockchain? Thank you for your post I did enjoy the read.
I've been in the crypto game for almost 3 months now! I know that officially makes me an expert! Lol :-) As I've been learning more and more about crypto in these first few months, I have learned about how slow and cluncky Bitcoin actually is. From a purly industrial standpoint, Bitcoin should be dead. There are so many more higher quality options from a tech position that I couldn't understand why anyone would want to own Bitcoin. I the last few days I've changed my mind on this all together. I made my first long-term investment into Bitcoin last Friday. I plan on making more Bitcoin investments each Friday from here on out! I wrote an article a couple days ago explaining my new reasoning on Bitcoin and why I now believe in its long-term viability. If you have a few minutes, check out the article and let me know what you think! Thanks again for the post! :-)
https://steemit.com/bitcoin/@brettcalloway/why-bitcoin-will-never-go-to-zero-it-s-a-treasure
There is to need to actually initiate a transaction to proof your ownership of a bitcoin private key. So in fact: Transaction fees and transaction times are irrelevant.
I compare bitcoin to email, there are far superior technologies, and stil, 40 years later, here we are.
Blockchain ID... I thought CIVIC was already way out in front with that? And if Suckerborg ever melds fb onto the blockchain, the wold is over. 😖 Then I might just pack up and move to an island somewhere. An island with really slow/no internet. Oh wait... I've already done that. I guess I'll just ditch the computer then and invest in more hammocks. 😎
Hey, but ... it has the first mover advantage !
Microsoft would be a great ally to Bitcoin, but I assume that they will only use a blockchain that they can have substantial control over. Maybe they will start buying up a smaller blockchain and make it popular or start their own. Who will be first Facebook or Microsoft?
Or maybe Microsoft would just outright buy Steemit! 😨
They would have to bid very high for me to entertain selling my stake!!!
You and I wouldn't be the sellers, so no affect to us. Steemit is not as decentralized as you think, when it comes to ownership. Steemit Inc. owns controlling interest and those folks would walk away with all the money.
Oh course money makes the world go 'round so that was the first focus for crypto"currencies". In some time financial transactions will likely be a minority of blockchain transactions. Perhaps quite a small minority.
Great idea by microsoft, they've been losing ground in a number of ways the past decade or so. Blockchain is something that isn't going away, and a big part of the reason for that is because of the lack of transparency and trust we have had to put up with from banks and other entities
Microsoft is a great ally to have. Its great we’re finally getting better news then all the fud we saw last month.
Saw this in bloomberge this morning. One of the few positive stories as of recent.
Slow and steady. I'm excited for what's in store for 2018 and cryptos. I think some big things are gonna happen. By the end of the year, way more people will know way more about them as 10 people tell 10 people tell 10 people etc...
I think crypto is at that point where 10 people don't need to tell 10 more people anymore... just watching the news and social media has that covered!
I'm finding in Montreal anyway, hardly anyone knows anything about them. Maybe 1 out of 100 people knows anything about them other than the fact they exist. Most people I've spoken to think they're a pyramid scam, and "not even money, you can't buy anything" - they don't know about wallets and how easy it is to hook up to a bank acct etc..
Maybe it's that Montreal winter brain freeze! he he Come Spring, brains will thaw and cryptos will take off... just maybe.
For sure a possibility, hockey season takes over everything else in Montreal lol