Posted by: African Review
Locus Chain Foundation (LCF) has 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.
Locus Chain is a Singapore-based foundation of next-generation blockchain platform with technical offices in South Korea and Japan.
The cooperation agreement aims 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, aiming to digitalise businesses and the public sector by realising a mega economic and urban development project on the eastern coast of Tunisia.
Jointly owned by Tunisia and Saudi Arabia, the TEC is a large-scale project in the eastern peninsula of Tunisia. It covers a total area of 90 sq km at a cost of US$50bn 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.
Lee Sang Yoon, CEO of Locus Chain Foundation, said that the blockchain platform will be used as a transaction and authentication method for various industries and will provide an ideal management and service system.
“The agreement will enhance the TEC’s future-readiness through technological precision and innovation, and benefit, in a broad perspective, all similar projects in the MENA region. This purpose will be served through the LCF’s Middle East headquarters in Dubai Silicon Oasis”, said Jackey Choi, operations director of Locus Chain Foundation for the Middle East.