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