By Rishabh Bhansali
The year 2021 will be remembered as the year cryptocurrencies became mainstream. Investors and regular traders entered the crypto exchange world as public awareness grew and profit margins grew. According to reports, there are over 300 million crypto users worldwide. At the end of the year, the worldwide market value of crypto was $2.21 trillion, with Bitcoin still commanding 40% of the market. Solutions based on crypto and its underlying blockchain technology, such as Metaverse, NFTs, and DAOs, have blown up big time, attracting billion-dollar investments from all over the world. Risk-takers who are willing to venture down new paths may be surprised by the enormous potential of the following emerging technologies.
Metaverse: Portal to the Crypto Future
It’s critical to understand the current-world metaverse impact before addressing potential future advances. Governments and large tech companies are both strongly invested in the metaverse. Blockchain technology and AR/VR accessories are used in the technology that combines the physical and virtual worlds. Despite the fact that it is a developmental technology, the excitement surrounding it is real. Meta (previously Facebook) is one of the largest investors, with a $10 billion investment. Microsoft, Nvidia, Epic, Roblox, and others are among the major players.
Meanwhile, at the latest LEAP technology event in Riyadh, multibillion-dollar investments in the field were announced, including the building of a full-fledged metaverse metropolis. The metaverse economy is powered by cryptocurrencies, while blockchain is at the heart of the technology. Future predictions show an even better future, with marketing spending estimated to exceed $800 billion by 2024.
Blockchain and NFTs in eSports
From fan tokens and digital collectibles to fan loyalty and engagement platforms, blockchain applications for the sports industry are enabling new innovations and revenue streams in a variety of ways. Outside traditional physical games, this enables clubs to extend their brand online and meet the needs of a younger ‘digital-native’ fan base, thereby growing their fan base and securing their long-term future.
Because of its adaptability and ability to be applied to almost any use case, blockchain technology is increasingly assisting the physical and digital sports sectors in meeting their challenges head on by monetizing their fan bases, increasing engagement, and building loyalty, trust, and efficiency.
To ensure their long-term survival, sports teams are turning to blockchain solution providers to help them implement custom blockchain solutions. As evidenced by the football industry, the NBA, and Esports, these innovations are assisting in the creation of profitable new revenue streams, increasing fan engagement, improving ROI for sponsors, and allowing teams to remain competitive.
NFTs, DAO, DeFi, and more
The ease with which commercial organizations can construct a virtual workspace with greater interconnection, realizing the underlying principle of blockchain decentralization, is a significant benefit of the metaverse. DAOs, crypto tokens, NFTs, and other assets will grow as a result of upcoming metaverse advancements, encouraging the creation of a decentralized digital economy.
While digitally signed collectibles may appear to be a passing craze, NFT trading has risen dramatically, with about $41 billion in digital assets spent in 2021. NFTs are a lucrative revenue stream for artists, singers, celebrities, and content creators, with sales increasing by 704% in a quarter in 2021. The trading markets are performing well and are likely to continue doing so.
DAOs, or Decentralized Autonomous Organizations, aim to distribute rights among all members of a blockchain network. DAOs have been successful in venture capital, developing NFT marketplaces, social media platforms, and charity funding due to their smart contract governance and entitlement tokens. The United States Constitution DAO raised more than $40 million in order to purchase an original copy of the United States Constitution. With 497,000 active DAO voters and 1.7 million governance token holders, the worldwide market DAO capitalization in 2022 is expected to be around $21 billion.
Decentralized Finance is another important component in the creation of a completely decentralized economy. The intriguing alternative offers various solutions to the old banking system’s problems. It is capable of protecting the user’s asset valuations and is frequently backed by stablecoins and digital smart contracts. Users should, however, be skeptical of the service provider’s legitimacy. Fraud and frauds involving DeFi are prevalent, with a global total of $10.5 billion reported the previous year.
NFTs as Collectibles
Unlike regular digital collectibles, digital collectibles (also known as crypto collectibles) powered by Non-Fungible tokens (NFTs) are usually individually unique (or probably rare) and limited in quantity. This means that NFTs can be used to create “limited edition” collectibles, and their uniqueness can be Checked by immutable blockchain technology. This makes them an ideal tool for clubs and teams to use when creating digital trading cards, in-game assets (for Esports and the gaming industry), and game memorabilia for fans to buy and trade.
Practical Blockchain Applications: Futuristic Tech
Play-to-earn (P2E) gaming is one NFT application that has gained ground in latest years. P2E games, as the name implies, are games in which participants can acquire NFTs and other crypto assets as a compensation for participating. These in-game assets can be retained, exchanged, and traded for money on the blockchain. With e-sports events becoming increasingly popular, prize-gaming is really nothing fresh, but the P2E model has numerous distinguishing aspects that set it apart from the ‘winner takes all’ strategy of eSports.
P2E games, as opposed to traditional prize gaming, incorporate the earning and creation of digital assets into the gameplay. The NFTs amassed will frequently be valuable as in-game assets that provide a competitive advantage, as well as collectible assets in real-world terms.
With its distributed storage features and ability to filter data/transactions through uniform consensus, blockchain is seen as one of the major disruptors in the current tech scenario. Other sophisticated technologies, such as AI, Big Data, Cloud, and IoT, can be easily integrated with the technology. Banking and finance, fintech, healthcare, space technology, logistics, and supply chain management are just a few of the industries where blockchain solutions are in great demand. However, the possibilities certainly do not end there.
When we look at blockchain technology more closely, we can see that its intrinsic qualities can be applied to a wide range of applications. Easy access, transparency, immutability, and traceability are all priorities for the distributed ledger technology. As a result, the blockchain architecture may be simply leveraged to create solutions that benefit end-users and the overall process, both financially and in terms of performance efficiency.
We presently live in the digital age, wherein anyone’s work may be copied and distributed to millions of people with a single click, even without the owner’s consent or knowledge. Since the internet provides the instruments for unauthorized limitless replication of people’s intellectual property, current DRM (Digital Rights Management) techniques have been largely ineffectual. Using blockchain to eliminate the gatekeeper curtain would allow creators to communicate directly with their followers, measure engagements and sales in real time, manage their copyright licenses, and undertake individual auctions.
Blockchain development companies have been delivering blockchain breakthroughs through better-performing white label trading exchange solutions. The architecture is adaptable to forex, cryptocurrency, and stock trading. Real estate (both physical and virtual), reputation exchange, and even gaming are all feasible solutions.
The internet, like the rest of the world, is evolving. Unless you’ve been living under a rock on a deserted island, you’ve probably heard that the internet is transitioning to Web 3.0 – the third version of the World Wide Web. Simply put, the third version of the web promises users that they will become “(part)owners” of the internet, owning their data, information, creations, and transactions rather than being reliant on a group of large technology firms known as “The Big Tech.”
Furthermore, users can fund themselves by accepting payments (and prepayments) from their customers and patrons, reducing their reliance on investors and financial institutions. The third version of the web promises to focus on the creators by controlling and converting their online addresses into a wallet and high-security safe box. There is no way for the world to avoid Web 3.0.
The author is co-founder, FanClash
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More industries are incorporating blockchain applications into their business, drawing the attention of threat actors — like the latest Axie attack, for example. As a result, many cybersecurity professionals are now finding they are responsible for securing blockchain systems. Unfortunately, even skilled cybersecurity professionals are ill-equipped to secure blockchain applications because it and other decentralized applications bring different risks and threat vectors that can only be mitigated through tailored controls.
Blockchain technology allows untrusted parties to agree on the state of data and applications securely, but that security ensure is quite narrow. This means that many developers and users assume this security broadly applies to applications built on top of the blockchain. When in reality, that’s not the case. Whether it’s due to code mistakes, breaches or scams, both individuals and big corporations have lost significant amounts of money — in fact, scammers stole $14 billion worth of cryptocurrencies in 2021.
Threat actors gravitate toward the easiest targets with the most profit. As we approach a blockchain-reliant future, ensuring that developers and security professionals understand what it takes to secure applications on blockchain is paramount. Threat groups will continue to pivot as security frameworks evolve to better protect traditional assets. A prime example is ransomware groups, which have already adopted blockchain for payment. It is only a matter of time until they pivot their targets to Web3 as well.
In a public blockchain ecosystem, every new technology or application is developed and launched under full view. This brings many challenges, but is particularly painful when developers are also pressured to launch as quickly as possible. Developers used to spend years developing the product and planning for its launch. Now, this long-standing process does not align with our current reality, in which blockchain developers may ideate and launch a product over as little as a single weekend.
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Today, many projects in the blockchain space are created by organizations without robust security programs, processes and controls that can withstand advanced threat actors. This leads to teams missing or misclassifying risk factors and gives businesses a false sense of security. Combining fast development and a lack of security talent, attackers are able to find easy targets.
Blockchain spending is expected to reach 19 billion by 2024, so now is the time for organizations to adopt new technology. If implemented correctly, blockchain can offer increased transparency into operations and processes, making it highly sought after. Offerings touted by advocates include the tokenization of money flow, supply chain financing and the cross-border movement of money. However, it may be difficult for businesses to launch applications on the blockchain that ensure security is at the forefront of their technology.
A business that wants to implement new technology or processes needs the tools and team to successfully execute it. For instance, if a finance team is interested in implementing cloud-based software to streamline the payroll process, they hire a strong team with the knowledge and necessary skill set at their disposal to safely realize their goal.
Cloud security tooling and resources are now plentiful in our industry. However, if the same finance team from the example above looks to implement blockchain technology in their company payroll, they will have a harder time finding security and development tools and talent to ensure the product is safe. Adoption of blockchain is far outpacing available expertise. The challenge here is that security can easily become an afterthought if an organization doesn’t have a knowledgeable team dedicated to identify and mitigate threats.
Organizations that adopt blockchain also need a security strategy to operate successfully. This includes finding cybersecurity professionals who are knowledgeable about the space. As many seasoned security professionals look at blockchain as a fad or unnecessary technology at best, this may be increasingly difficult.
It is challenging for traditional security experts to be excited about NFTs and cryptocurrency taking the blockchain community by storm. We are, of course, a risk-averse group in general. This then leads to a shortage of experienced security professionals in blockchain, even when investment is accelerating.
Instead of disregarding blockchain, security professionals can take a middle-of-the-road outlook on the future of the technology. Whether you believe it is the future or not, you can recognize there is a real impact to people and organizations when attacks happen. As for organizations without proper knowledge of blockchain security — you are launching without a safety net.
Ryan Spanier is vice president of innovation at Kudelski Security.
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Digital currency trade Binance briefly suspended its blockchain network after programmers grabbed around $570 million worth of its BNB token.
Binance said late Thursday a cross-chain span connecting with its BNB Chain was designated, empowering programmers to get BNB tokens off the organization. Supposed cross-chain spans are instruments that permit the exchange of tokens starting with one blockchain then onto the next.
The organization said it had worked with network validators — substances or people who affirm exchanges on the blockchain — to stop production of new blocks on BSC, suspending all exchange handling while a group of engineers researches the break.
Binance is the world’s biggest crypto trade by exchanging volume.
“An endeavor on a cross-chain span, BSC Token Center point, brought about extra BNB. We have asked all validators to briefly suspend BSC,” Changpeng Zhao, Binance’s President, said in a tweet Thursday night.
“The issue is contained at this point. Your assets are protected. We apologize for the burden and will provide further updates as needs be.”
BNB Chain has since continued activities.
Altogether, programmers depleted 2 million BNB tokens — about $570 million at current costs — from the organization, Binance’s BNB Chain said in a blog entry on Friday.
The hack was prompted by a bug in the scaffold’s brilliant agreement that permitted programmers to manufacture exchanges and send cash back to their crypto wallet, as per crypto security firm Immunefi. Shrewd agreements are bits of code on the blockchain that permit arrangements to execute consequently without human intercession.
“Likewise with many extension plans, there is one essential issue that holds the majority of the assets that are traveling through the scaffold,” Adrian Hetman, tech lead of the triaging group at Immunefi, told CNBC.
“At last, the Extension was fooled into giving assets from that agreement.”
The worth of BNB sank over 3% Friday morning to $285.36 a coin, as per CoinMarketCap information.
A previous gauge from the organization set the aggregate sum removed in a scope of $100 million to $110 million. The organization likewise said it figured out how to freeze $7 million of assets with the assistance of its security accomplices.
A Binance representative told CNBC the organization facilitated with BNB Chain validators to order an update. That implied that the majority of the assets stayed in the exploiter’s crypto wallet, while about $100 million was “unrecovered.”
BNB Chain has 26 dynamic validators as of now and 44 altogether in various time regions, the representative added.
BNB Chain, initially known as Binance Chain, was first evolved by Binance in 2019. Like other blockchains, it includes a local token, called BNB, that can be exchanged or utilized in games and different applications.
It is the most latest in a progression of significant hacks focusing on cross-chain spans, with cases of messy designing making them an ideal objective for cybercriminals.
A sum of around $1.4 billion has been lost to breaks on cross-chain spans starting from the beginning of 2022, as per information from blockchain examination firm Chainalysis.
The crypto business has had an unpleasant year, with generally $2 trillion in esteem being eradicated since the pinnacle of a rankling rally from 2020 to 2021. The collapse of $60 billion blockchain adventure Land and a demolishing macroeconomic climate have seriously influenced market opinion.
By Jeff Spiegel
Advances in blockchain technology are accelerating the burgeoning decentralized digital economy, revolutionizing the way industries operate - from financial services to supply chains and logistics. In 2021, worldwide spending on blockchain technologies reached US$6.6 billion, a figure that is expected to more than triple by 2024.1 These technologies have the potential to drive global economic growth: for example, PwC estimates that blockchain technology could boost world GDP by US$1.7 trillion by 2030.2
A blockchain is a decentralized and often public ledger that tracks the ownership of data or assets and enables the peer-to-peer transfer of that content without the need for an intermediary. The core innovation of blockchain technology is that it provides for the fidelity and security of a record of data and generates trusted transactions without the need for a third party.
In essence, a blockchain is a time-stamped, unchangeable record of who owns what digital content - and how much - at any given point in time. This record is not owned or controlled by any single entity: it is shared and communally updated by a network of computers or individuals referred to as nodes. It is called a blockchain because new transactions added to the ledger are parceled in ‘blocks,’ which are cryptographically linked, creating a ‘blockchain’.
A decentralized and unchangeable record of who owns what at any given point in time
For illustrative use only. For educational purposes only.
Chart description: Graphic showing what blockchain is and how it works. It states the value proposition of blockchain, namely that blockchain gives us a protocol by which one can transfer unique digital property to another without the need for an intermediary. The graphic also shows four key attributes of the blockchain value proposition: secure, transparent, immutable and decentralized.
Some blockchains are single-purpose and only facilitate the transfer of native cryptoassets - like Bitcoin - while others can facilitate transfer of their own native cryptoasset and other tokenized assets.
Blockchains also have an inherent security proposition. The record of past transactions on a blockchain is transparent and effectively unchangeable, preventing digital content from being replicated or tampered with. This network-level security differs from individual-level security considerations, whereby safeguarding one’s private keys to securely maintain control over blockchain-based assets presents unique challenges.
Multiple features make using blockchain compelling for various applications:
Put simply, using blockchains allows people to transfer value instantly from anywhere around the world, eliminating the need for intermediaries, in a low-cost and safe way. This has the potential to revolutionize virtually every industry in which data or property changes hands and can provide rise to greater financial inclusion.
Since digital transactions are critical to nearly every function of today’s global economy, blockchain technologies have an unlimited range of potential uses, from improving the depth and efficiency of financial markets to serving as a foundation on which virtual worlds are built.
Below are examples of various use cases outside of finance and fin-tech
For illustrative use only. For educational purposes only.
Chart description: Graphic illustrating examples of various use-cases for blockchain in other industries beyond digital assets, including identity security, file storage, supply chain management, and international trade.
Today’s financial markets are generally managed by centralized systems and governing bodies, wherein consumers are reliant on intermediaries such as brokers, exchanges, and banks for transactions like trading securities or obtaining loans. The proliferation of blockchain transactions has given way to the term ‘decentralized finance’ or ‘DeFi’ — used to describe a subset of blockchain applications that replicate existing financial functions (e.g., exchange trading, borrowing/lending, derivatives, insurance, asset management) on a decentralized, peer-to-peer basis, governed by immutable code rather than intermediaries. This has the potential to usher in greater efficiencies that could ultimately extend financial inclusion to some of the 1.7 billion unbanked people around the world.3
These open-source applications allow users to directly interact with others on the underlying blockchain and can be accessed by anyone, through a mobile application or internet browser, anywhere in the world. Their functionalities can be wide ranging, from enabling simple transactions, such as exchanging and lending tokens, to more complicated transactions, like structuring investment contracts.
Blockchain technologies present ‘leapfrogging’ opportunities for emerging economies, especially where financial services infrastructure is less robust. With limited pre-existing infrastructure, the upside to adopting blockchain technologies in emerging markets is particularly high. Examples of this are already playing out across the world, allowing people to transact only using their phones and eliminating the need for certain elements of traditional banking practices, in ways that can reduce fees and eliminate barriers to access.
Smart contracts are central to many blockchain ecosystems. These contracts are conditional-based programs that are implemented by a blockchain and run when predetermined conditions are met. When those conditions are met, the contract is executed immediately - no paperwork or error reconciliation is required.
Smart contracts have a wide array of potential uses, from banking and financial services to gaming. One of the unique features of smart contracts is that they can be binding in much the same way as traditional contracts. Smart contracting could save the investment banking, retail banking and insurance industries anywhere from US$26 to US$39 billion annually.4
Smart contracts can also disrupt the insurance industry by enabling providers to pay out reimbursements when predefined conditions have been satisfied, providing significant automation to a historically manual process. In the personal motor insurance industry alone, cost savings could be up to US$21 billion via efficiencies in automation and reduced processing overheads in claims handling.5 This could lead to lower premiums where insurers pass on cost savings to consumers.6
With supply chains still inhibited, blockchain applications can help address the complexities of a US$18 trillion global trade market,7 enabling faster and more cost-efficient delivery of products, traceability, and coordination across a complex set of counterparties. This has powerful implications for tracking inputs and outputs, logistics, shipping, and consumers’ ability to trust the authenticity of the goods they purchase.
Today, there are more than 500,000 shipping companies in the U.S. alone. Blockchain in the logistics industry can make logistics processes leaner and more automated, potentially saving the industry billions of dollars per year. From the moment the shipment leaves the facility, to the time it arrives at its destination, a blockchain-enabled logistics ecosystem can safely document every move - reducing theft, ensuring quality, and automating payments.
Blockchain technologies are enabling the rise of a multitude of digital assets. A few examples include:
Digital Assets: An umbrella term that refers to cryptoassets, stablecoins, financial assets, and other tokens issued on a blockchain.
Cryptoassets: Cryptoassets are digitally ‘native’ assets, issued on a blockchain, that are intrinsic to the functionality of the blockchain itself (think Ether for the Ethereum Blockchain or bitcoin for the Bitcoin Blockchain). Blockchain protocols regulate the generation of new cryptoasset units and are used to incentivize the verification of transactions and secure the records of ownership without reliance on an intermediary, such as a bank or transfer agent.
Did you know? Adoption of cryptoassets globally today is outpacing the world’s adoption of the internet in 1999.8
Tokenized assets: A token is an ownership claim on an asset — an asset that can be fungible or non-fungible, tangible or intangible — that is issued, tracked, transferred, and Checked on a blockchain. Tokenizing assets have a variety of potential benefits depending on asset class — they can be transferred in real time, settled without intermediaries, accessed on a globally interoperable basis, and programmed to capture attributes in an automated way. Tokenized financial assets are still early along the adoption curve, meaning no traditional asset classes have yet reached the point of being predominantly issued and traded in tokenized format.
Did you know? 3% of the world’s foreign exchange assets are already being tokenized and early progress has even begun in real assets, one of the largest global markets by value.9
Non-Fungible Token (“NFTs”): A subset of tokens that refer to the issuance of an ownership claim against a specific, identifiable asset, rather than a quantity of a broadly traded asset. Typically used for digital art and collectibles today.
Did you know? In December 2021, the most expensive NFT to date was sold for US$91.8 million. The NFT market peaked at US$41 billion in 2021, nearing the size of the conventional art market, at US$50 billion.10
Stablecoins: Stablecoins are a subset of tokenized financial assets in which the value of the token attempts to typically peg to a unit of value, such as the U.S. Dollar. Stablecoins seek to combine the technological innovations supported by cryptoassets with the pricing of traditional fiat currencies. Stablecoins are being explored by major financial institutions, central banks, and startups alike for their ability to enable the transfer of value in real-time at low cost. Stablecoins are primarily used today for cryptoasset trading and decentralized financial service protocols. At the frontier, they are being explored as an alternative for card payments, wires, certain transfers, and other types of payments that can settle via stablecoin in a digital wallet, as opposed to via traditional banking rails.
Did you know? The global market capitalization of stablecoins surpassed US$150 billion this year.11
Blockchain technology uses range from transactions and payment services to exchanges, as well as identity and security providers. Since these technologies are still relatively nascent, their multi-industry applications and value propositions offer high growth potential. The equity markets provide a range of ways to access this rapidly growing space across:
Miners: companies involved in verifying and adding cryptoassets to a blockchain
Exchanges: companies that run trading platforms, custodian wallets, and/or payment gateways
Hardware: companies that manufacture infrastructure or hardware used in blockchain activities (e.g. specialized semiconductors)
Users: companies that use blockchain technologies to enhance new or existing products (e.g. decentralized finance)
Investors seeking to holistically capture the blockchain opportunity could consider blockchain ETFs that are diversified across the many companies who could stand to benefit from an increase in the adoption of blockchain technologies, such as miners, exchanges, hardware companies and a wide range of users.
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1 Statista, ‘Worldwide spending on blockchain solutions from 2017 to 2024,’ 5/23/2022.
2 PWC, ‘Blockchain technologies could boost the global economy US$1.76 trillion by 2030 through raising levels of tracking, tracing and trust,’ 11/13/2020.
3 The World Bank, ‘The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19,’ 2021.
4 Capgemini Consulting, ‘Smart Contracts in Financial Services: Getting from Hype to Reality,’ 2016.
5 Carnomaly, ‘Three Ways Blockchain is Revolutionizing Auto Insurance.’
6 Capgemini Consulting, ‘Smart Contracts in Financial Services: Getting from Hype to Reality,’ 2016.
7 Deloitte, ‘Using blockchain to drive supply chain transparency,’ 2017.
8 Statista.com, Crypto.com, IDC, NUA Ltd., Internet World Stats, ourworldindata.org.
9 EY, ‘Tokenization – From illiquid to liquid real estate ownership,’ 2/15/2022.
10 Insider, ‘NFTs ballooned to a $41 billion market in 2021 and are catching up to the total size of the global fine art market,’ 1/6/2022.
11 Reuters, ‘Explainer: What are stablecoins, the asset rocking the cryptocurrency market?’ 5/12/2022.
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Yale, which was ranked 34 in Coindesk’s 2022 Best Universities for Blockchain, has invested significantly in the rapidly growing field.
Zoe Berg, Senior Photographer
This time last year, Yale was unranked in CoinDesk’s Best Universities for Blockchain. A year later the University places 34th overall, on par with Harvard and other major universities around the world.
The report’s results recognize Yale’s latest significant investments into blockchain research, including the hiring of four new blockchain experts to the Computer Science faculty, — Ben Fisch, Charalampos Papamanthou, Katerina Sotiraki and Fan Zhang — one of whom is leading a project that has received a $5.75 million grant for blockchain development.
“In the last few years, blockchain, as an interdisciplinary field, has spurred a huge amount of development in distributed systems and cryptography and their intersection,” said Fisch. “This is also why it’s such a fascinating academic topic, because it ties together so many different fields, not only from computer science, but also from economics, law and policy. Yale has a very unique combination of strengths in all these different areas, especially at present.”
In August, Yale blockchain researchers accepted a $5.75 million grant from the Algorand Foundation, a not-for-profit organization focused on the development of blockchain technology.
The grant will support PAVE: A Center for Privacy, Accountability, Verification and Economics of Blockchain Systems, which will be led by Papamanthou. PAVE will bring together a cross-disciplinary team of experts from four institutions — Yale, Columbia University, the City College of New York and the Swiss Federal Institute of Technology Lausanne, with Yale being the leading institution — to advance research of blockchain systems.
Apart from the technical agenda, PAVE will also host hackathons, symposiums and blockchain summer schools.
The expansion of blockchain research at Yale coincides with the rise of the blockchain technology market. The value of blockchain technology in the banking, financial services and insurance sector market is expected to grow by $4.02 billion between 2021 and 2026, according to Technavio. The Technavio study found that easier access to technology and disintermediation of banking services will create more growth opportunities within the industry.
Papamanthou believes the hirings acknowledged the importance of blockchain, and that the University has more generally “acknowledged the interdisciplinary nature of the blockchain space.” He emphasized the University provides opportunities to explore the blockchain industry, such as interdisciplinary majors like computer science and economics.
Papamanthou spotlighted the newly established Roberts Innovation Fund created by the School of Engineering and Applied Sciences, which assists blockchain projects that could be commercialized through funding and mentoring.
An increasing number of students are interested in the field of blockchain, according to Mariam Alaverdian ’23, president of the Yale Blockchain Club.
Alaverdian explained that because of the many applications of blockchain technology — from personal identity security to healthcare to money transfers — the emergence of blockchain into our lives is “inevitable.” She added that the Yale Blockchain Club has seen interested students come from a variety of backgrounds, with some having no prior exposure and others who already have startups in the space.
“The Yale Blockchain Club started last spring and we received a lot of attention from Yale undergraduate and graduate students,” Alaverdian wrote in an email to the News. “We had 600 people sign up for our mailing list within a couple of weeks … there is definitely a high demand from Yale students for educational materials and guidance.”
As the blockchain industry has continued to grow, Yale has been a “fierce advocate” for blockchain research and development, Papamanthou noted.
Papamanthou explained that because Yale’s faculty is now made up of “leaders in the field of
distributed computing and cryptography,” the potential blockchain innovation at Yale could be “unprecedented.”
“It’s amazing that Yale has hired two phenomenal professors, Ben Fisch and Fan Zhang, whose research focuses on aspects of blockchains,” said Roshan Palakkal ’25, a student in Frontiers of Blockchain Research, a course taught by Fisch. “Yale CS typically isn’t known to be the best, but I think the new classes and faculty have positioned it to become one of the best universities for blockchain, with lots of potential for interdisciplinary collaboration in areas like economics, global affairs, and public policy.”
Papamanthou added that students who are interested in blockchain have access to a variety of courses across the Computer Science and Economics Departments, as well as at the Yale School of Management and Yale Law School.
According to Fisch, from a computer science perspective, Yale is educationally competitive with any other university in the field of blockchain.
“I will be offering a course in the spring that is comparable to the blockchain course that’s offered by Stanford,” Fisch said. “And the research seminar that I’m teaching now is uncommon at other universities, as it really goes in depth at a graduate level into all the most latest research syllabus that are being worked on currently.”
The Yale Computer Science Department is located at 51 Prospect St.
We have all dealt with government red tape and bureaucracy. We create new accounts for every department, validate our identity multiple times, and question why government services do not securely share our data.
Liz Tanner is trying to change that. She served as the Director of the Department of Business Regulation for Rhode Island since 2017, before being appointed Secretary of Commerce for Rhode Island by Governor McKee. When Tanner joined state government, she set out to change the red tape and bureaucracy and elevate the rank of Rhode Island in business climate statistics. Scouring the country, Tanner found no inspiration from larger states with more resources. In fact, with a few exceptions, states conducted business in the same way. Looking internationally, she was intrigued with Estonia as one of the first nations in the world to embrace and deploy blockchain technology in production systems.
Introducing Blockchain technology to government with Estonian model
The Estonia model made conducting business with the government easy and frictionless. Using blockchain technology, citizens enter their information only once and the same information would be available when interacting with many agencies and departments of government, such as applying to college or obtaining a license or permit. Tanner was keen to take the Estonia blockchain experience to Rhode Island.
In 2017, the state floated an RFP to explore the concept of introducing Blockchain technology to the government. The response was unprecedented, with over sixty ideas from over thirty vendors covering various businesses, from marijuana to permitting and licensing to health care.
Rhode Island chose Infosys Public Services to help streamline the process of opening a new business. However, a deep dive determined that five independent state agencies were involved in this process. Recognizing that long term adoption is dependent on the success of the pilot, the project scope was narrowed to the Department of Business Regulation.
The initial proof of concept work centered on credentialing Certified Public Accountants (CPAs) as a low-risk project that could prove the technology.
Reducing a multi-week process to thirty minutes
Normally it was a cumbersome process for a CPA to renew a license in Rhode Island and prove their credentials. The blockchain pilot developed by Infosys Public Services reduced the time dramatically and allowed the CPA to hold their credential in a wallet on their phone.
Obtaining a CPA license requires proof of educational credentials, CPA test results, work experience, and identity verification. A driver's license verifies identity and residency, the employer verifies credentials, and the Department of Business Regulation confirms all documentation before issuing or renewing the license.
The blockchain based solution establishes an identity blockchain network that digitizes and automates workflows enabling the secure exchange of information among the state agency and citizens. In the future, CPAs will be able to initiate a service request (e.g., a renewal of their CPA license) by simply interacting with any agency they worked with in the past. This ‘primary agency’ via the identity blockchain network collaborates with the Department of Business Regulation to complete the service request. This solution eliminates the need for the citizen (CPA requesting renewal) to share information multiple times.
The department of Motor Vehicles (DMV) also provided the capability of a listen only node to the identity network. This will enable Rhode Island to develop additional DMV use cases on this One Rhode Island identity network.
Infosys Public Services used Hyperledger Indy, tools and libraries to create and manage digital identities and used core blockchain standards to ensure the data's security. The Hyperledger was built in such a way that it was scalable in the cloud using Amazon AMZN Web Services (AWS).
The solution is highly secure as all the data on an individual remains in the individual’s wallet and the user has control on who and what part of her/his data can be accessed. Personal identifiable information is never stored on the ledger; verification is requested only via a Decentralized Identifier that represents the credentials.
CPAs are one of the few professionals that can practice across states. However, they must provide a valid license to render their services to a client. With this solution, CPAs have a fast, secure, and easy way to verify their credentials using their digital wallet. Several states and national organizations are exploring ways to adopt blockchain as it simplifies the credential verification process by leaps and bounds.
Three key technology components of the solution
A blockchain consists of secured information blocks chained sequentially to one another. The chain forms an immutable ledger distributed over participating nodes. The first element of the solution is digital identity. Today every document which proves our identity, such as a driver's license or passport, is controlled and owned by the government, whether we like it or not. Blockchain digital identity technology establishes a “Self-Sovereign Identity” (SSI) that shifts ownership of identities from the government to individuals.
SSI shifts the identity and credential management from centralized systems run by the government with all the associated silos to a peer-to-peer model using public-key cryptography, decentralized identifiers over a blockchain.
The second element is Hyperledger Indy, a distributed ledger purpose-built for decentralized identity. Hyperledger Indy comes with tools, libraries, and reusable components to create and use independent digital identities on blockchains.
Finally, there is Hyperledger Aries, the client part of a decentralized identity application. Aries is the client layer within Hyperledger Indy that facilitates interaction with other platforms.
Talking to a state agency is a first for me. But here's the cool part: Rhode Island with their partner Infosys Public Services is doing this rather than talking. I know the choice of CPA digital credentials certainly was not sexy, but it proved the technology. The importance of establishing a base is massive and could lead to a complete overhaul of how to do business with the government.
The State of Rhode Island and Infosys Public Services deserve credit for delivering a pilot blockchain initiative in the middle of a pandemic, which is heroic. It is also important to note that this project would not have happened without strong leadership from former Governor now US Commerce Secretary Gina Raimondo, who understood the possibilities and learned about the technology to help move it forward. When the time finally came to push the pilot onward, Lieutenant Governor, now Governor Dan McKee, provided approval from the top.
Looking forward, Tanner, with new funding, would like to return to her original desire of establishing a new business by providing the information in one place. Today, when you form your LLC or corporation, you do so in multiple areas of state government, including four or five different websites. In the future, citizens will use a single data entry website to enter information once, and from there it goes everywhere it is needed. Now that is sexy.
Through the blockchain initiative, residents and businesses in Rhode Island will establish a digital credential to be used across various government and state websites. Tanner shies away from calling it blockchain because of its association with cryptocurrency. Tanner describes it as "a way to hold information in a very secure and safe place so you can use it repeatedly." It is a worthy goal that I hope other states will follow the example of Rhode Island.
Note: Moor Insights & Strategy writers and editors may have contributed to this article.
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Moor Insights & Strategy founder, CEO, and Chief Analyst Patrick Moorhead is an investor in dMY Technology Group Inc. VI, Dreamium Labs, Groq, Luminar Technologies, MemryX, and Movand
Five years after blockchain technology burst onto the transportation scene, you may wonder whatever happened to it.
In 2017, blockchain was touted as the answer to transportation woes ranging from supply-chain visibility to outdated EDI (electronic data interchange) technology. A new group, the Blockchain in Trucking Alliance, was formed to advance the adoption of blockchain technology by trucking.
BiTA was launched by Craig Fuller, CEO and managing director of TransRisk, with founding partners such as McLeod Software, Triumph Business Capital, U.S. Xpress, Convoy, 10-4 Systems, and Fleet Complete. By the end of the year, it had broadened its focus to all transportation and changed its name to the Blockchain in Transport Alliance. Companies such as Penske and UPS joined the group.
With blockchain-capable transactions, BITA contended, the trucking industry could gain several benefits, such as immediate payments to drivers upon delivery, self-directing fuel and maintenance payments, complete automated settlements, and infinite recording of carrier history and safety.
Blockchain is a combination of technologies that allow transactions between parties via a trusted, shared ledger. Each transaction is coded into a block, which becomes part of a chain of blocks. Entries or changes to the chain cannot be made without authorization of all participating members. The most well-known use of blockchain technology involves cryptocurrencies, such as Bitcoin.
The Blockchain in Trucking Alliance offered this definition when it launched: “To put it simply, a blockchain is like a database — it’s a way of storing records of value and transactions.” The key is that the database is “immutable.” An IBM white paper on the subject noted that in traditional transactions, each party keeps its own record (or ledger) of each transaction. That leads to each participant having its “own version of the truth,” instead of one version of the truth that all participants agree is correct.
Everyone jumped on the bandwagon. But five years later, we’ve seen only a handful of trucking applications using blockchain.
With latest cryptocurrency scandals casting a shadow on blockchain in general, trucking reporters at the McLeod Software User Conference asked company officials about the current status of the technology for transportation.
Ken Craig, CIO for McLeod Software and a member of the board of directors for the Blockchain in Transport Alliance, referred to a latest report from Gartner on where blockchain stands in the company’s Hype Cycle of Emerging Technologies.
“Smart contracts and tokens are just computer code and are independent of the greed and corruption of the ‘centralized’ bad actors that took advantage of them,” explained Gartner VP Analyst Avivah Litan in a blog post. “In fact, bad guys experiment with new technologies much faster and earlier than the good guys do. That’s a historical fact. It takes time for the ‘good use cases’ to catch up, and it takes even more time for fraud and security controls to be deployed.”
Blockchain technologies have matured enough to support many business applications, she said, but there haven't really been any "killer apps" for the technology. Instead, we are seeing gradual improvements using blockchain technologies. Some innovations, such as blockchain wallets and smart contracts, are expected to reach maturity in less than five years, Litan said. Overall, Gartner expects that the majority of blockchain innovations will reach maturity within two to 10 years.
As Craig said, a lot of early blockchain adopters couldn’t provide a value. “It’s at least a two- to five-year process, and it shouldn’t be done without a business case,” he said.
Both Craig and Gartner cite the food chain as an example of a business case where blockchain technology makes sense.
Major food companies such as Nestle, Tyson, and Walmart are using or testing blockchain to Excellerate traceability, deter fraud, and Excellerate responses to contamination and food-borne illness, according to Scott Haskell with the Institute for Food Laws and Regulations at Michigan State University. And changes in the works at the U.S. Food and Drug Administration could help drive the adoption of blockchain in the food chain with more extensive regulations on food traceability.
Even back in 2017, the 22nd Annual Third-Party Logistics Study warned that it would take a coordinated effort to drive adoption of blockchain in transportation. The study found that while 30% of 3PLs and 16% of shippers saw blockchain as a potential application, they had yet to engage with the technology.
“Blockchain has the potential to make significant improvements in security, transparency, and governance, but only in supply chains where there is value in controlling consumer risk, valuable goods or complying with regulations,” said Ken Toombs, global head of Infosys Consulting, at the time. “Shippers and 3PLs will need to work together to drive value from blockchain, using lessons collectively learned from missteps with other emerging technologies, like Radio Frequency Identification (RFID).”
While many BiTA members have left the organization, said Craig, the group has reinvented itself. No longer a TransRisk project, he said, it’s now a 501(c) organization.
“We’re still working on standards” for blockchain, he said, and the group already has produced several for the industry.
A few months ago, the IEEE Industry Standards and Technology Organization, an international federation of industry groups dedicated to the advancement of standardized technologies for the benefit of industry, announced the BITA Standards Council as its existing member program.
Incorporated as a 501(c)(6) in March, the BITA Standards Council "has the mission to publish, and certify open-source standards to facilitate global commerce, initially with a focus on blockchain-enabled technologies in the transportation and logistics industries," said the IEEE announcement.
“By standardizing the data formats of attributes on transportation blockchain platforms, we will Excellerate interoperability within the industry and create efficiencies in the supply chain and track and trace applications” said Dale Chrystie, BSC President and Business Fellow, Blockchain Strategist, for FedEx, in a news release.
“[Blockchain] still has life, but the life is driven by business use cases, not technical hype,” Craig said. “There are several good practical use cases in the trucking industry. It’s still alive and well — we just need to look at it as a technology.”
Venture financing for the blockchain industry remained robust in the third quarter, even as bearish conditions ravaged digital asset markets, a sign that venture capital firms were focused more on the long-term value proposition of the sector.
Blockchain games and metaverse projects raised a cumulative $1.3 billion in venture capital between July and September, according to DappRadar’s latest BGA Games Report. While this figure was down 48% compared to the second quarter, it was nearly double the total amount raised in 2021.
DappRadar said that projects focused on Web3 metaverse infrastructure accounted for over 36% of the quarterly investments.
Looking at blockchain gaming specifically, the report showed that underlying industry activity was still growing despite the bear market. The number of unique active wallets participating in blockchain games increased by 8% month-over-month in September to 912,000. DappRadar said that Web3 games “continue to be a driving force for the dapp industry,” accounting for nearly half of all blockchain activity across 50 networks tracked by the firm.
As reported by Cointelegraph, data from DappRadar showed that seven out of the top 10 blockchain games registered an increase in unique wallet addresses during September. The company noted that most of the top games are mobile-first, a key feature in the push for wider mainstream adoption.
However, it may be a while still before blockchain and Web3 games pique the interest of casual gamers, according to a latest survey by blockchain entertainment provider Coda Labs. The survey found that only 12% of non-crypto gamers have dabbled in Web3 games and just 15% were interested in doing so in the future.
Related: Yield Guild Games: Web3 gaming adoption needs a local touch
Nevertheless, Web3 projects of all stripes have attracted significant interest from the venture capital community. According to Cointelegraph Research, Web3 projects accounted for 42% of all individual funding deals in the second quarter and seven of the top 10 most active VCs identified Web3 as their top sector for investment.
WASHINGTON, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The most latest research study offers a comprehensive analysis of the Blockchain in Healthcare Market for the forecast year 2022-2028, which is valuable for businesses of any size or revenue level. This Survey report provides important market insights and industry approaches toward COVID-19 (Omicron) in the upcoming years. (Omicron) The report on the Blockchain in Healthcare market offers data and information on the growth of the investment structure, technological advancements, market trends and developments, capabilities, and detailed information on the leading competitors operating in this market. The study also includes a listing of the global market strategies that have been implemented, with consideration given to the sector's present and anticipated future.
Global Blockchain in Healthcare Market was valued at USD 287.9 Million in 2021 and is projected to surpass the valuation of USD 1,189.8 Million by 2028 at a CAGR of 61.3% during the forecast period 2022–2028.
The research starts with a condensed presentation and high-level overview of the Blockchain in Healthcare Market, including syllabus such as the current market landscape, market trends, major market players, product type, application, and geography. In addition, it discusses the influence that COVID-19 (Omicron) has had on the trends, future predictions, growth potential, end-user industries, and market competitors in the worldwide Blockchain in Healthcare market. In addition, it offers historical data, an analysis of the present market situation, and forecasts for the Blockchain in Healthcare market. This analysis presents a complete knowledge of the market value of the Blockchain in Healthcare market by providing information on product price, demand, gross margin, and supply.
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Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, and Market Share; Includes Updated Tables and Figures.
Using the methodology of Vantage Market Research, the report has been updated to include the sales volume, business strategy, and revenue analysis of the major market players.
List of Prominent Players in the Blockchain in Healthcare Market:
The Blockchain in Healthcare Market is segmented as below:
Application (Clinical Data Exchange, Billing Management and Claims, Supply Chain Management, Adjudication).
Increasing cases of healthcare data breaches
It has been observed that the incidence of data breaches has significantly increased in healthcare industry. The healthcare data breaches often expose very sensitive information, from personally identifiable information like social security names, numbers, and addresses to sensitive health data like Medicaid ID numbers, health insurance information, as well as patient medical history. Today, government in different countries is focusing on digitalization of healthcare system and related industries, as it enhances the patient engagement and enable better predictions. Additionally, the U.S. and UK government has made huge investment to ensure that all the health records are being digitized. These are factors boosting demand for Blockchain in Healthcare Market.
Growing Adoption of Block Chain to Fuel the Market Growth
The growing preference for public blockchain systems that offers various advantages such as greater transparency, offer decentralized structure. This blockchain system is used for managing healthcare data efficiently. The digital ledger technology and Ethereum are broadly used blockchain systems in healthcare. The digital ledger technology is secure, delivers a high amount of transparency with this it eliminates the need for a third-party caretaker. In addition, cost-effectiveness in implementation of public blockchain technology in healthcare is a major factor projected to gain higher market growth. With this, high standard of security protocols with anonymous nature are factors expected to compliment market growth.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will Excellerate in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Blockchain in Healthcare Market highlights:
Assessment of the market
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Global and Regional Dynamics
Europe Dominates the Global Blockchain in Healthcare Market
Europe held largest market share in 2021. This is due to various latest advancements in the block chain technology coupled with several government initiatives that are supporting the acceptance of innovative platforms in healthcare sector. Companies that are operating in North America are mainly focusing on the development of blockchain technology solutions to ensure the security of healthcare data as well as complete & up-to-date information about patient’s health and healthcare activity.
Browse market data Tables and Figures spread through 163 Pages and in-depth TOC on "Blockchain in Healthcare Market by Application (Clinical Data Exchange, Billing Management and Claims, Supply Chain Management, Adjudication), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
January, 2022: Blockchain technology has the potential to revolutionize healthcare, the same technology powering Bitcoin and other cryptocurrencies is finding revolutionary new applications in the healthcare sector. Recently, Aetna, Anthem, and the Cleveland Clinic partnered to announce a new blockchain-based healthcare initiative, marking the latest indication of the potential impact blockchain could have on the healthcare sector as a whole.
December, 2021: IBM Digital Health Pass Integrating with Healthcare IT Leaders Healthy Returns Practice to Provide COVID-19 Digital Credentials. The IBM Digital Health Pass is designed to enable organizations to verify COVID-19 test results or vaccination status for employees, customers and visitors entering their site, such as a sports stadium, airplane, university, government building or workplace. Relying on a combination of encryption, QR codes and blockchain technology, the IBM Digital Health Pass is a secured, voluntary digital alternative to paper test results or vaccination cards and provides another option, if needed, for individuals to share that they have tested negative or been vaccinated for COVID-19.
Important Questions Answered by This Blockchain in Healthcare Market:
What is Blockchain in Healthcare?
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Who are the key players in the Blockchain in Healthcare market?
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How will the Blockchain in Healthcare Market change in the upcoming six years?
What are the risks involved in investing in the Blockchain in Healthcare market?
Which regional Blockchain in Healthcare market will show the highest and rapid growth?
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What are the core strategies of key players in the Blockchain in Healthcare market?
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This market titled “Blockchain in Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size in 2021
USD 287.9 Million
Projected Market Size in 2028
USD 1,189.8 Million
CAGR Growth Rate
CAGR of 61.3% from 2022–2028
2016 - 2020
2022 - 2028
Application: - Clinical Data Exchange, Billing Management and Claims, Supply Chain Management, Adjudication
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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