New MicroStrategy decentralized identity platform launched with Bitcoin blockchain integration

Key points:

• MicroStrategy launches “MicroStrategy Orange,” a decentralized identity platform on Bitcoin for secure identity management.
• The MicroStrategy decentralized ID platform uses the Bitcoin Inscription DID method to reduce transaction fees and block space by issuing UTXOs.

MicroStrategy, a renowned business intelligence company, today unveiled its latest innovation, introducing “MicroStrategy Orange,” a decentralized identity (ID) platform integrated with the Bitcoin network. The announcement was made at the MicroStrategy World: Bitcoin for Enterprise ​​2024 event.

MicroStrategy Decentralized Identity Platform Unveiled

Cezary Raczko, Senior Vice President of MicroStrategy, announced the innovation, highlighting the MicroStrategy Decentralized Identity Platform, an enterprise-grade platform for building decentralized identity applications on the Bitcoin blockchain. Raczko described the core components of the platform, highlighting a cloud-hosted service for issuing identifiers to users and organizations.

The MicroStrategy Decentralized Identity Platform uses the Bitcoin Inscription DID method to manage decentralized identifiers (DIDs) by leveraging data inscriptions within Bitcoin’s witness section. MicroStrategy Orange aims to ensure secure and efficient management of digital identities by leveraging unspent transaction outputs (UTXOs) on the Bitcoin blockchain, while reducing transaction fees and block space consumption.

MicroStrategy Empowers Enterprises with Secure Identity Solutions

This development represents an important step toward integrating Bitcoin into enterprise solutions, allowing organizations to leverage and oversee decentralized identity applications with enhanced security and immutability features.

While MicroStrategy pioneered this space, other initiatives have followed similar paths, such as BitID, introduced in 2016 for online identity verification, and ION, a self-sovereign identity system leveraging the Bitcoin blockchain and IPFS.

Additionally, initiatives such as Worldcoin and Ecuador’s Sistema de Dinero Electrónico sought a global digital identity and financial network, but Ecuador’s program was halted due to opposition from the state bank.

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