Ontology and Chinese environmental NGO to use blockchain

The Ontology Team on 03 May announced that it has struck a partnership with Shanghai Qingyue, a leading environmental protection NGO in China.

Ontology started by conveying that the two would focus on “green finance”. The partners would design a trusted solution for environmental information in the area of green finance. They would be leveraging Ontology blockchain technology for this endeavor. Green finance is a term used to describe any financial investment in exchange for a positive environmental impact. Ontology highlighted that disclosure of environmental information in green finance is a key requirement.

Ontology cited on the mutual benefit as –

“Using Ontology’s blockchain technology, Shanghai Qingyue can put data of their businesses on the chain, allowing for data collaboration and business innovation. At the same time, data owners are able to authorize business organizations or research institutions to authenticate data ownership. With the help of Ontology’s distributed data exchange protocol, individuals and institutions will have easy access to on-chain data packages for a certain data use fee.”

Ontology expressed that the existing disclosure system of environmental information in China needs improvement. As an instance, there is no standard format for environmental information disclosure. The blockchain platform further noted that disclosure of environmental information is not compulsory for listed companies. Such companies would have disclosed their environmental information through written descriptions with few statistics.

Ontology substantiated that these are the priorities to build a trusted and robust application for information disclosure or review. Ontology indicated that Shanghai Qingyue had analyzed and inspected more than 500 companies using big data technology. In the process, the analysis has helped many companies with their disclosure of environmental information. Such information includes data about air, water, radiation, weather, and sources of pollution.

ontology conveyed that the two would focus on “green finance”. the partners would design a trusted solution for environmental information in the area of green finance.

Last month, Ontology announced about its plans to deploy regulated U.S. dollar (USD) stablecoin Paxos Standard (PAX) on its distributed ledger. Ontology continued to inform that PAX is based on Ontology’s OEP-4 token standard. The token would continue to use PAX as its ticker. With PAX token integrated into the system, it would help enable atomic swaps.

Ontology backed its blockchain technology which would strengthen the connection between all parties and provide the infrastructure for the development of green finance. Ontology would use its innovation to help Shanghai Qingyue create a trust collaboration platform for relevant stakeholders. With this, there is a greater outreach to users at home and abroad fostering the development of green finance.