|Nov 8, 2018||Public post|| 1|
Blockchains have the potential to store over 10% of our global GDP, ~ $8 Trillion in value. At Proteum, we are dedicated to understanding tomorrow's "Internet of Value". This newsletter is our weekly roundup of some of the significant blockchain news this week. News we think is worth sharing for you to map your blockchain strategies, be aware of regulatory announcements and get an overview of the rapidly changing blockchain landscape.
Quote of the Week
“The data age is major opportunity for manufacturers to reform the industry. But blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction.”
- Jack Ma, founder Alibaba
When it comes to Blockchains, there is a continuous spate of conflicting news coming out of China. This leads to two critical questions:
1. Why is the government taking such a Jekyll and Hyde approach?
2. Is this strategy sustainable?
As a sign of the government’s commitment, it is important to note that this is not the first time that China has retrofitted a breakthrough technology for its own market. The stakes are higher this time around and taking this approach to blockchain technology is nothing less than a double-down of its strategy vis-à-vis Google and Facebook.
Airbnb Inc. has asked the Securities and Exchange Commission to change rules to potentially allow the home-sharing online platform to offer hosts a stake in the company. But this is exactly what The Bee Token is doing with its decentralized home sharing network. Crypto is disrupting the disruptors - and AirBnB just woke up from its slumber.
Article 6.2 of the Paris Agreement on climate proposes the concept of Internationally Transferred Mitigation Outcomes (ITMOs) as the unit of cooperation and transfer of value of carbon impact. In response to it, a number of companies are harnessing blockchain and cryptocurrencies in a rush to connect all the carbon markets in the world.
An interesting development for private equity players is the trend towards tokenization of financial assets. Tokenization refers to the manufacture, issuance, storage, and transfer of digital assets on a blockchain infrastructure. Digital assets can take any form, e.g., shares or bonds, profit participation rights, fund interests, or a hybrid instrument that automatically converts from one instrument to another on the occurrence of a pre-defined trigger.
Blockchain technology provides users with the ability to create a trustless system on which they can run smart contracts, track a ledger, and more. AI and machine learning allows for hands-off programs that are designed to become smarter and more efficient over time. From increased scalability, enhanced security/privacy, and greater efficiency, AI will make it cheaper, safer, and easier to operate blockchains in general.
The World Economic Forum (WEF) released an optimistic outlook for the global economy, which would be driven by the impact and adoption of blockchain technology in the next 10 years, bolstering trade by as much as $1T. It is encouraging to see that some companies have already made strides in using blockchain technology to streamline their processes.
Albert Heijn, Holland’s largest supermarket chain, has revealed it is using blockchain to make the production chain of its orange juice transparent. Customers will be able to scan a QR code on the orange juice carton that will trace the end-to-end route of its production, from Brazil to the Netherlands.
Binance founder and CEO Zhao Changpeng indicated that by this time next year, he wants the company to launch five to 10 fiat-to-crypto exchanges, with ideally two exchanges per continent. Having conducted closed testing on Tuesday, CZ said he hopes the platform could be up and running within months, though he added that working with banks and regulators is much harder than just with cryptocurrencies.
LIMRA, a life insurance and financial services consortium based in Windsor, CT, is teaming up with RiskBlock Alliance to develop blockchain-technology-based services for life insurance and annuity issuers.
The partners will start by using a blockchain-based system to let life and annuity companies know when their customers have died. The system will use data from the Social Security Administration and other sources.
Proteum is global blockchain advisory firm that works with public, private and start-up companies to help them transition into the world of blockchains and decentralized applications. We help companies strategically build their capabilities so that they can own and control their future. Let's put blockchains to work for your business.
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