PROVO, UTAH and SINGAPORE, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Ontology, a new high-performance public multi-chain project and a distributed trust collaboration platform, has formally entered into an agreement with the Sovrin Foundation and identity technology developer Evernym. The three parties will co-develop blockchain-based technology to support the interoperability of their respective digital identity networks, working to provide a seamless identity management experience for identity holders worldwide.
Digital identity is one of the oldest and most difficult problems facing the internet today. Identity holders face a constant threat of hacks, breaches, and scams while defending against these threats costs businesses millions of dollars every year. The Sovrin Network is a decentralized identity network being designed to bring the trust, personal control, and ease-of-use of analog identification (such as driving licenses and employee ID cards) to the internet. The Sovrin Foundation is a nonprofit established to administer the Trust Framework that provides the legal governance for the Sovrin Network. This relationship is intended to ensure that the Network is nonpartisan, unbiased, and not under the control of any corporation or government.
Ontology, Evernym, and the Sovrin Foundation will coordinate development around the use of decentralized identifiers (DIDs) for verifiable credentials. Representatives from Evernym and the Sovrin Foundation assisted the World Wide Web Consortium (W3C) to create this new type of internet-wide digital identity standard. The Sovrin Network’s design serves to enable the use of DIDs for both secure off-ledger network connections and to anchor identity to the public ledger. The Sovrin Network’s use of this technology is expected to give identity holders the power to collect and share their personal data in highly cryptographically secure channels.
Collaboration has been a key factor in the developmental success of the Sovrin Network. The Foundation has approved over fifty organizations worldwide that volunteered as Sovrin Stewards. This diverse group of entities donate time and resources to operate the validator nodes which keep the Sovrin Network secure through a series of automated cryptographic checks and balances. The Sovrin Network is also partly an open source project that depends on the contributions from a thriving community of developers who access and contribute to the growing public codebase. As a member of Hyperledger, a Linux Foundation Project, the Sovrin Foundation donated the original code to Hyperledger Indy, one of the open source projects under the Hyperledger umbrella.
“Digital identity is a global problem that requires a global, interoperable solution,” said Sovrin CTO, Nathan George, “The Sovrin Foundation is delighted to be collaborating with Evernym and Ontology on the development of the open source Hyperledger Indy codebase. This mutually beneficial effort will help drive the development of self-sovereign identity forward and ultimately supports the Sovrin Foundation’s mission of creating a system that provides identity for all.”
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About the Sovrin Foundation
The Sovrin Foundation is a nonprofit organization established to administer the Trust Framework governing the Sovrin Network. Intended to serve as a global public utility enabling the development of self-sovereign identity on the internet - the Sovrin Network is operated by independent Stewards and uses the power of a distributed ledger, working to give every person, organization, and thing the ability to own and control their own permanent digital identity. For more visit Sovrin.org.
About Ontology
Ontology is a new high-performance public multi-chain project and a distributed trust collaboration platform. We provide common modules on the underlying infrastructure for different kinds of distributed scenarios, such as those for the distributed digital identity framework, distributed data exchange protocol, and so on. We are committed to building an open-source and collaborative distributed trust ecosystem and will continue to develop new common modules. For more visit Ont.io
About Evernym
Founded in 2013, Evernym helps organizations implement self-sovereign identity (SSI) through technologies that enable any person, organization, or connected thing to identify, authenticate, and connect peer-to-peer with any other person, organization or thing, without a platform in the middle and without contacting third parties. Evernym also helps individuals to manage and utilize their self-sovereign identity. For more visit evernym.com
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