Welcome to this news update and edition of In The Hyperloop I'm your host Blake Anneberg and this week's episode features news from rloop and they're moved to blockchain technology

so what is this and why would they want to do this for a bit of background rloop is a nonprofit that was founded off of a reddit hyperloop thread in 2015 our loop has since created Hyperloop technology as a decentralized team now they're scaling their validated concepts and trying to work with their growing community of 1,000 plus collaborators from over 50 countries they've won awards for their Hyperloop designs and there are Hyperloop prototype pods now they want to use their blockchain technology which is called the distributed ledger for tracking various assets and contracts I know what you're thinking and yes this is different from a crypto currency like Bitcoin but before we dive in just a quick reminder that in the Hyperloop relies on support from viewers like you if you like what you see consider supporting us by clicking on the link at the bottom of your screen for our patreon page (Thank you!) without further ado let's get started blockchain it's like a broad term like the Internet but it specifically is a technology called a distributed ledger which means that is the type of data structure which resides across multiple computing devices and is generally a surprise multiple regions the distributed letter ledger technology includes blockchain technologies and smart contracts while distributed Ledger's existed prior to Bitcoin the Bitcoin blockchain marks the convergence of a host of different technologies these usually are three basic components for blockchain a data model that captures the current state of the ledger a language of transactions that changes the ledger state and a protocol used to build consensus among participants around which transactions will be accepted and in what order by the ledger so what does this have to do with Hyperloop well our loop is a distributed group around the world working on hardware and software for the Hyperloop and they want to codify all the work that they've been doing for the last three years into this distributed ledger so people can own exact copies of the ledger and get credit for their work by ensuring all the parties within our loop agree to a certain state in the system which is called consensus this means that the system can create smart contracts which will allow for rloopers to grow and set up business processes so that they know in real time exactly the state of their work our loop will be doing this through tokens so people can work on Hyperloop technology and receive tokens that are owned by the rloop network as party work on Hyperloop technology as people work on this technology as an as and as a decentralized team they're still trying to stay true of the our loop culture but also trying to create kind of a formal organization these tokens will be part of that participation from a security perspective blockchain is a log based system so you'll you will be recording what has happened as it's happening and other business logic will be based upon that together these can be used to build new software applications that establish trust accountability and transparency at their core while streamlining the business processes and legal constraints our loop has been a very human scale intensive organization so far so this transition from human scale to computer scale will hopefully allow everyone to trust each other and be more transparent on how work is progressing instantaneously our basically wants to continue to allow to anybody to work on Hyperloop and other future projects that might not be Hyperloop related but blockchain could increase the amount of investment that they get in new and open research this strength of the strength of our loop is that they harness a massive global pool of talent and projects with people that don't have you know opportunities to work on these projects in their normal work so it's kind of like bringing power of innovation back to people our loop really hopes to be one a stop shop where people can work on innovative projects like the Hyperloop and they'll equip people with sandboxes where they can show them what do or have access to equipment or connect them through the framework of our loop our loop again was successfully funded the manufacturing of two prototype Hyperloop odds and won multiple awards at SpaceX pod competitions and their communally designed and manufactured hardware has also achieved numerous first in the Hyperloop space if you want to learn more listen to the full length an in-depth interview with our loop and 10x labs in the description below I also go to rlooporg and sign up for more information and keep watching ownthe Hyperloopcom for the latest Hyperloop stuff