Ping Identity, the leader in identity defined security, at the Cloud Identity Summit announced a seed investment with Swirlds to solve the limitations of blockchain technology.

A press release stated that Ping Identity has plans to collaborate with Swirlds which is a mashup of Shared Worlds, to launch a technology preview program. This program will create a new standard for Distributed Session Management.

Talking about blockchain, Steve Wilson, VP and Principal Analyst, Constellation Research said that, “The real impact of blockchain was always going to be its inspiration. Blockchain ‘squared the circle’ in digital currency and that was amazing. But the first generation algorithm is not efficient or practical for other applications.” He further added saying, “What the community needs is real research and development that will begin to solve these challenges — not solutions that arbitrarily jam the blockchain algorithm into every pet problem. This collaboration of Swirlds and Ping Identity is fresh, focused R&D and a very significant advancement for moving Identity forward.”

The conference also addressed saying, blockchain’s distributed consensus algorithm can generate distributed trust, but it has a number of limitations. If the members of the Blockchain community are untrusted, then a proof-of-work mechanism is often required to ensure the community comes to a consensus.

Cloud Identity Summit in New Orleans which is taking place from June 6-9, will witness keynote speakers such as Michael Allen CISO from Morningstar; Baber Amin, Cloud Security Market Leader from Ping Identity; Stephanie Balaouras, Vice President and Research Director from Forrester; Bob Blakley, Global Director of Information Security Innovation from Citigroup etc.

Ping Identity protects more than 1.3 billion identities around the globe and allows employees, customers and partners the freedom to access the Cloud and the on-premise applications. Swirlds hashgraph is a next-generation distributed consensus platform that has huge advantages over existing systems, like blockchain, central servers or leader-based systems.