Home Blockchain Blockchain has limitless advantages, says Ontology’s Gloria Wu – Coin Rivet

Blockchain has limitless advantages, says Ontology’s Gloria Wu – Coin Rivet

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Following the latest opening of its German workplace – a transfer designed to “enhance information privateness and safety by laws” through the use of blockchain – Ontology chiefs are eager to showcase how decentralised id options could be utilized to any side of life.

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Coin Rivet spoke with Ontology’s head of ecosystem partnerships – Gloria Wu – who defined “the EU’s efforts to extend information privateness and safety by laws resembling GDPR and the European Fee’s latest endorsement of Digital Identification, place the area as a key hub for privateness and innovation, subsequently making it a core focus for Ontology”.

“Europe is a worldwide chief in tech, and Berlin sits on the forefront of the panorama, having acquired over $13 billion funding since 2016,” she stated.

When speaking in regards to the blockchain, Wu believes there are “limitless advantages”.

Blockchain can remedy key points like belief in a community and, with it, an organisation can turn out to be fully decentralised, which means there isn’t a want for a centralised authority, thus enhancing the system’s transparency,” she defined.

Blockchain ensures superior safety in comparison with different platforms, which means that information is encrypted and far more durable to breach.

“This may be utilized to on a regular basis life in healthcare, in authorities legacy techniques, and in digital finance.”

Wu added blockchain might additionally contribute considerably to defending residents’ private data.

“As we have now seen lately, there was an inflow of information breaches; person IDs and passwords are notoriously weak to theft and hacking,” she stated.

“For instance, in 2021 alone the worldwide common price of information breaches was $3.86m.

“By utilizing blockchain know-how and safe id options constructed on blockchain, we will fight information breaches and place the management again within the arms of self-sovereign people.

“Educating residents on the advantages and how one can leverage blockchain know-how by completely different options goes to be essential.”

Like all new know-how, there comes the potential for abuse, and somewhat than making an attempt to combat new improvements, Wu proposed safeguarding towards their misuse.

She reiterated the corporate not too long ago introduced its 2022 roadmap with the aim to make Ontology’s high-speed, low-cost, public blockchain, the blockchain of alternative for Web3 applications.

“Ontology is constructing the infrastructure essential for a cross-chain, interoperable Web3,” she stated.

“An enormous a part of our focus will probably be to make efforts to create interoperability between the completely different public chains.”

Ontology’s id options to be utilized in schooling

Wu added the ONTO Wallet was additionally one other focus for the corporate this yr.

“We wish it to turn out to be the entry level of alternative for Web3 in 2022,” she confirmed.

“ONTO Wallet merely offers entry to Web3 for customers while permitting them to personal their id and information.

“We have now little question this yr will convey thrilling developments by way of tech, in addition to ecosystem progress.”

Wu additionally commented that, over the previous few years, the world has more and more embraced decentralised id options because of rising privateness points related to Web2 know-how.

“Ontology’s decentralised id options could be utilized to any side of life together with schooling, finance and transport,” she defined.

“For instance, within the instructional enviornment decentralised id options might be used to assist shield college students’ information in universities.

“When college students are submitting assignments to their college portal, they might join them to a private decentralised digital id that will confirm their id and hold their work and grades secure and safe.”

Wu talked about Wing – a credit-based, cross-chain decentralised lending platform run on the Ontology blockchain – for instance of what the corporate was doing “to make a distinction within the finance sector”.

“As a DeFi platform devoted to the digital asset lending market, Wing helps cross-chain interactions between a wide range of DeFi merchandise,” she stated.

She added the corporate additionally not too long ago partnered with bloXmove, a business-to-business mobility blockchain platform designed to simplify journey throughout a number of types of transportation by connecting mobility apps.

“We’re integrating our decentralised digital id protocol into its platform,” she defined.

“By doing so, we be sure that these utilizing a wide range of completely different transport apps can share their verifiable credentials, like driving licenses and passports, simply as soon as in a approach that’s completely personal, safe and encrypted.”

Disclaimer: The views and opinions expressed by the creator shouldn’t be thought of as monetary recommendation. We don’t give recommendation on monetary merchandise.


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