Ontology, a developer of autonomous identity systems on the blockchain, announced a partnership with bloXmove, a decentralized mobile platform, on Tuesday morning in an effort to accelerate the development of its decentralized credentials. Decentralized Digital Identification Protocol (DID) will allow blockchain participants to share their personal information, such as driver’s licenses, in a confidential, secure and encrypted manner.
One day, DIDs may be needed for complex decentralized financial applications such as urban transport, decentralized health insurance or decentralized car insurance. Simple smart contracts will not be enough for treatment, for example when a decentralized insurance guarantor covers a user’s claim for medical expenses in hospital.
Ontology will be able to automate and secure settlements with the BLMX bloXmove token. At the same time, bloXmove can achieve greater efficiency, lower costs and interoperability with other networks through the use of the Ontology blockchain.
Lee Joon, founder of Ontology, commented on the partnership as follows:
By integrating DID and Ontology data solutions, the entire [bloXmove] ecosystem will be easier to navigate, more private and secure.
Meanwhile, Dr. Harry Burns, CTO and co-founder of bloXmove said:
“We are honored to partner with Ontology to combine the Blockchain Mobility Blockchain platform with the latest DID technology. Decentralized IDs are an important addition to the blockchain for building real-world business applications.”