Keeping An Eye On Blockchain Even When You Are Not A Fan
Jack Ma, in November 2017, when asked about the future of Bitcoin, stated that he was not a big fan of it but was looking at the technology behind it. This sounds strikingly similar to the “Blockchain, not Bitcoin” sentiments shared by most players in the corporate world. It’s impossible to have a permissionless blockchain without a cryptocurrency but that’s a discussion for some other time. This time we will talk about a recent partnership between Waltonchain and Alibaba which was founded by Jack Ma.
Waltonchain and Internet of Things (IoT)
Internet of things simply refers to how the devices we use are interconnected on networks such that they can be controlled or sensed remotely. There has been tremendous growth in this area over the years.
Waltonchain comes in to use the decentralized and trustless nature of blockchain technology to improve the IoT industry. They call this the Value Internet of Things or VIoT. The difference here is that the introduction of application of blockchain technology by Waltonchain removes the need to trust in service providers on the traditional internet.
Radio frequency identification (RFID) technology is one major technology being used by Waltonchain. For instance, when it comes to the clothing industry, the technology is used to verify the authenticity of products as well as track them. Waltonchain is one the cryptocurrencies delivering real-world use cases.
A company associated with Waltonchain, Xiamen Zhongchuan Internet of Things Industrial Research Institute, is now a part of the Alibaba Internet of Things (IoT) Connectivity Alliance. This happened in March 2018 and was confirmed at the Alibaba maiden IoT industrial summit in Xiamen city. It appears they were truly looking into the blockchain technology at Alibaba.
Looking at the bigger picture, the partnership is aimed at contributing to the development of smart cities. Building smart cities is basically about using technology to meet the demands and pressures increasing urban populations would have on cities. In this case, the Waltonchain blockchain technology would be used to build applications of IoT to be used in cities earmarked for smart city projects. Xiong’an and Yuhang are examples of such places in China.
The Effect on the Price
The partnership was good news for Waltonchain holders. There was a sharp rise in price when rumors of the partnership surfaced. The increase in price was, however, not sustained for more than a few days. We could attribute this to the fact that most investors are more cautious in the current bear market.
Waltonchain (WTC) is priced at $ 11.16 at on coinmarketcap.com at the time of writing. This represents a 7% increase within 24 hours. On the same website, Waltonchain is ranked 52nd with a market cap of $ 3.4 million.
Hopefully, Real Work Gets Done
Partnerships like this one are quite common in the cryptosphere. More often than not, announcements of such partnerships boost the prices of the related cryptocurrencies. It happened with Waltonchain this time. It is also common to have such partnerships in existence but without any accompanying results or work. Hopefully, we will see real results, products, and solutions coming out of this partnership.
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