Proof of Location
Proof of Location is a technology that enables a device's physical location coordinates to be broadcast to the blockchain in a way that other devices can rely on the location data without having to trust the broadcasting device.
Position-dependent applications include supply chain, parametric insurance, KYC/AML verification, or even consumer transactions. E.g, an online store might need to prove that an item has been delivered to you so that the smart contract can automatically trigger a payment from your wallet.
Today’s geo-location tools are great for determining the location of a device, but cannot offer reliable and trusted location verification services. They are uni-directional and un-encrypted, which makes it problematic to rely on GPS for smart contracts that need to execute when spatial parameters are met. Dynamic Proof of Location empowers a permission-less and autonomous network of radio beacons that can offer secure location verification services through time synchronization in a decentralized manner.
- Difficult to implements
- The FOAM Proof of Location protocol empowers a permission-less and autonomous network of radio beacons that can offer secure location services independent of external centralized sources such as GPS through time synchronization. The will deliver a hardware-based solution and have miners, Foam nodes provide geo-triangulation combined with a verified timestamp.
- Trustless: Byzantine fault tolerant clock synchronization
- Independent: Does not rely on GPS
- Open: Anyone can utilize the network or offer utility services
- Accountable: Economics structured to ensure honest behavior, verified with fraud proofs
- Incentivized: Service providers remunerated for extending localization and verification zones