Bitcoin

MicroStrategy Announces Development of Bitcoin-based Decentralized Identity Platform

MicroStrategy has just unveiled a new decentralized identity solution called ‘MicroStrategy Orange’ that operates on the Bitcoin network. The announcement was made during the Bitcoin For Corporations conference on May 1, with Michael Saylor, the executive chairman of MicroStrategy, leading the presentation. The goal of this new platform is to provide decentralized identities that are secure, permanent, and tamper-proof, all verified through the public Bitcoin blockchain.

The MicroStrategy Orange framework comprises three main components: the Orange Service, Orange SDK, and Orange Applications. The Orange Service enables organizations to issue decentralized identifiers (DIDs) to their employees and set up applications. The Orange SDK and Orange Applications facilitate customization and integration of these services across different devices. One notable application developed is “Orange For Outlook,” which integrates digital signatures into emails for secure sender identity verification.

Moving forward, MicroStrategy plans to expand the use of Orange applications to various platforms including messaging services, social media, e-commerce, enterprise, and fintech sectors. This expansion could greatly improve digital identity verification processes across multiple industries. While MicroStrategy’s foray into Bitcoin-based identity solutions is significant, it is not the first in the industry. Previous projects like BitID and ION have explored using Bitcoin for online identity verification with varying levels of success. Despite reporting a net loss of $53.1 million in the first quarter, MicroStrategy’s Bitcoin assets have appreciated. The company currently holds 214,400 Bitcoin, which saw a 65% increase in value last quarter, totaling $15.2 billion at that time.

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