Ontology CarBlock Partnership: ONT Entering the Automotive Industry

Ontology CarBlock partnership

An Ontology CarBlock partnership is forming, as Ontology decides to dip its toe into the automotive industry and join forces with the transportation blockchain CarBlock.

Ontology CarBlock Partnership

CarBlock is, according to its website, the first blockchain-based transportation solution that will eventually lead to easier handling of auto insurance, maintenance, dealerships, and automotive reports.

According to the Ontology press release that was linked from its Twitter, the agreement between Ontology and CarBlock will allow both companies to “collaborate in core technology, integrate business resources, and cooperate in community operations.”

As a part of the agreement, CarBlock will create a transport data platform that combines “Ontology’s chain network model with CarBlock’s intelligent hardware and IoT solutions to efficiently and fairly circulate vehicle data within the ecosystem.”

The platform will be made based on blockchain technology and “intelligent hardware” from a network of vehicle information.

The Founder of Ontology, Jun Li, has said that they “are very pleased to cooperate with CarBlock to connect Ontology’s distributed infrastructure and services to more application scenarios as part of [their] real economy strategy.”

Jun Li believes that the partnership could lead to an overall enrichment of the Ontology ecosystem.

In regards to the agreement with Ontology, CarBlock Founder Jia Li has said:

“We recognize Ontology’s technical accomplishments in public chain development, linking resources of ecosystem application partners, and dedicated support from partnering technical teams. CarBlock is the fastest growing blockchain application in the automobile industry with the most abundant industry resources. We will be using our position to promote the Ontology ecosystem and help Ontology provide more diversified industry solutions.”

CarBlock hopes to enter the US automotive market to create a new smart contract transport ecosystem.

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Ontology (ONT) Update

Ontology (ONT) has been selling at approximately $6.56 USD, up nearly 1.68% within the past 24 hours.

Ontology CarBlock partnership
Source: CoinMarketCap

How well do you think this partnership could benefit Ontology?

Featured Image: Twitter

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