fbpx
The Daily Chain
No Result
View All Result
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List
No Result
View All Result
The Daily Chain
No Result
View All Result
Home All News

Ontology Launches Decentralized Identity for the Automotive Industry

Wayne Jones by Wayne Jones
25th August 2020
3 min read
1
Ontology Launches Decentralized Identity for the Automotive Industry

Ontology Launches Decentralized Identity for the Automotive Industry

1
SHARES
0
VIEWS
FacebookTwitterLinkedinTelegramEmailWhatsapp

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. 

Tags: Automotive IndustrydecentralizationDeFi platformsOntology
Share1TweetShareShareSendSend
Wayne Jones

Wayne Jones

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

Related Posts

BTC Price Eyes Worst Weekly Slide since March Of 2020
All News

BTC Price Eyes Worst Weekly Slide since March Of 2020

26th February 2021
MIT-Bitcoin
All News

MIT announces 4-year project that seeks to strengthen the Bitcoin Network Security

26th February 2021
HM Treasury-UK-Crypto
All News

HM Treasury urges regulators to consider a new Crypto-assets regime

26th February 2021
Why KYC Requirements Pose a Severe Threat To The Crypto Community
All News

Why KYC Requirements Pose a Severe Threat To The Crypto Community

26th February 2021
‘Crypto for Congress’ initiative to send $50 of BTC to US Congress members
All News

Kraken eyes new funding round – could be valued at $10bln

26th February 2021
Miami mayor hopes to add Bitcoin to city investment portfolio after Tesla’s $1.5 bln BTC investment
All News

Miami’s crypto plans set for major boost by Dubai investment group

25th February 2021
Next Post
Australian - Conman -Bitcoin

Australian Conman arrested for $1.24 million Bitcoin theft

Brazil's - CBDC

Brazil’s Central Bank creates a CBDC working group

Please login to join discussion
  • All News
  • Editor's Picks

BTC Price Eyes Worst Weekly Slide since March Of 2020

MIT announces 4-year project that seeks to strengthen the Bitcoin Network Security

HM Treasury urges regulators to consider a new Crypto-assets regime

Why KYC Requirements Pose a Severe Threat To The Crypto Community

Kraken eyes new funding round – could be valued at $10bln

Join our newsletter!

Enter your email to receive our newsletter.


Don’t worry, we don’t spam
ADVERTISEMENT

Popular Posts

  • ‘Crypto for Congress’ initiative to send $50 of BTC to US Congress members

    Whale Alert flags over 13000 BTC moved off Coinbase

    0 shares
    Share 0 Tweet 0
  • Coinbase publicly reveals it has held Bitcoin on its Balance Sheet since 2012

    0 shares
    Share 0 Tweet 0
  • Bitcoin sold as low as $6,100 due to a Glitch – Crypto Exchange demands it back

    0 shares
    Share 0 Tweet 0
  • Canadian Bitcoin ETF attracts over $400mln in investments in 48 hours

    0 shares
    Share 0 Tweet 0
  • Former SEC Cheif Defending Ripple – Says SEC’s case has no Merit

    0 shares
    Share 0 Tweet 0

Market Updates

BTC Price Eyes Worst Weekly Slide since March Of 2020

BTC Price Eyes Worst Weekly Slide since March Of 2020

26th February 2021
BTC Market Endures Bias Conflict: Why BTC Prices are Wobbling Around $50K

BTC Market Endures Bias Conflict: Why BTC Prices are Wobbling Around $50K

25th February 2021
CoinShare Lists an Ethereum Traded Product on SIX Swiss Exchange

CoinShare Lists an Ethereum Traded Product on SIX Swiss Exchange

24th February 2021

Media

hashoshi-alts (2)

Altcoin Season Picks / Projects with Huge Potential

9th September 2020
cardano-ADA

Hashoshi: Cardano Shelley is live… but what’s next is WAY BIGGER

19th August 2020
hashoshi-alts

Hashoshi: Low Cap Alts you need to be watching in 2020

5th August 2020
fomohunt-podcast

FomoHunt Podcast – Joe Vezz & Jon Farjo: Tracking Social Sentiment Waves with Lunar Crush

30th July 2020
ethereum-hashoshi

Hashoshi: Ethereum 2.0, Chainlink, Bitcoin Price, and more!

27th July 2020
fomohunt-podcast

FomoHunt Podcast – Joe Roets: Behind the scenes of “Open source money”

24th July 2020
The Daily Chain

The Daily Chain is a news platform and educational hub founded in January 2019. We are dedicated to providing unique and informative daily content across all facets of the blockchain and cryptocurrency industry whether it be news, opinion pieces, technical analysis, reviews, interviews, podcasts and more.

LEARN MORE »

Recent Posts

  • BTC Price Eyes Worst Weekly Slide since March Of 2020
  • MIT announces 4-year project that seeks to strengthen the Bitcoin Network Security
  • HM Treasury urges regulators to consider a new Crypto-assets regime
  • Why KYC Requirements Pose a Severe Threat To The Crypto Community

Information

  • About
  • Contact
  • Site notice
  • Risk Warning
  • Privacy Policy

Categories

  • News
  • Markets
  • Features
  • Education
  • Media
  • Reviews

TheDailyChain © 2020. The Home of Digital Assets

No Result
View All Result
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List

TheDailyChain © 2020. The Home of Digital Assets

At The Daily Chain, we are committed to protecting the personal data of our audience.
In light of the General Data Protection Regulation, we are asking our audience in Europe to consent to the use of cookies by The Daily Chain and its partners to continue to our site. These cookies are used to personalize your user experience (content and ads) and support and improve the site. Please click “I Agree, Continue to Site” below to consent to the use of this technology and continue to TheDailyChain.com. Visit our Privacy Statement to learn more. Cookie settingsAgree, continue to site
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

bitcoin
Bitcoin (BTC) $ 46,487.00 9.06%
ethereum
Ethereum (ETH) $ 1,505.06 7.88%
cardano
Cardano (ADA) $ 1.12 1.21%
binance-coin
Binance Coin (BNB) $ 225.63 11.87%
tether
Tether (USDT) $ 0.994886 1.06%
polkadot
Polkadot (DOT) $ 31.75 7.32%
xrp
XRP (XRP) $ 0.432417 8.60%
litecoin
Litecoin (LTC) $ 173.61 13.18%
chainlink
Chainlink (LINK) $ 25.62 8.97%
bitcoin-cash
Bitcoin Cash (BCH) $ 485.02 11.01%
Newsletter

Join our newsletter!

Enter your email to receive our newsletter.

Don't worry, we don't spam