Ontology, Venezuela Blockchain Partner To Power Socio-Economic Development In Latin America

Blockchain, News | April 8, 2020 By:

Blockchain startup Ontology has announced a partnership with Venezuela Blockchain to develop economic initiatives to benefit the wider Latin American community.

Ontology is a high-performance public blockchain and distributed collaboration platform. It supports robust cross-chain collaboration and Layer 2 scalability, offering businesses the flexibility to design a blockchain that suits their needs. With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.

Venezuela Blockchain is an organization committed to leveraging emerging technologies as tools for socio-economic development in Latin America. Their mission is to enable the adoption, development, and expansion of the blockchain universe through strategies that can be applied in their country through direct promotion of available blockchain services.

The partnership will see Venezuela Blockchain utilize Ontology’s technology to underpin a number of initiatives designed to benefit the Latin American community, including the planned integration of Ontology into Venezuela Blockchain’s Family Social Program charity to help make it easier to provide a basic income to Venezuelans. Ontology, alongside one of its partners, Microworkers, will also be empowering Latin Americans to find task-based work online and receive payment in crypto.

“Venezuela’s vibrant blockchain community is fueling the country’s ascent as a dynamic hub of DLT activity, and we are excited to open the doors to crossover collaborations between members of both the Venezuelan and Ontology communities,” said Erick Pinos, Ontology Americas Ecosystem Lead. “Today’s announcement gives expression to our commitment to broadening our own community horizons, and delivering tailored DLT solutions that will empower citizens globally. Our advanced, innovative, and high-performing public blockchain network is well equipped to broaden opportunities for innovation in Latin America. The spirit of collaboration and a strong appetite for technological exploration within Venezuela’s burgeoning blockchain community will be a source of tremendous inspiration as we continue on this steady arc of growth that has defined our journey thus far.”

Alberto Guerrero Montilla from Venezuela Blockchain said Venezuela’s continued growth depends on the development of projects designed to guarantee the business and social expansion of their community, coupled with sustained adoption of new technologies.

“The reputable and proven performance of the Ontology platform has the potential to be the engine that powers the creation of new systems, enabling our push towards decentralization, and paving the way for practical applications that will empower citizens and increase prosperity among our community,” Montilla said.