Category: Blockchain

Blockchain and cryptoassets have not only revolutionized innovation and wealth creation globally but also sparked discussions on the future evolution of markets and payments. In the United States, these conversations have gained momentum, particularly as the Presidential election approaches. However, the broader point is that the advantages of blockchain and tokenized payments—faster, instantaneous, and cheaper transactions and record-keeping—are clear to both individuals and institutions. The next phase of these discussions, the tokenization and digitization of all assets, marks a significant advancement for blockchain, cryptoassets, and the broader opportunities of tokenization.

Despite the promise and reality of cryptoassets, the marketplace for these assets remains relatively small compared to traditional financial (TradFi) assets and markets. Tokenizing these assets has the potential to shift this dynamic. BlackRock, for example, estimates—and is investing in—initiatives to realize up to $10 trillion in value from the tokenization of real-world assets (RWA). Nevertheless, even with significant investment and interest, regulation or guardrails are necessary to ensure these efforts are successful.

Continue reading… “The Future of Markets: Blockchain, Tokenization, and Financial Innovation”

Google has rolled out a new feature allowing users to search for and view balances of wallets across various blockchain networks, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom. When users type in wallet addresses, the search results display the remaining token balance per network along with the timestamp indicating the last update of the balance.

The search results provide information solely on the native token for each network, and the timestamp indicates the balance as of the last external transaction. However, Google emphasizes that updates are not instantaneous.

Continue reading… “Google Enhances Crypto Wallet Balance Searches Across Multiple Blockchains”

In February, Michael Hsu, the acting head of the Office of the Comptroller of the Currency (OCC), announced plans for new rules on operational resilience for large banks, highlighting the critical need to address vulnerabilities, including those posed by third-party service providers. However, notably absent from his discussion were the implications of using permissioned networks by major banks to tokenize real-world assets and liabilities, a blind spot that could expose the global financial system to significant risks.

The Tokenization Trend and Regulatory Response As Hsu pointed out, top custodian banks now oversee over $108 trillion in assets, with a growing trend towards tokenization. This process involves digitizing real-world assets and liabilities on blockchain networks. Regulators, including the Federal Reserve and the Hong Kong Securities & Finance Commission, have acknowledged this trend and are cautiously exploring regulatory frameworks to govern tokenization activities.

Continue reading… “The Peril of Permissioned Networks in Tokenizing Real-World Assets: A Call for Blockchain Resilience”

The National Blockchain Technology Innovation Center in Beijing, China, has officially commenced operations, marking a significant milestone since its initial announcement in February. With the collaboration of local universities, think tanks, and blockchain businesses, the center aims to foster the development of blockchain technology within the country. One of its key objectives is to train over 500,000 professionals in distributed ledger technology (DLT).

At the forefront of this new initiative is the Beijing Academy of Blockchain and Edge Computing, known for its creation of the ChainMaker blockchain. This homegrown blockchain technology serves as a blueprint for the center’s future developments. Notably, ChainMaker has garnered support from a consortium of 50 business corporations, including prominent state-owned entities like China Construction Bank and China Unicom. Reports suggest that the center will facilitate the establishment of “ultra-large-scale” blockchain computing power clusters.

Continue reading… “Revolutionizing the Workforce: China’s National Blockchain Center to Train Half a Million Experts”

A new startup has recently emerged in the midst of a depressed crypto market, aiming to revolutionize the art world by offering fractional ownership of blue-chip art through NFT technology.

The launch of Freeport took place at Zero Bond, a New York club, amidst an ambiance of old-fashioned cocktails, Korean barbecue hors d’oeuvre, and opulent drapery. The event showcased an Andy Warhol Marilyn print in a vibrant hot-pink colorway, propped up on an easel. Alongside this iconic piece, three other Warhol prints were made available to the initial round of Freeport investors, enabling them to purchase fractional shares for as low as $25 per share, with a minimum buy-in of 10 shares (Marilyn priced at $55 per share).

Continue reading… “Art for All: Freeport Revolutionizes Access with Fractionalized Ownership on the Blockchain”

South Korea plans to provide digital identities encrypted by blockchain with smartphones to citizens in 2024 to facilitate its economic development., Bloomberg reported Monday.

The South Korean government stated that with the expansion of the digital economy, the ID embedded in the smartphone is an indispensable emerging technology to support the development of data. 

Through digital identities on the blockchain, the network verification process will be simplified, and users can log in without taking a certificate or a verification code sent by text.

Widespread use based on digital IDs will be expected to increase government efficiency by saving more administrative workforce and time, reducing wage fraud, expanding consumer credit, facilitating trade, and generating new markets.

Alternatively,  other applications of digital IDs include: facilitating online medical services; hotel check-in using a smartphone; prevention of ID forgery and theft; remote approval of contracts; fast boarding, etc.

McKinsey & Company believes introducing digital IDs could boost a country’s gross domestic product (GDP) by as much as 13% and reduce business costs by trillions of dollars.

Citing Hwang Seogwon, an economist at the Korea Institute for Science and Technology Policy, stressed the importance of risk assessment:

“Digitals IDs can yield huge economic benefits in finance, healthcare, taxes, transportation and other areas and may catch on quickly among the Korean population.”

Continue reading… “South Korea to Provide Blockchain-based Digital Identities to Citizens by 2024”

Members of the Starbucks Rewards loyalty program will soon be able to earn and buy digital stamps to collect, then buy and sell them in a marketplace with other members of the program. This new feature was announced Monday morning.

This is the coffee giant’s long-awaited move into the field known as Web3. It is called Starbucks Odyssey. The stamps will not be exchangeable. The company’s digital marketplace will use blockchain technology to verify each token and keep track of who owns it as it changes hands.

Starbucks says that the Odyssey stamps will give you access to benefits and experiences. The value of each stamp’s points will depend on how rare it is. The company gave examples like getting access to limited-edition items, being invited to a virtual class on how to make an espresso martini, or going to the Starbucks Hacienda Alsacia farm in Costa Rica.

Since Starbucks joined the NFT craze more than a year after it was at its peak, it might be easy to think of them as late to the party. But Brady Brewer, Starbucks’ chief marketing officer, says that the company thinks it will do better if it is “strategically patient” and thinks about how it does things.

“As many brands just jumped right in, we saw a longer-term potential for this technology rather than a one-off,” Brewer said in an interview in advance of the Odyssey announcement. “We were thinking, how can it augment not just our customer experience but our core business, rather than something that would be on the side.”

Continue reading… “Starbucks gets on Web3: the plans of a coffee giant to utilize NFTs and blockchain in its rewards program”

The EUIPO plans to have a working system by the end of 2023 and will create a registry system for recording all of the IP holders, logistics operations and retailers.

By BYRITU LAVANIA

The European Union has announced that it is working on a Blockchain and NFT-based system to fight forgery of physical goods.

The proposed system will be designed by the European Union Intellectual Property Office (EUIPO), and will be an output of more than five years of hard work. As per an issued document, the EU has already selected a top-tier framework for this project, and the document also gives general details about how the system will work.

Intellectual property (IP) holders will develop twin NFTs as a proof that a group of produced goods are authentic. 

As per the outline, these IP holders must be previously included as ‘approved signatories’ to build the goods on the tracking blockchain.

After transporting products through different checkpoints and a successful supply chain tracking, the solution will let IP holders be sure that the products reaching stores are authentic.

Continue reading… “European Union to use Blockchain & NFTs to Fight Forgery”

By Montse Guardia

For a few years, technology has allowed us to exchange languages. We can travel safely, despite our ignorance of multiple languages ​​that is because we have the necessary support in our pocket. At the same time, we can learn these languages ​​regardless of where we are thanks to studying them with native speakers through mobile applications. 

We are prepared to create tools that allow us to tele-communicate between different cultures, growing in knowledge and wisdom, beyond our knowledge of the vocabulary, grammar, and expressions of a language. 

We are in the century in which we teach communication to machines, in which we get machines to express themselves naturally even in non-verbal communication. We are shepa.ai, we are prepared to learn, disseminate and deepen AI. But George Bernard Shaw told us that “the biggest problem of communication is the illusion that it has taken place”, we are in an era in which words are quickly labels to which we associate not only concepts, but also ideas and opinions and confusion. 

Continue reading… “Technological convergence: Blockchain and Artificial Intelligence”

Decentralized insurance built on a transparent, blazingly fast, and efficient blockchain with the community in mind is something to think about, says Adam Hofmann, the CEO of Nimble.

Let’s face it – crypto, Web3, blockchain, whatever you want to call it – is growing fast. As a result, there are concerns and skepticism around the volatility and safety of digital assets, including investor funds. Would you put your hard-earned money into anything without some sense of safety and security?

If we are going to be honest with each other, and we certainly should be, it is absolutely logical that companies are skeptical to put big money into a decentralized system.

In both the fast-evolving DeFi space and the “Normalverse,” there is always the risk of hacks or exploits. Enter: decentralized insurance.

“There have been innumerable cases of smart-contracts hacking, cyber-attacks on exchange platforms etc. that have caused huge loss of investor funds,” Blockchain Simplified states on Medium. “Even the magnanimous DAO could not prevent a malware attack on its platform that resulted in loss of billions. Decentralized Insurance has plenty of use-cases that can help prevent such consequences from occurring.”

Continue reading… “Decentralized Insurance Built on the Blockchain is a Game Changer”

Blockchain and drones: How will we control the new highways of the skies above us as small aircraft fill the the space above our cities?

By Nicole Buckler 

Blockchain is a new industry. And yet, there are systems being conceived around it that are even newer. And this concept is one of them. For those of us with kids, we are being told to prepare them for jobs that don’t exist yet. So read on.

It has been predicted that within a couple of years, drones will be above us all the time. They will operate in a sub-layer of the sky, below commercial flight paths and military jets. But their flight paths will need to be coordinated. This is so they don’t smash into each other while delivering cargo, ferrying people, and inspecting things like wind turbines and bridges. No one needs to be rained on by smashing drones, thanks.

A sub-layer of air traffic control has been conceived to address this. It will work using both distributed ledger tech (DLT), blockchain, and automation. Research around this new sub-layer in the aviation industry is already well underway. The idea is to improve safety, cybersecurity and interoperability.

Continue reading… “Blockchain Will Coordinate Airspace so Delivery Drones Don’t Crash”