Microsoft Ventures Invests in Blockchain Firm for Identity Verification Solution
In a move aimed at revolutionizing the way identities are verified online, Microsoft Ventures has invested an undisclosed sum in a blockchain-based firm called Longfin, Inc. The funding will enable Longfin to further develop its Identity Verification Solution (IVS) technology, which utilizes blockchain and machine learning algorithms to provide secure and transparent identity authentication.
IVS is designed to eliminate the reliance on traditional identity verification methods, which often rely on vulnerable data sources, such as social security numbers or birthdates. Instead, the technology leverages blockchain to create a secure, decentralized, and immutable digital identity, which can be easily verified online.
"We are excited to have Microsoft Ventures on board as an investor," said Scott Purcell, CEO of Longfin. "Their involvement not only brings significant capital to help us grow our business, but also lends credibility and support to our mission of transforming the identity verification landscape."
Microsoft Ventures has been actively investing in blockchain-related startups and technologies, recognizing the vast potential of distributed ledger technology to solve some of the world’s most pressing issues. With the investment in Longfin, the firm is looking to stay ahead of the curve in the identity verification space.
Identity verification is a significant pain point for many industries, including fintech, healthcare, and cybersecurity. According to a report by MarketsandMarkets, the global identity verification market is expected to grow to over $15 billion by 2022, driven by the increasing need for secure online authentication.
Longfin’s IVS technology has already been deployed by several high-profile clients, including financial institutions, governments, and healthcare organizations. The technology uses a combination of machine learning, artificial intelligence, and blockchain to create a comprehensive digital identity, which includes essential personal data, such as name, age, and biometric information.
Microsoft’s investment in Longfin comes on the heels of a series of similar deals by other major tech companies, such as Google and IBM, which have also placed bets on blockchain-based identity verification solutions.
"As we continue to evolve in this space, we believe that Longfin’s Identity Verification Solution has the potential to set a new standard for secure online identity verification," said a spokesperson for Microsoft Ventures.
In conclusion, the investment by Microsoft Ventures in Longfin, Inc. represents a significant vote of confidence in the potential of blockchain technology to revolutionize the identity verification industry. With Longfin’s IVS technology now supported by Microsoft’s resources and expertise, we can expect to see even greater traction in the market, as this groundbreaking technology gains widespread adoption across multiple sectors.
