Ontology launches decentralized solution for automobile industry

Popular blockchain platform Ontology has launched a decentralized identity solution for the automobile industry.

Ontology revealed this in a Medium post and highlighted the aim was to build a blockchain based digital identity solution that will bring trust within the automobile sector.

Using the Ontology blockchain, it would be possible to manage data and verify leading to increased security and value for all parties involved within a secure ecosystem. Thus Ontology will develop a mobile digital ID app that would integrate different features including a decentralized framework to manage data within the automobile sector.

Using this app, users would be able to securely store their data on trusted cloud storage or locally on phone with a private key that is only accessible to the user.

Ontology solution comes with other features geared towards the automobile industry

Ontology also added a secure data wallet and sovereign database. With the wallet, drivers can view different information such as car repair history and insurance payments.

Furthermore the data on the wallet is stored on the Ontology blockchain making it verifiable and transparent. Ontology also integrated a feature whereby drivers can earn rewards based on ONT tokens by renting their car to other verified,safe drivers on the Ontology powered marketplace.

The online marketplace is based on a decentralized reputation scoring system that grades drivers based on their reputation.

Ontology is regarded as one of the top blockchain projects and this latest development shows it’s commitment towards expanding into different sectors.