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Lenovo Announces Partnership With Blockchain Platform

Despite the hype and the buzzwords causing much misunderstanding around Blockchain, it remains a technology that many companies are interested in, not just small start-ups, but large established firms and brands. One of these is Lenovo, who have announced that they are working with the Credits platform, who have joined the Lenovo New Vision Technology project.

The two companies will be working together in developing Internet of Things (IoT) and augmented reality (AR)/virtual reality (VR) hybrid software, which is planned for implementation in a number of industries, including financial technology and logistics.

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The Lenovo New Vision Technology project is concentrated on the area of artificial intelligence ant AR, with the aim of providing professional solutions to industry for areas including infrastructure, platform development and system integration, among others.

Credits, meanwhile, is a blockchain platform that works on a peer-to-peer principle, which specialises in providing a variety of services for startups who wish to launch decentralised apps, also known as DApps.

As stated in the press release: “Credits [has] been chosen by Lenovo New Vision Technology thanks to its distinctive technical solutions, such as [a] unique consensus algorithm which consists of dPoS (delegated-proof-of-stake) and BFT (Byzantine Fault Tolerance) features.”

The Credits blockchain platform is reportedly capable of performing up to one million transactions persecond, combined with commission rates as low as $0.001 (USD).

“The Internet of Things and augmented reality are already changing the way we interact with the world. We are excited to partner with AR titan Lenovo New Vision. I see the combination of AI/AR and IoT revolutionizing the business environment,” Credits CEO & founder Igor Chugunov said.

Lenovo have plans to use the decentralised Credits blockchain solution to streamline internal operations and management procedures and use the expertise to facilitate building new types of software.

For further news on use of Blockchain with VR or AR technology, keep checking back with VRFocus.