The 4th gen blockchain technology will enable secure, end-to-end transactions in two seconds, irrespective of broadband speeds.
UAE - Locus Chain Foundation, a Singapore-based company founded by South Korean gaming pioneer Sang Yoon Lee, launched the fourth generation of blockchain technology in Dubai. This will enable secure, end-to-end blockchain transactions in two seconds, irrespective of broadband speeds.
Locus Chain Foundation is a transformative force for the emerging new global financial ecosystem backed by industry-engaged experts with more than 20 years of expertise. The company aims to develop blockchain technology use for a range of industries around the world including finance, healthcare, smart cities, charity and fundraising.
Locus Chain Foundation 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. This allows people and devices to communicate regardless of form factor, operating system, service provider, transport technology or ecosystem.
The company plans to open an office in Dubai in the next two or three months to serve the MENA region as a key market.
The Foundation is also expanding its technology to offer tools and services to strengthen the capacity of grantees in charity, resource development, crowdfunding and access to donor and foundation databases via its technical platform. The given technology will be paired with a staff, who will provide specialised services to help ensure the sustainability of services and programs beyond the term of the grant.
"The fourth generation blockchain technology is empowered with cutting-edge security access and transaction with biometric inputs. We are now applying the blockchain technology, which seemed to be far away from the real world, to real life and develop it as a technology that anyone can use," said Sang Yoon Lee, President and CEO of Locus Chain.
"This is the most advanced and complete block chain platform. Our goal is to achieve the highest level of security while delivering the fastest transaction. This will be a unique technology for all blockchain businesses including cryptocurrency. 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 added.
Lee predicts that the locus chain will be the mainstay of the real economy. "This technology is being applied to businesses such as global corporations and global new city development for practical application in various fields. This is because locus chain is empowered with higher security, faster speed, excellent scalability and value as real money. The fourth generation blockchain technology ensures transparency in financial services with the secured stability of the value guarantee as it is possible to make transactions safer and faster than existing financial networks."
Keun Young Kim, Founder at Locus Chain, said: "A secure and reliable technology with seamless connectivity is a key foundational component to enable us in uplifting people and caring for our future generation regardless of geographical boundaries."
The company also has set up a funding mechanism to support people in developing countries using the fourth generation blockchain technology. With this, the beneficiaries will 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.
Locus Chain Foundation has already raised a significant amount of funding and has signed partnerships with several organizations from around the world, including the Middle East. The Foundation, along with its partners, will implement the funding mechanism to help the causes.
The Foundation 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.