Ontology (ONT) has announced a partnership with the TEEX computer platform improve the security of data stored on the blockchain, as well as improve the security of customers' private keys.
TEEX will use its privacy-centric computing solution for the Ontology public blockchain platform. In due course, these two entities plan to develop an ecosystem that ensures the security of sensitive data on the distributed ledger. This platform will be executed on self-executed smart contracts.
Furthermore, ontology will also integrate the TEEX safety solution, called TEE, to safeguard the private keys of its proprietary digital portfolio, OWallet. OWallet is available on mobile and desktop platforms.
Ryan Yu, a co-founder of TEEX, said the collaboration between his company and ontology will lead to the launch of a blockchain solution with an impenetrable security mechanism. According to him, this mainnet will play a fundamental role in the adoption of blockchain technology in areas such as finance, medicine and artificial intelligence.
TEE stands for Trusted Execution Environment, a chip that prevents the execution of malicious code and data theft from a computer on a network. It's so powerful that it blocks software with advanced privileges, including operating systems. In addition, TEE allows users to authenticate their nodes from remote locations to avoid data theft.
Xianping Mao, the principal of the ontology research institute, said that ONT will work with TEEX to develop new blockchain-based solutions. He mentioned the prospect of developing smart private contracts and introducing a secure blockchain platform that will allow the use of such smart contracts.