Locus Chain and The Government of Dubai Dreams of a Smart City
The previous post was uploaded regarding the success of Locus Chain implementing the DAG-BFT consensus algorithm. (http://bit.ly/2Sx8BJG)
It has been previously mentioned that Locus Chain will become the world’s first practical blockchain that can maintain a stable transaction speed for large scale transactions in the public environment when Locus Chain becomes completed with the DAG-BFT based deterministic consensus algorithm structure.
So why is Locus Chain trying to develop a blockchain technology that can manage a big scale of transactions with a stable speed in a public environment out of other various development environments where Locus Chain can be practically implemented in?
This time, the article will explore the business areas Locus Chain is a part of in order to gain some clues to tackle the question raised above.
Recently, the following news article has been released.
New article: Locus Chain, Invited to The ‘ICA Innovation Month Conference’ Event (http://bit.ly/2VBtSUE)
According to the article, Locus Chain was invited to the ICA Innovation Month Conference event held by the ICA, which is a federal administration of UAE. During this event, Locus Chain presented its technology for the Smart City and received high praise from the senior government officials of UAE and other related participants.
During the event on this day, Doctor Uzman (he has been selected by the World CRS Day as one of the 51 Smart City leaders and is currently active in his role) explained how the blockchain technology can automate the work management process of the complex public sector and main pending issues which still exist that the future Smart City has to resolve. He also emphasized that the technology of Locus Chain can make major contributions to the advancement of the Smart City.
Last year, the government of UAE revealed that 50% of government transactions will be converted into the blockchain platform by the end of year 2021. Not only that, but the UAE is also carrying forward with the implementation of cryptocurrency on a national level. The UAE is also the country where numerous blockchain project corporations and cryptocurrency exchange markets are trying to enter into.
Let’s discuss a little bit more about the blockchain implementation in Dubai.
The government of Dubai has many projects it is working on, as Dubai is an area that is very enthusiastic about the implementation of blockchains and even cryptocurrencies.
The projects include the content mentioned above regarding how the 50% of government transactions will be transferred onto the blockchain to be managed by the blockchain platform, the implementation of the blockchain based digital passport in the international airport of Dubai in order to be the world’s first to carry out the project of eliminating the manual passport verification process and creating the airport entrance system without gates, providing the real-time information on the customs and the conditions of a corporation’s goods and shipments, automated transactions, and etc. Furthermore, the government of Dubai is also trying to resolve the issue related to sharing medical information by saving the medical records, prescriptions, medical histories, and so forth on the blockchain.
Dubai is an area where conferences and forums actively take place for various blockchain industries around the world to come together, as much as the government of Dubai is willing to implement the blockchain system. If all goes as planned, Dubai will be expected to become one of the earliest cities in the world to adopt blockchain in real life.
The event held on this day that was mentioned above also happened in Dubai in the UAE, and Dubai is known to be a city that plays the role of financial hub to connect the entire world.
The following content can be found on the article that was uploaded earlier.
“In the meantime, ‘Locus Chain Foundation’ has been making continuous efforts to spread the excellency of the blockchain technology of ‘Locus Chain’ by persistently participating in various international conference events of the GCC(Gulf Cooperation Council) nation and collaborating closely with many interested parties of large corporations and public sectors by sharing the blockchain consulting and implementation cases within the public sectors.”
Anyone who is quick-witted may have already noticed by reading up to this point that the puzzles are being put into place.
It is difficult to think of any other place better than Dubai when it comes to proceeding with the Smart City project that Locus Chain aims to achieve. This is because Dubai is the area where Locus Chain is actively carrying out its business development and where Locus Chain Foundation is also vigorously participating in various international conferences in the Middle Eastern and African regions.
Companies including OMENE, ONCOMED, SIL, ICPS, Let’s Fly Free, etc. are actual partners of Locus Chain and these companies are based in the Middle East and Africa. To Locus Chain, Dubai can also be seen as a crucial strategical base for the business developments that are connected to these companies directly and indirectly.
As it is evident in the content above, Dubai can be considered as one of the most enthusiastic areas about the implementation of blockchain and cryptocurrencies out of many countries and cities with large economic potentials. Dubai has its plans for building a Smart City, and it is also a place where Locus Chain is carrying out the business development in different fields.
The Reason This is Important
The ‘Smart City’ project has been known to be the key word that is closely related to Locus Chain since the beginning of its business. The following content can be extracted from part 5.2 of Locus Chain’s whitepaper.
“When Locus Chain becomes a successfully commercialized technology, the Locus tokens would then be used as a transaction currency in the market beyond simply serving the transactions. At present, we are connected to various companies or organizations providing various energy and communication services or construction of smart cities for the near future; we are cooperating with many partners from the early stage of their project development for Locus Chain to be utilized as fundamental technology.”
In a Smart City, the information of various industries within the city including finance, distribution, IoT, energy, medical and so on, have to be digitalized so that the information in concern can be provided to the right man in the right place according to the needs of people and/or automated AIs. In order for this to happen, the following risks in the process of transferring the information should not exist.
1. Excellent Security : The information has to be secured from data manipulation. The decentralization, which is one of the blockchain’s characteristics, will be able to take care of this issue.
2. Sustainability of Providing the Information : Data provision should not be interrupted due to cases of server crash or maintanence check. The blockchain’s characteristics of not having a central server and maintaining the network through obtaining many nodes will resolve these issues.
3. Stable Transaction Speed : This is absolutely necessary in order to supply the data needed for the right man in the right place. Locus Chain’s technology will be able to provide a stable transaction speed in the public environment which had not been achieved with the existing blockchains.
People who are interested in the blockchain industry may think these are familiar characteristics they have read about before.
The characteristics above have something in common with that of the blockchain technology. This is why it can be deduced that the development of Smart City and blockchain technology form an inseparable relationship together.
Especially the third characteristic of Locus Chain, which is that it maintains a stable transaction speed in the public environment, is a quality that existing blockchains were not able to obtain. Thus, it will have sufficiently appealed to the top officials and the interested parties of government institutions who have attended the event in concern.
(Please refer to the previously uploaded article to find out more about the reason behind Locus Chain’s stable transaction speed.
Locus Chain succeeds in implementing the world’s first ‘DAG-BFT deterministic consensus algorithm’ Blockchain technology http://bit.ly/2GNwueN)
As Locus Chain has been working on Smart City projects through various methods since the beginning of its business, Locus Chain’s value is expected to rise highly if it is successful in carrying out the Smart City project in Dubai where it dreams of creating the world’s first blockchain based Smart City.