26 June 2018

Onchain wins Microsoft ‘Think Next – Graduation Award’!

On June 21st, Onchain won the ‘Microsoft for startups – Graduation Award’. The ‘THINK NEXT’ accelerator program was held in Shanghai, China. The event, which was attended by Fang Shizhong, mayor of the Xuhui District Government of Shanghai and several other government officials, is focused on accelerating growth opportunities for startups. Microsoft was represented by its ‘Corporate Vice President’ and ‘Chairman of Microsoft Asia-Pacific R&D Group’ Dr. Hsiao-Wuen Hon. To date, Microsoft ScaleUP successfully boosted the growth of 231 startups in China.

Dr. Hsiao-Wuen Hon Neonbeginner

Dr. Hsiao-Wuen Hon Neonbeginner

Speaking on behalf of Microsoft, Dr. Hon said the following:

“Emerging technologies, such as artificial intelligence, big data, and cloud computing, continue to evolve, making digital transformation an important issue that no company, organization or even government can turn a blind eye to. In the face of tremendous opportunities, we will push forward digital transformation as a service (DTaaS), give full play to the technological and talent advantages of Microsoft R&D, and jointly promote upgrading in various industries with other innovative companies so that scientific innovations and commercial applications would be able to inspire each other, to drive change, and to work for the future with wisdom,” said Dr. Hon.

About Microsoft

Microsoft aims to support emerging technologies around the world, and through its program, offers co-selling options, access to Microsoft technology, collaborative community spaces and more. ‘Microsoft ScaleUp’ is fully committed to providing support for series A startups by helping them getting access to its huge client base.

It is clear that Microsoft’s strategy is geared towards getting a foothold within core development teams around the world which are working on promising technologies. Their latest acquisition of ‘Github’ speaks volumes in that regard. Github, a leading code repository & marketplace for developers, is being acquired by Microsoft, in a deal valued at $7.5 billion USD. To date, Microsoft ScaleUP successfully boosted the growth of 231 startups in China

Onchain, Ontology & Neo

Onchain is the private company that gave birth to the current blockchain ‘superstar’ networks, NEO and Ontology. This Shanghai-based company focuses on creating and perfecting its proprietary ‘DNA’, Distributed Networks Architecture. It wants to become the main provider of ‘Blockchain Technology’ for enterprises and governments.

The Company was co-founded by Da Hongfei, Erik Zhang, Jun Li and Wentao Yang in 2014. The ‘Blockchain Startup’ is backed by the Chinese ‘Fosun Group’. Fosun Group is China’s largest privately held conglomerate and is invested in a number of sectors including; mining, insurance, and technology.

Yang Wentao Neonbeginner

Yang Wentao – Microsoft ScaleUp – Think Next

Yang Wentao, Co-founder, and Vice President at Onchain promoted the Ontology network with the following statement:

“Members of Ontology ecosystem can be categorized into four parts: community, individual, entity authentication system providers, and industry application system providers. We hope to attract technology talent from domestic and international institutions and communities, and in the meantime enhance interaction and training through community cultivation. Individuals can engage in Ontology’s distributed identity management and join the community to provide support and improvement suggestions”.

This clearly shows how much Onchain and Ontology are entangled, and are together, attempting to build and interconnect a true network of Blockchains.

Yang Wentao also highlighted some of Onchain’s achievements in the field of identity blockchains. He talked about the  ‘Guiyang Identity Chain’ and ‘Law Chain/ Legal Chain’, which are providing data authentication, capable of authenticating over 1.5 million records per day.

Identity Chain is designed to protect privacy while at the same time providing real name identity and map online digital identity. This is very similar to what Ontology is pursuing with its ONT ID. The main takeaway here is that many identity chains can perfectly co-exist and cater to specific niches. In the end, interoperability between the different identity blockchains will form the foundation of the Ontology vision of a ‘Trust Network’.

Legal Chain is a blockchain-based storage facility for legal documents. This allows having authenticated legal evidence to be securely stored on a distributed ledger. These kinds of ‘data authentication’ blockchains have a tremendous economic value. Undisputable identities and contracts are on the way, and smart contracts will facilitate a seamless execution of the ‘rules’ stipulated in the contract.

In closing

Onchain, Ontology, and Neo do not only share founders, they share a vision of our future ‘Smart Society’. The fact that Onchain has won this ‘graduation award’ is surely not groundbreaking news, however, it does reveal the story behind the scenes which you should pay attention to.

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