Ontology is a blockchain-as-a-service (BaaS) platform designed for corporate clients. It’s a high speed, low cost blockchain offering data solutions to users and enterprises. Its Ethereum Virtual Machine (EVM) is compatible with Ethereum.
Its network of blockchains are designed to make it easy for enterprise users to migrate proprietary systems to distributed ledger technology with minimal downtime and disturbance of the systems involved. While the main blockchain is public, the other chains attached are like a private space for the enterprise. Ontology wants to provide corporate users with an easy way to benefit from the decentralized and distributed nature of the blockchain.
Ontology aims to protect personal identity and data through encryption with ONT ID. It wants to prevent identity theft and keep hijackers from accessing personal information. Users will find ID management, smart contracts, a decentralized data exchange, and the ability to create digital assets and applications that can be hosted on the Ontology dApp platform.
Increasing both privacy and transparency, Ontology’s high speed, low cost, layer 2 blockchain gives users and enterprises the flexibility to build blockchain-based solutions while also ensuring regulatory compliance.