Agreement signed to apply blockchain platform

Business Wednesday 27/June/2018 15:53 PM
By: Times News Service
Agreement signed to apply blockchain platform

Muscat: The MENA headquarters of Locus Chain Foundation (LCF) has signed a strategic cooperation agreement with the Tunisia Economic City (TEC), the largest Mediterranean city project, to apply Locus Chain blockchain technology as its settlement currency and service platform. Locus Chain is a Singapore-based foundation of next-generation blockchain platform with technical offices in South Korea and Japan.
Aiming a strong presence in the Gulf Cooperation Council (GCC) including Oman, Saudi Arabia and Kuwait it had launched the fourth generation of blockchain technology last month in Dubai
Lee Sang Yoon, CEO of Locus Chain Foundation, and Dr Riadh Khalifa Toukabri PhD, President of Tunisia Economic City, signed the agreement at LCF’s Singapore headquarters in the presence of senior officials from both the parties.
Jointly owned by Tunisia and Saudi Arabia, the TEC is a large-scale project in the eastern peninsula of Tunisia. It covers a total area of 90 square kilometres at a cost of $50 billion during the initial decade. The City, which is a cluster of 14 large themed zones, is expected to serve as an international business and technology hub connecting Europe, Africa and Asia. It will also act as Africa's gateway to Europe and complement the economic growth of GCC countries.
The cooperation agreement is aimed to apply blockchain platform to the entire city construction projects to be used as a base technology and settlement currency for various industries such as finance, communication, medical, shopping, automatic vehicle and artificial intelligence (AI). The new collaboration is a meeting place of entrepreneurial giants and fourth generation technology masters. It aims to digitalise businesses and the public sector by realizing a mega economic and urban development project on the eastern coast of Tunisia
Lee Sang Yoon said: “TEC is one of the most advanced smart city projects the world economy has ever seen. When the 'Locus Chain' blockchain platform is applied to the TEC project, it will be used as a transaction and authentication method for various industries and will provide an ideal management and service system ensuring high transparency and security across the industry.”
“The agreement will enhance the TEC’s future-readiness through technological precision and innovation, and benefit, in a broad perspective, all similar projects in the MENA region. This purpose will be served through the LCF’s Middle East headquarters in Dubai Silicon Oasis”, said Jackey Choi, the Middle East Operations Director of Locus Chain Foundation.
A range of anchor projects under the TEC including seaports, airports, roads, electricity, etc. were announced in September 2014 and are progressing, adding the much-needed impetus to the economic growth of North Africa.
Locus Chain Foundation is a transformative force for the emerging new global financial ecosystem backed by industry-engaged experts with more than 20 years of expertise. The company aims to develop blockchain technology use for a range of industries around the world including finance, healthcare, smart cities, charity and fundraising.
According to Sang Yoon Lee, "The fourth generation blockchain technology is empowered with cutting-edge security access and transaction with biometric inputs. We are now applying the blockchain technology, which seemed to be far away from the real world, to real life and develop it as a technology that anyone can use"
Lee predicts that the locus chain will be the mainstay of the real economy. "This technology is being applied to businesses such as global corporations and global new city development for practical application in various fields. This is because locus chain is empowered with higher security, faster speed, excellent scalability and value as real money. 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."