5 Things Blockchain You Need to Know for July 18, 2022
TLDR: Whether it’s a natural disaster or another type of crisis, blockchain-based solutions can automate manual processes in order to ensure cost efficiencies. These technologies also aid in data sharing across organizations, which is critical in dealing with natural catastrophes.
The frequency of natural catastrophes in the United States is on the rise, resulting in increased costs, a lack of transparency among state and government organizations, and a slew of other problems affecting relief systems. Many blockchain-based solutions can automate time-consuming tasks and data sharing across organizations in order to improve cost efficiency, automated processes, and data exchange. The St. Vincent de Paul Disaster Services Corporation Society (DSC) is working with the Algorand Foundation to help people who have been affected by a catastrophe in the United States. Digital wallets will be used to redesign the ‘House in a Box’ program, which gives household furnishings to families without insurance who have been affected by a disaster. Vouchers worth a specific amount of money will be distributed to digital wallets, which will allow disaster survivors to use them at designated businesses to acquire new furnishings. DSC currently does all of its work in rented warehouses, where a variety of furniture is purchased and shipped ahead of time and then categorized by volunteers according to family size. Volunteer wallets will accumulate and track hours, allowing volunteer organizations to demonstrate State Disaster Relief Agencies funded by FEMA how long volunteers spend assisting. This is a major step forward because it allows charitable groups like DSC to acquire more resources at the federal and state levels. Blockchain-based digital wallets are proving to be useful for fast transfers, but open-source networks also guarantee data sharing among organizations. This functionality can be useful when a number of organizations are involved in the same project.
Finally, it’s worth noting that technology based on blockchain platforms is being applied across the world to provide assistance for humanitarian efforts. The legalization and adoption of cryptocurrencies will spur market participants to put in the effort to enhance their services in order to gain a competitive edge. As a result, more companies will likely use blockchain technologies that are proven to be beneficial.
The new philanthropic frontier: How Web3 could democratize donations
TLDR: Philanthropic DAOs would revolutionize how we do fundraising and grant distribution. They’ll make nonprofit management a more transparent, democratic process that it hasn’t been before!
The collaboration between crypto and charity has already begun, with decentralized autonomous organizations (DAO) and nonfungible token creators alike raising and donating crypto to nonprofits. But what, if anything, does the age-old institution of philanthropy have to learn from cutting-edge technologies in the crypto world? Cryptocurrencies provide the opportunity for nonprofits to be governed in a decentralized manner, providing conditions that best empower the most impacted communities. Despite its meme-fueled reputation, the crypto sector is actually on track to achieve genuine democracy. This endeavor begins by taking advantage of blockchain technology’s capabilities for decentralization. Smart contracts may be used to implement automated enforcement of rules, removing the need for centralized authorities. Smart contracts can be triggered via token voting rather than individual or group authority. When blockchains are designed with tokens and smart contracts, they enable internet communities to establish decentralized autonomous organizations (DAO’s) based on token-powered self-governance.
To operate as a DAO while adhering to Internal Revenue Service regulations, non-profit organizations must maintain their traditional entities such as committees, leaders, and boards. A DAO, on the other hand, can use blockchain technology to govern the rights of such groups. A nonprofit DAO could establish and manage responsibility for electing board and committee members, create and compose committees, and assign responsibilities and privileges to each of those entities using smart contracts. The DAO would function as the sole member of the nonprofit, with token-based voting allowing DAO members to make decisions. The notion of a genuinely democratic and inherently transparent nonprofit is still lacking in today’s world, but numerous non-profit organizations aim to empower communities and provide platforms for them. By combining the technologies of Web3 with conventional charity, it could be possible to achieve an opportunity that allows communities to control the nonprofits created to assist them.
The DAO may utilize blockchain technology to build transparent and readily understandable structures and procedures in order for community members to have full trust and confidence that their contribution is both lawful and essential. Fusing these two disparate industries may lead to the development of a new kind of company: one that uses cutting-edge technology to bring democratic, transparent, and incentivized systems to the nonprofit sector in a way that was previously not possible.
UK Court Approves Use of Blockchain NFT to Sue Someone
TLDR: If you’re in the United Kingdom, there’s a new way to get someone into court. You can use blockchain!
For the first time, a UK court has allowed legal documents to be served over the blockchain ledger by a nonfungible token. A NFT is a line of blockchain code that confirms unique certifications of authenticity. They’re most often used to demonstrate ownership of a piece of digital art. The case was filed by the creator of an online gambling business against cryptocurrency exchanges and other platforms, including Binance. According to the complaint, crypto assets were illegally cloned while in the custody of brokerages. The court determined that the exchanges were responsible for ensuring that stolen crypto was not transferred or removed from their systems. The lawsuit documents will be airdropped in the form of an NFT into two wallets originally used by the creator, which had been stolen by the fraudsters. This lawsuit establishes a pattern for victims of cryptocurrency fraud to pursue unknown attackers in the United Kingdom.
This isn’t the UK’s first instance of utilizing a blockchain to execute their responsibilities. Last year, the Financial Conduct Authority and Bank of England launched a blockchain network to handle regulatory reporting. Connecting to companies through blockchain and API technology, as well as implementing machine-readable and executable legislation, enables compliance checks to be done in near real-time.
How Shell Is Using Web3 And Blockchain For Sustainability And Energy Transition
TLDR: Artificial Intelligence (AI), the internet of things (IoT), Web3, and blockchain technologies will aid Shell in executing an ambitious energy transition plan in order to move away from fossil fuels and toward green and sustainable energy.
Blockchain is best recognized by the general public as the technology that creates and maintains bitcoin. To put it another way, it’s a type of database structure that hasn’t been used very much before. The two most important characteristics of blockchains that distinguish them from other databases are their decentralized nature and their immutability. They aren’t housed on a single computer or server; instead, they’re distributed across the network. This implies that they are spread across numerous computers, so no one person has direct control and all changes must be validated by a majority consensus. Furthermore, they are encrypted, which means that they are tamper-proof and can only be modified or added to by individuals with authority. These two characteristics make it ideal for apps where data must be added, verified, and validated by many different people, and security and trust are critical.
Blockchain’s unique capabilities make it an appealing technology for companies like Shell, which require high-security, scalable technology to power a new generation of apps that collect and share valuable data. Their trustless nature improves existing processes across the sector, allowing for the tokenization of energy to create transparency and traceability, as well as new markets and business models with DEFI / DAO’s / NFT’s, etc. To represent the green energy generated every half hour, in sync with existing energy attribute certificate systems, Shell’s solution is to develop highly granular certificates in real-time at the source, where the energy is produced — which may be solar panels in the desert or wind farms in the ocean. Every point of that electron’s journey to the point that it is consumed is tracked and recorded on a blockchain. Shell is presently involved in several blockchains and digital transformation projects that are under review or pilot status, including “digital passports” to monitor the lifecycle of industrial components, equipment, and machinery at energy plants run by the company and its partners. Of course, all of this technological transformation is founded on data, and Shell has made great efforts to create an integrated data platform that collects 2.9 trillion rows of data from across its operations. This includes IoT sensors placed throughout its factories and wind and solar farms, allowing it to build digital twin applications that better understand the operation of its assets.
How The Metaverse Is Shaping Consumer Behavior
TLDR: Experiences have the ability to move your company forward — but how can you provide an interesting experience if you can’t meet your consumers in person?
Customers today have higher expectations than ever when it comes to the companies they buy from. Selling products through e-commerce is a great start, but your customers aren’t simply interested in items; they want entire experiences as well. The metaverse is a shared, global environment that has features such as virtual reality (VR), non-fungible tokens (NFTs), virtual commerce, geo-enabled virtual locations, and shared community experiences. In the metaverse, consumers may now enjoy a hyper-personalized experience that resembles leaving their house for a grand adventure — all from the comfort of their sofa.
It all looks very intriguing, but how will the metaverse affect your brand? It’s critical to remember that the metaverse is quickly evolving from a hobbyist platform into an ecosystem in which people shop, influence, and live online. Therefore, your brand needs to be available everywhere your customers are. Aside from staying on the cutting edge of innovation, the metaverse enables businesses to use conversational marketing. Instead of shouting at customers, the metaverse allows retailers to have two-way communication at scale with consumers. Furthermore, with brands owning all of their first-party data, personalized marketing will become much easier. This technology isn’t flawless, but it’s still a smart idea to understand how it works from the user’s perspective. As the metaverse matures, branded possibilities will emerge, allowing you to get an early lead in the next generation of retail.
VezTek has been an expert in the field of innovation consulting and on-demand talent for emerging technologies like 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 and the 𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞. We build digital products for tomorrow’s technologies today.
VezTek is where your ideas meet reality.
Schedule a call with us TODAY!
