KardiaChain, a Vietnamese blockchain startup, is integrating Ontology’s decentralized identity framework ‘ONT ID’ in a move designed to help users protect their identities and personal information online.
The move will see Kardiachain deploy Ontology’s decentralized identity (DID) tech in its KAI Membership app, which currently has more than 100,000 users.
Kardiachain says it will allow users to use Ontology’s verifiable credentials (VC) service for a variety of use cases, including identification and credit scoring, and provide them with the protection of having their private data stored on a decentralized system instead of in a centralized server.
Kardiachain says once users complete the requirements to get their verified credentials, that record is stored on the blockchain, and the user’s decentralized identity can be used to earn, store, spend and invest using the KAI Membership app.
Launching in the first quarter of 2021, ONT ID uses identity information already stored on a distributed blockchain to provide customers with answers faster and more securely without any information being passed through or stored on a centralized server or network.
A ‘dramatic’ reduction in risk
Huy Nguyen, Co-Founder and CTO of KardiaChain said this practice dramatically reduces the risk of privacy or data breaches for customers and would allow KardiaChain to bring the benefits of decentralized identity (DID) throughout Vietnam.
“DID offers users true ownership of personal data simply via a mobile app, and with that, the ability to freely manage, share and monetise,” he said.
“The smartphone penetration rate in Vietnam will reach 100% by 2025 as planned by the Ministry of Information and Communications. It is a solid foundation for our DID service to thrive.“
Kardiachain decided to integrate Ontology’s technology to act as a way to overcome the problems users face using centralized systems and networks. Centralized servers can act as a central point of failure, and this makes them an easy target for hackers and people looking to steal private information, as recent high-profile data breaches at companies like Facebook have demonstrated.
The news comes after KardiaChain secured LG CNS, a subsidiary of electronics giant LG, as a validator of its network, alongside Vietnam-based business Geleximco, global technology business HPT Vietnam, Vietnamese national taxi business Mai Linh Group, and footwear business Biti’s. KardiaChain also completed the upgrade of its mainnet on December 29.
With a focus on Vietnam and Southeast Asia, KardiaChain, since its inception in 2018, has built a suite of products including a cross-chain DEX, mobile app KAI Membership, and KAIstarter and a defi platform to provide earnings for KAI holders via traditional business investments.
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