Bitcoin Global News (BGN)
January 09, 2019 -- ADVFN Crypto NewsWire -- Blockchain technology
awareness and cultural integration is vastly different depending on
the country. Some countries make very little use of it, whereas
others hubs of development using the technology to express its full
potential and discover more. This does not always correspond to
overall technological development. In many underdeveloped
countries, citizens have access to cell phones, but no computers or
access to traditional fiat banking services. In these countries,
cryptocurrencies are becoming a useful means for transacting
cross-border payments, as well as simply serving as a
currency.
Blockchain TV
Rewards
In China, cryptocurrencies are
highly regulated, and in many cases difficult to exchange or deal
with freely at all. However, one company is circumventing this
problem by using a blockchain network to facilitate a kind of
rewards system. China Mobile is highlighting the value of
blockchain technology to their consumers through a household
appliance you might not expect.
Blockchain Water
Rewards?
China Mobile produces a consumer
grade water purifier that has now been taken two steps into the
future of technology and the Internet of Things. IoT refers to the
growing connectivity of non-human held devices, such as a package
in transit, home speaker systems, or in this case a water purifier.
First, the device was given network compatibility, and now the
company has built in a blockchain network as well. They will use
the devices to collect data on user behavior, which will be
valuable to manufacturers and suppliers for increasing user
experience, and potential upgrades or new versions of the
product.
“Our goal is to also attract those
who are not in the cryptocurrency or blockchain community, who may
have heard of this technology but not necessarily understand it -
To embrace a more mainstream adoption, we need to turn something
that appears professional into something that’s very ordinary.” -
Xiao Yi product market director at China Mobile IoT
This is not an
ICO
The devices will provide consumers
with rewards points in proportion to how long and how frequently
they use it. Payments will be made in a token called PWMC. This
token cannot be used freely as a currency, but rather is like a
gift card to other products and services the company offers, such
as replacement filters, or other kitchen appliances.
“Based on existing laws, exchanging
tokens for tokens or for tangible goods is not illegal, so long as
you don’t exchange those into money. And China Mobile has SIM
cards, pre-paid packages and other consumer stuff. You can either
use the tokens directly, or participate in a flexible and yet
compliant barter.”
However, the price tag on this
product sets it apart from appealing to a mass audience. The base
price for the device is currently dictated through a crowdfunding
campaign on JD.com. The company hopes to raise To be sure 200,000
yuan or $30,000 by Jan. 21. This is not to be confused with an ICO,
where the tokens would be provided by support - only the device is
provided.The sale is being conducted by Chain Infinity, a company
based in Guangzhou that was jointly created by China Mobile’s IoT
division, as well as Jingtum and MOAC, two China-based blockchain
startups.
By: BGN Editorial Staff