Everything you need to know about Ontology Network

Ontology, Building Trust on Blockchain

 

In philosophy, Ontology is the study of the nature of being, becoming, existence, or reality, as well as the basic categories of being and their relations. It often deals with questions concerning what entities exist or may be said to exist and how such entities may be grouped, related within a hierarchy, and subdivided according to similarities and differences.

In this context, if a company decides to call itself ontology, this means that it’s willing to provide for its clients more than just a product or a service but, a whole system. Indeed Ontology Network, a protocol network built with multiple blockchains and systems to support use with all business types, is said to convey a distributed trust system that is cross-chain, cross-industry, cross-system, cross-application, and cross-device.

Key Concepts:

As vague as it is, Trust can be defined in different ways, for Ontology Network people, Trust is a key component in human organization and social collaboration. They believe trust to be the core requirement of social and economic partnership that has been built up through technology, law, and community throughout history. No wonder these guys have built their entire business around Trust, being their core value by incorporating multiple trust types in an integrated protocol system with various blockchains and databases.

In fact, Ontology seeks to be home to a vast array of businesses and communities. In accordance with this vision, Ontology has been designed as an open and extendable modular system that allows industries to implement and develop distributed services through the Ontology Network without necessarily having any previous knowledge of distributed networks.

The technical part:

Back to how the trust system is put together, Ontology constructed the infrastructure of its trust network by combining a distributed identity system along with a distributed data exchange, a distributed data collaboration, a distributed procedure protocols, distributed communities, distributed attestation, and some various industry-specific modules.

Now if we go through all of the aforementioned elements that Ontology is applying, we can understand how the trust is being portrayed within the system:

Starting with the distributed identity system , it is mainly depicted in a decentralized and multi-factor identity verification system as it assures data privacy is core to building a trust network. Such a system can provide identity verification systems for individuals, organizations, and physical objects.

Afterwards, a Distributed Ledger Technology will do for the data exchange, data collaboration, procedure protocols, smart contracts  and distributed attestation, all empowered by Ontology storage system that works on the distributed ledger. The key feature of the completely decentralized, tamper-proof ledger is that trust is shared amongst multiple parties through the use of smart contracts, distributed networks, distributed storage, distributed authority, distributed security, and a variety of modules.

For example, take the distributed data exchange, by supporting data exchange, Ontology allows Peer-to-Peer Data Transmission using a system that applies Blockchain Technology to support accurate search and transmission of data between two parties without having a centralized database. Such a practice requires Data Authorization Mechanisms to assure data privacy protection and leakage prevention whilst giving the user full control of their data; each data transfer must receive authorization from all parties. Besides, Ontology stores, manages, and attests data throughout its life cycle using a Copyright Protection of Data:  A digital identity is created for each copy of data from registration, request, authorization, to exchange. Copyright protection is also recorded to each copy on the blockchain, and finally a Distributed Data Storage layer that supports decentralized storage for different types of data.

The last element being applied in the system of trust is the other Key Functions and Modules composed of Ontology Crypto Package (OCP), Ontology Marketplace (OM) and the GlobalDB with the possibility to build further modules according to projects’ specific requirements.

And this is exactly how Ontology got its “trust ecosystem” that serves purely decentralized services !

 

 

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Wejden Khachaa

Marketing/Finance Bachelor, worked in several tech start-ups at a young age, her passion for blockchain and her firm belief that it will change the world one day inspires her to write about related topics.

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