XYO Network aims to bring the blockchain to the physical universe, tying it to the problem of location data. In one of the first attempts to tokenize location, XYO Network will launch a decentralized location-verification oracle network, or a system to provide relevant data to smart contracts. Oracles are key in the blockchain ecosystem, providing data so that smart contracts function correctly.
The XYO Network would allow for transactions that depend on time or location of delivery, thus making a clear-cut use case for all forms of deliveries.
The project's team stresses that at the moment, most blockchain systems only rely on information from the virtual world, and there are almost no attempts to build a system of oracles for the physical world. Location data is readily available to build such a system.
"To achieve this goal, XYO has created a successful 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," explained the project team.
After the physical network of beacons is deployed, the potential for the product is to expand to multiple industries. Those may include e-commerce, medical care and hospitals, rental car agencies, commercial airline luggage logistics, insurance agencies, national security agencies, drone and package delivery systems.
"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," says XYO Network Founder Arie Trouw.
The XYO Network project has been in development since 2012, providing workable solutions for geo-location. The upcoming ICO will further expand the potential of those technologies by tying up payments and physical locations. The network will also store and analyze location data for increased security and usability.
For the purpose of powering the network, the XYO Token would be used to pay when communicating with the physically deployed electronics in the geo-location ecosystem.
This article appeared first on Cryptovest
