The Proof of Presence protocol aims to utilize user location data, virtual fences, and smart contracts to execute transactions on blockchains per contract term. Our targeted customer base encompasses the existing two-sided marketplace. The marketplace of location-based applications consisting of but not limited to retailers, brick and mortar stores, online retail merchants, delivery services, navigation systems, social networks, payment processing, and their respective end-users. The location-based application market itself is valued at $12 Billion and is expected to reach $62 Billion by 2022. With the global mobile payments market the estimated reach is $1.3 Trillion by 2022.
Legacy payment networks are traditionally costly even with advancements of cutting edge technology. Speed is also a concern and can be improved. We likewise aim to drive blockchain technology adoption by solving the most intricate challenges related to improving the customer experience while driving up sales.
The immediate benefits of our solution will inherit all advantages of a traditional public blockchain. Those advantages include robust security, absolute accountability, faster transactions and completed inclusivity. In relation to our target market players, business units will be able to compete for customers in a virtual environment where transactions are enhanced based on location regardless of their size. This concept was tested in 2018 when Burger King offered their Whopper sandwiches for a penny, but consumers had to get near a McDonald’s to unlock the deal. This unusual offer leveraged the disparity between the numbers of Burger King versus McDonald’s locations, thus turning a hindrance into a tactical advantage. We plan to further enhance this business model by introducing the unique concept of smart contracts. Smart contracts will permit transactions as customers move across merchant virtual boundaries. Customer geo-behavior will not only provide valuable insights for merchants, its will equally provide instant sales.
Currently, mobile technology constitutes the largest means of telecommunication with over 5.1 billion mobile subscribers. It is likewise the main source of internet traffic surpassing 50% of the overall global internet traffic. With the prognostication set for the growing IOT market, we believe mobility provides the best access to user data.