Ontology seems to be on a partnership building spree that is helping it grow as a platform and as an ecosystem. It is not just improving its ecosystem but also enriching its offerings. The latest addition to this list is IdentityMind Global™ which will work with Ontology to perform KYC on Ontology Trust Ecosystem.
KYC a must for Ontology trust ecosystem
As described rightly on its website, Ontology is a diverse, integrated, distributed trust network and the infrastructure for building a trust ecosystem. Ontology encourages trust cooperation and allows projects of all shapes, sizes, and technologies with different business scenarios and compliance requirements to pass through Ontology’s chain networks and take advantage of the distributed trust network how they see fit.
With such a diverse ecosystem and so many partners, KYC compliance would become a key aspect of the business digital identity is core to Ontology’s infrastructure. Ontology uses ONT ID as a complete distributed identity framework supporting identity verification and authentication for people, assets, objects, and affairs. Ontology’s distributed identity framework was created for users to build their own multi-factor identity portraits which they can authenticate, certify, and use.
The ontology will utilize IdentityMind’s digital identity, SaaS-based platform, to perform necessary know your customer (KYC) compliance requirements of the Ontology ecosystem as part of Ontology’s real economic strategy.
Not Just Ontology, As an emerging technology, it is important that the blockchain industry is compliant and takes the initiative in ensuring blockchain development continues to promote trust.
Speaking on the cooperation, Garrett Gafke, CEO of IdentityMind, said:
“We’re pleased to work with an exciting, ground-breaking project like Ontology, who are building a new, high-performance public multi-chain project and a distributed trust collaboration platform. Ontology and IdentityMind are both built upon creating a foundation of trust upon which today’s digital economy can operate”.
Why IdentityMind seems to be the right partner
IdentityMind is a pioneer in the Trusted Digital Identity space. Its product offering includes Superior AML, KYC, Sanctions Screening, Transaction Fraud, and Identity Link API.
Its Platform allows companies to perform identity proofing, risk-based authentication, regulatory identification, and ultimate detect and prevent synthetic identities, and stolen identities providing offer a comprehensive risk and compliance solution.
It also extends the Platform with transaction monitoring for e-commerce fraud prevention, anti-money laundering, and the counter financing of terrorism. The company has patented its eDNA™ technology to ensure global business safety and compliance at customer onboarding and throughout their lifecycle. The platform is capable of tracking the entities involved in each transaction (e.g. consumers and merchant onboarding, account origination, money transfers, online payments, etc.) to build a unique digital identity trust reputation.
This reputation is anonymously shared between IdentityMind customers within IdentityMind’s global Identity Network.
The company majorly partners with which either integrate their technology to IdentityMinds platform or via Resellers program who pre-integrated IdentityMind’s platform into their solution.
The list of partners includes to the likes of Augur, CipherTrace, DarkOwl, Ethoca, Experian, ID Analytics, IDology, Inc, KYC2020, MaxMind, Mitek, Neoway, Neustar, Inc, Telesign, TINCheck, TowerData Twilio among other.
With such diverse experience across industries in the real and crypto world, its patented technology and basket of product offerings IdentityMind seems to be the partner for Ontology in years to come. It looks to have every solution that Ontology may require as it progresses on its roadmap and integrates more partners, increasing the complexity and diversity.
Is Ontology compliance to KYC also force another token to be more compliant and follow the suite? Do let us know your views on the same
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.