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Blockchain technology is experiencing a sustained arc of growth, a trend that has captured the attention of business leaders from a wide range of industry verticals. With a broad spectrum of use-cases that could be relevant to your business, your organization stands to gain considerably from a full embrace of this revolutionary technology. Considering the robust health of blockchain solutions more broadly, we have outlined the most common use cases and proposed solutions that have been developed at Ontology.

Digital Finance

The most common use case for blockchain and cryptocurrencies revolves around payments. As with Bitcoin, cryptocurrencies were originally conceived as a decentralized payment solution. While it is still the most commonly used and widely held cryptocurrency, the high transaction fees and block times (10 minutes on average) make Bitcoin slightly less amenable for industrial use cases. Other cryptocurrency networks can achieve faster financial transactions at much lower costs than wire transfers, which makes cryptocurrency attractive for financial institutions. Most major banks, such as J.P. Morgan, are experimenting with blockchain technology in one way or another regarding its potential ability to allow faster and cheaper transactions. All in all, blockchain technology can make it easier for established and emerging companies to move into the banking and financial sector. Current financial services that are offered using blockchain technology are: - Stablecoins - cryptocurrencies pegged to fiat such as the US Dollar for easy payments; - Payment networks - allowing fast transfers across the globe 24/7; - Crypto-backed debit cards - enabling consumers to own their bank account and make payments seamlessly. In many cases, these debit cards have a loyalty system that rewards users with bonus tokens. These tokens can either be sold on the secondhand market for a cashback reward or kept in order to unlock a higher membership tier. Ontology’s blockchain solution is also built to empower decentralized finance.

Use Case

RailOne is a leading fintech enterprise, aiming to facilitate payment services with a multi-layered platform powered by our global partners. Their service provides a series of solutions, including card issuing and global payments, for 30,000+ freelancers as well as cross-border e-commerce SMBs. RailOne offers multiple services that enable clients to issue crypto-based cards for their customers and make payments seamlessly. These cards generally have a loyalty system that rewards users with bonus tokens.

Clients can connect to local vendors to offer multiple routes including SWIFT, SEPA, ACH, third-party transfer, or direct banking transfer. Every transaction would be settled on-chain with a stablecoin (OEP-4 standard). Using OEP-4, an open token standard, we have the ability for near-instantaneous settlement with low risk. By using the cryptographically secure Ontology blockchain, in combination with distributed data storage systems like InterPlanetary File System (IPFS) or OrbitDB, it’s possible to displace the existing centralized data storage systems while still upholding the highest standards of trust and data integrity.

Why work with Ontology?

High-performance network

5,000+ transactions per second
Fastest consensus mechanism confirms a transaction in less than 1 second
State-of-the-art technology: DDXF ensures efficiency

Flexible integration

Multiple languages supported including, Python, Java, JS, Golang, and C++
Easily invokable “Add-on” protocol

Stable and Consistent

MainNet running smoothly since launch
Supporting 300+ dApps

Leading in innovation

Distinguished DID protocol – ONT ID used by 280,000+ individuals
Fastest WASM virtual machines: Ontology WASM-JIT
Cross-chain functionality ready to use

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