09 October 2018
Two key milestones were recently attained by Ontology. The first milestone is centered on their drive to provide top-notch digital identity-related solution services that apply to both crypto and real world use cases. This milestone involves the signing of a Memorandum of Understanding (MoU) with Shufti Pro with regards to the integration of both their Know-Your-Customer (KYC) and Anti-Money Laundering (AML) technologies.
With the signing of the MoU, both companies have effectively joined forces to not only offer integrated digital identity solution services to users, but also to nurture and further promote the fast growing Ontology trust ecosystem.
By design, Ontology is primarily a distributed trust network with its core competence in a host of trust collaboration situations, data exchange and of course digital identity. With the latter involving a structure that supports the speedy verification and validation of digital-based identities.
There is no gain saying that digital identity is a major part of the infrastructure of the Ontology Network. In order to verify and validate the digital identities of individuals, objects and assets for example; Ontology utilises its ONT ID.
The ONT ID is a distributed, open source identity infrastructure that will support not just the verification and validation of an individual’s digital identity, but also that of assets and objects as mentioned before. With ONT ID, users are allowed to create their multidimensional, personalised identity structure that they can validate, certify and effectively utilise.
On the other hand, Shufti Pro allows users to carry out a verification check at any point in time on virtually any individual and also from anyplace using a smartphone mobile device or Web browser. The average verification speed is actually the best in the industry as it takes just half a minute (i.e. 30 seconds) for the completion of any verification. Shufti Pro comes as a customisable and automated platform fully equipped with AML and KYC Software-as-a-Service (SaaS) to adhere to the current compliance demands and standards of the market.
What makes the MoU between Ontology and Shufti Pro so perfect is the fact that they both have a similar goal of ensuring that the overall experience of users on their individual and collective platforms are enhanced. By developing innovative and highly interactive identification applications and user tools, this singular goal can be achieved by both companies.
With the agreement in force, Shufti Pro and Ontology will offer AML and KYC solution services. The Ontology blockchain will be where these AML and KYC solution services will be based and they will be fully compliant with the current industry standards.
The key points of the MoU include the following;
The second milestone attained by Ontology involves the listing of their ONT token on Tokenomy Exchange. You should know that CoinMarketCap.com recently ranked ONT 27th with regards to Market Capitalization.
As at yesterday, the 8th of October at 15:00 hours (GMT+8), ONT deposits were allowed on the exchange. However, from today, the 9th of October, 2018 you would be able to fully trade your ONT on Tokenomy. Trading commences from 15:00 (GMT+8) and the approved trading pairs include; ONT/BTC and ONT/TEN.
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