Blockchain Technology Singapore firm unveils blockchain technology to address accountability in donor projects

Speaking at the launch of the innovation in Dubai, Sang Yoon, Lee, CEO of Locus Chain said one of the key features of this 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.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

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.

Speaking at the launch of the innovation in Dubai, Sang Yoon, Lee, CEO of Locus Chain said one of the key features of this 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."

READ ALSO: Gov't has created 1,000,000 jobs in 2 years

"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.

Understanding blockchain

The blockchain is said to represent a new way of how information is shared in this world, with the potential of becoming the cornerstone of 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.

READ ALSO: Economic growth will soon translate to jobs - Ofori-Atta

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.

The Locus Blockchain

According to Locus Foundation, the fourth generation blockchain platform ensures secure inter-operability for consumers, businesses, and industries by delivering a fourth generation blockchain technology-based platform, a bridging specification, an implementation and a certification program," 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.

READ ALSO: GRA backtracks; says street beggars won’t pay tax

The given technology will be paired with a staff, who will provide specialized services to help ensure the sustainability of services and programs beyond the term of the grant.

Commenting on the launch of this initiative, Mr. 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."

The fourth generation blockchain technology ensures transparency in financial services with the secured stability of the value guarantee as it is possible to make transactions safer and faster than existing financial networks.

READ ALSO: GOIL plans to get into mobile money business

"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. The Locus Chain Foundation team forms a unique blend of technology, finance, business and humanitarian talent.”

Helping developing countries

Locus Chain Foundation announced the setting up of a funding mechanism, aimed at supporting deserving people in developing countries. The mechanism will use the fourth generation blockchain technology to ensure the beneficiaries receive the funds directly in the form of crypto assets. This is for the first time that blockchain technology is being used for such a cause.

The Foundation, which has already raised a significant amount, has signed partnerships with several organizations from around the world. The Foundation along with its partners will implement the funding mechanism to help the causes.

It hopes to be at the forefront of identifying innovative ideas, people, services and programmes that raise consciousness, community leadership, and capital to break the cycles of poverty, violence, and inequality that have so long plagued in 'third-world' nations. Mr. Keun Young Kim, Founder at Locus Chain, said.

"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 concluded.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Nana Appiah Mensah Menzgold boss dares BoG to prove deposit allegationsbullet
2 Royal Wedding Here's how the cost of Meghan's wedding compares to Katebullet
3 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
4 $89m Kelni GVG Deal Nana Addo must order Ursula Owusu to step...bullet
5 Millicent Abba Tetteh Meet the GIJ graduate who sells at market...bullet
6 Gas Retailers Strike Here is a list of places to buy gas as...bullet
7 Petroleum Operators Strike Be calm; there’s no gas shortage...bullet
8 Menzgold Ghana Investment company closes down its Gold...bullet
9 Microfinance Akufo-Addo speaks on DKM microfinance scandalbullet
10 NaBCo Here's what you need to apply for the Nation...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Plane Crash Starbow suspends operations following plane crashbullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 Money Alert Meet Africa's richest womanbullet
6 Support Finance minister buys Kantanka carbullet
7 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
8 Bozoma Saint John 10 quotes from Uber top official,...bullet
9 Entrepreneurship How To Get Ready To Get Started |...bullet
10 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet