Through Microsoft’s new decentralized identity initiative to give people and organizations control of their identity and related data, Tierion will partner with the tech giant to collaborate on a service that will prove the existence and integrity of data be linking it to a blockchain, announced January 30.
“Tierion is a leader in anchoring data to blockchains,” says Daniel Buchner, Microsoft’s Head of Decentralized Identity. “We’re excited to collaborate with them to advance our decentralized identity initiative. There is great potential to help organizations improve security and reduce compliance costs.”
Microsoft, with help from Tierion, will build technology “that lets users sign data, claims, or agreements with their identities.” The resulting data from these sort of transactions are called “attestations,” and the two companies are also developing a service to generate, manage, and validate these attestations.
Through utilizing the blockchain to anchor data points to transactions, attestations will be kept secure yet still able to be accessed by users. This level of self-sovereign identity is much sought after in many sectors of industry and proves to have immediate applications in several large areas.
Such areas would include companies and industries that need to determine data has not been tampered with to ensure validity such as healthcare, financial institutions like banks, and insurance. Tierion would link this data using the Chainpoint protocol, and tether several million data points to a single transaction. This allows Tierion to utilize the resilience and security of the Bitcoin blockchain while mitigating the slow throughput (approximately four transactions per second) that is plaguing Bitcoin in its current network state.
“Working with Microsoft helps us further our goal of building a global proof engine,” says Tierion CEO, Wayne Vaughan. “For many use cases, it’s better to link your existing systems to the blockchain instead of building your own blockchain. We were thrilled when Microsoft approached us about working together.”
As Vaughan has stated, unless one is seeking a very specific and specialized application for use on the blockchain, it is usually a better and more efficient use of time to just connect to the Bitcoin blockchain instead of developing your own. No other blockchain rivals the amount of computational power devoted to securing Bitcoin’s, and the resources saved by forgoing development of a specialized blockchain can go elsewhere, useful for cash-strapped startups.