OpenID Connect is a standard authentication protocol that defines endpoints for user authentication, client registration, and other functions. It was created by consolidating different OAuth2 profiles used by companies like Google, Microsoft, and Yahoo into a single standard to simplify security for developers and users. Toshiba adopted the OpenID Connect standard and used the open source Gluu OX identity platform for authentication on its cloud TV services due to benefits like high availability, ease of integration, and performance.