Leading cryptocurrency exchange, Coinbase that strives to bring cryptocurrency into the mainstream and help create an open financial system, announced on 15th August that Distributed Systems Inc. is joining them to help the company “find new and innovative ways of validating and verifying identity”.
A decentralized identity is a way to prove one’s own an identity without making a copy of that identity. B Byrne is of the opinion that decentralized identity can also be applied to one’s photos, social media posts and “maybe one day your passport too”.
The announcement came through a blog post of Coinbase. In the post, B Byrne, the company’s project manager for Identity, stated: “I’m pleased to announce the Distributed Systems team is joining Coinbase to help us work on this opportunity. Distributed Systems is an incredibly thoughtful team that has been working on decentralized identity solutions.
With their work on the Clear Protocol and GraphQL, Nikhil, Alex, and the rest of the team have gotten their hands dirty in the technical detail of using blockchains to improve how identities mesh with digital products.”
Coinbase CEO, Brian Armstrong also announced the news of Distributed Systems’ joining the exchange. He announced it on 16th August, via a Twitter post, stating:
— Brian Armstrong (@brian_armstrong) August 16, 2018
The use of Blockchain in Coinbase’s decentralization of online identities
Byrne said that the California based digital currency exchange is in hands with Distributed Systems to decentralize online identities that will help to “transform our relationship” with the aid of Blockchain technology; although adequate measures of implementing the technology are required. He was apprehensive that issues pertaining to anonymity and privacy will also surface.
“Blockchain technology that powers cryptocurrencies offers a new way to let us all be “verified” everywhere we go on the internet, feeling safer about our interactions with others and opening the door to the experiences that require trust,” he added.
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