XYO Network completes relative location-based smart contract execution

XYO Network, the technology bringing blockchain to the real world, has announced that following months of integration testing, the team has successfully completed the first live working demo of its decentralized interaction-verification oracle utilizing smart contracts to initiate a transfer of Ethereum when two XYO devices interacted in the real world, the company said.

The demonstration earlier this month at the recent first-annual Spatial Summit in San Diego amazed nearly 700 audience members, as a drone carrying an XYO device landed on stage to initiate the automatic transaction of cryptocurrency.

The drone-based demo of location validation by XYO Network is the latest in a series of powerful and technologically significant advances from the company.

XYO Network is an effort to create a vast, geospatial, blockchain-powered location network currently under development with the goal to provide accurate, certainty-driven location data on everything from cars to smartphones. By combining location beacons with IoT and mobile devices, the XYO Network ecosystem plans to deliver the verified coordinates and data needed to execute smart contracts, run smart cities, foster financial transactions, and power a legion of location-centric applications. For more information, visit https://xyo.network.