MicroStrategy plans to launch decentralized identity solutions: Report

MicroStrategy plans to launch a Bitcoin-based decentralized identity protocol.

The solution, called MicroStrategy Orange, uses unspent transaction outputs (UTXOs) from the Bitcoin blockchain to store and retrieve users’ personal information. said Wednesday on X Post. The Virginia-based company’s solution is designed to enable decentralized identity services at discounted rates while minimizing energy-hungry block consumption.

It’s not yet clear when MicroStrategy will begin the project.

MicroStrategy did not immediately respond to The Block’s request for comment sent outside regular business hours.

UTXO-based transactions lay the foundation for MicroStrategy’s DID, making it nearly impossible for identity thieves to steal a user’s identity or tamper with personal information.

Identity theft is on the rise in the United States, according to LendingTree data. The number of identity thefts surged by more than 60% from the second quarter of 2019 to the same period in 2023.

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