Without a doubt, blockchain technology, crypto-currency, and digital assets were buzzwords at this year’s World Economic Forum in Davos, Switzerland. It is here that CBN (China Business Network) held a debate on the topic of crypto-currencies and whether these assets are in a bubble. Bankers, Nobel Prize winners, and senior investors discussed the topic and the prospects of crypto-assets and blockchain technology.

Xu Jingkai, marketing director of IoT Chain (ITC), was interviewed by CBN Radio on the relationship between crypto-currencies and the blockchain. Xu fielded questions from Wang Yingbo and Shi Jianbin, professors of Internet Research at the Shanghai Academy of Social Sciences, regarding the applications of blockchain technology.

Q: Various crypto-currency projects have transformed people’s ideas regarding finance and investments. What is the difference between a crypto-currency and a token? What are their applications?

A: Crypto-currency and tokens must be differentiated. Initially, blockchain technology, like Bitcoin and Litecoin, was presented as a currency. Now, more and more blockchain projects are releasing tokens — not as a currency, but as a utility carrier. For example, ITC, the token for the IoT Chain project, supports the ecosystem; any value transfer related to the rights of intelligent equipment should be settled with ITC tokens.

Q: We can see that various blockchain projects have been in full swing since the beginning of 2018. What has caused this great upsurge and what is your opinion about it?

A: Actually, the blockchain and crypto-currencies have been heating up since 2017. There are two driving factors. The first is the skyrocketing price of currencies like Bitcoin which have attracted a wave of new investors and speculators. The second is the positive impact that the blockchain can have on business. Trust is the foundation of business and blockchain could serve as a new technology to strengthen trust in business.

Q: Can you give us a brief introduction of the practical application of ITC?

A: The goal of ITC is to build a safe and secure operating system for the Internet of Things (IoT), using the assurance of blockchain technology. At the same time, IoT Chain insists that the data sovereignty be provided back to users with systematic confidence. Users have control and provide authorization of IoT devices using ITC tokens. For example, when parking, drivers drive through a security check and the parking fee is paid for automatically. That is our vision.

About CBN

With an audience of over 600 million in China, Hong Kong and Singapore, CBN (China Business Network), an affiliate of SMG (Shanghai Media Group), is China’s most popular source for financial and business information. CBN Radio is the only provincial-level professional finance radio station in China