Contributed ArticleBeyond improving and delivering decentralized trading and certification systems worldwide, Locus Chain Foundation’s Blockchain technology aims for a greater good – bridging global inequalities and gaps, reducing corruption, serving the third world countries and creating ripple effects of the same…… in brief, making the world a better place!
In conversation with Mr. Jackie Choi, Director of Locus Chain Foundation.
A few days back, I stumbled upon a noble thought (over a conversation) on how technology, with all its might, can have the capacity to give back to the society, or at least improve the way in which it operates and serves the public.
“Blockchain is a game changing technology. Investing strength in this technology, we at Locus Chain are at the forefront of identifying innovative ideas, people, services, and programs that raise consciousness, community leadership, and capital to break the cycles of poverty, violence, and inequality that have plagued “third-world” nations for so long,” says Jackie Choi, Director, Locus Chain.
Locus Chain Foundation recently launched the fourth generation of Blockchain technology, a technology that will enable secure transaction – end-to-end – to be concluded in under two seconds irrespective of the broadband speed. “Our technology does not depend on high bandwidth or 5G/4G, we predominantly run on 2G networks and have successfully completed transactions in less than 2 seconds.”
Jackie says that their solutions are specifically targeted for the third world countries, Africa being one of those. “With our entirely decentralized technology, we are eradicating the need for Middle men in the chain. The middlemen are the people dealing, selling and controlling the market and injecting into the roots of corruption. Our technology helps decentralize all the information so that it is shared equally. Blockchain is for the people, of the people and by the people.”
Since Blockchain technology is still nascent, there is still a need for setting the right regulations. In such a scenario, getting into the market with a niche kind of technology can have its own advantages and drawbacks. “Dubai is one of the classic examples when it comes to the adoption of new technology. Many government organizations have already taken up this initiative and only the banking sector is facing some challenges in implementation.”
Making the internet available anywhere, anytime is yet another motive of Locus chain foundation. Block Chain Research and Development Company Bloom Technology Co., Ltd., a joint venture of the Locus Chain Foundation, and SM Wave, a satellite Wi-Fi service provider, have entered into a strategic alliance agreement to provide satellite Wi-Fi and payment services based on block-chain platform technology for carriers.
The Foundation has announced the setting up of a funding mechanism that will use the fourth generation blockchain technology to help beneficiaries receive funds directly in the form of crypto assets. This is, perhaps, for the first time that such a large-scale initiative is being implemented by utilizing blockchain technology.
The Foundation, which has already raised a significant amount, has signed partnerships with many organizations from around the world. Along with its partners, the Foundation will implement the funding mechanism to help the causes.
