Lloyds TSB Group, Foundation X, Linux Foundation and others Venture Capitals founded MiChain Foundation, has launched its blockchain-powered fifth-generation (5G) network brand, which re-lated to Internet Of Things, local news agency The America News reports on April 19.
As a part of the new brand, MiChain Foundation developed Mi-Chain. The superiority of MiChain is using a public chain and ap-plied the smart contract of Ethereum into their system. Thus, it can be reducing the cost and make everything more transparency.
As 5G technology for the foundation, MiChain combines the ele-ments of Internet of Things (IoT) and Finance for the entry points, for creating the brand new IoT and Fintech platform through Block-chain underlying technology to support the whole ecological digiti-zation.
Maker, president of the Lloyds TSB Group, said that MiChain com-bines the technology of Blockchain and Internet of Things with the supply chain management method, implement the value of Internet of Things for tracking the product details and as well as the com-modity production and traceability of transportation from the whole world.
As a part of the announcement, Maker also introduced MiChain Blockchain-as-a-Service (BaaS) that enables organizations to use blockchain-based applications and deploy key features of block-chain, including smart contracts, that allow companies to operate transactions without involvement by a middleman.
MAKER added that its blockchain tech can be used for the digitiza-tion of vouchers that local governments have issued to their resi-dents. Through various technologies such as cryptography, P2P networks and consensus mechanisms, it formed a decentralized, traceable, and non-tamperable network. MiChain want to create a decentralized international financial trading platform based on blockchain technology.
Earlier in April, global market research store Research and Markets published a report claiming that international blockchain applications in IoT will generate $1.37 billion in revenue by 2024.