Distributed Systems Latest Acquisition by Coinbase

In the most recent acquisition by Coinbase, the company has purchased a digital ID project based in San Francisco under the name of Distributed Systems, according to the announcement on the 15th of August.

Newest Addition

The identification startup has already been developing decentralized ID solutions as noted by B Byrne, the project manager for Coinbase Identity. Distributed Systems’ team, consisting of five members, will become part of a group within Coinbase fully focused on developing new solutions for digital ID.

Blockchain technology can enable users to fully control all their virtual identification, guaranteeing that private and personal data is fully secured as stated by the project manager. He adds to the blog by saying that the technology could extend to American social security numbers for even more security and safety. According to him, every time identification with a through social security is required, a copy is given away by the user which operates just as efficiently as the owner’s original ID and this possess heavy risks whenever a breach in security or data occurs.

Identification that is decentralized will enable full proving of valid identification ownership without the need to provide a copy. He also explains how this tech can apply to pictures, posts on social media platforms and possibly even national passports. In light of this, Coinbase seems to be in no rush in terms of introducing digital ID tools.

The project manager did say that the company is very specific about where the technology will be introduced and how. He adds that it will also need to thoroughly think of several issues related to user privacy and anonymity as well as the unchangeable nature of a blockchain.

2 years ago

Start Weekly Digest

Similar news