The Blockchain Technology, Past and Future: Next Generation Blockchain

Speakers from VEE Technology, Mr. Shaoyu Wang (Core Developer) and Mr Rob Zhang (CEO) stopped over in Singapore on 30 Jan as part of their world tour to discuss the most disruptive technology in decades. VEE Technology is a scientific computing company founded by members who were part of the group of developers behind Peercoin and Primecoin.

The speakers covered a brief history of cryptocurrency, starting with the Public Key on cryptography in the 1970’s.  This led to the formalisation of digital signatures in the ‘80’s, secure hash algorithms and hashcash proof-of-work in the ‘90’s, and Bitcoin blockchain as a method for continuous distributed consensus in 2008. October 2008 saw the emergence of Bitcoin as a peer-to-peer electronic cash system.  As of January 2018, 1 BTC was valued at around USD11,000.

Mr Shaoyu Wang (left) and Mr Rob Zhang (right).

Peercoin emerged in 2012, based on proof-of-stake/ownership (as compared to proof-of-work for Bitcoin).  It consumes no energy, and provided savings from mining-related infrastructure cost.  It evolved into Primecoin, based on prime numbers and the number theory.  Mr Wang was a member of the group that developed these two coins.  He has since moved on to create the 5th generation blockchain technology and the new VEE coins, to be officially launched in May 2018.

It is their vision that virtual economy will rise to be a big portion of the world economy.  VEE blockchain, being cloud based on top of all the benefits of the earlier coins, is set to be THE blockchain technology to launch blockchain adoption into the mainstream.  It offers the possibility to make blockchain as user friendly as an off-the-shelf software eventually.

Dr Lee Chee Wee, Director, School of Applied Science (3rd from left) with the Speakers

At the breakout sessions, some possible applications discussed were the use of blockchain for managing longitudinal patient data, genetic data, integration of insurance and healthcare to promote wellness and negate human intervention in claims.  There were also questions about whether a cryptocurrency exchange or an e-wallet is needed to manage VEE coins, and if Bitcoin is a bubble phenomenon waiting to burst.

The seminar was organised by the School of Applied Science (ASC) at Temasek Polytechnic.