Microsoft exploring use of blockchain technology, pointing to the likes of Bitcoin, Ethereum, and Litecoin

Ken Chigbo Independent Analyst

It is reported that tech giant Microsoft are exploring the use of blockchains, touting names such as Bitcoin, Ethereum, Litecoin, for their respective technologies. The reason this is of interest to the company, is they see value and efficiencies in the use of the blockchain technology for their decentralized IDs (DIDs) through the Microsoft Authenticator app.

They highlight that with the current model, people do not have any form of control over their identity, which is exposed to all sorts of potential issues; theft, data breaches etc. Microsoft believe that with the use of Blockchain, people can store, control and access their identity in an encrypted digital hub.

Microsoft commented saying "With consent, Microsoft Authenticator will be able to act as your User Agent to manage identity data and cryptographic keys. In this design, only the ID is rooted on chain. Identity data is stored in an off-chain ID Hub (that Microsoft can't see) encrypted using these cryptographic keys,"

Previously, Microsoft were touted to have been entering into a formal partnership with IOTA, however this was later denied by the company. In time, it will be made clearer about who and which networks Microsoft will work with on this project of theirs.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

EUR/USD trims gains, reclaims 1.1600 and beyond

Following an earlier drop to yearly lows around 1.1530, EUR/USD now manages to recoup part of the ground lost and reclaim the area above 1.1600 the figure in the latter part of the NA session on Tuesday. Meanwhile, the pair’s marked retracement comes in response to the unabate march norht in the US Dollar, always propped up by the intense flight-to-safety environment amid the deteriorating geopolitical landscape in the Middle East.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.