MENA Climate Week Notes Blockchain’s Potential for Climate Change
Panelists at the recent Middle East and North Africa Climate Week 2022 examined how blockchain technology can contribute to green initiatives.
One of the best things about blockchain is how transparent it can be. This system characteristic means that blockchains are perfect for automating environmental contributions and rewarding contributors with tokens!
The possibilities of what this technology is capable of are almost limitless. It could potentially automate measurement and remunerate those who make valuable contributions to certain areas, which benefits the environment as a whole. We can construct something really effective if we combine IoT for data production, blockchain for data transfer, artificial intelligence for processing, cloud computing with its almost infinite storage capacity, and quantum computing, which may greatly enhance computational speed.
With advances in technology, blockchain projects are being applied to climate change efforts. Blockchain’s current application for green digital asset initiatives and smart grid management help reduce greenhouse gas emissions by making it possible for energy consumers or producers alike to have more control over their own resources than they would without these tools. Non Fungible Tokens (NFTs) also provide an innovative solution that can be used as part of a carbon market mechanism.
With climate change looming as an increasingly urgent problem, action for empowerment within this sector should be crucial. The more awareness and collaboration there are among stakeholders in the field -the faster progress will come!
Women-Led DAO Tackles a Lack of Gender Diversity in Crypto
The future of finance may be represented by cryptocurrencies, but the fast-growing digital-asset sector still suffers from an age-old issue: a lack of gender diversity.
Although cryptocurrencies and blockchain technology have been heralded for their potential to level the financial playing field, that reality has yet to be fully realized. Traditional finance has shown women to struggle to match male counterparts’ rates in investing, and crypto investing is no different. According to a study published in August 2021, men are twice as likely as women to invest in cryptocurrencies.
The H.E.R. DAO is attempting to address the problem of a lack of female participation in cryptocurrency by establishing safe environments for women, putting on meetups, hackathons, and conferences to encourage women in the field. The organization also caters to transgender people and non-binary individuals.
The crypto sector is a hotbed for those looking to make money, but it’s also important that the environment be welcoming and inclusive. Without diversity in the community, we can never reach a widespread adoption of cryptocurrencies.
Blockchain May Solve Gold’s Black Market Problem
With the digitization of transaction histories for gold bars, it is possible to ensure that illegal or insurgent-held gold doesn’t end up in bank vaults.
The blockchain is set to revolutionize how we store and trade gold. Gold bars can be digitized with the help of this new technology, which will enable buyers all over the world to access their precious metal at any time without having an inventory shortage or waiting for delivery delays. Although the technology behind it will most likely be comparable to that utilized in monitoring cryptocurrency trades, there will be certain distinctions. Not every gold transaction will be accessible to the general public like Bitcoin is, but participants at various stages of the supply chain would be able to access the blockchain if authorized.
By converting paper records into digital ones, banks can prevent illicit or rebel-held gold from ending up in their vaults. In some cases, fake mining operations bearing fraudulent logos have been carried to bank vaults as a result of illicit mining operations. This is a significant step toward greater public disclosure in the gold sector.
EU Parliament Passes Privacy-Busting Crypto Rules Despite Industry Criticism
The European Union proposing controversial measures to outlaw anonymous crypto transactions could stifle innovation and invade privacy. It will continue to lose ground against other more open-minded countries if it continues to regulate new technologies in the same manner.
The bill aims to expand anti-money laundering (AML) rules that currently apply to fiat payments of more than €1,000 ($1,114). It also eliminates the floor for cryptocurrency payments, requiring that even the tiniest crypto transactions be identified, including those made with unhosted or self-hosted wallets. Unregulated cryptocurrency exchanges could be cut off from the regular financial system, according to other proposals on the table. Transfers would be prohibited to “non-compliant” crypto service providers, which include those operating without authorization in the EU or that are not affiliated to or established in any jurisdiction.
Despite objections from significant industry participants and legal experts who warned that overly harsh privacy breaches might face lawsuits in EU courts, the decision was upheld on Thursday.
Binance Upgrades Blockchain bridge to Connect DeFi and CeFi
Cross-chain protocols are one of the most popular methods for Web3 companies to expand their Layer 1 blockchain’s capabilities. Binance is going to be the first cryptocurrency exchange to provide users with seamless integration of Centralized Finance (CeFi) and Decentralized Finance (DeFi) assets through the newly introduced cross-chain protocol, Bridge 2.0. It will allow users to connect assets from any blockchain to the Binance Chain in a rapid and secure manner.
With the introduction of blockchain technology, conventional banks are no longer the only option for financial services. Users can access transactions; and lending and borrowing services without any middlemen. Users can connect tokens from their native blockchains to the Binance Chain using traditional deposit and withdrawal capabilities. In the future, Binance aims to release a superior version of its mobile app that will allow users to do so with a single click.
Binance Bridge 2.0 will make it easier for a global audience to access DeFi, whilst still providing the same smooth user experience as CeFi does.
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