Reltime announced 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 revolutionise the use of blockchain in handling microtransactions.
Top 3 Project Highlights:
Innovative integration: Utilising 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, emphasising 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 optimise this innovation and effectively leverage 5G Node in our PoA blockchain, revolutionising how microtransactions are conducted globally.”
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