- Decentralized identity development will be accelerated with the latest coalition of Ontology and bloXmove
- The partnership seeks to enable the creation of complex dApps
- Simple smart contracts would not suffice in the processing of such information
- Decentralized Identifiers are the vital addition to the ecosystem to create real-world business applications
Decentralized identity is an emerging concept that brings a trust framework. The concept gives back control of identity to consumers through the use of an identity wallet. In the framework, identifiers like username can be replaced with IDs that are self-owned, independent, and enables data exchange using the potential blockchain technology to protect the user’s privacy and secure transactions. Recently, Ontology, a developer of self-sovereign identification systems on the blockchain announced a partnership with the decentralized mobility platform bloXmove. Notably, the coalition will focus on bringing decentralized identity to urban transport apps.
Decentralized identity adoption in transport sector
The coalition between Ontology and bloXmove came in a bid to accelerate the development of its decentralized credentials. Notably, the decentralized digital identity protocol enables blockchain participants to share their personal information in a private, secured, and encrypted manner.
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The move seeks to enable the creation of complex decentralized applications (dApps). According to experts, such a concept of DID may one day be required for complex dApps. Such applications include, urban transport apps, and decentralized health or car insurance.
How will Ontology and bloXmove help?
It is observed that simple smart contracts would not suffice in the processing of such information. Indeed, a decentralized insurance underwriter covers a user’s claim for medical costs at a hospital. Here, Ontology can potentially automate and secure the settlements using BLMX tokens. Simultaneously, bloXmove can achieve a better efficiency, lower cost, and interoperability platform with other networks by utilizing Ontology’s blockchain.
DID and data solution helps the blockchain ecosystem
According to Li Jun, the founder of the protocol, by integrating Ontology’s decentralized digital identity and data solutions, the entire blockchain ecosystem will be made easier to navigate. Indeed, the navigation will be more private and more secure.
Simultaneously, Dr Harry Behrens, the chief training officer and the co-founder of bloXmove commented expressing how honoured they are following the partnership. Behrens further cited that they honour to partner with Ontology to combine bloXmove Mobility Blockchain Platform with its state-of-the-art DID Technology. Furthermore, he added that it is notable that Decentralized Identifiers are the vital addition to the ecosystem to create real-world business applications.