5 Things Blockchain You Need to Know for September 19, 2022

Ethereum Finally Completes The Merge

TLDR: The Merge has arrived! This Ethereum blockchain upgrade to a proof-of-stake (PoS) network promises improved security and scalability while radically reducing energy consumption.

The long-awaited migration of the Ethereum blockchain to a proof-of-stake (PoS) consensus mechanism, The Merge, has finally taken place. Many blockchain systems consume a lot of power and have attracted the criticism of environmentalists and some investors. A single Ethereum transaction used as much electricity as an average household in the United States uses in a week before the software upgrade.

By moving from a proof-of-work (PoW) model to a proof-of-stake (PoS), Ethereum will no longer require mining. This change doesn’t only stop the need for energy-intensive computers, but it also reduces energy consumption by 99.95%. Instead of mining, Ethereum will rely on individuals and companies serving as validators, who stake their ether in order to win newly created tokens. Mining pools have taken steps to safeguard their earnings while the transition is taking place, as Ethereum was one of their most lucrative sources. The move to PoS has been in the works for a long time, but the technical scope of the change had to be considered. The PoS approach is believed to make Ethereum’s network more secure and scalable.

Ethereum’s energy consumption has been cut by 99.5 percent, making it more ecologically beneficial. However, how the upgrade will function in the coming months and how long it will take to fix scalability and gas fee concerns are yet unknown. Issues such as high costs, slow transaction times, and excessive energy consumption are the key concerns for the Ethereum 1.0 network. Although Merge will not tackle these immediately, some analysts say that it setts the stage for Ethereum’s future development. The strengthening of Ethereum’s environmental, social, and corporate governance (ESG) credentials would be beneficial for regulatory-driven firms that are looking to begin experimenting with the Ethereum ecosystem.

Is blockchain the solution for failing global healthcare?

TLDR: Blockchain technology has the potential to revolutionize healthcare by creating a more efficient, transparent, and safe way of communicating data across the globe.

For years it seems, the global healthcare system has been inching closer and closer to a total collapse. With a shortage of beds, long waiting lists for care, rising costs, and now the pandemic — things have never looked so grim for those who work within the industry as well as patients seeking treatment. The current state of affairs is due in large part to decades of failed reforms, lack of funding, and over-centralization. However, this may be resolved. In order to maintain a functioning global healthcare system, we must take radical steps. One such step is the introduction of blockchain technology into healthcare. This will create a decentralized and distributed environment that serves and protects all — as any good healthcare system should do.

Blockchain-based solutions for health documentation utilize secure encryption techniques to protect patients’ information when sharing data with other parties. With the use of smart contracts, tokenization, and blockchain network encryption methods, the pre-authorization process will be reduced considerably, allowing patients to get the appropriate and informed treatment faster. This is owing to the healthcare provider’s ability to access critical information immediately, instead of waiting for patients or files physically mailed or emailed from various sources such as local physicians, labs, and so on. Tokenisation can not only help healthcare providers and insurance firms interact more effectively, it may also assist and improve patient-provider communication.

Blockchain technology has the potential to assist the development of the global healthcare industry, save money, and encourage more investment in critical resources. It’s time for patients, practitioners, and executives to embrace technology and systems-based improvements available to us.

White House Releases Holistic Digital Asset Regulatory Framework

TLDR: The White House’s new framework on crypto regulation is designed to deter illegal activity in the industry. The plans are gradually materializing and we’re excited about what’s coming next!

Crime is a major concern in the digital asset sector. According to data from the Federal Trade Commission, fraud has resulted in the loss of more than $1 billion in cryptocurrency since the start of 2021. Last month, the SEC announced that it had charged 11 people for their involvement in creating and promoting a fraudulent crypto pyramid and Ponzi scheme that extracted millions of dollars from thousands of retail investors across the world, including the United States. To address this problem, the Biden White House has just published its first-ever crypto regulatory framework. It specifies the methods for the financial services sector to improve its efforts to combat fraud in the digital asset industry.

This framework allows regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to continue working together to enforce laws in the industry and to share data on consumer complaints. The Treasury Department will play a leading role in collaborating with financial institutions to help identify and minimize cybersecurity threats through data sharing and analysis.

According to a White House fact sheet, Congress may need to adapt the Bank Secrecy Act, anti-tip-off statutes, and laws against unlicensed money transmitting to apply specifically to digital asset service providers, such as digital asset exchanges and nonfungible token (NFT) platforms. These actions would include raising fines for unlicensed money transmission, as well as possibly amending certain federal laws to allow the Department of Justice to pursue digital asset crimes in any jurisdiction where a victim is discovered. In terms of the next steps, the Treasury plans to complete an illicit finance risk analysis on decentralized finance by the end of February 2023, as well as a non-fungible token evaluation by July 2023.

The Metaverse: Land of Opportunity for Retailers

TLDR: In order to keep up with what works in the metaverse, retailers need to constantly monitor their customer’s journey and use that data to inform the design and product placement in their virtual stores.

While it’s accepted that the metaverse is coming, there still isn’t a general agreement about its definition or how it will function. Retailers see it as key to providing excellent customer service, an organic next step from mobile communications, social media platforms, and the internet. How can retailers simplify the complexities of selling real things into a virtual environment? That is one of many issues that are being addressed as businesses explore how to navigate the uncharted waters of the metaverse.

As retailers explore how to sell products in the metaverse, they will need to understand some fundamental concepts. In addition to the familiar virtual-to-virtual model, there will be new virtual-to-physical, physical-to-virtual, and direct-to-consumer models. Virtual-to-physical commerce allows consumers to buy items from a digital store and have them delivered to their real-world homes. Physical-to-virtual commerce, on the other hand, provides actual goods that allow people to access a virtual experience (for example, by scanning a QR code). Out of all the types of commerce, direct-to-consumer has the most potential. For example, $100 million was spent on virtual goods on gaming platforms in 2021 alone. Scaling all these models up will play an important role in determining whether those future projections of billions of dollars are correct. And leveraging the data each one may produce will require further technological advancements.

Organizations that are experimenting with the metaverse can connect, interact with, and incentivize both human and artificial consumers to generate new value exchanges, revenue streams, and markets. To capitalize on these opportunities, businesses will need to create new digital business assets (DBAs) as well as metaverse-friendly product updates, brand placement, and customer interaction strategies.

Blockchain Technology Tackles Travel Industry

TLDR: Blockchain has finally reached the travel industry, and it has the potential to foster trust among all of the industry’s participants.

Blockchain technology has generated a lot of excitement in many industries in recent years. This is because it can potentially change how information or data is stored and used, making it more transparent and secure and improving transactions. This technology has the potential to be transformational in many areas, but one of the most exciting ones is the travel industry.

Blockchain’s most significant advantages in the travel sector are stability and security. The decentralized architecture of the blockchain ensures that data cannot go ‘offline’ or be lost through human mistakes or a malicious cyber-attack, ensuring that transactions are always traceable. Without the crucial exchange of information between numerous organizations, the travel industry would come to a standstill. Travel agents, for example, must communicate customer information to airline and hotel companies. Almost every item that belongs to a traveler is also transferred between firms and monitored in some manner. Blockchain can make accessing and retaining important information easier and more dependable because the responsibility for storing it is shared across the whole network. This decentralization of data makes it more difficult for anyone to hack or tamper with the information. Not to be overlooked, blockchain technology has the potential to streamline and secure financial transactions in the travel industry — particularly those between different countries. As a result, blockchain has the ability to enhance trust among all parties.

Blockchain technology and the travel industry may become a powerful combination. It has the ability to place forward-thinking travel service providers at the forefront of innovation while allowing them to develop greater trust with clients through reduced costs and more efficient processes.

𝟓 𝐓𝐡𝐢𝐧𝐠𝐬 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐧𝐨𝐰 𝐟𝐨𝐫 September 19, including,

Ethereum Finally Completes The Merge

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.