New Ontology Partnership Could Revolutionise ID Authentication
Ontology, the famed public blockchain have announced a new partnership with 4Stop, in a collaboration that will help build a new âKnow Your Customerâ (KYC) system onto the Ontology Trust Ecosystem. The aim of the partnership is to help Ontology offer new digital identity services, using their proven blockchain technology, improving 4Stopâs established ID authentication service.
According to Business Insider:
âEmpowered by Ontology Distributed Ledger Technology, 4Stop is to partake in Ontology's trust system that integrates global certification sources to verify and authenticate people, assets, objects, and affairs. Ontology's real economy strategy is to deliver robust and comprehensive multi-source identity portraits that enable stronger trust cooperation and efficiency in real-world use case scenarios.â
By utilising 4Stopâs KYC requirements, Ontology are exploring new methods for ID verification within blockchain technology. As a result of this, 4Stop will provide validation services, verification services and authentication services that Ontology will built into their blockchain ecosystem. Trust, is a growing commodity, the blockchain has the capacity to ensure trust and ensure legitimacy, therefore this partnership could have quite a big impact going forward.
By building a trust based economy on the blockchain, growth within the trust economy is ensured.
According to Business Insider, Ingo Ernst, the CEO of 4Stop has said:
"With the ever-evolving adoption of blockchain technology, we are very excited to be part of Ontology's innovate blockchain project by providing them with further KYC services to verify and authenticate personal data across the globe. Creating a mainstream, standardized, and easily accessible compliant and trusted infrastructure is something we are both passionate about, and we look forward to Ontology's future developments."
What are the practical applications of this?
There are huge implications for trust and ID authentication on the blockchain. Think about all the times you need to use ID, passports, driving licenses, other government ID cards. Having this information stored and authenticated on the blockchain gives various authorities access to your identity cards and passes, on a secure and automated network. Imagine not having to carry your passport to go on holiday because of face recognition and ID authentication on the blockchain?
Imagine being able to go into a bar because your details are secured and approved on the blockchain, no need to carry your ID on you anymore.
ID authentication on the blockchain is a big deal, one that already has many practical uses and one that Ontology seem to be working very hard towards.