Ontology recently partnered with German cloud digital wallet and identity provider Spherity to accelerate the development of digital identity solutions for products and businesses.
The partnership will integrate Spherity’s wallet into Ontology’s blockchain (ONT) and Ontology can use Spheriy’s decentralized digital identity solutions.
The two companies will work together to develop proof-of-concept pilots who demonstrate applications for digital identity in the context of supply chain, mobility and pharmaceuticals, leveraging Spherity’s existing customer base.
Ontology and sphericity will also work together on research and marketing initiatives.
Identity solutions target the supply chain
Dr. Carsten Stöcker, CEO of Spherity, told Cointelegraph that the majority of the investment, research and development in blockchain-based identity solutions is not aimed at identifying individual citizens.
“Blockchain and distributed ledgers are mainly used to encode a variety of other types of information that are used to track assets and assets as they travel across the planet,” said Stöcker. He continued:
“The technologies we call identity systems not only identify individual citizens and correlate their legal and financial lives with their digital lives, they also identify machines, autonomous algorithms, business units, product information, licenses and many other things that they need Identity and signature rights to access this verifiable but private transaction information system. “
“There are millions of use cases that have nothing to do with KYC or human identity of any kind, and even in the KYC area, there are many ways to build on pseudonyms, revocable anonymity, available identities, and other functions Users to show their papers and tie their digital lives to their status as subjects in a nation state, “he added.
Connection of DLT platforms in Asia and Europe
Speaking to Cointelegraph, Ontology’s co-founder, Andy Ji, said companies “are looking for partners to create a proof of concept that shows the end-to-end traceability of products from their birth in an Asian factory were manufactured in the US until they were sold in the European market “.
“Most likely, it is a Chinese manufacturer that already uses other ontology services to make its transactions more auditable, and a German import sector with very high regulatory or risk requirements,” he added.
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The partnership will also give both companies access to new markets as Ontology has a strong position in Asia, while Spherity has a strong European presence, particularly in Germany, Switzerland and Austria.
The companies hope for better interoperability and cooperation between European and Chinese blockchain ecosystems.