Ticket to Noah’s Ark – Ontology’s Solution to Overcoming the Barriers of Ecosystem Growth

Asia Blockchain Review
September 20, 2019

This event is for anyone interested in exploring the possibilities of enhancing the trustworthiness of public blockchains as a fundamental step towards overcoming the barriers hindering the growth of the blockchain ecosystem so as to enable the technology to reach its full potential.

According to the Great Flood myth, the earth was subjected to a great deluge in order to return it to its pre-creation state. Prior to its occurrence, a pious man by the name Noah came to know about the impending chaos and built an ark to save himself, his family and a few select animals who were the best of their species and behaved with the utmost goodness. As the cascading flow of water purified the world by washing away all of its defilements, the earth was restored to its original pristine state.

In 2018 alone, identity fraud schemes resulted in losses amounting to a staggering US$16.8 billion. As digital technology plays an increasingly crucial role in our lives, the risk of falling victim to unscrupulous activities such as deceptive fraud, manipulative scams and phishing activities targeted at stealing the digital identities of online users has also increased in a corresponding manner. Nonetheless, given the fact that digital services have become an integral part of our daily lives, from online banking and electronic commerce to ride hailing and food delivery, the option of withdrawing oneself from the digital realm is no longer practical.

Given the current state of the digital landscape where deception and subterfuge is the name of the game, one cannot help but wish for something similar to the Great Flood befalling the digital realm and thereby washing away the corrupt elements beriddling the landscape. If a Great Digital Flood were to happen, it would certainly do much to enhance the security of public blockchains which are increasingly affected by trust issues, particularly in the context of peer-to-peer (P2P) transactions executed through such networks. Although the occurrence of a Great Digital Flood may be too fantastical, the technological manifestation of the underlying concept of Noah’s Ark as a safe harbour for P2P transactions executed through public blockchains may have arrived in the form of the Ontology platform.

Ontology’s solution to the trust issues affecting P2P transactions executed via public blockchain takes the form of the Ontology Distributed Identity Framework (ONTID), which operates through a distributed reputation system. Digital passports issued by ONTID warrant the privacy of personal information shared on public blockchains by allowing only authorized users to have sole access and control over such information, secured using personalized digital signatures

In addition to resolving the trust issues involving public blockchains, Ontology has collaborated with NEO  to enhance the interoperability of blockchain networks by developing a global cross-chain platform. The platform would leverage Ontology’s SmartX integrated development interface (IDE), which operates using NeoVM-based C# and Python programming codes with plans to include Java, Rust, Go and JavaScript codes in time to come. The wide range of supported programming codes would ensure that applications created by developers using Ontology’s SmartX IDE are highly customizable yet capable of functioning across a wide range of industry verticals, thereby bringing to life the interoperability potential of blockchain. In furthering its agenda for blockchain interoperability, Ontology will be launching its USD-backed stablecoin Paxos Standard (PAX), which would act as a bridge mechanism with other platforms by facilitating fiat-based transactions between individuals and institutions within the Ontology ecosystem with those from outside the ecosystem.

As the digital realm progresses and as its rapid expansion and digital services become a more integral part of our lives, the privacy risks associated with public blockchains will presumably increase. With its offering of ground-breaking solutions that aim to enable the blockchain ecosystem to develop free of its existing barriers and privacy risks, Ontology may prove to be the digital embodiment of the proverbial Noah’s Ark.

BINARYSTAR and Asia Blockchain Review are seizing this opportunity to discuss the possibilities of removing existing barriers and privacy risks hindering to the growth of the blockchain ecosystem in order for the technology to reach its full potential. Join us in October as we explore the Ontology platform and how it aims to use blockchain to provide safe harbour  for digital users as the Noah’s Ark of the digital realm during our flagship event, Unblock Tokyo.

Expect meetups, keynotes, workshops, hackathons, dinners, and parties where we will discuss the hottest topics in the blockchain and crypto space and make lasting connections with people from all around the world.

Sign on with our promo code ABR25 for 25% off your ticket price!

Register now at http://bit.ly/UnblockTokyo2019

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