Blockchain advancements transforming cryptocurrency technology

World Today

The internet continues to expand in many ways including how it’s used for money transfer. Bitcoin values have reached all-time highs.

It’s all part of the technology known as blockchain, which continues to evolve.

CGTN’s Mark Niu has the details.

By slipping on a VR headset, ViMarket allows users to see how virtual furniture fits in their own virtual room.

They can buy anything there as virtual versions or as actual physical products to be delivered to their room in the real world.

Transactions are made through the newly developed crypto currency called Vitokens — all possible because of blockchain technology.

“Traditionally it would be very difficult to launch the ViMarket globally because you would need maybe hundred different merchant accounts, payment solutions,” Guy Robert, co-founder of ViMarket said. “But with a cryptocurrency, it is close to free of charge to do the transactions.”

Cryptocurrencies -like Vitoken and Bitcoin — are based on blockchain technology, which allows money to be transferred from one party to another without a middle man, such as a bank or credit card company. That speeds up transactions and reduces costs. And it’s self-regulating because when one party pays another, it goes into an open ledger that everyone in the network can see and choose whether to validate that transaction or not.

But there are still concerns about how secure they are.

Well one entrepreneur who’s been in the security business for decades and sold his data encryption company for $40 million, believes it is.

“It is unstoppable- basically any developer can develop app on the blockchain with really, really low cost,” Duc Pham, CEO & Founder of FundCru said. “It’s most efficient when it comes to cost and carrying transactions, especially financial transactions.”

The startup ObEn is taking Artificial Intelligence to the blockchain.

Project Pai seeks to get everyone in the world to create their own digital avatar and make transactions with its own cryptocurrency called Pai Coin.

“What Blockchain and Pai Coins is enabling is the peer to peer transaction where you don’t have to have that middle man, that large company, where all that data is feeding into,” Sho Guo, marketing head of ObEN says, “Because blockchain enables that peer to peer trust.”

While Bitcoin has garnered most of the industry’s attention, technologists here believe they’ve only scratched the surface of what value cryptocurrencies will someday bring to the world.