Ontology (ONT), a leading multi-public chain project and collaboration platform, has announced its partnership with other two companies. Ontology identified the new partners as nonprofit firms that focus on the self-sovereign identity development on the Internet, Sovrin Foundation, and a tech-based identity developer, Evernym. According to the deal, the three companies will work collaboratively to develop blockchain capabilities on their various platforms. When the three parties complete the project, it will foster platform interoperability that will, in turn, deliver an improved identity management experience.
Ontology Faces The Challenge of Digital Identity
Of all the setbacks facing the Internet today, digital identity is the oldest. However, Ontology has found an expert partner to help with the formidable task. Undeniably, identity holders have to grapple with increasing threats of hacks, scams, and breaches. Sadly, putting up a defense mechanism that effectively safeguards the system against these threats can cost billions of dollars every year.
Accordingly, Sovrin Network aims to end the threat. How? By breaking down their strategy, let’s introduce the company first. Sovrin Network is a decentralized identity network that aims to bring trust, analog identification friendliness, and personal control to the Internet. A nonprofit organization, the Sovrin Foundation administers the Trust Framework which produces legal governing for the Sovrin Network
How the Collaboration Will Work
Basically, Ontology, the Sovrin Foundation, and Evernym will ensure that they coordinate the consolidation of decentralized identifiers (DIDs). Looking at their profile, the Sovrin Foundation and Evernym are not new to the Internet environment, given that they once worked on a similar project. Indeed, they assisted the World Wide Web Consortium (W3C) to create a standard for Internet-based digital identity. Therefore, Sovrin Network will enable the use of DIDs to anchor the identification of public ledger and protect off-ledger network connections. Consequently, the Sovrin Foundation is leaving the power in the hands of identity holders to use highly cryptographically secure channels to collect and share personal data.
The Importance of the Partnership
The Ontology collaboration plays a critical role in the development process of the Sovrin Network. Interestingly, the Sovrin Foundation has given a green light to over fifty organizations that are willing to do their part in the process. The Foundation calls these volunteers Sovrin Stewards.
Essentially, they devote their time and resources to operate as the system’s validator nodes. No doubt, this has the benefit of using automated checks and balances to keep the Sovrin Network secure. Also, the Sovrin Network is a partly open-source project. Further, it relies on the support from a developer community that contributes to its expanding public codebase.
So far, the Sovrin Foundation has donated the original code to Hyperledger Indy. The reason is that the Foundation is a member of Hyperledger, which is, in turn, a Linux Foundation project.
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