An open source blockchain contract specializing in digital identity and real-time data. Ask me anything with Cointelegraph.
Eric Binos, president of the Ecosystem for Americas at Ontology, said the company is constantly working to update the protocol, which means there have been significant improvements since its first launch in 2017.
“Our virtual machine can handle many complex transactions simultaneously, complicating what developers can create,” said Binus. “We have always worked to improve the underlying protocol, but we also place great emphasis on smart contracts and the tools built on them.”
One such tool that has been developed internally is ONT ID, which is a decentralized identity platform. As the global economy continues to rely on data – and some of the world’s largest technology companies are facing serious breaches – Ontology says it’s more important than ever to protect its data properly.
ONT ID uses blockchain technology and cryptography to identify and connect identifiers and assets – according to the company, the single sign-on approach provides a compelling alternative to the “old” landscape we see today with usernames and passwords used to access online services. …
Ontology claims that the status quo is bad for three reasons. First, user data is stored on the web application server. Second, it means that users must remember an infinite set of username and password combinations. Third, it creates the temptation to use simple passwords so that he does not forget them – and when combined with weak security measures from the tech companies, it is more likely that hacking will happen later.
ONT ID can be used as a consolidated account, which helps users to hold the data in their hands. Other applications include the issuance of diplomas and transcripts, which means that it is easier to verify identification. It also creates an extra layer of confidentiality as candidates can demonstrate that they meet the criteria without having to provide the exact grades they received.
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One of the ONT ID apps is about building trust in the automotive industry and changing the lives of drivers forever, the team said. A recent video – Drive with Ontology – showed how ONT ID could one day be used to unlock vehicles and securely record driver data. The app will allow ONT users to share vehicles, settle insurance claims after an accident through smart contracts, and even allow motorists to pay a travel permit fee, giving them higher priority over other drivers.
Ontology enables developers to leverage blockchain, and the company is working to expand and expand its network of decentralized identity partners. Discovered technological integration with Ethereum, NEAR, Binance Smart Chain, Celo, Klaytn and Tron, which will expand the scope of the collaboration significantly.
“Through these new mergers, our specially designed decentralized identity solutions provide a higher degree of interoperability for chains, increasing the value of our offerings in the industry,” said company founder Li Jun. “Today’s announcement also shows our leading digital capabilities. Identity and governance. This data paves the way for new Ontology DeID solutions for use in a variety of application scenarios.”
Cross-functional is a priority for Ontology, which wants the DeID structure to be accessible to all strings. Over time, the company also wants to introduce unique application scenarios for the pulsating decentralized financial sector through its OScore product, which further accelerates the development of Defi’s lending initiatives. For example, Wing was the first credit chain DeFi platform built on Ontology.