MicroStrategy to Unveil Bitcoin-Powered Decentralized Identity Platform
MicroStrategy has unveiled a new enterprise platform, MicroStrategy Orange, designed to leverage the Bitcoin blockchain for decentralized identity management. Announced during the MicroStrategy World 2024 event in Las Vegas, the platform uses an open-source protocol to enable the creation and verification of decentralized identifiers (DIDs) using Bitcoin inscriptions. The platform can process up to 10,000 DIDs in a single Bitcoin transaction, aiming to provide a secure, tamper-proof, and durable solution for identity verification.
The company, known as the largest corporate holder of Bitcoin, is extending the applications of MicroStrategy Orange beyond just identity management. They plan to integrate this technology with various messaging platforms, social media networks, and e-commerce, enterprise, and fintech applications. The initial application, Orange For Outlook, is designed to authenticate the true identity of email senders through digital signatures. MicroStrategy's approach focuses on the security and integrity of data, emphasizing the benefits of a fault-tolerant, censorship-resistant system.
MicroStrategy's executive chairman Michael Saylor highlighted the platform's potential for enhancing digital identity functionality and forward compatibility, due to its use of Bitcoin's public blockchain as a data source. The company has also released an unofficial draft of the MicroStrategy Orange specification on GitHub for public access. The new platform represents MicroStrategy's first product that specifically revolves around Bitcoin and decentralized identity.
