Welcome to this week’s Digital Bytes. This week we have analysis on the following topics:
Muslims and the metaverse - the Islamic faith is practiced by approximately 1.8 billion people worldwide, 240 million of whom live in Southeast Asia but for a metaverse to be generally permissible in this area of the globe, it would need to be in line with the guiding principles of the Islamic faith, known as Shariah. When considering this, therefore, a Shariah-based metaverse could have the potential to be value-adding and beneficial for everyone - Muslim or non-Muslim.
A step in the right direction: commentary on the Law Commission’s proposals for digital assets’ reforms - this article contains a summary and comments on the Law Commission’s Consultation Paper on digital assets. The paper proposes a number of important reforms aimed at properly equipping the law to deal with the often unique challenges arising out of the increasingly important areas of digital assets, including NFTs and other crypto-tokens.
Blockchain in agriculture: how the technology is disrupting farming - blockchain has made it possible to improve the quality of the food supply chain and maintain the trust between the customers and farmers by constantly tracking the source of various foods. Blockchain allows for the facilitation of various information-driven innovations in order to herald the era of smart farming. Furthermore, when combined with the concept of smart contracts, it makes transactions between various stakeholders timelier.
‘Crypto winter’ may be here (again) but blockchain and digital asset innovation are quietly thriving in the summer heat - in recent times cryptocurrency prices have plummeted, with market confidence shaken. Yet not all is as gloomy as it might seem. Albeit Bitcoin’s many alleged funerals, the reality is that so-called ‘crypto winters’ have thus far not resulted in the death of Bitcoin (or crypto assets more broadly). Whilst fears about price volatility are often used as sticks to beat up the crypto industry, there is another perspective that often gets lost in the noise. No matter what the price of Bitcoin or other leading cryptocurrencies is, the past decade has seen multiple waves of technical innovation spinning out from, and inspired by, the creation of Bitcoin. Surely that innovation is here to stay…
Jonny Fry / James Tylee of Digital Bytes by Team Blockchain on Cyber.FM featuring Cowen Digital