Coinbase Acquires Digital Identity Startup Distributed Systems
Coinbase said Wednesday it has acquired Distributed Systems, a San Francisco based digital identity startup.
Distributed Systems has already sought to develop "decentralized identity solutions." Coinbase Identity project manager B Byrne wrote in a blog post. The Startup 5 team joins a department dedicated to developing digital identity solutions within Coinbase.
Blockchain allows individuals to take complete control of their digital identity so that their personal information can be safeguarded. He added, for example, that adding protection for users could apply to the Social Security Numbers for Americans.
Byrne asserted that:
"Every time you want to prove a person with an SSN you have to give away that copy.This copy has the same power as the original.If your data copy is infringed on a copy of the data, To prove that you have an identity, or to prove that you are affiliated with Social Security without making a copy of that identity. "
"If you increase your imagination a little further, you can imagine that you can apply it to photos, social media posts, and maybe even passports."
In other words, Coinbase seems to be in a hurry to implement the Digital ID tool. Byrne wrote that the exchange will "ponder how and where we apply this technology."
The exchange needs to consider issues of anonymity, privacy, and block chain invariance as part of a technology exploration, he said.
Coin-based image via Shutterstock
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