Microworkers Taps Ontology (ONT) for Faster Payments and Identity Management

Microworkers, an online marketplace for freelance jobs established in 2010 by Nhatvi Nguyen, has integrated Ontology (ONT) into its processes, to enable lightning-fast payments with the ONT altcoin and also store users reputation data on the blockchain, according to a press release on February 27, 2020.

Microworkers Adopts Ontology (ONT)

In a bid to facilitate super fast payments and protect the identity as well as reputation data of its users, Microworkers, a leading freelancing marketplace that claims to have more than 1.5 million workers, has integrated Ontology (ONT).

As stated in its press release, freelancers and employers on the Microworkers platform will be able to use their ONTO digital wallets to send and receive payments in a fast and cost-efficient manner.

Users of the platform will also be able to securely store and share their reputation data, as well as account history with each other securely, via their ONT ID in an encrypted format.

Microworkers Improving Efficiency with Blockchain Technology

At present, more than 57.3 million people in the world freelance and this number is expected to surpass 86.5 million by 2027.

Despite the rapid growth of the gig economy, industry players are yet to satisfy the yearnings of freelancers for faster payments and more opportunities. However, Microworkers firmly believe that in addition to enabling faster payments for its users, blockchain integration will also increase the efficiency of its ecosystem.

Microworkers also hopes to tap the immutability property as well as the highly secure nature of blockchain technology to attest the credentials and reputation of freelancers on its platform.

What’s more, Microworkers hopes to use the Ontology blockchain network to support the growing demand for artificial intelligence (AI) by large firms building AI-powered systems.

Commenting on the Ontology adoption, Nhatvi Nguyen, the CEO of Microworkers reiterated that:

“In 2020, global demand for AI-training and human-in-the-loop task work is on the rise. We see blockchain and Ontology identity solutions as a way to deliver potentially much-improved services to freelancers and employees.”

Since the Ontology mainnet went live in June 2020, the network has attracted a good number of adopters.

As reported by BTCManager earlier in July 2019, popular bitcoin-friendly web browser, Opera integrated Ontology (ONT) into its processes as part of larger plans to promote the growth of decentralized finance.

At press time Ontology (ONT) is trading at $0.67, with a market cap of $430.53 million, as seen on CoinMarketCap.