Ontology has announced a strategic partnership with Business Data Network (BDN), a decentralized global business data ecology that connects enterprise and personal users through the tokenization of business data. The partnership will focus on production logistics, new retail, offline business, and co-building a business-oriented distributed trust ecosystem, to minimize data islands and propel data-driven market growth.
The partnership between the two companies is part of Ontology’s “real economy strategy,” which focuses on building connections between the traditional economy and distributed digital systems, without the need for complex processes and technologies.
In its practices, BDN utilizes technologies such as the internet of things (IoT) and big data to increase efficiencies in the production, circulation, and sales of real-world business and enterprise. BDN’s practical experience in offline business scenario exploration, retail, big data processing, mining, smart hardware, and IoT is anticipated to increase opportunities for Ontology’s real life applications.
Through its partnership with Ontology, BDN will seek to apply its data processing abilities to distributed network technology. By forming a “close connection” with Ontology’s multichain network, BDN’s data collection and analysis, data value transmission, and trading systems will aim to support efficient circulation amongst businesses, individuals, and data integrators.
On the partnership, Zhu Youbing, founder of BDN, stated “BDN’s business ecosystem network solution was created to solve the pain points of real business scenarios and basic solution platforms. We hope we will promote blockchain technology and its applications together and build digital identity-based cooperation on blockchain applications.”
Jun Li, Founder of Ontology, believes “real business that includes production, logistics, retail, and other behaviors has extensive spaces [that has] yet to [be explored].” If Ontology can fully develop a distributed trust ecosystem, then “it will greatly improve the efficiency of data circulation and reliability of transactions in commerce.”
More information on Ontology can be found at the links below.