The American crypto currency exchange Coinbase has acquired the Distributed Systems, a startup from San Francisco, working on methods of digital identification. The news appeared on Wednesday, August 15.
As wrote in the official blog of one of the managers Coinbase B. Byrne (B Byrne), the company Distributed Systems was already working on a decentralized platform for users ‘ personal data. Now the startup team consisting of five people will join Coinbase to develop a complete solution.
With the platform on the blockchain customers will be able to fully control their personal data submitted in digital form. The service will be safe and protected from leakage of confidential information. Such a decision, for example, can be useful for storing social security numbers (SSN) for customers from America.
“Every time you want to confirm your identity with a social security number you must provide a copy of the document. The copy has the same legal effect as the original, and data leakage in this case, it compromises your privacy. Decentralized identification system will allow you to confirm your identity or the fact of having a SSN without having to do a copy of the document,” explained Byrne.
In addition to these documents, the platform can be used to store personal photos, posts from social networks and a lot of other information. Byrne hopes that once in the system it will be possible to save even a passport.
“We are confident that decentralized identification system will make a radical shift in our relationship with technology, and we can’t wait to start working on it in the Coinbase,” added Byrne.
However, the cryptocurrency exchange, apparently in no hurry to add to the platform tools for digital identification. As written in the blog, the company is still discussing where and how she can apply this technology. In the process of work, the joint team of Coinbase and Distributed Systems to explore issues of anonymity, privacy and stability of the blockchain.
Recall that in July, the crypto currency exchange formed its own political action Committee (PAC), probably in order to lobby for their interests.