The builders of blockchain platform Ontology have teamed up with Litentry as a way to speed up the adoption of decentralized identification and credit score scoring options (each created by Ontology).
By way of the partnership, each organizations purpose to supply larger information privateness and transparency to individuals utilizing digital platforms and providers. In accordance with a launch, Ontology has dedicated to a Memorandum of Understanding (MoU) with Litentry, a blockchain-enabled identification administration layer developed on the Polkadot community.
As mentioned within the announcement:
“The 2 pioneers in decentralized identification and information administration options will collaborate to combine Ontology’s … decentralized identification answer, DeID, and DDXF, Ontology’s decentralized information change and collaboration framework, into Litentry’s identification aggregation and computation system.”
Ontology intends to make its DeID answer and its OScore, the corporate’s proprietary decentralized credit-rating system, out there to Litentry for “the mixing with its DID aggregation know-how to generate new use instances,” the discharge confirmed. It added that “over time, the partnership will see Litentry construct a cross-chain identification aggregator based mostly on Polkadot, which features a … Internet 3.0 identification computation community and associated instruments.”
Ontology and Litentry are planning to onboard 10,000 customers to the DeID and OScore options, “enriching aggregated Identities” and concentrating on shoppers in Europe, Latin America, the US, and Southeast Asia.
Li Jun, Founding father of Ontology, stated that the synergy between Ontology and Litentry “makes this partnership an apparent one.” Jun identified that the necessity to “result in larger equity, privateness and transparency on the subject of information is extraordinarily vital to each events and our shared missions.”
“Our workforce is worked up to see this partnership come to fruition and to leverage our commonalities to speed up the expansion of each Ontology and Litentry. … we’re … blissful to be furthering our relationship with the Polkadot ecosystem, having partnered with Patract Labs and Parity Applied sciences simply final month.”
Fei Liu, CTO of Litentry famous that Ontology has been a pacesetter within the creation of decentralized identification options and decentralized credit score scoring options — “a well timed answer in excessive demand given the business’s present give attention to DeFi.”
Liu additionally talked about:
“We’re delighted to collaborate with Ontology to combine these options and to work to extend person adoption of our services and products to create a fairer world on the subject of people and their information.”