In June, the Singapore LIC Foundation announced the launch of the world’s first public blockchain for the language services industry – LIC.
LIC (stands for Language, Information and Communication) will promote the construction of LIC ecology around the world to realize the great vision —— “Chain the World in Your Language”.
Language services industry started to undergo dramatic changes, characterized by a growing need for more languages, a shift to more dynamic content, and user-centered publishing. In this rapid-changing environment, the existing and most common business model turned out not to be ideal in all circumstances.
“The creation of LIC is a historical opportunity given by this era,” stated by Dr. Peggy Peng, the founder.
Combining blockchain and distributed AI technology, LIC provides an effective way to break through the industry bottleneck caused by traditional centralized model. It reveals the potential to underpin many of the ways people interact with one another and will empower information dissemination and collaboration under different scenarios. It is a value amplifier for token economy.
With high openness and rich ecological scene, LIC will become the infrastructure and inevitably lead to upheaval in the field of language services. It brings together global translators, professional linguists and LSPs to build the underlying framework and a language service ecosystem. This comprehensive collection of global resources will kick-start a new epoch of language service practices.
Victor Liu, the COO, revealed that the team included experienced practitioners in the field and professional experts skilled in AI and blockchain technologies. LIC community will be launched soon. And the global translation corporations will take the lead in becoming participants in LIC ecology.