Introducing XY ORACLE NETWORK: Application and Use Cases
- cryptotipsbydada
- May 15, 2018
- 4 min read
'' The introduction of the XYO Network is perhaps the single most exciting token breakthrough in blockchain history. "
- Arie Trouw, Founder & Architect
Blockchain - What will pop in your mind whenever you hear this term?
It always goes with decentralized applications with privacy, transparency and better security for our online data.
Current blockchain technology leverages its own powerful properties, such as time-stamping and decentralization, and combines them with devices that are hard to trick.The weakness of smart contracts centers around oracles that use a single source of truth (and thus have a single source of failure), and crypto-location systems face the same problem. The vulnerability in current crypto-location technologies revolves around the devices that report back an object’s location. In smart contracts, this data source is an oracle.
XYO NETWORK propose that the most important advancement necessary for bridging the present to the future rests on the world’s ability to trust machines. This trust is best achieved through innovations in blockchain technology, and must be made available through the creation of a crypto-location oracle network that is resistant to attack and achieves unprecedented accuracy and certainty within the given restraints of the system. XY, the company behind XYO, has built one of the largest networks of Bluetooth and GPS beacons in the world. For several years, they have quietly developed world-class location protocols necessary to achieving our mission of building a decentralized location network.
Applications and Use Cases
The XYO Network has use cases for any participant in location-reliant transactions.
1. eCommerce
By utilizing the XYO Network and XYO Tokens, companies like Amazon and UPS can offer, as a premium service, an independently confirmed ledger to track every step of a shipment’s progress, starting at the fulfillment center and ending with the package’s secure delivery within the customer’s home.
2. Medical Care and Hospitals
Medical errors are the third leading cause of death in the United States, according to a study released by Johns Hopkins School of Medicine. Many of these preventable deaths are a result of operational or record-keeping errors, including adverse drug interactions, improper medical records, and even unnecessary surgeries. By tying the XYO Network into the operational frameworks that are already in place, care providers can significantly reduce failures in communication and record keeping that result in patient injury and death.
3. Rental Car Agencies
The number one problem that rental car agencies face are logistical ones. Simple events such as the customer losing their keys results in millions upon millions of dollars in lost opportunity cost for car rental companies each year. XY has already implemented a pilot program with one of the largest US rental car agencies to help cut down on the number of keys that aren’t returned at major airports. By expanding the program to make use of the XY Oracle Network, the rental car company and its customers can reduce the number of lost keys.
4. Commercial Airline Luggage Logistics
The XYO Network has implemented a decentralized, trustless system for tracking and locating luggage. Its decentralized nature even allows airlines to utilize each other’s networks without compromising the airlines’ network security or needing to coordinate system updates - this means that if you’re at the United desk in Dallas, but your bag is at the Delta desk at SFO, the bag can still be instantly located by accessing the XYO Network Ledger.
5. Insurance Agencies
Insurance for vehicles, modular homes, and other high-value, high-mobility objects can reimburse for theft, but can’t inherently assist in locating the original good. The insurance industry is also susceptible to fraud, especially in the case of insured items that are highly mobile. XY is already working with an insurance company that covers high value, high mobility goods to help them process claims and recover insured goods. Using the XYO Network, a decentralized and trustless location-based blockchain ledger, the company and its customers have access to an independently verifiable location history in the event of a claim.
6. National Security (TSA) Agencies
Creating a system that is secure, reliable, and publicly accountable poses an operational challenge. A high-profile government security agency has contracted with XY to secure firearms in major transportation hubs throughout the United States. The use of XY’s existing technology saves the agency millions of dollars, and the decentralized nature of the blockchain creates a system that is both independently secure and publicly accountable.
7. Drone Package Delivery Systems
Numerous entities are very close to implementing automated drone services, from eCommerce giants like Amazon and Walmart to Google/Alphabet’s Project Wing to the numerous drone mapping services already in operation. Ensuring public safety, securing personal privacy, and maintaining compliance with FAA regulation will become increasingly challenging as guidelines are altered and skies become more crowded.
TOKEN SALE
On March 20, 2018 XYO began selling at the Exchange Rate of 1 ETH to 100,000 XYO.
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