The technology space has been blowing up with the rise of Ethereum, Bitcoin, and other cryptocurrencies. Different entrepreneurs that are aware of the crypto market have become Rockstars from gaining millions of dollars through Initial Coin Offerings (ICOs). Nonetheless, the world of cryptocurrencies is way beyond the fintech, Bitcoin, and trading of other cryptocurrencies. It is more about incorporating decentralization into many sectors of the world.
But what is decentralization? This simply refers to a process whereby instead of going through a central authority, functions and powers are redistributed among people within a community. One of the issues that many people have experienced with having central authorities is that there is often a lack of transparency, inefficiencies, and the abuse of power. This has caused a paradigm shift towards decentralization, which has led to the emergence of innovative technological revolutions. Now, this unique technology is being introduced to the flow of location data.
Decentralized Cryptographic-Location Network
The development of location-dependent, connected technology has caused the privacy and safety of people on the internet to rely greatly on how accurate and valid location information is. There has been a couple of attempts made towards getting rid of the central authorities that have been in control of the flow of location information, but these attempts have not really worked because they depend on the veracity of the devices that collate this data.
Now with the use of decentralization and cryptography, trustless location networks are being introduced that operates on a novel formulation, which relies solely on a series of zero-knowledge proofs. These proofs help in establishing a high level of data certainty on location data.
How Does the Decentralized Cryptographic-Location Network Operate?
Using the decentralization attached to the blockchain technology, these cryptographic-location networks enable the verification of location data across several device protocols and classes. This network uses innovative cryptographic tools like Bound Witness and Proof of Origin in creating a bond between the unique features of the blockchain technology and the collection of real-world data. These two separate entities are then unified to have a direct application in the real world.
Uses of Decentralized Cryptographic-Location Network
Just like blockchain has several real-world applications, so does decentralized cryptographic-location networks. For examples, eCommerce companies can use this platform to track packages being sent to a customer’s agreed delivery location using smart contracts. This helps them ensure they get paid as soon as the package has been delivered to the customer.
Another way this form of location network can be used is regarding reviews about a company or establishment. This way, you can be sure a reviewer has really used the company’s products and is not a serial reviewer.
Blockchain introduced decentralization to the world solely for cryptocurrencies, and today it has found a way to generate real-world applications. Now companies are using this unique technology in validating and gathering location data.
Though it is a newbie in the space of decentralized systems, the cryptographic-location network is increasingly gaining popularity because of its uniqueness. It is definitely going to take the world of location data to a new era.
The XYO Network
XYO Network is providing a solution with a decentralized cryptographic-location network, by developing an effective and layered location confirmation service that works with different smart contract protocols and device classes.
The XYO Network operates using a series of innovative cryptographic mechanisms like Bound Witnesses and Proof of Origin in creating a bond between the supremacy of the blockchain technology and the collection of data in the real world and develops them into a structure with real-world applications.