MicroStrategy to Use Bitcoin Blockchain for Identity Management

An unofficial draft on GitHub suggests that the Orange platform utilizes the Bitcoin Inscription DID method (did: BTC) to manage decentralized identifiers (DIDs). This method incorporates data inscriptions in Bitcoin’s witness sections, which helps to secure and efficiently manage digital identities while reducing transaction fees and block space.

During an event, Microstrategy Executive Chairman Michael Saylor suggested the possibility of creating an orange check as a global standard for decentralized identity and using Bitcoin to achieve this.

MicroStrategy Launches Orange: A Groundbreaking Blockchain-Based Identity System

MicroStrategy’s latest innovation, the Orange solution, leverages the public Bitcoin blockchain to offer a decentralized identity system that provides tamper-proof and immutable identities. What sets Orange apart is its method of embedding Decentralized Identifiers (DIDs) directly onto the blockchain, ensuring data permanence and security without depending on external systems.

While MicroStrategy isn’t the pioneer in using Bitcoin for identity solutions, it has carved a niche with its distinctive approach. Notably, previous projects like BitID and ION have also utilized Bitcoin for identity verification, but Orange’s direct use of the blockchain for data embedment offers a robust security enhancement.

Similar endeavors in the blockchain space include Worldcoin and Ecuador’s now-defunct Sistema de Dinero Electrónico, both aimed at establishing global digital identities linked to financial systems.

• Market Performance: MicroStrategy shares (Nasdaq: MSTR) saw a downturn of 3.45% against the U.S. dollar recently, with a weekly drop of 16.13% and a monthly decline of 37.49%, despite a six-month gain of over 131%.