Singapore firm launches blockchain tech for transparency

DUBAI, Philippines — 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.

The blockchain is a digital ledger where transactions, data and even things of value are shared by a very large network of computers. The information is not centralized, is encrypted individually and almost impossible to hack since information is decentralized.

Blockchain requires high computing power and favorable internet connection.

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.

Lee, who is a gaming pioneer in South Korea, told The STAR that the foundation plans to launch in the Philippines this year to introduce their technology to private firms and charitable organizations.

He said the firm’s goal is to make its blockchain platform perform at the highest level of security while ensuring the fastest transaction, which is important in businesses, including cryptocurrency.

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 Locus Chain has held initial talks with some private firms in the Philippines and plans to coordinate with concerned government agencies.

He said the platform allows people and devices to communicate regardless of form factor, operating system, service provider, transport technology or ecosystem. 

He said the foundation is expanding its technology to offer tools and services to strengthen the capacity of grantees in charity fundraising, resource development, crowdfunding and access to donor and foundation databases via its technical platform.

It can also ensure the beneficiaries receive the funds directly in the form of crypto assets if warranted.

The foundation, which has already raised a significant amount, has signed partnerships with several organizations from around the world, he said.