XYO Network is paving the way for Smart Cities with its location-verification system
With all the technological advances of our day and age, how it is possible that finding parking spaces and paying traffic tickets still have to be done manually? It becomes especially ponderous when one considers that a car is already a connected device. If the technology is there, how much longer until it can be implemented, rendering these problems obsolete?
XYO Network has both the will and the means to hopefully make searching for parking a thing of the past. The company is bringing blockchain to the real world, with a decentralized location-verification oracle network.
While Bitcoin and other popular cryptocurrencies are seemingly taking over the world, their current efforts in blockchain technology are confined to cyberspace. All modern blockchain, cryptocurrency, and tokens exist as economic tools for the underlying platform’s economy, focusing solely on online applications rather than real world applications. XYO aims to change this.
The XYO Network’s ecosystem of crypto-location technologies combined with its revolutionary protocols provide any location reliant markets with the ability to employ transactions dependent on time or location of delivery. The company’s main goal is to develop location-based technologies that connect the digital world to the real, physical world.
XYO’s technology is uniquely applicable to the creation of Smart Cities. Just recently, the company held a hackathon to build parking and traffic flow applications on its blockchain using data provided by the City of San Diego. If every car in San Diego would work as a Sentinel, a location verification device, then XYO Network’s open-ended technological infrastructure would enable drivers to know the exact location of open parking spots, to be able to pay for parking through their cars rather than by using a meter, and to pay ticket fines over the blockchain. The traffic management system can also optimize red and green traffic light phases to optimize traffic flow.
While the XYO’s concept is intriguing, it’s hard to wonder how long it will actually take for cities to begin implementing Smart City technology, as we have yet to see blockchain technology being implemented in the “real world.” Nonetheless, the prospect of never having to drive around searching for a parking spot ever again is exciting. Perhaps we may be closer to living in Smart Cities than ever before.