DUBAI: – Locus Chain Foundation (LCF) won the Outstanding Global Leadership Award 2018 under the technology leadership category at the Global Economic Summit that was held at Swissotel in Dubai recently.
“We are happy to be recognized as a global business leader by a reputed institution like Institute of Economic Studies (IES) India. LCF has already signed agreements with 32 countries to implement its blockchain technology. The Tunisia Economic City, the largest Mediterranean smart city, and the Mauritius government are two entities we have most recently signed agreements with”, Lee Sang Yoon, President and CEO of LCF said on the sidelines of the event. Lee Sang Yoon was also honoured during the ceremony.
“We believe that blockchain technology can bring drastic changes and justice in the area of financial transactions and we are planning to hugely invest in the technology sector of the MENA region especially in the UAE. Our detailed investment plans will be announced soon”, said Dr. Usman Zafar, Senior Advisor of LCF, while introducing the blockchain technology to the participants.
Mohammed Ibrahim Al Ali, Manager of HR Information and Smart Transformation Center for Government of Dubai, Dr Ahmad Tahlak, President and Chairman of Levenbert, Ms Basma Essa, Senior Business Development Manager for the Private office of HH Sheikh Saeed bin Ahmed Al Maktoum, Mr Soo Han Cho, Director of Bloom Technology, Korea, Mr Zahir Paduvadukam, Director for Government Relations, Investha International and other international participants also attended the ceremony.
The Delhi-based Institute of Economic Studies (IES) which was established in 1980 by a group of economists, parliamentarians and industrialists has been researching on various aspects of the economic development for over three decades.
Locus Chain Foundation is a transformative force for the emerging new global financial ecosystem backed by industry-engaged experts with more than 20 years of expertise. The company aims to develop blockchain technology use for a range of industries around the world including finance, healthcare, smart cities, charity and fundraising.
As part of its expansion, LCF signed over 32 contracts with different countries and conglomerates in various sectors.
Recently, (LCF) had signed a strategic cooperation agreement with the Tunisia Economic City (TEC), the largest Mediterranean city project, to apply Locus Chain blockchain technology as its settlement currency and service platform. Jointly owned by Tunisia and Saudi Arabia, the TEC is a largescale project in the eastern peninsula of Tunisia. It covers a total area of 90 square kilometers at a cost of US$ 50 billion during the initial decade. The City, which is a cluster of 14 large themed zones, is expected to serve as an international business and technology hub connecting Europe, Africa and Asia. It will also act as Africa’s gateway to Europe and complement the economic growth of GCC countries.
The cooperation agreement is aimed to apply blockchain platform to the entire city construction projects to be used as a base technology and settlement currency for various industries such as finance, communication, medical, shopping, automatic vehicle, AI, etc. The new collaboration is a meeting place of entrepreneurial giants and fourth generation technology masters. It aims to digitalize businesses and the public sector by realizing a mega economic and urban development project on the eastern coast of Tunisia
Lee Sang Yoon said: “TEC is one of the most advanced smart city projects the world economy has ever seen. When the ‘Locus Chain’ blockchain platform is applied to the TEC project, it will be used as a transaction and authentication method for various industries and will provide an ideal management and service system ensuring high transparency and security across the industry”.
.According to Sang Yoon Lee, “The fourth generation blockchain technology is empowered with 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”
Lee predicts that the locus chain will be the mainstay of the real economy. “This technology is being applied to businesses such as global corporations and global new city development for practical application in various fields. This is because locus chain is empowered with higher security, faster speed, excellent scalability and value as real money. The fourth generation blockchain technology ensures transparency in financial services with the secured stability of the value guarantee as it is possible to make transactions safer and faster than existing financial networks.”