First, because blockchain uses an open architecture, all transactions are publicly accessible, immutable, and verifiable by anyone. This helps to eliminate corruption and fraud from the transaction. Second, because all smart contract transactions are recorded along a blockchain and cannot be modified ex-post, a permanent and publicly accessible ledger is available to shed any doubt about payments or other transactions throughout the process. And third, because blockchain systems are automated, security in the enforcement mechanism is all but guaranteed. For instance, failure to deliver goods by a set time will automatically trigger a default clause that transmits payment of liquidated damages to the injured party without the intervention of a judge or arbitrator,” the report added.
Blockchain technology has made great strides over the past few years speeding up processes like AI and smartphones. Studies found that improvements in technology are beneficial in classrooms and that technology has the ability to better manage accountability, transparency and overall educational experiences. Partnerships between governments and private sector can also lead the way to boost nationwide education and employment. African Operations Director of blockchain engineering company IOHK, John O’Connor joins CNBC Africa’s Zinathi Gquma to explore blockchain technology and how partnerships with governments can help improve quality of life.
These are just a few of the myriad ways in which an open, any-to-any energy internet will promote innovation, stimulate competition and generate big wins. No one can predict exactly what those big wins will be, but there will surely be many, and they will accrue to the benefit of all.
That’s why even without a crystal ball, we should all commit ourselves to digitalization, decentralization, decarbonization, democratization and diversity. In so doing, we’ll build the energy internet together, and enable a fair, affordable and clean energy future.
The promise of secure, immutable, and universal registries for carbon credits highlights the importance of DLT to usher in a new generation of voluntary carbon markets. The technology has proven its merit in financial services for increasing trade velocity, reducing costs, and expanding liquidity pools. But the failure of similar projects that use DLT demonstrates the fallibility of a “build it and they will come” mentality. Instead, DLT should be harnessed as an enabler of a broader industry shift toward industry-wide standardization and collaboration through initiatives such as the Taskforce on Scaling Voluntary Carbon Markets.
Enterprises have a deep appreciation for the value of open source software with 100% of the information technology (IT) decision-makers in a recent survey saying that “using open source provides benefits for their organization.” The survey of 200 IT decision-makers was conducted by Vanson Bourne.
Over the past disruptive 12 months, use of open source software was reported as increasing by 79% of respondents.
Of the 200 respondents, 25% were from medium-size enterprises of 500-999 employees and 75% were from large enterprises with more than 1,000 employees. They came from a cross-section of industries and had knowledge of open source software.
A great example is email. The various email systems such as Gmail, Outlook, Hotmail etc., exchange emails efficiently because their industry has created interoperable data standards and open-source tools that they all utilize. They do not need to develop separate code for each different email system they are sending emails to. Imagine the cost and the lift if each company had to “invent” email every time they set out to make their solution.
The hand-me-down nature of data systems that have been adapted to our needs instead of designed for them is probably one of the major reasons we have not yet solved this puzzle. This is an exciting time for our industry, not just because we are likely on the cusp of many great new innovations, but because we have been invited to the table to represent fresh produce and floral in the earliest phases of development.
In the global shift of all kinds of educational institutions to virtual environments, new risks and challenges propagate. However, connecting blockchain systems to the way these schools manage students’ personal and financial data can be the solution the modern world needs.
Blockchain offers secure accreditation, collaboration, and data sharing on a decentralized platform that could accommodate students all over the world. At the same time, the use of these systems will give students a transparent look at the future of data communication, better preparing them for their own professional futures.
It only makes sense that advertising and marketing technology should heed the call. Immersive mobile advertising campaigns that use NFTs can be distributed programmatically across various platforms. Brands can use NFT technology to provide personalized gifts, vouchers or more to their customers. For example, Taco Bell recently sold NFTs for digital taco art (and donated 100% of the profits to Taco Bell Foundation, Inc.). This technology can help drive user engagement for brands and can be attributed back to a user or paid media channel without the need for a cookie. For a specific subset of consumers, it’s a win-win situation for both them and advertisers.
For example, by making use of a decentralized ledger, car dealerships can automate a large number of their internal transactions — such as maintenance of car sales figures, service data, warranty claim processing, etc — thereby maximizing their profits as well as helping in the elimination of various intermediaries, middlemen from the equation.
By recording vehicle usage on a blockchain, any reductions in emissions can be verified, quantified, and associated directly with individual vehicles and drivers. This data can be directly linked with a vehicle’s UID and can be used to record and store all of a vehicle’s activities that can have an impact — both positive as well as negative — on the environment with the touch of a button.