Ontology is in the news after it recently announced that it is building a sharded blockchain on top of Polkadot, one that connects multiple chains together across a single network.
Our new collaboration with @ParityTech to integrate #DeID into @Polkadot is just kicking off! Not only will #Ontology bring cross-chain liquidity to this #Parachain, but it will also boost the use cases for #DeFi projects like @Wing_Finance
— Ontology (@OntologyNetwork) October 23, 2020
With the help of Parity, Ontology will integrate its DeID solution on Polkadot, making it available on a range of blockchains on the Polkadot network. Here, the aim is to accelerate the integration of both ecosystems and increase levels of trust and data sovereignty for users across the industry.
In fact, the integration of Ontology’s DeID is said to be part of Ontology’s wider effort to build a parachain on Polkadot. DeID, or Decentralized Identity solutions, enables users to retain authority over their personal information and data.
In 2018, an estimated 2.8 billion customer records were exposed during data breaches. Further, current statistics show that 1 billion people do not have any official proof of identity. Ontology’s ONT ID allows for trustless data and asset exchange between blockchain identities.
While this solution is important for the general decentralized digital identity market, it may also have an important role to play in eliminating a few underlying issues in the DeFi space.
For instance, Ontology’s Credit-based services such as Oscore can be used to assess a user’s potential to borrow and lend based on cryptocurrency transactions and asset management history.
According to Eric Wang, Ecosystem Development Lead at Parity,
“Ontology is an industry leader in the development and deployment of decentralized identity solutions. We look forward to working closely with the Ontology team to increase the use of ONT ID 2.0 through Polkadot to realize the benefits of digital identity, privacy for DeFi projects, and beyond.”
The parachain is also said to bring cross-chain liquidity to the Polkadot network. Ontology is currently planning to bid on a parachain slot in order to create one of Polkadot’s first Initial Parachain Offerings (IPO).
It will be interesting to see more partnerships in this space going forward, given Ontology’s commitment to connecting the missing pieces of a decentralized financial ecosystem.
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