Yes, blockchain technology has been hyped as the next big thing. Yet, most blockchain-based solutions live only in the hypothetical, and aren’t set to make any changes in the real world. In fact, most blockchain applications aren’t totally decentralized, and still rely on a controlling entity to validate and confirm real-world outcomes.
XYO is creating the world’s first truly decentralized network to solve real-world problems with the help of blockchain technology. It’s blockchain for the real-world. What could be better?
What is XYO?
XYO is a new, blockchain-based project operating on the Ethereum network to bridge the gap between blockchain and the real world. Through its decentralized network of devices, XYO helps to geolocate any item or piece of data down to specific coordinates in space. This network can be utilized in conjunction with smart contracts to trigger any number of contractual obligations based on locational data.
The XYO network has already eclipsed 1 million bluetooth and GPS-enabled devices, creating the largest network of its kind in the world. All of these devices augment one another and help create a geolocation network where anything can be tracked. Users who take part in geolocation on the XYO network and help another user track an item, are rewarded with XYO tokens. This process, known as Geomining, is open to anyone with use of the XYO Sentinels which collect verified location data which is saved to the network.
On top of this decentralized geolocation platform, XYO is allowing developers to build their own applications, or Geo dApps, where any number of applications can be developed and created to enhance the network and improve use cases for the future.
Why does it matter?
Creating a decentralized infrastructure to track and locate everything from packages to medical records could revolutionize how data is tracked around the globe.
Unlike other geolocation networks, the XYO network is decentralized, meaning, location information is not shared with any centralized or controlling entity. Gone are the days of the government being able to track the location of your devices. This also solves a problem incurred in current blockchain solutions which still require a centralized entity to verify information and data which is saved to the blockchain.
The amazing thing about this technology is that it can be applied to so many different businesses and industries.
In the world of eCommerce, the XYO platform can allow ecommerce companies to create a payment-on-delivery option for their customers, where customers are billed at the time a package is delivered. This eliminates a significant amount of customer service hassle and refund transactions, as the charge only processes when an item is received by the customer.
Other use cases include:
- The airline industry can track and handle baggage, eliminating the $2.1 billion in costs incurred from lost and mishandled luggage in the industry.
- Insurance companies can help locate lost or stolen property, reducing claims and insurance fraud.
- The location of firearms can be controlled and secured, especially in high-security areas.
- Rental car companies can account for lost keys which aren’t returned by customers
SPATIAL. XYO’s first conference.
Bringing the blockchain to life
It isn’t just that XYO is utilizing new distributed ledger technology. It’s that the company is bringing these innovations to the real-world, and helping account for the billions of devices, packages, and items that businesses and consumers deal with on a daily basis.
As the world is brought together through the XYO network, efficiency will rise across the board and nothing will ever be lost again.