Blockchain and cryptocurrency have added a new dimension to the networking and transactional system. It comprises the virtual currency system that makes the transaction processing way easier than other methods. Many blockchain network organizations are indulged in the service and most of them are trying to be unique.
iOlite is the blockchain platform as a non-profit organization developing and promoting uniqueness for opening the source of the solution. This rises through the language barriers among the blockchain technology and mainstream users. More accurately, iOlite is the bridge to the gap to the universal blockchain translation platform that lies between humans and machines.
Economics
The team iOlite is determined to minimize the bridge gaps. This currently exists in the traditional industries and the crypto-world enabling the traditional industries with the benefit of using the smart contract technology having operational flows. It comprises some components that make the system even more strong.
Insurance: Currently the global industry has the valuation of $5 trillion and the insurance companies are at risk of losing their share from this market as a new entrant to this valuable market. This happens because of the legacy players that will make the counterparts slower to modernize the financial service industries.
Legal Services: Even the Global Legal Services Market has earned $584.4 billion accompanied with 1.3 million lawyers in the United States. The legal service market is $5 billion with the annual growth of 7.6% along with 9000 online legal services business who are continuously searching ways to improve the efficiency and reduction cost methods.
Trade Finance: Trade Finance is based on the average of Letters of Credit of L/C. It is the common financial tool to the trade finance in 2016 which transacted US$463,000. More than 43 million L/Cs are issued that represented the $240 billion with a percentage of monthly fees into the market. The operational overhead with some risks to geo-related facts executes the banks to seek the alternatives in the traditional L/C.
Crowdfunding: It is estimated that the fundraising volume for the global crowdfunding in 2015 was $34 billion. Even the World Bank has a prediction for these investments that will earn $96 billion in every year for the developing countries by 2025. The problem lies in the crowdfunding trust element that does not need to know the usage of smart contracts.
Supply Chain Management: The supply chain management generates the global revenue to the software market in 2016. It worth US$11.2 billion globally with the exceeding value of $13 billion in 2017.
Fast Adoption Engine or FAE
iOlite deals with the service engines to gear up the service. It is based on the chores done through Sida. Many of the professionals are working hard presenting the papers related to Naturalizing the Programming Languages through some unattractive learning.
The existence of natural language interfaces the general solutions with primitive and compared programming languages. This will eventually be a primitive and compared programming languages. The exciting fields will have some researched finding out the most effective ways to instruct the engines by using natural languages in fields to operate the mobile phones, managing the robots etc.
iOlite naturalizes the languages for making some adjustments through the trivial use cases. It has some popular languages potentials to the smart contract developers to build larger smart contracts considering the models with proper support. This will appear as potential solutions to solve such problems at lower levels of bytecode formats of simple tasks.
Website : https://iolite.io/
Twitter page : https://twitter.com/iOliteLabs
Telegram : https://t.me/iolite
Whitepaper : https://iolite.io/documentation