Ontology, the developer of standalone blockchain identity systems, announced a partnership with bloXmove, a decentralized mobile platform, Tuesday morning to accelerate the development of decentralized credentials. The Decentralized Digital Identity Protocol, or DID, will allow blockchain participants to share their personal information, such as a driver’s license, in a confidential, secure and encrypted manner.
DIDs may one day be needed for complex decentralized financial applications such as urban transportation cranes, decentralized health insurance or auto insurance. Simple smart contracts will not be sufficient for treatment, for example, when a decentralized insurance guarantee covers a user’s claim for hospital medical expenses.
Ontology will be able to automate and secure settlements with the BLMX bloXmove token. At the same time, bloXmove can improve efficiency, reduce costs, and provide interoperability with other networks using the Ontology blockchain.
Lee Jun, founder of Ontology, commented on the partnership:
By integrating DID and Ontology’s data processing solutions, the entire ecosystem will be easier to navigate, more private and more secure.
Meanwhile, Dr. Harry Byrnes, Head of Education and co-founder of bloXmove, said:
“We are honored to partner with Ontology to integrate the Blockchain Mobility platform with their state-of-the-art DID technology. Decentralized IDs are an essential addition to Blockchain for building real business applications. “