XYO Network Unleashes Blockchain on the Real World

Image credit: By Mollyrose89 - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=70782694

Let’s get physical

The world`s first blockchain enabled cryptographic location plexus is here. The XYO Network has built over 1 million verified location beacons which connect blockchain dApps to the physical world. The security of mathematical principles of cryptography will ensure that we have package-delivering drones, self-driving vehicles and smart cities. The network achieves by launching the world`s first verification oracle network which operates on a decentralized location.

The XYO ecosystem is based on crypto-location technologies. The technologies are combined with revolutionary protocols that provide any location-reliant market with the capacity to make use of transactions that are dependent on location or time of delivery. Current efforts in the blockchain system are confined to the online world, but that will soon change. Cryptocurrencies and the blockchain revolution are currently restricted to online applications and not on offline transactions, but the real world, offline market boasts the ultimate audience and the most coveted prize.

location beacon blockchain
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Location beacons: coming to a blockchain near you. By Jonathan Nalder from Kilcoy, Australia – beacons by jnxyz.education, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=33557260

The Real World: blockchain

XYO Network has been developing location based cryptographic location technologies since 2012. Their products are focused on getting GPS and Bluetooth tracking beacons into the real world. These are accessible and programmable to smart contracts.  XYO Network enables the smart contracts to gain entry into the real world through the use of the network`s ecosystem of devices. The devices are used to establish if an item is at a specific X/Y Coordinate. If it matches, then one can access the applications that execute the transactions within the smart contract.

Customers can now track real-world items in real time using their smart phones using GPS and Bluetooth tracking devices. This is greatly aided by the over 1 million location beacon devices that XY has already built that are already in circulation worldwide. For example, an eCommerce company can utilize the XYO Network to offer payment-upon-delivery of services to premium customers. The network through its smart contracts then tracks the location of the package. Thereafter, the package is sent to the consumer. Every single step of the process is fulfilled right from the warehouse shelf to the shipping courier. Additionally, the network follows the item into the consumer`s destination and every location in between. This will in turn enable websites and retailers of the eCommerce Company to verify the package in a trust-less way reached safely to the customer.

This also has potential applications to the supply chain and global logistics, an industry in dire need of transformation. The supply chain is currently a shambolic hodge-podge of legacy technology and competing tracking systems. The simple act of tracking a package becomes a herculean task fraught with inefficiency and inaccuracy. Many companies are on the case, attempting to wrest logistics and tracking out of the pre-modern era, including IBM and its TradeLens collaboration with Maersk; XYO’s cryptographic location based technologies are part of a bigger picture, but nevertheless a vital innovation that promises to improve our daily lives and the flow of goods across the global supply chain.



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