A Singaporean technology firm, Locus Chain Foundation, has launched the maiden fourth generation of blockchain technology to address the nagging issue of lack of accountability and corruption in donor-funded initiatives.
Speaking at the launch of the innovation in Dubai, Sang Yoon, Lee, CEO of Locus Chain said one of the key features of this fourth generation of blockchain is its ability to track transactions be it funds or assets from their source right down to where they are utilized.
“In terms of whether a product is losing its freshness or charity donation not going to the right place, this innovation allows us to track the journey especially relying on a minimal internet speed such as 2G.
This fourth generation blockchain platform will enable a transaction using blockchain technology in the shortest time ever. A secure transaction – end-to-end – can be concluded in under two seconds irrespective of the broadband speed,” the firm said.
Understanding blockchain
Blockchain is said to represent a new way of how information is shared in this world, with the potential of becoming the cornerstone of information sharing in the years to come.
As a secure public electronic record book, it can be shared between various users with all transactions recorded with a time-stamp and linked to the previous ones.
A blockchain consists of blocks, each of which records some recent transactions. These blocks go into the blockchain permanently. New blocks are generated as soon as old blocks are completed.
All such blocks are connected to each other in a linear and chronological manner, with each block containing a hash of the earlier block. The Blockchain has all the information, right from the first ever block to the most recent one.
The Locus Blockchain
According to Locus Foundation, the fourth generation blockchain platform ensures secure inter-operability for consumers, businesses and industries by delivering a fourth generation blockchain technology-based platform, a bridging specification, an implementation and a certification program,” the firm said in a statement.
This allows people and devices to communicate regardless of form factor, operating system, service provider, transport technology or ecosystem.
We are now applying the block-chain technology, which seemed to be far away from the real world, to real life and develop it as a technology that anyone can use. The Locus Chain Foundation team forms a unique blend of technology, finance, business and humanitarian talent.”
Helping developing countries
Locus Chain Foundation announced the setting up of a funding mechanism, aimed at supporting deserving people in developing countries. The mechanism will use the fourth generation blockchain technology to ensure the beneficiaries receive the funds directly in the form of crypto assets. This is for the first time that blockchain technology is being used for such a cause.
The Foundation, which has already raised a significant amount, has signed partnerships with several organizations from around the world. The Foundation along with its partners will implement the funding mechanism to help the causes.
It hopes to be at the forefront of identifying innovative ideas, people, services and programmes that raise consciousness, community leadership and capital to break the cycles of poverty, violence and inequality that have so long plagued in ‘third-world’ nations. Mr Keun Young Kim, Founder at Locus Chain, said.
“We offer a true ‘next-generation base platform’ that can be used for B2B, B2C, C2C machines to machine (M2M) transaction and certification systems for telecommunications,” he concluded.
Source:Myjoyonline