Public blockchain project Ontology is collaborating with 4Stop to perform identity authentication services on its distributed trust collaboration platform. 4Stop’s systems will now be used by the platform for completing Know Your Customer (KYC) procedures on its ecosystem. The trust network will be benefited through these verification and authentication exercises.
How Will 4Stop Help Ontology?
As stated in a press release, Ontology and 4Stop will work together to create digital identity services for users and complete KYC checks, which will be helpful in reinforcing the Ontology trust ecosystem. 4Stop will onboard the Ontology Distributed Ledger Technology and will make use of its global certification sources to authenticate and verify people. The technology can also be used to authenticate objects, assets, and affairs.
Ontology focuses extensively on advocating trust in the blockchain industry. The press release states:
“Ontology’s ‘real economy’ strategy is to deliver robust and comprehensive multi-source identity portraits that enable stronger trust cooperation and efficiency in real-world use case scenarios.”
On the other hand, an interesting thing about 4Stop is that it is designed with local, national and global compliance needs in mind, which helps in better risk management and accelerates business performance. The Germany-based company provides over 1,800 global data sources to clients in a single integration.
A New Step for 4stop?
Ingo Ernst, CEO of 4Stop, talked about their validation, authentication and verification services on the Ontology ecosystem. He said:
“With the ever-evolving adoption of blockchain technology, we are very excited to be part of Ontology’s innovate blockchain project by providing them with further KYC services to verify and authenticate personal data across the globe.”
He further noted:
“Creating a mainstream, standardized, and easily accessible compliant and trusted infrastructure is something we are both passionate about, and we look forward to Ontology’s future developments.”
4Stop depends on a cascading KYC verification mechanism that helps in cost reduction for users and provides fraud protection as well. The company recently announced that it was selected as one among the top 10 most trusted ERM solution providers of 2018. The study was conducted by Insight Success, which praised the risk management solutions of 4Stop, which help clients improve their performance.
Blockchain Project Ontology Partners With 4Stop for Identity Authentication Services was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.