The blockchain industry is swiftly revolutionizing the financial industry. It’s not only used to transfer funds from one platform to another but developers and businesses are now introducing innovative decentralized applications to serve the users. However, many businesses are still not prepared to migrate to blockchain networks.
The biggest problem is that most businesses don’t understand the complexities of blockchain networks. Secondly, the blockchain networks like Ethereum regularly update the data on the public ledger that is easily accessible by everyone. It creates problems for businesses that want to ensure the privacy of their data.
Ontology is trying to solve these problems by providing an easy-to-use infrastructure while providing users with complete control over their data.
What is Ontology?
Ontology is an open-source, high-performance blockchain network that is designed to maintain a strong network of public, private, and consortium blockchains. It plays the role of a bridge between the business industry and the blockchain space. Businesses can easily operate on this network even if they don’t have any prior knowledge of the blockchain industry.
The network is primarily designed to secure digital identity but it offers several other databases including distributed data exchange, distributed data collection, distributed communities, and more.
The use of Ontology can be better explained by the example of a hospital where doctors maintain the complete history of a patient. And they make notes about the patient’s illness on each appointment and prescribe medicine or other treatments accordingly. The doctors prescribe medicine/treatment based on the allergies and regular medications of a patient.
But if a person visits a doctor in another city, that doctor won’t be able to access the previous medical history of the patient. And the hospitals can’t share that information due to data protection laws. Similarly, they’re worried about the security of their centralized systems.
In this situation, Ontology can be used to share important information with hospitals throughout the country. The best part is that the hospital can decide the amount of information they want to share with particular entities. For example, pharmacies only need the basic information of a patient to provide them with the medicine.
So, the hospital will only share the patient’s identity with the pharmacies. At the same time, they can share the complete medical information of the patient with the hospitals in the home country.
Protection from Third-party Seizures – Ontology offers complete protection against any third-party seizures. Investors can rest assured about their investments because no external party can access their investments in the decentralized environment. Ontology is dedicated to maintaining user sovereignty with its advanced distributed ledger technology and cryptographic techniques.
Empowering Users – Unlike traditional networks, Ontology encourages users to participate in the decision-making process. The users can actively participate in the network’s governance by establishing a node. The users can propose and vote for several updates within the platform.
Promising Potential Growth – Since its inception, Ontology has demonstrated resilience and a dedication to consistent growth. The Ontology team has set a strategic roadmap to steadily ascend in the coming months. The platform is dedicated to establishing its reputation as a significant player in the blockchain space.
Enhanced Privacy – Ontology significantly excels in the area of personal investment transactions. The network securely transmits and stores transactions with its robust encryption techniques. The best part is that the platform doesn’t allow anyone to trace back and identify the owners behind different transactions. The platform provides users with peace of mind by preventing unauthorized access to sensitive data.
Reliable Protection – Although blockchain networks offer a decentralized environment, several networks have experienced cyber attacks over the years. Ontology boasts a robust architecture that provides strong protection against cyber attacks. While using Ontology, the users can trust the network knowing that their assets are protected by a highly secure blockchain network.
Multi-factor Identity Verification – Ontology offers a multi-factor authentication process for different entities to verify their identity. Ontology offers enhanced privacy of data by incorporating various factors. It ultimately prevents the risk of unauthorized access and data breaches by eliminating the need for a centralized authority.
Decentralized Data Management – Ontology encompasses robust protocol procedures, distributed attestation features, smart contract capabilities, distributed data exchange mechanisms, and secure data collaboration to facilitate the users. These features are mostly powered by distributed ledger technology. The developers can build trustworthy and scalable decentralized applications using this network.
Copyrighted Digital Identities – Ontology ensures the ownership and rights of data creators with its copyright protection system. The platform has devised a legal framework for resolving disputes regarding intellectual property rights. Thus, it discourages the unauthorized redistribution of copyrighted content.
Peer-to-Peer Data Transmission – Ontology supports accurate and secure transmission of data with its decentralized data exchange. The platform allows direct peer-to-peer data transmission so that the users don’t have to rely on centralized databases. It ultimately reduces costs while enhancing the overall efficiency of the process.
Key Functions and Modules – With Ontology’s modular architecture, the developers can create customized solutions according to the client’s requirements. The developers and organizations can monetize their applications and services using the Ontology Marketplace.
Similarly, they can enhance the security and privacy of the products with the cryptographic tools and functionalities offered by the Ontology Crypto Package. GlobalDB is an important module that supports data management and integration of decentralized identity across multiple geographical locations.
ONT is the native token of the Ontology network that users need to pay as a fee for the exchange of data. With a circulating supply of 875 million tokens, Ontology has a market cap of $190.8 million. It has a total supply of 1 billion tokens that will be released over time. ONT token ranks among the 200 best cryptocurrencies in terms of market cap.
Ontology is a high-performance blockchain network dedicated to supporting the secure flow of data. It enables individuals and organizations to control the amount of data they want to share with others. Furthermore, it offers an easy-to-use infrastructure for DApp development. If you need more information about how Ontology works, feel free to get in touch with us. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.