On August 24, 2020, Ontology (ONT), a high-performance blockchain platform for enterprises, launched a new decentralized identity solution for the automotive sector.
This venture’s main aim is to build trust in the automotive industry via blockchain-based digital identity solutions that allow for driving data to be logged, stored, and corroborated securely.
Ontology is determined to transform how data is managed and transferred by increasing security, verification, and value for all parties involved via its network.
The decentralized identity offers a range of benefits to drivers who can use a mobile digital ID application (ONT ID) and a decentralized framework to store and manage driving data.
Through this app, users can securely store their data locally on the phone or trusted cloud storage with a private key that grants access only to the verified user.
ONT Offers Numerous Benefits to Automotive Industry
Besides securely storing driving data, the new ONT decentralized solution comes with the ONTO self-sovereign data wallet, a one-stop mobile application for managing digital identity, data, and assets.
The wallet allows drivers to manage and view car repair history, insurance payments, and other vital aspects. Because the information is recorded on the ONT blockchain, it is fully verified and can be trusted by other parties.
Through the ONTO self-sovereign database, users can perform various tasks such as booking concert tickets using built-in voice recognition and pay for them via ONT tokens.
The driver can then transfer the tickets to various through the Ontology network, which transfers the ticket in the form of Ontology Non-Fungible Tokens (NFTs).
Ontology also offers a feature that enables car owners to earn ONT by renting their car to other verified, safe drivers on the Ontology-powered marketplace.
The online marketplace features Ontology’s decentralized reputation scoring system (ONT score) that rates drivers according to their reputation. Thus, the ONT score helps users ensure that they only rent their car to licensed drivers with an excellent driving history.
Solution Brings Trust to the Automotive and DeFi Industry
Through the ONT decentralized identity solution, Ontology is bringing much-needed trust to the automotive industry. The solution allows insurers, car renters, and other drivers to record, manage, and verify data in a decentralized way, boosting security and value for all parties.
On top of this, the Ontology team announced on August 11 that they would boost trust and security in the DeFi sector via a new decentralized solution.
In a blog post, ONT revealed that its decentralized identity solution would grant crypto holders access to an all-around outlook of their digital assets via the ONTO app.
This way, users can easily view all their assets regardless of the wallets in which they are stored and view their Ontology credit scoring system (OScore) on any chain.
