An interesting article appeared on our desk, attributed to Colin Harper, published in Bitcoin Magazine and it points out a new project that is being driven by Microsoft. This new system, which utilizes a Bitcion does not issue a coin, nor develops a new blockchain technology. It is laying the groundwork for a trutsless digital identity scheme on Bitcoin. This system was announced on 13 June, 2019 and will be an open-source system called Project ION.
While details are still being released, the idea falls in line with our views. We have have made it clear that although Bitcoin collapsed and hardly traded most of the year of 2018 – especially the winter of 2018 and 2019 – the number of firms that invested in and built out infrastructure for blockchain and crypto are countless. These firms built a super highway for all things in this new ecosystem.
Trusted names such as Nomura, Citi, Northern Trust, Goldman Sachs, and many others put armies of engineers to work laying out systems that will be the backbone of future technologies. Some of our highest traffic came on the back of these pieces and still get strong reading and views. JP Morgan and other firms have found uses for blockchain and as we see it, all of these firms are just scratching the surface.
According to the article we are referring to, the Microsoft system is open-source so anyone can run a node, this makes the options more or less unlimited. More on new ideas for crypto and blockchain in the coming weeks.