Singapore-based Locus Chain Foundation has launched fourth generation blockchain technology, which enables a secure transaction to be completed under two seconds, irrespective of the broadband speed. The technology promises to fix corruption and accountability in donor funded projects. The Foundation aims to penetrate the developing countries in the middle east and Africa who are still using 2G technology.
The foundation is offering tools and services for governments and donor agencies to track down their investments and money routed into projects. The platform can track the flow of assets from the origin to the final recipient within seconds.
The Foundation is backed by industry leading experts with more than two decades of experience.
Sang Yoon Lee, President and CEO, Locus Chain, said,
“We are very proud to launch the fourth generation of blockchain technology 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. Our team forms a unique blend of technology, finance, business and humanitarian talent.”
Locus Chain is also planning to set up a funding mechanism that will use fourth generation blockchain to help beneficiaries receive funds directly in the form of crypto assets. Probably, it is the first time such a large-scale initiative is being implemented by utilizing blockchain technology. The Foundation has signed partnerships with many organizations across the world. The funding mechanism will be implemented by the Foundation to help the causes.
The ‘next-generation base platform’ can be used for B2B, B2C, C2C machines to machine (M2M) transaction and certification systems for telecommunications.
Keun Young Kim, Founder, Locus Chain, said,
“Very few are willing to take a risk as the initial funder. They want a safe bet. Locus Chain Foundation believes that the given technology elevates awareness of these emerging leaders and its services and programs. it will spur others to provide additional support, creating a ripple effect in the community based on the clearance.”
Keun Young Kim also believes that secure and reliable technology, with transparency, traceability and seamless connectivity is a key foundational component to enable uplifting people and caring for future generation regardless of geographical boundaries.
The Locus Chain Foundation is led by Sang Yoon Lee, the South Korean gaming legend. The Foundation is positioning itself as a transformative force for the emerging new global financial ecosystem backed by industry-engaged experts with more than 20 years of expertise.