Ontology, a huge public blockchain platform has partnered with Spherity which is a digital identity solutions firm. This partnership has been formed to accelerate the development of digital identity solutions, particularly for enterprises and products. Through this collaboration, both the firms will be utilizing technologies and services provided by one another.
Ontology and Spherity will be working on developing applications based on a proof-of-concept for the digital identity. Both of these firms will jointly work on various research and marketing initiatives.
Ontology services used to make transactions auditable
Andi Ji, co-founder at Ontology has stated that the firms are trying to find partners which can build proof-of-concept. The major purpose of this is to show the complete traceability of the manufactured goods right from its production in the Asian factory until its sale in the European market.
He has also stated that some manufacturers are already using the services offered by Ontology in order to make their transactions auditable. Through this partnership, both the firms will be able to expand their businesses to new markets. Ontology has established its business in Asia and Spherity, on the other hand, is quite popular in Europe so ultimately both the firms will have access to both Asian and European markets. Both of them are also hoping towards the collaboration between the blockchain ecosystem of both China and Europe.
Identity system targeting various things
Dr. Carsten Stöcker, CEO at Spherity has said that the identity system is a very wide process and targets various things. It is not only related to identifying citizens and digital or financial lives as it is also related to identifying machines, different corporate entities, licenses and many other things. He has also said that blockchain and distributed ledger technology is particularly used for tracing and tracking goods or anything else. Now with the collaboration of Ontology and Spherity there will be the best of both the firms which will include blockchain technology and digital identity solutions, addressing both the issues in one go.
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