Ontology Collaborates with Spherity to Speed Up Supply Chain Identity Solutions May 23, 2020 May 23, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 23, 2020 by Kelly Cromley

Ontology Collaborates with Spherity to Speed Up Supply Chain Identity Solutions

Ontology has joined hands with German digital identity and cloud wallet provider, Spherity, to partner on speeding up advancement on digital identity solutions for products and companies.

The collaboration will result in Spherity’s Cloud-Edge wallet embed on Ontology’s (ONT) blockchain, and permit Ontology to utilize Spherity’s Decentralized Digital Identity solutions.

Both companies will join hands to create proof-of-concept trial illustrating applications for digital identity under the framework of mobility, supply chain and pharmaceuticals and capitalizing on Spherity’s prevailing client base.

Ontology and Spherity will also partner on marketing and research efforts. Spherity CEO Dr. Carsten Stöcker, stated that a major portion of the research, investment and development into blockchain powered identity solutions is not aimed at pinpointing individuals.

Stöcker said “[B]lockchains and distributed ledgers are mostly used to encode a myriad of other forms of information that goes into tracking goods and value as it moves across the planet.”

“The technologies that we call identity systems don’t just identify individual citizens and correlate their legal, financial lives with their digital lives – they also identify machines, autonomous algorithms, corporate entities, product information, licenses, and many other things that need a strong identity and signing rights to enter into this system of auditable, yet private transaction information.”

He further stated:

“There are millions of use-cases that have nothing to do with KYC or human identity of any kind, and even in the KYC space there are many ways to build in pseudonymity, revocable anonymity, disposable identities, and other capabilities beyond merely asking crypto users to show their papers and peg their digital lives to their status as subjects in a nation-state.”

Ontology co-founder, Andy Ji, underlined that the firms “are looking for partners to build a proof of concept showing end-to-end traceability of manufactured goods from birth in an Asian factory to sale in the European market.”

Ji further said “Most likely, this would take the form of a Chinese manufacturer already using other Ontology services to make their transactions more auditable, and a German import sector with very high regulatory compliance needs or facing reputational risks.”

The collaboration will also permit both companies to access fresh markets as Ontology is well established in Asia while Spherity commands a robust presence in Europe, especially in Switzerland, Germany and Austria.

The firms trust to pave way for better interoperability and partnership between European and Chinese blockchain environment.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.