On June 21st, 2018, Onchain won the Graduation Award at “Think Next”, Microsoft Accelerator Shanghai’s Third Cohort Alumni Enterprise Exhibition event. Onchain is the blockchain enterprise behind Ontology, with Da Hongfei, Erik Zhang and Li Jun amongst its co-founders. Onchain also provides consortium blockchain development services, and last year received investment from Fosun Group, one of China’s largest private conglomerates. Microsoft Accelerator is a program that provides resources to outstanding start ups to aid in business development.
Twice a year Microsoft Accelerator selects 15 – 20 companies to receive access to Microsoft’s innovation ecosystem and entrepreneurship resources, financial resources, strategy advice and access to major clients. Onchain was selected for the program in February of 2018 because of its work in the global blockchain industry.
At the event, Yang Wentao, co-founder and vice president of Onchain, gave a keynote speech about the core values of blockchain, problems in blockchain infrastructure implementation, and Ontology’s trust and cooperation platform. He also discussed Ontology’s ecosystem, which is comprised of community members, individuals, entity authentication providers, and industry application system providers.
Wentao went on to describe the first identity project led by Onchain, called Guiyang Identity Chain. Guiyang Identity Chain is “an electronic data storage and authentication platform which can provide more than 1.5 million attests per day.”
As of August 2017, Microsoft Accelerator has worked with 170 start ups in China with a total valuation of close to $9 billion USD. Companies involved saw an average 400% valuation increase and 93% became recipients of another round of investment.
Moving forward, Onchain will focus on blockchain technology and building the next-generation trust collaboration platform through the development of Ontology.