VANCOUVER, British Columbia and SINGAPORE, Oct. 16, 2018 /PRNewswire/ -- Language Information Communication (LIC) Foundation set the prestigious annual Language Data Network (TAUS) conference abuzz when they declared that they are launching their own blockchain to solve the problems faced by the language service industry. The exclusive gathering of industry leaders from the language service sector was attended by only the biggest translation companies in the world, leaders in machine learning translation and content giants such as Google, Alibaba, LinkedIn and SDL.
"Blockchain presents a historic opportunity to solve hundred-year-old problems faced by the language service industry," said Dr. Peggy Peng, founder and CEO for the Singapore-based startup, at the conference that was held at the Fairmont Hotel.
Some of the industry problems include; customers are inconvenienced to find and evaluate the service of translators, translators do not have the network to search for suitable jobs and translation companies have difficulty assessing their talent pool by capability. The industry itself is highly fragmented, making it almost impossible to tap into big data to analyse industry trends.
"Blockchain's untamperable ledger empowers its users to view assets created online and track them back to its original creator. It makes it easier for users to gauge the ability of translators based on their work history and therefore award higher level jobs to more able translators," Dr. Peggy added. Currently, language service providers have a hard time evaluating and ranking their translators and therefore cannot distribute work effectively according to talents' ability.
This is also ground breaking for translators as they will be able to record their digital assets and then be fairly compensated for future use of their assets.
As these are some of the long-standing issues within the industry, AI was the hot topic and the audience were very receptive to LIC's solution. Buoyed by the positive reaction, LIC Foundation aims to complete the project sooner and looks forward to the development that LIC will bring to the industry.
Once launched, LIC's public chain will serve as the infrastructure to power all kinds of applications so developers can leverage its blockchain to create new DAPPs to serve the needs of the language service industry. Over time, Dr. Peggy expects LIC's public chain to be one of the biggest digital ecosystems for the language services industry and will power information exchange globally.
"People do not need electricity, they need the appliances that are powered by electricity. Similarly, people do not really need translation. They need information exchange. LIC's public chain will be the platform that powers information exchange in any language, for any type of content, around the world," said Dr. Peggy Peng.
About LIC Foundation:
LIC Foundation aims to be deeply integrated with AI and blockchain to provide the infrastructure in the blockchain era. LIC Foundation is founded by Dr. Peggy Peng, an educator and top executive. Before founding LIC Foundation, Dr. Peggy Peng was a C-level executive of Transn, China's biggest language service provider with over 800 employees.
