A Singaporean technology firm, (Locus Chain Foundation), has introduced a blockchain technology to help track accountability and monitor corruption.
The fourth generation blockchain platform will ensure secure inter-operability for consumers, businesses and industries.
It allows people and devices to communicate regardless of form factor, operating system, service provider, transport technology or ecosystem.
It also 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.
Sang Yoon, Lee, CEO of Locus Chain said another key feature of the fourth generation of blockchain is its ability to track transactions be it funds or assets from their source.
“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,” he said.
The technology will be paired with a staff, who will provide specialized services to help ensure the sustainability of services and programs beyond the term of the grant.
However, Locus Chain Foundation has also 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.
Report by:Stephanie Horsu