5 Things Blockchain You Need to Know for August 15, 2022

The Most Active Blockchain Investors

TLDR: Corporations are looking at how blockchain-based technologies might help them improve their operations.

If blockchain and crypto are dead, why have 33 of the largest public companies on the planet invested in blockchain?

Blockdata, a market intelligence platform for blockchain and other distributed ledger technologies, published a list of the top 100 public companies investing in blockchain technology, and the roster includes many familiar names. This is strong signaling that’s hard to ignore.

A common strategy for many corporations is to acquire or invest in other companies that are building solutions, rather than building everything from scratch. This appears to be even more the case when it comes to blockchain technology, due to the limited talent pool in this nascent industry.

Blockdata’s findings appear to validate some of our observations in working with clients at VezTek. For many of the use cases that our corporate clients have in mind, Blockchains touch the IT architecture of the company. It’s not always a simple matter of plugging in an external solution, and often requires deep knowledge of internal systems.

This is where we have found hybrid development teams to be most effective. A hybrid team is a flexible development framework where our blockchain developers work alongside internal subject matter experts and other team members to integrate blockchain solutions into a company’s existing infrastructure.

Like everything innovative and challenging to the status quo, there will be cycles of uptake and then the inevitable corresponding periods of cooling off. The key is to take a long-term view and a portfolio approach to managing the volatility.

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How to Amplify Customer Relations In the Metaverse

TLDR: Have you been on the phone with customer service for hours only to find out they haven’t solved any of your problems? No more! AI can provide increasingly accurate automated customer service, saving your time and nerves.

The metaverse is the next-generation, immersive internet where we can take our digital avatars to work, learn and play in persistent environments. Businesses are investing money and manpower in order to stake their place in this new digital era, so they can interact with customers in a variety of innovative ways. A metaverse environment will allow customers to converse and interact with brands and one another through avatars, or by directly connecting to video and voice chat platforms.

As AI advances, self-service channels become increasingly more efficient, making them more appealing than waiting in a seemingly never-ending queue to talk with a human representative. Automated customer support is more accurate when companies get better at providing services in this manner. Of course, they gain more and more data on how to accomplish it effectively, resulting in increasingly precise automated customer service. AI, in this sense, may embrace computer vision and natural language processing technology — which observes and learns from users’ metaverse presence to determine what the problems are and how the company or brand may assist them. The next generation of chatbots will feature natural-language processing, which will allow them to comprehend customers’ questions and return the most suitable answers in far more sophisticated ways than today’s text boxes. As deep learning algorithms improve, the number of times they must contact a human agent to take over the conversation should go down.

This innovation will undoubtedly be utilized by businesses that enter the metaverse space and provide consumers with quicker and more convenient methods to address their issues. In the metaverse, brands utilize digital 3D assistants to play the part of virtual tour guides, personal shoppers, troubleshooters, or any of the other services that their real-world employees may perform. They will increasingly be able to perform these activities either manually, with avatars controlled by humans and one-on-one communications, or automatically using AI agents.

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Web3 Helps Taiwan Secure Information Against Cyberattacks

TLDR: The implementation of Web3 technology for decentralized file sharing may help protect a nation from cyberattacks.

Taiwan’s Ministry of Digital Affairs (MODA) is looking to integrate the InterPlanetary File System (IPFS), a component of Web3 technology for decentralized file sharing, in order to improve its cybersecurity defenses against Chinese and other threats. The Web3, a futuristic next-generation version of the World Wide Web, is envisioned as a way to improve access to online information using blockchain and other decentralized protocols that rely on public key infrastructure, such as IPFS.

IPFS, like blockchain, uses file hashes to identify content. This implies that files can be found no matter where they are stored. However, when files are updated, the hash changes, making it unsuitable for constantly changing, dynamic online content that should still be handled using Web 2.0 technology. IPFS can also be used to protect against censorship. Gateway servers allow files stored using the protocol to be accessed via the more conventional hypertext transfer protocol (HTTP). Anyone may create a gateway, some of which are not blocked in China allowing restricted books and other material that is prohibited in China to be accessed.

MODA is collaborating with one of the web infrastructure firms and other organizations on content delivery networks (CDNs), utilizing both Web 3.0 and Web 2.0 technologies. Regardless of the risks involved with other Web3 assets like crypto in activities such as money laundering, the adoption of Web3 technology is a good step toward implementing emerging technologies.

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Blockchain’s Environmental Impact and How It Can Be Used for Carbon Removal

TLDR: Blockchain technology has the potential to be a useful tool for reducing carbon dioxide and other greenhouse gases from the atmosphere. Its immutability and security may assist the carbon offset sector by ensuring that all records of carbon credit purchases are correctly and accurately tracked.

Over the years, concerns about environmental changes caused by greenhouse gas emissions into the atmosphere have grown in importance. Conversations about global warming have even extended to the realm of cryptocurrencies, and how blockchain technology may be used to decrease carbon emissions. As a consequence, sustainable energy options for Bitcoin mining have expanded by almost 60% this year. In an attempt to improve the atmosphere, blockchain technology can also be used in conjunction with carbon credits.

A carbon offset is a term used to describe an activity that intends to compensate for the emission of greenhouse gases into the atmosphere. Planting trees, reforestation, and using renewable energy sources rather than fossil fuels are all examples of carbon offsets. A carbon credit allows an organization to release a specific quantity of greenhouse gases based on the number of credits it has. A ton of carbon dioxide or other greenhouse gases equals one carbon credit. Organizations are limited in the number of emissions they can produce by obtaining a set number of credits. If a facility’s emissions exceed the limit, it must purchase extra credits; if they fall below the standard, it can save or make money by selling any leftover credits. The idea is to offer a monetary incentive for polluting companies to reduce their greenhouse gas emissions. Blockchain’s immutability and security may assist the carbon offset sector by ensuring that all records of carbon credit purchases are correctly and accurately tracked. Even if blockchain technology alone can’t solve the issues in the market, integrating it with other infrastructural services such as digital exchanges, a global registry, and Anti-Money Laundering/Know Your Customer for purchase, creation, and retirement may help to drastically reduce current roadblocks.

Organizations in the cryptocurrency sector are striving to improve the ecosystem by tracking donations using blockchain, tokenized carbon credits, and carbon-neutral blockchains. Finally, Ethereum 2.0 is on the way, which will make the blockchain network switch from a PoW consensus mechanism to proof-of-stake (PoS) and introduce other modifications. Due to the reduced energy consumption, Proof-of-Stake does not require mining hardware to validate blocks, resulting in a significant reduction in energy usage. The amount of carbon released into the environment as a result of less energy being consumed will be lower as fewer fossil fuels will be burned.

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OpenSea Introduces New Stolen Item Policy to Combat NFT Theft

TLDR: Liar, liar, pants on fire! To stop fraudulent claims, all theft victims will be required to file a police report within the first week of the incident in order to avoid stolen goods from circulating on the platform.

While asset theft is one of the most serious problems in the non-fungible token (NFT) sector, NFT marketplace OpenSea is attempting to modify its policy to include enhanced security measures against stolen items. One of the first changes, according to the platform’s creators, will be for theft victims to submit a police report during the first week of an event to avoid stolen goods from circulating on the platform. If no action is taken, the item will continue to trade freely on the market and the platform will “aid in the prevention of fraudulent reports.” Users will also have quicker access to goods that were initially falsely claimed as stolen.

The process will be streamlined to the users’ advantage. The company’s main focus, in the long run, is to identify solutions that address theft at its source. NFT holders are at risk of being attacked by fraudsters and coerced into giving third parties access to their funds. This new functionality is intended to prevent or at least make it more difficult for bad actors to gain full access to users’ wallets.

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After taking the last few weeks of summer off The Blockchain Brief is back with our analysis of weekly developments in the emerging Blockchain industry.

𝟓 𝐓𝐡𝐢𝐧𝐠𝐬 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐧𝐨𝐰 𝐟𝐨𝐫 August 15, including,

How the largest public companies on the planet are still busy investing in blockchain infrastructure!

Continue reading to find out more!

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Sani Abdul-Jabbar

Sani is the Board chair at VezTek, a Los Angeles based provider of software development and on-demand tech. talent for Blockchain and Web3.0 initiatives.