Interview | Ontology: The Web3 Project That's Revolutionizing Data Privacy in 2022

I saw Ontology announced a partnership with bloXmove. Why is this significant?

We recently announced a partnership with bloXmove, a mobility blockchain platform designed to simplify travel across multiple forms of transportation by connecting mobility apps and reducing the need for users to switch between them. Over the last 10 years, there has been a significant rise in digital mobility apps, enabling people to avail of different modes of transport like scooters, bikes, cars, flights and train tickets. Unfortunately, there is a fragmented infrastructure surrounding these applications, which requires users to sign-up to various apps and websites every time. This leads to a proliferation of data exchange, where users are increasingly required to hand over sensitive data. Our partnership with bloXmove will see us integrate our decentralized identity protocols into their platform. This development will allow users to share their verifiable credentials, such as driving licenses, in a totally private, secure and encrypted manner. Tangible partnerships such as these that lead to real-world use cases are the building blocks needed to secure a better future for the digital world in Web3.

I saw that Ontology’s cross-chain lending platform, Wing, was launched on Binance Smart Chain. Tell us more about this development.

Wing, our credit-based, cross-chain decentralized lending platform went live on Binance Smart Chain (BSC) recently. By integrating with BSC, Wing has opened up unique lending, borrowing, and insuring options to a huge number of new DeFi users. Our team also celebrated Wing’s first birthday in September. Since then, Wing has experienced significant growth, with increased engagement in its DAO, and has also incorporated credit-based lending through Ontology’s unique OScore credit scoring solution.

Tell me more about what has contributed to Ontology’s development over the past few years.

Over the last few years, the world has increasingly embraced decentralized identity solutions as a result of the increasing privacy issues associated with Web2 technology. Looking to facilitate a more secure and private internet in Web3, the next stage of the internet, Ontology has worked hard to build out our public chain infrastructure, decentralized identity, and data solutions. Many leading companies have endorsed our technology. In addition to the recent bloXmove partnership, we also partnered with Mercedes Benz makers Daimler Mobility last year to develop MoveX. Another significant milestone for our development was our recent partnership with ROCKI, a next-generation music streaming service and NFT platform. ROCKI are utilizing ONT ID to prevent bad actors from impersonating artists and peddling inauthentic NFTs.

What do you think will be the key driver for adoption of digital identity in the next few years?

The metaverse and Web3 will have a significant impact on the adoption of digital identity over the next few years. We believe that in the future products like ONT ID could be used in the metaverse to ensure that user privacy and security is upheld, and to enable users to move between virtual worlds with one secure identity. We will be closely watching to see how this space develops, identifying how our digital identity solutions can continue to help create a more secure infrastructure in the Web3 era.