The GPS technology or the Global Positioning System have revolutionized every aspect of the modern world. By becoming interactive and more useful in almost, every industry GPS solved many trust issues in the business market. Companies could suddenly track their shipped parcels on a global scale and with an error of mere feet.
With the help of GPS, people can now navigate unknown cities without any problems, find missing people and assets and this is just to scratch the surface of what this technology is capable of. An increase in reliability and accuracy are registered every year as there are continuous development organizations in the field, committed to delivering cutting-edge technology.
Currently, GPS relies on satellite connections only and because these satellites are in space, scalability issues arise. In order to augment this technology, ground-based beacons would be the natural next step, but given the fact that these beacons could be tampered with, technology leaders in the field of GPS were skeptical to advance to this step so quickly.
Combining blockchain technology and the deterministic power of location the XYO Network plans to bring the Smart Contracts feature to the real world. Smart Contracts allow a programmatic interaction to be embedded with the GPS technology, for example, a vendor delivers a good to a customer with the help of the XYO Network. Once the good arrives at the destination, with the help of the XY coordinates the vendor will be able to detect that and automatically get paid for the delivered product.
This, however, is just a simple example, XYO could disrupt the E-commerce industry that’s currently evaluated at a whopping 11 trillion dollars, to put things in perspective, the current total crypto market cap is only around half a trillion dollar. Granted that this tech stack is implemented well, the projected growth of the project could be exponential.
Centralized solutions currently source reliable GPS technology. The problem is that the centralized way is prone to interference, vulnerable to hacker attacks and thus tampering with life-threatening circumstances. Thanks to the decentralized nature of the blockchain technology GPS can finally become a tamper-proof system. Having a decentralized confirmation of location by employing a network of interconnected hardware solutions will allow for an instrumental paradigm shift on how people can source location data.
By eliminating central points of control, the network will be completely self-sufficient, and the current market needs will dictate the need for such technology. However, if blockchain technology has proven anything yet, it would have to be the ability to lower running costs of any technology it intersects with. Big centralized solutions will not be able to compete with the cost-effectiveness of the decentralized net so the only solution for these bigger companies would be the rethinking of the business model.
Weaving privacy with a Proof of Location protocol that can employ Smart Contracts is undoubtedly going to disrupt a significant number of markets.
