Coinbase has acquired the startup Distributed Systems, engaged in the development of identification solutions on the blockchain

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Coinbase has acquired the startup Distributed Systems, engaged in the development of identification solutions on the blockchain


American cryptocurrency company Coinbase has acquired the startup Distributed Systems dealing with development of solutions in the field of digital identification.
As noted by the project Manager Coinbase Identity Brennen Byrne in blog, in the past, Distributed Systems have developed “decentralized identification solutions”. Now the same project team, consisting of five persons will be engaged in the composition of Coinbase.
According to Byrne, the blockchain has the potential to enable individuals to retain control over their digital identity, at the same time ensuring secure storage of personal data. He also noted that these benefits are advisable and storage of social security numbers (SSN) of Americans.
“Every time you confirm your identity using the SSN, you must provide a copy of it. This copy gives its holder the same powers as the original, so in case of attacks on data contained in the copy, you risk your identity. Decentralized identification will allow you to prove your identity or your affiliation with a specific social security number without providing copies of the ID”, he said. “If you just expand the boundaries of your imagination, you can include photos, messages on social networks and maybe even your passport.”
However, Coinbase is not yet ready to announce what steps will you take to implement the described scenario. Byrne said that the company “will consider how and where to apply technology.” The exchange must consider all aspects related to anonymity, privacy and resistance of the blockchain, in the context of digital identity, he added.

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