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Singapore firm launches blockchain tech for accountability


Locus Chain Foundation, a Singapore-based technology firm, launched here its latest blockchain technology that it aims to use in the Philippines and other developing nations to ensure transparency and accountability in donor-funded projects.
The firm said its “fourth generation blockchain platform” can perform secured transaction under two seconds even under slow broadband speed, a common problem in the Philippines and other developing countries.
Sang Yoon Lee, president and chief executive officer of Locus Chain, said he was proud to launch the fastest-yet platform that uses 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. The Locus Chain Foundation team forms a unique blend of technology, finance, business and humanitarian talent,” Lee said.
Keun Young Kim, one of the founders of the foundation, said their blockchain platform is now being used in Brunei, Cambodia, Malaysia, Sri Lanka, Vietnam and other countries in Africa and the Middle East.
Kim said the platform allows people and devices to communicate regardless of form factor, operating system, service provider, transport technology or ecosystem. The foundation, which has already raised a significant amount, has signed partnerships with several organizations from around the world, he said.

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