Ontology, a developer of self-sovereign identification systems on the blockchain, announced a partnership with decentralized mobility platform bloXmove Tuesday morning in a bid to accelerate the development of its decentralized credentials. The decentralized digital identity protocol, or DID, will enable blockchain participants to share their personal information, such as a driver's license, in a private, secured and encrypted manner.
DIDs may one day be required for complex decentralized finance applications, such as urban transport apps and decentralized health or car insurance. Simple smart contracts would not suffice in processing, for example, where a decentralized insurance underwriter covers a user's claim for medical costs at a hospital.
Ontology would be able to automate and secure settlements via bloXmove's BLXM token. At the same time, bloXmove can achieve better efficiency, lower cost and interoperability with other networks by utilizing Ontology's blockchain.
Li Jun, the founder of Ontology, issued the following comment regarding the partnership:
By integrating Ontology’s DID and data solutions, the whole ecosystem will be made easier to navigate, more private and more secure.
Meanwhile, Dr. Harry Behrens, chief technology officer and co-founder of bloXmove, said:
"We are honored to partner with Ontology to combine bloXmove Mobility Blockchain Platform with their state-of-the-art DID Technology. Decentralized Identifiers are the crucial addition to Blockchain to create real-world business applications."