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Well thought, done bad? – Coinbase wants to offer customers more decentralization

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Ledger Nano S - The secure hardware wallet

A well-known battle cry for Blockchain enthusiasts is "Keep your own data". Identity management is and remains the Use case for blockchain technology par excellence.

Personal data are no longer stored as usual on central servers of the companies, but remain on a block chain and are thus virtually under their own control. The advantage: On the one hand, companies can not drive a dodge with the data, and on the other hand data theft or loss is largely excluded. In short: The single point of failure is eliminated.

Coinbase is now also researching such a blockchain solution. Coinbase manager and head of the 17-member task force B Byrne told Coindesk that the team first wants to identify areas where more decentralization is desired.

The Bitcoin exchange recently asked a small number of their customers about used dApps.

"I look at dApps and who of our customers uses dApps. That's probably a good indicator of what kind of activity [unsere Kunden] on an on-chain basis ",

so Byrne opposite Coindesk.

KYC different

A possible use case for more decentralization in Coinbase IT is the storage of KYC data ("Know Your Customer"). This could greatly simplify the registration processes for the various Coinbase products and allow more customers access to the Exchange.

At the same time, the US crypto exchange is realistic. The decentralized identity management via Blockchain is not an egg-laying Wollmilchsau. Although there are interesting areas where an application seems useful; However, according to the report, the company does not want to invest large sums in development.

Honestly, according to Byrne, a complete decentralization of customer data is hardly compatible with the regulatory requirements of the tax authorities anyway.

So it remains first with the focus team and the credo: somewhere there is already a meaningful application for the blockchain technology.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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