CBN(China Business News)focused on Ontology Network

CBN(China Business News)focused on Ontology Network

Reporter: Being the world��s largest market
for Internet consumption, our country has a natural advantge in the implementation and
adoption of blockchain technologies. Last year, a total of 17 blockchain enterprises
were created, ranking our country as first in the world, in front of USA. Industry analysts predict that over the next
2 years, blockchain technology will gradually mature, and there will be an explosive growth
for blockchain use-cases. Male Voice-ver: Onchain, a leading blockchian
enterprise in China, will be developing a new blockchain platform, named Ontology. In the past, people established trust within
the social fabric through various means, such as finance, and technology. However, various pain points still exist within
the existing system, such as inaccurate identity data, impersonation, and fradulent personal
data. Through the immutable and decentralized nature
of blockchain technology, a revolutionary trust network ecosystem can be created. The implementation of this trust network will
help to alleviate various pain-points within the existing market. Since accessing cryptocurrency markets is
a complicated and risky process for the user, Ontology Trust Network developed by Onchain
reduces the barrier of entry for users. This is akin to the creation of an information
highway that is easily accessible by anyone. As a result, various use-cases will be rapidly
created. Li Jun: Professional teams from various industry
backgrounds will be able to focus on their enterprise integration, without the need to
understand blockchain technology.This eliminates the need to understand underlying blockchain
protocols, the creation of developer ecosystems, and network effects in public chains. Through the use of Ontology network modues
and onboarding process, these teams will be able to rapidly port their enterprise business
onto Onchain��s blockchain framework. In doing so, this will guide developers and
enterprises from various industries, into the blockchain ecosystem. Male Reporter: Being the underlying protocol
and foundation for these blockchain use-cases, Onchain will support the creation of various
industry use-cases. For example, company A and company B will
able to tap onto this trust network, and establish ��trusted channels��, where authentication
of data and data exchange can occur. In short, the last-mile problem faced by many
blockchain projects is solved through the use of Ontology Trust Network. Da Hongfei: The largest industry use-case,
is the ability to transform the vaults of data already existing within every industry,
into digital assets. Previously, these data had massive privacy
and security implications, and could not be used without proper authorization. However, with Ontology trust network, these
digital assets will be able to generate additional value. Male Reporter: Key representatives from Onchain
expressed that blockchain technology is maturing from an immature state, into enterprise-ready
solutions such as Ontology Trust Network, which is able to reduce third-party costs. The immutable nature of blockchain technology
can solve the problem of data tracking and identity theft. However, these innovative blockchain technologies
will be closely monitored, and thoroughly regulated by the relevant authorities. Interview: An example is the financial markets,
which are closely regulated through strict surveillance, and the implementation of industry
best practices. In comparison, markets with lesser regulation,
such as public blockchains and traditional, non-financial markets, will see quicker adoption
of blockchain technology, and the rise of industry use-cases.

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