XYO Network — Getting to know the Project
Jumping right back into my daily research and writing process, we’re going to have a closer look at the XYO Network. Before we look into the detailed functionality of the project, let’s start from the beginning and first get to know the project a little bit better.
To put it simple: The XYO Network aims to build a fully decentralized location network. By connecting smart contracts with real life physical devices, the XYO network can spot the location of any physical product at any given time. Additionally, is a certain connected device spotted at a certain location, the relevant smart contract gets automatically executed.
Alright, so what does that mean for “actual” real life applications?
For everyone who has imported goods from overseas or bought articles from some websites across the globe, you know that sending money way ahead of time is a pain in the ass. Firstly you don’t know if you’re products are even legit and on their way, secondly you have to pay in advance — actively lowering your liquidity for an unnecessary long time.
By adding XYO connected devices to specific shipments, the smart contracts can fulfill the payment automatically once your package has arrived a pre-defined location. This ensures that the package/shipment is safely on it’s way while automatically fulfill your payment just-in-time. Additionally, every movement of the shipment is being tracked on the blockchain, allowing you to check for abnormalities in the shipment process while irreversible saving it on the blockchain forever. This provides buyers with a never before control over shipments from overseas while giving more power to them through automated payment processes and tracking real-time tracking options.
Even though this is only a mere example of how the XYO Network can be used, it’s a good starting point to look into the details of the project, as we’ll do in the next article.
