Welcome to this week’s Digital Bytes. This week we have analysis on the following topics:
The rise of ‘digital nomads’ and decentralised autonomous organisations (DAOs) - it is estimated that by 2035 there could be as many as one billion digital nomads globally, which could generate $5.5trillion of tax revenues. No wonder governments are scrambling to attract these young, mobile and well-educated workers. At the same time, as workers are becoming decentralised, we are also seeing the emergence of new types of decentralised governance to run businesses (DAOs) and decentralised financial products and services (DeFi). So, how will governments and regulators respond?
Lessons from the failure of Halifax Bank of Scotland and the Prudential Regulatory Authority’s final decision to take no action on the senior management’s actions - Halifax Bank of Scotland had billions of taxpayers’ money pumped into it to keep it from failing and whilst the Parliamentary Commission on Banking Standards raised some very strong concerns nine years ago, the UK regulator (Prudential Regulatory Authority), has decided no, action is to be taken against senior management. In today’s world, Blockchain technology offers the promise for regulators to be able to have access to real time information and greater transparency. Furthermore, the use of smart contracts can create stronger and more compliant risk controls and procedures, so improving the robustness of the financial sector. Are the lessons not retribution and more regulation, but greater use of technology too?
How blockchain is impacting the insurance industry - blockchain-powered solutions addresses many issues for the traditional insurance sector and it is predicted blockchain will lead to $3.1 trillion in new business value by 2030. Although blockchain technology is in its early stages in the insurance industry, the transparency, immutability, security and speed it offers could undoubtedly transform the way the sector operates.
Why are venture capitalists investing in the metaverse ? - capital continues to pour into both the metaverse and also businesses involved in building Web 3 services and infrastructure. The FANGMs (Facebook, Amazon, Netflix, Google and Microsoft) which dominated Web 2 may find Web 3 is not as easy to monopolise as they grapple with decentralised autonomous organisations (DAOs) from their centralised command and control boardrooms.
Jonny Fry / James Tylee of Digital Bytes by Team Blockchain on Cyber.FM featuring Andy Rosen from File Protected