What is Ontology?
Ontology (ONT) was developed by a Chinese company called Onchain and launched in 2017. It is a public platform and is considered by some to be an important step in removing the barriers between the business sector and blockchain technology.
Essentially, it is designed to enable businesses of all sizes to install blockchain technology within their companies without having to completely change the way all of their current systems work.
Ontology (ONT) provides trust on a trustless network and a platform for dAPPs and smart contracts supported by the NEO blockchain. Smart contracts reduce reliance on lawyers, judicial systems, third-party companies, and banks to perform data transactions.
These trustless systems may be an ideal choice for small and medium-sized businesses that don't have the expertise to implement their own blockchain systems. Ontology (ONT) cryptographic network can be used not only for financial transactions but also for other types of data management.
What is the Purpose of Ontology (ONT)?
Ontology (ONT) aims to use blockchain to solve the trust problem, and its main focus is on identity security and data integrity. It is fast to operate and offers its users a range of latest-generation tools.
The program aimed to build a blockchain platform with common protocols, modules, and rules, all of which already have a home in the real world. The distributed digital system can be connected and ultimately make connections efficiently.
With this foundation of trust, dAPPs built on Ontology (ONT) can create peer-to-peer collaboration under a trusted system, which makes the platform useful for numerous areas.
At its core, Ontology was created to make systems more efficient and allow more companies to enter the blockchain space.
For traditional industries, teams without blockchain background, or companies with or without a technical background, Ontology (ONT) makes the transition to blockchain use much easier. In a sense, it may become a provider of blockchain services so that small companies can easily use blockchain.
Ontology (ONT) is one way to bridge the blockchain world and the existing world so that almost any entity can use blockchain technology.
How Does Ontology (ONT) work?
The purpose of Ontology (ONT) is not to operate as a single blockchain. Rather, the technology will enable companies to take full advantage of private and public blockchains on a larger scale.
Financial institutions do not want to put all their data on a public blockchain so that their competitors could access all their information. The Ontology (ONT) blockchain has a solution to this issue, as it is a private blockchain that only specific entities can use via shared permissions that allow access.
If a new investor wants to open an account at a financial institution and then wants to verify their identity, a public blockchain (such as NEO) can communicate with the private blockchain Ontology (ONT) has created, which is where private information is stored.
Ontology (ONT) can be used to create multilayer networks. At the bottom layer, Ontology's blockchain is connected to other large-scale blockchain platforms (which already support NEO virtual machines), such as EOS, Ethereum, and QTUM.
This enables the company to trade and store digital assets on NEO, interact with Ethereum dApps, and connect to other blockchain networks.
The next layer of Ontology is a series of pre-made APIs and protocols.
Without blockchain knowledge, companies and application developers can use Ontology's protocol suite to build private, customizable blockchains. The last layer is companies, institutions, and organizations that need blockchain solutions but use and operate them in a permissioned and controllable way.
Ontology (ONT) is very similar to a financial consulting company.
Just as a company hires consultants to reform its bureaucracy, Ontology (ONT) has built a bridge between the company and the DLT world (distributed ledger technology), allowing these companies to easily access and use some of the DLT relationships, knowledge, and systems.