Ontology, the famed public blockchain have announced a new partnership with 4Stop, in a collaboration that will help build a new ‘Know Your Customer’ (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 4Stop’s established ID authentication service.
According to Business Insider:“Empowered 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.”
By utilising 4Stop’s 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 implica...