ONTology is a renowned public blockchain, digital asset tokens, and cryptocurrency project. It strives to create a unified digital identity, that uses every possible identity source as its base. Just last week, it collaborated with 4Stop to perform the Know Your Client (KYC) process on their platform. Furthermore, it has signed a Memorandum of Understanding with Shufti Pro, an AI-driven KYC/AML provider.
ONTology made the announcement via their official Twitter handle and their official blog on Medium. They stated, “The two parties will work together to provide digital identity services and cultivate Ontology’s trust ecosystem.”
About the MoU
One of the core components of ONTology’s distributed trust network is digital identity. It uses its native ONT ID to let users create their own digital identity portrait. Furthermore, this digital identity portrait is extensible to object, and assets also. The multi-factor identity created on the platform authenticates and certifies itself by the user for further usage.
“Ontology is a distributed trust network that focuses on digital identity, data exchange, and other trust collaboration scenarios. Shufti Pro is a fully automated and customizable KYC/AML SaaS service provider, supporting global comprehensive verification solutions.”
Furthermore, the blockchain provider and Shufti Pro will give compliance ready KYC/AML solutions for the blockchain network. The companies in collaboration want to provide a better user experience for their users. Furthermore, they aim to provide innovative solutions to identification tools and applications.
Victor Fredung, CEO of Shufti Pro stated this. “We are pleased to be starting our partnership with Ontology. We have followed their progress with interest for some time, and now is the right time to move forward. Furthermore, we believe that the combined use of new and innovative blockchain technology with cutting-edge ID and identity verification technology is a powerful combination for global business operations”