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Too many cryptocurrency people are trying to force-fit blockchain technology identity mind bitcoin identity solutions, when ID needs its own solutions. That's the opinion of Steve Wilson of Lockstep Consulting, who this month co-authored a paper on identity for the Internet Society: A transaction, he said, is single and self-contained: Bitcoin's brilliance was allowing a simple transfer of value between people who may not either know each other, or need to know each other.
In a Bitcoin transaction, identity looks simple: It's never that simple for real humans, Wilson told El Reg: It's a means to an end, anyway, not the end — it's quite rare for someone to go around identifying themselves all day. Someone who's identified themselves to identity mind bitcoin banking application, and who's then authenticated themselves to access the application, might have to re-authenticate for a transaction the bank considers high-risk.
There's another way in which the cryptocurrency blockchain model is at odds with identity services, Wilson said: Mining has a specific purpose in Bitcoin and its cryptocurrency cousins: Creating a new identity entry on say Bitcoin would incur a mining cost, but that's not the only model available. Wilson mentioned more recent initiatives like Hedera based on the Hashgraph algorithm, with participants maintaining the ledger for small paymentsVera One a fee-for-service blockchain that charges a few cents per transactionand others.
Those models are far more transparent than Bitcoin, he said, another important consideration for identity services. Any identity service needs to handle a few identity primitives at a minimum: Minds Mastering Machines - Call for papers now open. The Register - Independent news and views for the tech community. Part of Situation Publishing. Identity mind bitcoin our daily or weekly newsletters, subscribe to a specific section or set News alerts.
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The Internet Society is unhappy about security — pretty much all of it It's all fun and games until someone loses a life. Using OutSystems, AXA plans to continuously improve the eServe portal so it can provide additional benefits to brokers and customers.
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