Elrond And Ontology Jointly Works on Blockchain Interoperability

Elrond, the new blockchain architecture designed to bring improvement in the data execution speed has partnered with Ontology, to gain access to the latter’s digital identity and data management features. Ontology is a high-performance, open source blockchain platform offering Layer 2 scalability and flexibility to design a blockchain network that will meet the specific needs of businesses.  

Ontology is featured with a unique decentralized identity and data sharing options that enhance transactions’ speed and security. Elrond’s collaboration with Ontology will enable the Elrond users to gain access to these Master Data Management and Identity Management features of Ontology. 

Master Data Management refers to those systems and tools that enable the developers to manage both the structures and the unstructured data, especially the authoritative core values defined by the organization. The main aim is to provide authoritative control over the collection of data to facilitate areas like quality-assurance, maintenance, traceability, and reliability across the entire organization and across different applications.

This integration between Elrond and Ontology will bring both the partners together to work on the interoperability features existing between high-performance blockchain networks. Information originating on the Elrond network will be featured into the broader network of Ontology to which the Elrond users can add their addresses to the ONTO wallet after binding them to the ONT ID. 

The decentralized identity management features at Ontology mainly target those businesses looking for integrating blockchain technology into their decentralized application ecosystem; Elrond is one of those businesses. Therefore, this collaboration with Ontology will enable both the Elrond users and developers to experience a secure and scalable network.

While almost all organization needs Master Data management, not all can afford it, because it involves a large team of technical experts and professionals. Therefore, Elrond’s integration with Ontology is the result of sincere efforts of the Elrond team that the users are getting access to two of the most indigenous features of Ontology.

According to Andy Ji, the Co-Founder of Ontology,

With the help of the newly generated ONT ID, the Elrond users will be able to authenticate any application on the Elrond platform using their ONT IDs. Moreover, this collaboration will enable the free movement of digital assets between these two blockchain networks.