Cryptocurrencies

Privacy and Decentralized Identity

On August 10, Elrond announced in a blog post working with Ontology (ONT) to access the latter’s identity and digital data management features. A high-performance open-source blockchain, Ontology offers level 2 scalability and flexibility to design a blockchain network that meets specific business needs. The two platforms have therefore agreed to work together to overcome new obstacles. Explanations.


Interoperability between the two blockchains

At first, it will mainly be a question of make effective interoperability between the two partner blockchains. To do this, information from the Elrond platform may be available on the system of Ontology. This will, for example, allow its users toadd their address to the ONTO wallet and link it to their ONT ID. This ID from ONTO can at the same time be used on the Elrond blockchain to access its applications.

Thereby, the free movement of digital assets between the two blockchains will now be effective. “This integration allows reduce the time to market of applications looking to deploy complex business logic on the Elrond blockchain. The identity framework provided by Ontology reduces the effort required to implement comprehensive identity and access management processes in applications built on our main network ”declared Beniamin Mincu, CEO of Elrond.

Towards the adoption of decentralized identity solutions in companies

Ontology’s decentralized identity management features primarily target companies looking to integrate blockchain technology into their ecosystem of decentralized applications. Elrond being one of them, this collaboration will provide its users and developers with a secure and scalable network. Andy Ji, co-founder of Ontology, said: “We are delighted with this collaboration, which accelerate adoption of Ontology’s decentralized identity solutions for enterprises looking to leverage the scalable and inexpensive Elrond blockchain ”.

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Integration with Ontology expands possibilities for the technical team atElrond to take advantage of a powerful tool for identity and access management. It will also allow them to tap into the growing market for monetized user-centric data.

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