Geofencing your Smart Contracts is the New Way of securing valuable Blockchain Assets

Geo-location is the most valuable information about our daily lives. And in this digital age, the content we consume, the types of services we get and experiences we can have online is largely determined by our location. Also the money system is protected by location trails provided by our activities with the credit card, online purchase, spending at grocery and coffee shops. Your bank is tracking your location to detect anomaly of transaction trends so that they can protect you from sudden expense from a far-off location. Such credit card frauds were a menace once.

The world of blockchain is still like the early age of internet when things were rigid and localization wasn’t a thing. But with rapid pace of innovation, blockchain is also adopting newer ways of securing vast amounts of assets being stored in smart contracts and digital wallets. One such innovation is done by TIM blockchain platform. Though it is immensely fast by using geo-location to distribute its load over wider area, the key attraction is security of smart contracts. TIM hosts smart contracts very similar to ethereum. But in addition to the vanila features, one can also set up a perimeter of execution of the smart contract. It means that one must be in the perimeter to make transactions with that smart contract. With the increasing regulation around crypto-currencies, this feature can be an immensely valuable tool in the hands of new token issuers and digital service providers. For example, one can whitelist or blacklist a region from participation in their smart contracts.As many as 95% of current ICOs have geographical restrictions which doesn’t allow them to see their tokens in certain countries. To enforce this, the developers have to deploy other means of stopping the said participants. Similarly, other digital assets platform impose restrictions of not allowing participation in real estate purchases, financial instruments and many dematerialized assets.

Geofencing can be the most important feature in coming times. As the TIM platform is highly fast, decentralized and secure, it is emerging as most promising development in blockchain space. Also the network is designed in a such a way that their can be only one TIM chain after forks. The rest of the forks will have very little performance. The fork-proof principle is key to maintain consensus and provide a clear consensus to all participants.

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