HomeWeb3 Expert StoriesFuture of Blockchain Technology | Government Regulation and Improved Security

Future of Blockchain Technology | Government Regulation and Improved Security

Blockchain Visionary Kevin Chen Explains How Cloudtech Are Using Technology To Improve Our Future

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In today’s video, I’m with Kevin Chen, the head of the Cloud Tech group and we’re going to discuss the inspiration behind the Cloud Tech group and how it’s helping Web 3.0 investors.

Kevin is the president of the Cloud Tech group, providing fintech solutions to governments, businesses and individuals worldwide. Kevin has an advisory role in blockchain market regulation, an advisory role in cryptocurrency investment projects and a passion for global blockchain technology, adoption and what it can do to make a difference to the world.

Kevin Chen’s Journey Into Becoming A Blockchain Visionary

Kevin started his Web3 journey when he started Bitcoin mining with some of his mates in 2014. Over time, he then started to invest in smaller exchanges to help solve a problem that people did not have a forum to trade their Bitcoin. Many didn’t work but Kevin and his partners believed in blockchain technology and wanted to help others that shared a similar passion.

Today Kevin continues to invest and does a lot of advising to Government and big companies as to how traditional markets can merge into the blockchain world, not in a way to be feared but in a harmonious way.

It brings him happiness espousing the benefits of how blockchain can improve trust, privacy and a means to control your own wealth, and by spreading his joy he wants others to be happy as well.

The Blockchain Benefit Of Establishing Value By Consensus

A great motivation behind Kevin’s love of blockchain technology is there can be more certainty around doing business. For example, if you are doing a traditional business transaction with another business, you have two main risks. One is the trustworthiness of the other business and secondly any restrictions placed over the currency in which you are doing business.

So for example, you are relying on the other business’ accounts to verify their financial standing. If they had previously transacted on the blockchain, you could have looked at the consensus of the other business’ who were transacting with them to see if they were trustworthy.

Similarly, if you are transacting in say Chinese yuan, China may put a block on how much money can be transacted out of China. Similarly, if was say the currency of a smaller nation, their currency may be devalued overnight because there are only a small number of people establishing consensus as to the value of their currency.

With over 100,000,000 people now investing in Bitcoin, the consensus continues to grow that there is value in it and that value cannot be controlled by any one Government.

And with the rise of stablecoins backed to a currency such as the US dollar, cryptocurrency is providing a more convenient solution to global transactions.

How Cloudtech Is Making A Difference In Protecting Our Earth

By extending the concept of consensus to environmental protection, Kevin explains there is global consensus in protecting our Earth. So Cloudtech are looking into ways blockchain can achieve this.

With blockchain mining for example, many computers are operating in concentrated areas due to cheaper electricity costs. However, it is not saving on energy. So Cloudtech is investing in technology called age computing, which means using your device while they’re sleeping.

The algorithm for rewarding miners then changes from proof of work to proof of time and space, plugging into your household router which as well as providing an internet connection to your home can also solve encryption problems to gain rewards from being a part of the network. This has the added benefit of helping a household pay their internet fees.

This spreads encryption around the world making it even harder to hack and achieving far greater decentralization, can be limited to IP addresses so only one device around the home gets the rewards and saves on power as the router would have called on this usage anyway.

The blockchain technology saves on power and rewards the homeowner.

How Does Cloudtech Help Advise Governments About Blockchain Technology?

Kevin is very keen to point out the blockchain technology is neutral and does not take sides.

Cloudtech’s purpose is to explain what the blockchain can do to help politicians work out how then can then use it to achieve the policy objective they are confronted with.

How is Cloudtech Helping University Research?

Cloudtech has been working with Monash University for a number of years now to help explain the benefits of new technology so smart university research minds will be motivated to solve a lot of the tech challenges around building on blockchain infrastructure.

People also get more comfort in the capability of a new technology when endorsed by University findings.

What Are The Challenges Facing Adoption Of Blockchain Technology?

Two of the biggest areas of challenge for the adoption of blockchain are regulation risk and technological risk. Businesses are fearful of what regulation Government’s will bring in that could expose them to legal or financial issues and also around the security of this new technology.

Apart from educating Government officials about blockchain, Kevin and Cloudtech cannot do much about regulation risk. However, there are ways thay are working on to improve security. They are investing in what he sees as the most advanced, efficient and safe way of transactions being between cryptocurrency and cash currency and providing global payment solutions for people with cryptocurrency.

So if you have bitcoin for example, you can actually swap it in your app for any sort of currency than you can spend it as normal money, but without going to a bank,

Example of a Business Use Case: How Blockchain Could Help Make Our Roads Safer

An example of how blockchain could be used in car manufacturing. In the future, there is potential for AI to drive your car in the form of a free autopilot driver. To get data to teach AI to drive, they need information from regular car drivers.

So what if in the cars of the future, a box was put into each car which uploaded road conditions, driving speed and when a person accelerates and brakes. Government’s based on this data could make decisions that would help alleviate road congestion and road safety, insurers could give more personalized quotes and the police force could be better utilized.


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Andrew McCombe
Andrew McCombehttps://web3tv.com.au/
Andrew McCombe is the Co-founder of Web 3.0 TV - > Web 3.0 TV shares inspiring web 3.0 stories making a difference to the world - Web 3 TV


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