Matthew Blake, head of the future of financial services at World Economic Forum, said: “Following several years of intense hype, examples of use cases where inefficiencies and challenges are being solved with blockchain are starting to emerge across capital markets. With the future for blockchain in financial services still being defined, a nuanced look at the opportunities this technology offers right now is particularly important for the financial services industry.”
The necessity to deliver infrastructure, application, and data resources to edge locations will accelerate the deployment of new, cloud-centric edge and network solutions, maintains IDC. These will provide much quicker processing to satisfy increasing digitalisation efforts. Edge will also provide a critical building block for business resilience, providing all-important scalability, flexibility and agility.
Enterprises must build resilience and transform to survive and thrive in the digitally-powered world we now operate in. Edge offers up accelerated response times and a route to enhanced service quality and new business models. There has never been a better time to move to the edge.
The future of human expression will have a broader base of participation with sustainable careers for musicians, artists, authors, and activists. It will be more distributed, less curated and concentrated, more about artist and less about intermediaries. It will leverage crowdsourcing, collaboration and new modes of expression; it will swamp old power broker business models and copyright laws; it will build on tradition and conjure value from thin air.
Schools and colleges can help create this new flourishing of culture by integrating the expressive arts with emerging technology and new business models so that more young people graduate ready for sustainable arts impact.
According to the survey of the World Economic Forum (WEF), it is estimated that by 2025 almost 10pc of the global GDP information will be secured on blockchain technology. Furthermore, it is being expected that the global market of blockchain technology will jump over $39bn by 2025. The real estate sector is also among the beneficiaries of blockchain technology and it is being transformed in a numerous manner.
- Smart Contracts
- Managing Land Records
- Concept of Fractional Ownership
- Increasing Liquidity
- Blockchain and Smart Cities
- Harbinger of Efficiency
Plenty of discussions this week occurred at the World Economic Forum. A key topic was decentralized finance (DeFi). Speaking at the “Behind the decentralized finance hype” panel, Rune Christensen of MakerDAO brought to light the future of DeFi and how it is growing rapidly.
Christensen explained how DeFi can be accessed by anyone:
“It doesn’t matter if you’re a hedge fund manager on Wall Street or if you’re one of the 1.7 billion people that don’t even have a bank account. With DeFi, you have complete access.”
Despite still being in the early days of DeFi, Lithuanian policymakers are already creating a regulatory framework for this technology, Armonaitė said. “We are at the final stages of the establishment of the anti-money laundering competence center here in Lithuania.”
The Lithuanian government is hoping to facilitate better public and private cooperation and information sharing, as well as coordinate technology adoption and implementation. “Hopefully that kind of framework where governmental and private institutions come together and work together towards a better regulation [that] would enhance change and appreciate the creative destruction we are facing, rather than defending ourselves from it,” Armonaitė said.
Back in March, the Financial Action Task Force published an updated version of its draft guidelines for cryptos with significant implications for the DeFi space. The document likely signals the growing intent among regulators to implement Know Your Customer compliance protocols for DeFi platforms.
“There was tremendous growth in the crypto industry…” Warren said. “The re-emergence of things like collectibles, non-fungible tokens (NFTs) and decentralized finance. A lot of these things started to hit the market and I think that we saw their effect in ways that were profound.”
“I saw so many ways that blockchain technology, both our technology at SingularityNET and general-purpose blockchain technology developed by others, could really profoundly help with the Covid pandemic,” Goertzel said. He pointed to the adoption of blockchain-related technologies in healthcare and crisis management as two prominent examples.
The initiative has recently hit an important stage of development as it released a proof of concept that blockchain, a type of distributed ledger technology, can track embedded greenhouse gas emissions.
The successful completion of the proof of concept and the evidence from the pilot project, named the Carbon Tracing Platform, will be critical to ensure traceability of emissions from “mine to final product”.
Decentralized finance (DeFi) and centralized finance (CeFi) are heading towards convergence as we are entering a period of rapid development for DeFi applications worldwide, according to the participants of a panel discussion at this year’s BIS Innovation Summit, an event hosted by the Bank for International Settlements (BIS).
The panel, entitled ‘CeFi to DeFi: can global finance be de/re-constructed?’, featured a mix of private and public sector participants who voiced their ideas and concerns related to how the opportunities and risks inherent to DeFi could transform the global financial landscape.