Surprising Facts about Location and positioning systems!
You might be acquainted with the GPS system but did you know it’s no the only radio-based navigation system out there? Russia has the GLONASS system, Europe uses Galileo and China has it’s own BeiDou System. They are used in most military applications, in case of conflict arises; countries do not want to rely on each other’s proprietary system.
To achieve global GPS coverage for the GPS system, a total of 24 satellites systems are required. The first one was launched back in 1989 and the last in 1994. The life expectancy of a satellite is roughly ten years and needs often servicing. That’s why there are an additional eight satellites in orbit as a backup failover.
- The surprising fact about GPS is that it can track signals within a billionth of a second which is near only to the atomic clocks. Thus, GPS systems are critical for time-reliant applications. Some of the major sectors that currently use GPS successfully are:
- Banking System
- Cellular Networks
- Power Grids
- Financial Markets
Any service or market that requires presently an accurate system for timestamping uses GPS or another positional system, worldwide. With the help of the latest advances in the world of the blockchain, we can finally advance to the next frontier of the location-based technology.
The XY Oracles Network: A new approach to location data!
Making use of over 1 million hardware beacons, the XYO network wants to revolutionize the way we think about location data. With protocols like Proof of Location and Proof or Origin, developers can query accurate location data through an API interface to create Smart Contracts. For example, vendors will have the opportunity to dispatch a product to a consumer’s house and get paid on arrival as the Proof of Location protocol will verify the actual location of the parcel. Developing such business models using the XYO network will prove to be extra lucrative as we are talking about an eleven trillion USD market with regards to the Location-reliant businesses.
How does Proof of Origin work?
POO is the critical protocol to verify the distributed ledger system that runs on the XYO network. They will make sure that once a unique ID is generated from the data source, it’s also valid and stored in an append-only method to the general blockchain ledger. By using the Transient Key Chaining, it will be virtually impossible to falsify or tamper with the original chain that stores all transactional data.
A unique system of Sentinels will vouch for the certainty and reliability of the transactions by producing temporal ledgers. Once created, the Smart Contracts will make sure to trigger all of the contractual events by the Proof of Origin. XYO envisions a world where developers can interact with the real world through the convenience of an API by providing scalable and reliable location data.
If you are interested in joining this location based revolution head over to their original:
