Locus Chain Foundation (Locus Chain), a next generation blockchain technology platform, held the inaugural Locus Chain World Summit on August 29, 2018 at the Fullerton Bay Hotel Singapore. The Summit welcomed more than 200 VIP guests, investors, media and partners from all over the world, and included keynote speeches from His Excellency Khalfan Saeed Al Mazrouei, Co-founder of Locus Chain Foundation and Former Undersecretary for the Private Department of HRH Sheikh Zayed bin Sultan al Nahyan, and Guest of Honour Mr. Amir A. Dossal, Founder and President of the Global Partnerships Forum and former Executive Director of the UN office for Partnership.
The Summit celebrated the launch of Locus Chain Foundation in Singapore, highlighted the unique technology behind the platform and potential to change the world, and announced key updates on business initiatives and Memorandums of Understanding (MoAs) signed with more than 40 governments and corporations in Asia, the Middle East, Africa and Europe.
Mr. Sang Yoon Lee, Founder and CEO of Locus Chain Foundation, emphasised the social purpose driving the development of Locus Chain. “Our mission is to develop the best technology, on an open-source basis, that will contribute to the technological advancement of the world — and to harness its power to reduce inequality, promote sustainable growth and benefit human society. We will do this through partnerships with governments and corporations and by participating in the development of educational infrastructure.”
In his opening speech, His Excellency Khalfan Saeed Al Mazrouei, underscored the revolutionary potential of blockchain when applied to government infrastructure, particularly in developing nations. He cited an agreement Locus Chain Foundation signed with the Tunisia Economic City, a USD 50 billion joint venture between the governments of Saudi Arabia and Tunisia to build the biggest smart city in the Mediterranean region.
Honourable guest speaker Mr. Dossal said, “Many children are born without identities or proper documentation, and are excluded from the privileges of a developed society. Blockchain can bring about a new balance and make the world a better place, where it most needs to be.”
Locus Chain World Summit was honoured by the presence of esteemed guests from around the world, including Mrs. Moossun Hemma, First Deputy Governor of the Bank of Mauritius; Mr. Bacorisen Pratabsing, Chairman of State Informatics Ltd.; the Honourable Duval Charles Gaetan Xavier-Luc, the Leader of Opposition of the Republic of Mauritius; Her Highness Sheikha Moaza Obaid Suhail Buti Al Maktoum, Princess of the Royal Family of Dubai, His Excellency Mr. Ahmed Habeeb Ahmed Mohammed Al Ghareeb, the Head of the Sheikh Humaid Bin Rashid Al Nuaeimi Foundation, Ajman Government, U.A.E.; Prince Franklin E. Omene, CEO of OMENE Holdings LLC, Nigeria; and the Honourable Gondwe Goodall Edward, Minister of Finance in the Government of the Republic of Malawi.
Guests also heard presentations and speeches from Mr. Mohammed Lutfar Rahman, Co-Founder of Locus Chain Foundation U.K. and East Asia Division; Dr. Moon Ho Kim, Chairman of KMH Peace Foundation; Mr. YoungBae Moon, Advisor to Locus Chain Foundation; Mr. SoohHan Cho, Chief Marketing Officer of Bloom Technology; Dr. Minseok Oh, Chief Technology Officer of SM Wave; and Mr. Lu Kun Shan, Chairman and CEO of Leadtek Research Inc. The Summit was emceed by Singaporean celebrity host Denise Keller, with live entertainment by British singing sensation, Rob Collins.
Locus Chain’s growing global footprint
Locus Chain is the world’s first blockchain platform accepted for use by a sovereign government. Its technology is expected to provide a low-cost transaction mechanism, a reliable and transparent management system, and empower growing economies to become future-ready.
Through strategic partnerships, the company is fast becoming the go-to platform for smart governments to develop smart cities, with MoAs already signed with the governments of Tunisia, Saudi Arabia, the UAE, Democratic Republic of the Congo, Rwanda and Brunei. In total, company has more than 40 partnerships in natural resource development, infrastructure, health management and financial services with corporations and governments in Asia, the Middle East, Africa and Europe.
The same day as the Summit, Locus Chain Foundation also entered a new MoA with the Government of Malawi, and announced plans to enter strategic partnerships with companies in Asia and Russia, including Leadtek Research Inc.
The world’s fastest, most scalable blockchain platform
Locus Chain will be the world’s fastest and most scalable next generation blockchain platform, making it the most practical and cost effective integrated solution for smart governments to develop smart cities.
The state-of-the-art blockchain protocol can maintain stable transaction time even if the number of nodes and transactions increase using Account Wise Transaction Chain (AWTC); through this, Locus Chain is able to provide high transaction speed for every user in the ecosystem and the network. The blockchain protocol also provides scalability through dynamic state sharding technology, resolving issues associated with growing data size; supports Smart Contracts, which can be executed even in harshest network environments that other blockchain protocols cannot manage; and is protected by a secure cryptography system that shields the platform from cyber-attacks. Transaction costs involved in the process are divided fairly and transparently, thereby tackling the concerns of large-scale applications of blockchains.