System’s open-ended architecture for DApp development supports all blockchain platforms that possess smart contract execution
The XYO Network has introduced a decentralised location-verification oracle network making it possible for smart contracts to access the physical world by using its ecosystem of devices to determine an object’s specific XY-coordinate.
The company aims to “bring blockchain to the real world” by using its location-based technologies to improve parking and traffic flow in cities.
XYO Network said its ecosystem of crypto-location technologies combined with its protocols provide any location-reliant markets with the ability to employ transactions dependent on time or location of delivery.
XYO recently held a hackathon to build parking and traffic flow applications on its blockchain using data provided by the city of San Diego.
According to the company, if every car in San Diego would work as a ‘sentinel’ (a location verification device) then its open-ended technological infrastructure would enable:
All modern blockchain, cryptocurrency, and tokens exist as economic tools for the underlying platform’s economy, focusing solely on online applications rather than real world applications.
Because of this, XYO said its main goal is to develop location-based technologies that connect the digital world to the real, physical world. To achieve this, it has created a location-based consumer product business with the purpose of getting Bluetooth and GPS tracking beacons out into the world.
In doing so, XYO has cultivated significant research surrounding location-focused blockchain technology, allowing it to expand to the offline world. The system’s open-ended architecture for DApp development supports all blockchain platforms that possess smart contract execution.
“The XYO Network’s ability to combine its location innovations with blockchain developments has led to one of the most exciting ideas in blockchain today,” said Arie Trouw, founder, XYO Network.
“Our decentralised cryptographic-location network bridges the gap from the world of today to the world of tomorrow, and we are only scratching the surface. The XYO Network has opened up a new realm of possibilities, with infinite applications.”
Current use cases of the XYO Network span a range of industries including e-commerce, medical care and hospitals, rental car agencies, commercial airline luggage logistics, insurance agencies, national security agencies, drone and package delivery systems.
It claims to have more than one million devices circulating the world that provide location data to the network.
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