Today at the Next Generation Blockchain Networks for Distributed Trust event in Shanghai, Onchain unveiled a new product called Ontology – a distributed trust network. Ontology incorporates multiple trust types in an integrated protocol system with various blockchains and databases. Multi-source identities and multi-source data exchange protocols have been implemented into the network, building a distributed trust system that is cross-chain, cross-industry, cross-system, cross-application, and cross-device.

Ontology Network provides systems for secure data storage, hardware options for key management, and encrypted data analysis, whilst also providing the framework for use of all type of applications, including decentralized data exchange and procedure management protocols through the use of APIs, SDKs, and other modules.

In order to meet the needs of different industries, the flexible design structure is modularized, pluggable, and easily expandable.

Ontology Network aims to develop its trust ecosystem through partnerships to provide distributed services including distributed communities, data verification, data exchange, and credit across industries. Applicable scenarios for the technology include finance, internet of things, payments, insurance, media, software development, asset titles, medical and government.

Ontology will use NeoContract, and projects built upon the network will be able to create NEP5 tokens. Whilst Ontology will be used for data storage and identity, NEO will be used for asset based functionality.

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