OSLO, Dec. 12, 2023 /PRNewswire/ — Reltime, a forefront innovator in blockchain technology, is proud to announce that it has received a significant funding approval from the Research Council of Norway. This endorsement and financial support have been received for Reltime’s ground-breaking three-year development initiative on “Using 5G Mobile Handsets as node validators in Reltime’s Layer 1 Blockchain for Microtransactions.”
In June 2023, Reltime had confirmed that it has performed an initial pilot in using 5G handsets as node validators in its layer-1 Proof of Authority Blockchain and would continue to develop this solution. So, the funding decision from the Research Council of Norway is well-timed. This ambitious project aims to integrate the massive computing and scaling power of 5G mobile handsets (as node validators in a layer 1 blockchain) and revolutionize the use of blockchain in handling microtransactions.
Top 3 Project Highlights:
- Innovative Integration: Utilizing the advanced speed and connectivity of 5G handset technology to enhance blockchain efficiency as Node validators, instead of using traditional servers.
- Enhanced Microtransaction Capabilities: Focusing on the growing demand for swift and secure small-value transactions e.g., IoT, machine-to-machine transactions, rural markets.
- Connect the existing Layer 1 Proof of Authority Blockchain with Mobile handset Node: A step forward in blockchain technology, emphasizing security, speed, and reduced environmental impact.
CEO & Co-Founder, Marlene Julo said, “The funding from the Research Council of Norway is not just a financial boost but a significant vote of confidence in our vision. Our latest development project will help to optimize this innovation and effectively leverage 5G Node in our PoA blockchain, revolutionizing how microtransactions are conducted globally.”
Reltime is revolutionizing the financial and digital services industry with its advanced Web3 platform. Reltime has developed its own Layer-1 Proof of Authority Blockchain with zero transaction and gas fees. The platform includes a range of applications such as non-custodian wallets, SuperApp, loyalty programs, payment solutions, lending services, QR codes, CBDCs and digital fiats, and utility tokens. Additionally, the Reltime platform provides customer administration features like eKYC, identity management, SLA, and reporting. By incorporating a decentralized identity, Reltime is driving the next generation of digitization in supply chain management, tokenization, asset ownership, and global trade.
For more information on Reltime, visit, https://www.reltime.com/
Press Contact Reltime: Bishwajit Choudhary, [email protected]
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SOURCE Reltime AS