PayPal joins Cambridge blockchain for identity ownership

April 03, 2019. | AtoZ Markets – PayPal has announced joining a Series A investment in the Cambridge blockchain, making a new move in the distributed ledger’s way, in which the online payment firm showed increased interest recently.

Cambridge Blockchain is a startup that works on developing a way that grants individuals a method of owning their online identities, as per resources.

The move comes in pursuits of exploring new solutions to help the users of the Cambridge blockchain prove “who they are”, along with keeping top-personal information behind the curtain.

The idea stands on the concept of bitcoin, where the latter allows its users to store value without having a bank account.

PayPal, armed with $121 billion, shows in its today’s step the way it might be investing in blockchain in the future.

PayPal believes as well that such a move has a potential in helping the financial institutions.

“We made an investment in Cambridge Blockchain because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal,” as per Forbes, quoting a PayPal spokesperson.

Blockchain for creating the balance between privacy and transparency 

Without disclosing the investment amount allocated for the project by either sides, the Boston-based company declared its intention to spend the new capital on more hires research development. The project referred to will make available 15 new positions, distributed between 11 in Boston for handling the bulk of the engineering, 3 in paris for co-managing the first rollout of its technology in Luxembourg that is reportedly coming later this year, and the latest hire in Beijing to take part in a number of early-stage projects with Taiwan manufacturing giant Foxconn.

On his turn, the Cambridge Blockchain’s CEO, Matthew Commons, emphasised that the cooperation with PayPal comes in hopes there will be more balance between keeping one’s privacy and the transparency needed in today’s life.

“We envision a future where users have a lot more direct control over their personal data, and we also believe in open, interoperable architectures… We want to get away from a world where people are really locked into one specific platform and are stuck with that.”, said the 39-year-old CEO.

It is worth mentioning in this context to remind that PayPal had filed in March 2018 for a patent for “fast cryptocurrency transaction system”, in which the financial giant hoped it would help solve the problem of the slowdown in the procedure of cryptocurrency trading.

In a connected news, AtoZ Markets reported earlier that IBM published a report that carried the name of “Daring to Be First”, in which it was exploring variant potential aspects of recruiting the blockchain technology in everyday life, saying that blockchain can “revolutionize” our life.

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