After more than a year in development, Microsoft has chosen Bitcoin as the blockchain platform for a decentralized identification (DID) verification system that will allow users to have secure access to an online persona via an encrypted database hub.

The implications of the new ID network could include the elimination of passwords. A company would be able to verify the background of a new employee and onboard them with the click of a single virtual button, or a banking customer could verify their identity for a loan without exposing personally identifiable information – again with a click of a button.

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