Ontology recently partnered with German digital identity and cloud wallet provider Spherity to help accelerate the development of digital identity solutions for products and businesses.
The partnership will see Spherity’s wallet integrated with Ontology’s block chain (ONT), and will enable Ontology to use Spheriy’s Decentralized Digital Identity solutions.
The two companies will work together to create proof-of-concept pilots that demonstrate applications for digital identity in the context of supply chain, mobility and pharmaceuticals, leveraging Spherity’s existing customer base.
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Ontology and Spherity will also collaborate on research and marketing initiatives.
Identity solutions target the supply chain
Spherity’s CEO, Dr. Carsten Stöcker, told Cointelegraph that most of the investment, research and development in blockchain-based identity solutions is not directed at identifying individual citizens.
„Blockchains and distributed log books are primarily used to encode a multitude of other forms of information that is used to track goods and value as they move across the globe,“ Stöcker said. He continued:
„The technologies we call identity systems not only identify individual citizens and correlate their legal and financial life with their digital life, but they also identify machines, autonomous algorithms, corporate entities, product information, licenses and many other things that need a strong identity and signature rights to enter this auditable, but private, transaction information system.
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„There are millions of use cases that have nothing to do with KYC or human identity of any kind, and even in the KYC space there are many ways to build in pseudonymity, revocable anonymity, disposable identities Bitcoin Code / Immediate Edge / Bitcoin Revolution / Bitcoin Profit / Bitcoin Era / Bitcoin Evolution / Bitcoin Trader / The News Spy / Bitcoin Circuit / Bitcoin Billionaire, and other capabilities beyond simply asking users to show their papers and attach their digital lives to their status as subjects in a nation-state,“ he added.
Connecting Asian and European DLT platforms
Speaking to Cointelegraph, Ontology co-founder Andy Ji said the companies „are looking for partners to build a proof of concept that shows end-to-end traceability of manufactured products from their birth in an Asian factory to their sale in the European market.
„This is most likely a Chinese manufacturer already using other Ontology services to make its transactions more auditable, and a German import industry with very high compliance needs or facing reputational risks,“ he added.
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The partnership will also allow both companies to access 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 to facilitate greater interoperability and collaboration between European and Chinese block chain ecosystems.