Sang Yoon Lee and a Ghanaian agent
A Singaporean technology firm, Locus Chain Foundation, has recently launched its maiden fourth generation of blockchain technology that aims to address the nagging issue of accountability and corruption in most donor-funded initiatives.
Speaking at the launch of the innovation in Dubai, Sang Yoon Lee, Chief Executive Officer (CEO) of Locus Chain, said one of the key features of the 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.
Blockchain is said to represent a new way in how information is shared in this world, with the potential of becoming the cornerstone in 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.
According to Locus Foundation, the fourth generation blockchain platform ensures secure interoperability for consumers, businesses and industries by delivering a fourth generation blockchain technology-based platform, a bridging specification, an implementation and a certification programme,” 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.
As part of that shift, Locus Chain Foundation, is expanding its technology to offer tools and services to strengthen the capacity of grantees in charity fundraising, resource development, crowdfunding and access to donor and foundation databases via its technical platform.
The technology will be paired with a staff, who will provide specialized services to help ensure the sustainability of services and programmes beyond the term of the grant.
Commenting on the launch of the initiative, Sang Yoon Lee, President and CEO of 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 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.”
“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.