Blockchain Platform Ontology Recommends Creating Decentralized Application for Collecting Cryptocurrency Donations for COVID-19 Relief Efforts

The developers of Ontology (ONT), a “high-performance” public blockchain network that aims to provide a “distributed trust” platform, confirmed that the project’s team members recently attended the International Association for Trusted Blockchain Applications (INATBA) Virtual Roundtable, which was held on April 6, 2020.

The event gave blockchain or distributed ledger technology (DLT) developers an opportunity to interact with regulators and policymakers. They reportedly discussed how blockchain tech may be used to address current global challenges, which have been created due to the Coronavirus (COVID-19) pandemic.

The Ontology team contributed to the roundtable meeting along with other cryptocurrency and blockchain-focused platforms, including Accenture, ComGo, Consensys France, Helix, and Recheck.

In order to “broaden contributory avenues” for the World Health Organization’s (WHO) COVID-19 Solidarity Response Fund, the Ontology team suggested (at the meeting) setting up an Ontology official dApp (decentralized application) for making donations in virtual currencies.

As recommended by the blockchain platform’s developers, the dApp would be used to collect donations made in digital currencies, while utilizing Ontology’s blockchain to “record transactions safely and securely.”

The Ontology team plans to create a VISA-like INATBA Charity Card, which would help convert collected cryptocurrency instantly into fiat money, before the funds are donated to an official World Economic Forum (WEF) / WHO account.

Andy Ji, co-founder at Ontology, stated:

“This week the INATBA Roundtable played host to a very timely discussion around the significant role blockchain can play in addressing some of the societal challenges stemming from the COVID-19 pandemic.” 

Ji added:

“It was an honor to present our official dApp for donation campaign proposal, demonstrating how the strength and depth of the Ontology network can be harnessed to expand donation streams for the World Economic Forum and World Health Organization’s COVID-19 Solidarity Response Fund.”

As mentioned in Ontology’s blog post, the INATBA represents several entities, including industry officials, SMEs, policymakers, and regulators.

As explained by the Ontology team:

“The mission of the Group is to accelerate the cross-sectoral deployment of blockchain and Distributed Ledger Technology (DLT) and to champion efforts to promote an open, transparent, and inclusive global governance model for blockchain and DLT.”

Sponsored Links by DQ Promote


You may also like...

Send this to a friend