Welcome Digital Bytes which is being sent to you from sunny (not that sunny though)Sydney, as we have been visiting clients and presenting on How, Why and Where Blockchain Technology and Digital Assets are being used.
In this week's edition we have analysis on the following topics:
Invasion of Ukraine and a case for the neutrality of technology - Blockchain, cryptocurrencies or any other technology or innovation are usually neutral, posing as docile tools. Whether a technology is good or bad depends on its users. On the other hand blockchain, when applied to tackle problems with international payments and finance related problems, can also be used to evade accountability, such as Russia is doing presently. Some of the reasons for Blockchain technology and cryptocurrencies being criticised are the same as the reasons for which they are being adopted. The US is already looking at regulating cryptocurrencies with a new executive order - all in a bid to stem how Russia is evading sanctions.
Why the digital assets revolution also needs a revolution in secure custody solutions - how can the financial services leading institutions avoid adopting an instant global payments ecosystem that is virtually free, and a single source of truth database that is immutable? Identity, security, speed and scale have already been solved, and it is just a question of when the financial institutions choose to move. The danger is that some will be left behind if they are not heavily investing in the digital asset ecosystem and preparing for the inevitable demand from their customers.
NFTs: an alternative way to raise capital? - whilst big brands can easily raise capital, many other individuals and businesses cannot say the same. As Blockchain technology continues to permeate every area of human endeavour, what solutions do blockchain and NFTs have for those raising capital? This article offers an insight into what is required when using NFTs to raise capital.
Web 3.0 and digital identity - digital identity and, in particular, self-sovereign identity (SSI) is key to enabling Web 3.0 since it is all about decentralisation and data privacy. If Web 2.0 has been characterised by careless data sharing and its uncontrollable exploitation for commercial purposes, Web 3.0 shifts that paradigm towards enabling data owners to be in charge of their data. The latter is possible thanks to SSI - a method of identity that centers the control of information around the user, thus removing the need to store personal information entirely on a central database.
Jonny Fry / James Tylee of Digital Bytes by Team Blockchain on Cyber.FM featuring Fraser Edwards, CEO and co-founder cheqd.io