Coinbase To Obtain Digital Identity Startup Distributed Systems

According to the statement made by Coinbase, the digital identity startup company based in San Francisco, it has obtained Distributed Systems.

Coinbase Identity project manager B Byrne claimed in a blog post that Distributed Systems has been developing a system called “decentralized identity solutions”. The team of startup including 5 members will work with Coinbase team together to continue their work about digital identity solutions.

Byrne claimed that Blockchain may have a serious role on completing control over the digital identities of the people. In this way, people will have no doubt about the safety of their personal information. He added that social security numbers of the American citizens could also be protected in the same way when protection is added.

Byrne said: “While you want to prove your identity via your SSN, giving a copy of it is essential. As there is exactly no difference between the copy and the original, your identity will always be at risk because of the data breach that copies your personal information. When an individual has a decentralized identity, his personal data won’t need to be copied as his identity or relationship with the Social Security Administration will be proved with decentralized identity without copying any data.”

He also added that “It is not hard to imagine that this approach may be applied to the photos, social media photos and even passports of the individuals in the near future.”

In addition, Coinbase seems not to be taking quick steps to apply digital identity tools. According to Byrne the transformation will be at the time when they decide how and where they bring about this technology.

They will need to take into account many issues including anonymity, privacy and equability of a blockchain as part of their research.

Being the leading media outlet about blockchain news, Coindesk works hard to reach the best journalistic standards and comply with a strict set of editorial policies. Coindesk is an independent complement of Digital Currency Group making investments in cryptocurrencies and blockchain startups

Become A Financial Analyst at TheOofy.com: Signup now to start sharing your experience. Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.