Hyperloop closer to becoming a reality

(CBS) -- This is what the future of transportation might look and sound like.

Hyperloop One has successfully completed Phase 2 in the Nevada desert, reaching speeds of almost 200 miles per hour, breaking its own record.

"We are running the pod faster and faster each day, longer and longer distances and we are getting closer to putting it throughout the world," said Co-Founder and President of Engineering Josh Giegel.

It's the brain child of Tesla and Space X founder Elon Musk, who just last week tweeted he received verbal government approval to build a Hyperloop tunnel that will make the commute from New York City to Washington D.C. shorter than 30 minutes.

"It's basically going to change the way we live, how we work, make the world a much smaller place and make cities into metro stops," said Shervin Pishevar, Executive Chairman and Co-Founder of Hyperloop One.

Hyperloop technology uses magnetic levitation to hover a pod above the track.

During Phase 1 conducted last May, the 1,500-pound pod reached 116 miles per hour before plowing into a sand barrier, to slow it down.

Engineers estimate that the pod will eventually travel up to 700 miles per hour. That's faster than the speed of a Boeing Jet.

The company's goal is to have three systems in service by 2021.