Graphic Business News

Blockchain technology to address accountability in donor projects unveiled

By: Graphic Business
Category:
Sang yoon, lee, CEO, Locus Chain Foundation and Christopher Rockson, a Communications Consultant at the product launch
Sang yoon, lee, CEO, Locus Chain Foundation and Christopher Rockson, a Communications Consultant at the product launch

A Singaporean technology firm, Locus Chain Foundation, has launched the maiden fourth generation of blockchain technology that promises to address the nagging issue of accountability and corruption in most donor-funded initiatives.

 At the launch of the innovation in Dubai, CEO of Locus Chain, Mr Sang Yoon Lee, said one of the key features of this fourth generation of blockchain was its ability to track transactions be they funds or assets from their source right down to where they were utilised.

“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