Ontology- A Decentralized Identity Framework and its Wide Applications

• Toshendra Kumar Sharma
• October 01, 2020

Curious to understand what Ontology platform is? Why is it under the limelight for long? How can it transform the automotive industry? So let’s get started. 

 

Table of Contents 

 

• Overview of Ontology
• Ontology: An Expanding Network
• Its Latest Decentralized Identity Solution
• Ontology to Build Trust in the Automotive Industry
• The Verdict 

 

Overview of Ontology

 

Ontology is a high performance, open-source blockchain that lets individuals and businesses to enjoy the full benefits of blockchain. 

Blockchain is a P2P distributed ledger technology that offers decentralization, immutability, transparency, and security without dependence on a central authority or third-parties. 

 

Ontology, a decentralized blockchain-based framework, aims at solving the issues associated with identity security and data integrity. It aims at providing cross-chain collaboration and layer-2 scalability while still retaining control of their sensitive data, thus offering flexibility to businesses to a great extent. Instead of forcing organizations and businesses to use a single public blockchain, a platform allows businesses with greater flexibility in designing a blockchain that works for them. It has its own native cryptocurrency, Ontology Coin(ONT) 

As Ontology continues to introduce new and unique features for its users, it remains under the limelight for a long time. 

 

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Ontology: An Expanding Network

 

Ontology is an expanding network that allows developers to build on top of its blockchain. Ontology offers various features, including ONT ID, a mobile digital ID application, and DID.

 

Unlike traditional systems, ONT ID is a single sign-on approach that offers a compelling alternative to the “antiquated” landscape and uses cryptography algorithms to identify and connect identities and assets without breaching security.

As it plans to cater to increased demand for cross-chain interoperability, the company is cultivating and expanding a decentralized identity partner network; it outlines the integration of the solution into BTC, ETH, Celo, Tron, etc., which is under construction now. 

The company’s founder, Li Jun, said: “With these new integrations, our tailored decentralized identity solutions now offer a higher degree of chain interoperability, greatly elevating the status of our offerings within the industry.

Its Latest Decentralized Identity Solution

 

Followed by this use case, Ontology also introduced a new decentralized identity solution, making it easier for crypto traders and crypto holders to securely manage and exchange their digital assets. 

Through this solution, crypto holders can access a complete view of all their assets through the Ontology website or ONTO app. No matter what wallets those assets are held in, crypto holders will have a clear picture of their digital assets. 

Apart from this, users will be able to access their Ontology’s credit scoring system on any chain.

This unique decentralized identity solution aims at connecting users’ assets to their identity, thus providing increased security and trust to all parties involved. It aims to connect the missing pieces of decentralized finance’s ecosystem all in one place. 

 

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Ontology to Build Trust in the Automotive Industry

 

Since its release in 2017, Ontology has made huge achievements across various domains. As it continues to make remarkable efforts, it has recently launched a unique decentralized identity to transform the automotive industry. 

 

For focusing on this industry, Ontology offers a blockchain-based decentralized digital identity solution that allows data related to driving to be stored and verified safely without compromising security. Not only this, but the platform also aims at offering multiple benefits to drivers and a wider audience of the automotive industry. 

The entire process is easy. 

 

Initially, a driver has to activate ONT ID, Ontology’s mobile digital ID application, and decentralized framework. This process allows drivers to manage his/her digital ID by storing their data locally on the phone or on trusted cloud storage securely. As we already mentioned, ONT ID uses cryptography algorithms (with a private key) to identify and connect identities and assets and grants. When a driver wants to open his smart lock enabled car, his data is recorded securely. Thus, ONT ID can be utilized as a unified account that gives control of their data in their own hands. 

 

Furthermore, the Ontology platform also supports a built-in ONTO self-sovereign data wallet, a mobile app for the data, and asset management that allows drivers to share their driving details with other ONT users instantly. 

And if in case a car accident takes place, the driver can instantly settle his insurance pay through an Ontology-powered insurance application.

 

The Verdict

 

Ontology is not only transforming the automotive industry; it is allowing businesses to selectively choose what information they want to share from their own blockchain. Few consider this platform as a potential boon for all those who want to keep going with the blockchain revolution.

 

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