Advertisement
MicroStrategy Unveils Enterprise Platform ‘Orange’ for Decentralised Identity Applications On BTC
- MicroStrategy has announced its new Bitcoin-based digital identity platform called MicroStrategy Orange.
- It’s designed to help enterprises enhance their security by leveraging the Bitcoin blockchain to verify users’ identities.
- In related news, brokerage firm Canaccord Genuity claims MicroStrategy now holds over 1% of all Bitcoin after the firm added another 25,250 to its bag in Q1.
MicroStrategy yesterday announced the launch of its new Bitcoin-based digital identity solution, known as MicroStrategy Orange, at its ‘MicroStrategy World: Bitcoin For Corporations 2024’ event in Las Vegas.
The company says the new digital identity solution, which is designed for enterprises, will allow organisations to use the Bitcoin blockchain to manage digital identity applications, enabling easy and convenient verification of users’ identities and enhanced security.
Related: MicroStrategy’s Saylor Challenges BlackRock, Vows to Increase BTC Holdings
MicroStrategy Orange Leverages Bitcoin To Enhance Security
Speaking at the MicroStrategy Orange launch, the company’s Executive Vice President, Cezary Raczko, gave a high level description of the platform’s architecture:
The platform consists of three fundamental pieces. At the heart of it is a service cloud hosted (known as ‘Orange Service’) that allows you to issue those identifiers to your users and your organization.
Cezary Raczko, MicroStrategy Executive Vice President The platform’s other two fundamental pieces are the Orange SDK, which allows developers to integrate the digital identity functionality into their own apps, and Orange apps which are pre-built apps made by MicroStrategy that “address specific digital identity challenges”.
Raczko provided details of an Orange app called ‘Orange for Outlook’, which uses the MicroStrategy Orange platform to attach digital identities to email headers so a recipient can confirm the identity of the sender when opening the email inside Microsoft Outlook.
Platform Has Huge Potential, Says MicroStrategy
Raczko said the email use case was just one example of many where the Orange platform could enhance security by proving a user’s identity:
Many messaging platforms suffer from the same challenges that email does. When you get a text message, how do you know the person who sent you the text message…We would want to include an orange check for these different messaging platforms.
Cezary Raczko, MicroStrategy Executive Vice President Raczko went on to say the platform could also play a role in the wider digital ecosystem:
And the other opportunity we see and we want to pursue is integrating the digital identity based on Bitcoin with this bigger verifiable credential ecosystem which opens up another large number of very interesting use cases.
Cezary Raczko, MicroStrategy Executive Vice President He said that ultimately he’d like to see the platform used widely in decentralised identity systems to verify things such as professional and educational credentials and medical records, with it all being anchored to the Bitcoin blockchain.
MicroStrategy Now Owns One Percent Of All Bitcoin
According to brokerage firm Canaccord Genuity, MicroStrategy now holds over 1% of all Bitcoin after acquiring another 25,250 in Q1 of 2024. In a research report released Monday, Canaccord also claimed MicroStrategy now holds a total of 214,400 BTC, valued at over US$13.5 billion (AU$20.66 billion).
Related: MicroStrategy Reports Operating Loss Amid Bitcoin Holding Impairment, Adds New BTC to Stack
The broker also lowered its price target on MicroStrategy stock from US$1,810 (AU$2,771) to US$1,590 (AU$2,433), but it still rates the stock a buy. At the time of writing MicroStrategy stock was changing hands at just over US$1,028 (AU$1,573).
Author
Jody McDonald
Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.
