Tag Archives: cases

DeCC Day Token 2049 Singapore – Use Cases With Commercial Application

DeCC Day Token 2049 Singapore – Use Cases With Commercial Application

During the Token 2049 week in Singapore, the DeCC event hosted a panel discussion titled “Use Cases with Commercial Applications.” Moderated by Anndy Lian, a book author and governmental blockchain advisor, the panel featured prominent figures in the blockchain industry: Gavin Thomas, Co-Founder of TEN Protocol; Josh Wyant, Founder of Novapolis; Cal, Lead Developer at SquidGrow and SilentSwap; and Juan Mari, CEO of Blok Assets. The discussion delved into the practical applications of blockchain technology, focusing on privacy, regulatory challenges, and the potential for blockchain to revolutionize various industries.

The panel began with introductions, setting the stage for a deep dive into the commercial applications of blockchain. Juan Mari introduced Blok Assets, a firm based in Puerto Rico that builds legal structures within the SEC and FCA frameworks to tokenize assets. Gavin Thomas highlighted TEN Protocol’s work on an encrypted layer 2 for Ethereum, while Josh Wyant described Novapolis as a decentralized cloud platform with a community-centric approach. Cal, representing SilentSwap, explained their focus on privacy swaps powered by the Secret Network, enabling asset exchanges across multiple EVM chains.

The discussion quickly turned to privacy, a critical aspect of blockchain technology. The panelists shared various case studies illustrating the importance of privacy in commercial applications. Gavin Thomas cited the Italian banking system’s use of an enterprise-grade blockchain, which incorporates privacy into its design. He emphasized the potential benefits of moving to public blockchains with confidential computing, which could reduce vendor lock-in and foster competition, ultimately benefiting consumers.

Cal shared insights from SilentSwap’s journey, initially targeting consumer users but later attracting business clients who also required privacy. He highlighted the need for privacy in business transactions, where competitors should not have access to each other’s financial details. This need for privacy extends to various scenarios, such as venture capitalists being copy-traded or competitive traders being front-run by rivals. SilentSwap is now developing a business-to-business SDK to address these privacy concerns.

Juan Mari pointed out the lack of protocols for transfer agents in the tokenization of real-world assets. He stressed the need for a transfer agent with robust data privacy layers, especially when dealing with regulatory bodies like the SEC and FCA. The absence of such a solution presents a significant opportunity for innovation in the blockchain space.

The conversation then shifted to the role of confidential computing in governance and regulatory compliance. The panelists discussed how confidential computing could enable secure voting and other governance applications while maintaining privacy. They acknowledged the challenges governments face in balancing privacy with regulatory requirements, such as anti-money laundering (AML) and know-your-customer (KYC) processes. The panelists emphasized the importance of educating regulators about the benefits of blockchain technology and the potential for confidential computing to enhance security and privacy.

Anndy Lian raised the issue of privacy in the context of meme projects, questioning its importance in such communities. The panelists agreed that privacy remains crucial, even in meme projects, as it allows developers and traders to maintain anonymity and protect their identities. They shared anecdotes of individuals who have faced challenges due to a lack of privacy, underscoring the need for solutions that enable users to control their data and identities.

The panel also addressed the challenges of promoting and educating users about blockchain technology. They noted that many blockchain projects struggle to communicate their value propositions effectively, often using complex terminology that alienates potential users. The panelists suggested simplifying the user experience and abstracting away the complexity of blockchain to drive adoption. They emphasized the need for a “killer app” that showcases the benefits of blockchain without requiring users to understand the underlying technology.

In discussing the future of blockchain, the panelists expressed optimism about its potential to transform industries such as trade finance. They highlighted the inefficiencies in traditional trade finance processes, which involve extensive paperwork and reliance on third parties. Blockchain technology, with its ability to facilitate secure and transparent transactions, could streamline these processes and reduce friction. The panelists envisioned a future where blockchain underpins global trade finance, enabling more efficient and secure transactions.

The panel concluded with a discussion on emerging use cases for decentralized applications (dApps) that offer significant value for commercial adoption. They identified trade finance, real-world asset tokenization, and privacy-preserving advertising as areas ripe for innovation. The panelists also highlighted the potential for confidential computing to extend beyond web 3.0, enabling web 2.0 applications to incorporate privacy-preserving features.

Overall, the panel discussion at DeCC provided valuable insights into the commercial applications of blockchain technology. The panelists highlighted the importance of privacy, the challenges of regulatory compliance, and the potential for blockchain to revolutionize industries. As blockchain technology continues to evolve, it holds the promise of transforming how businesses operate, offering new opportunities for innovation and growth.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Blockchain for Business: Top Use Cases, Benefits & Pitfalls in 2024

Blockchain for Business: Top Use Cases, Benefits & Pitfalls in 2024

A blockchain is a shared and immutable data storage technology that is used for payments, supply chain management, trade operations, tokenization, and privacy solutions.

The technology is finding its way into the corporate world because of its unique properties that allow the creation of programmable, transparent, accessible, secure, and trustless systems.

Anndy Lian, an intergovernmental blockchain expert, told Techopedia:

“It is not just financial systems; blockchain can empower individuals to take control of their personal data and privacy, mitigating risks associated with centralized data storage. We’re at the early stages of understanding how blockchain and crypto can revolutionize various industries. From supply chain management to healthcare, the potential applications are vast.”

What are the benefits of blockchain applications? What are the challenges that companies may face when adopting blockchain tech? We explore these and highlight some of the most popular use cases of blockchain for businesses in various sectors.

Key Takeaways

  • Blockchain tech has unique properties that allow the creation of programmable, transparent, accessible, secure, and trustless systems.
  • Blockchains are used for payroll, supply chain management, trade operations, tokenization, privacy, and retail operations.
  • Businesses can use public blockchains like Ethereum or create their custom private blockchains.
  • Businesses can use blockchain to build trust, improve privacy, reduce costs, facilitate cross-border payments, and more.
  • Uncertainty around crypto regulation is a key hindrance in adopting blockchain technology.

What Are the Major Blockchain Applications Across Industries?

Here are some of the most popular blockchain use cases and examples of using blockchain for small businesses and large corporations.

Six Popular Blockchain Use Cases

Payroll

Payments are an obvious use case of blockchain technology. The cryptocurrency industry has used blockchain technology as a bedrock to build peer-to-peer payment systems, while governments are leveraging blockchain technology to create central bank digital currencies (CBDCs).

The growth of remote work has also helped this trend grow as crypto payments facilitate easy, quick, and cheap cross-border payments.

For example, the human resources (HR) management platform Deel allows companies to pay and contractors to receive their salaries in BTC, ETH, USDC, Dash (DASH), Solana (SOL), and BUSD.

Supply Chain Management

Blockchain supply chain management solutions modernize complex chains that have numerous intermediary parties, processes and endpoints.

The transparent and immutable nature of a blockchain ledger ensures that all concerned parties have a single trusted source of information while providing information in real time to all concerned parties.

Blockchain supply chain solutions also reduce paper-based processes and email exchanges and allow automation, thereby increasing transaction speeds.

Trade management company Covantis created a network to process the execution of bulk agricultural trade operations from the appointment of third-party providers to sharing of documentary instructions and generating drafts and final documents.

Trade & Commerce

Blockchain solutions for trade and commerce created a reliable platform to help buyers find sellers, negotiate with each other, and complete the trade without having to meet each other.

These trading platforms store agreed-upon contracts on the blockchain, while smart contracts custody funds and automate payments when real-world conditions are met. All the information remains visible to all parties on the blockchain.

IBM created a blockchain-based trade management platform we.trade that solves the issue of lack of trust. Importers and exporters that don’t know each other can securely connect with each other on we.trade.

Real World Asset (RWA) Tokenization

Tokenization of real world assets is a promising blockchain use case for businesses that want to increase market liquidity for illiquid assets like real estate. Tokenization can also be used to safeguard intellectual property like copyrights and patents by storing them on an immutable blockchain network.

RWA tokenization is among the top five crypto market trends and technologies in 2024. Traditional finance companies are tokenizing illiquid real estate and fine art into thousands of digital tokens, bringing down the entry barrier for small investors. At the same time, the global nature of public blockchains like Ethereum (ETH) has allowed RWA tokens to reach investors from across the world.

Lian said:

“I believe that tokenization has the potential to democratize access to investment opportunities, allowing individuals from diverse backgrounds to participate in previously inaccessible markets.”

The world saw the first tokenization of real estate in June 2019 when a luxury property called ​​AnnA Villa in France was divided into thousands of digital tokens on the Ethereum blockchain with a minimum entry ticket of investment of €6.5. The tokens came with ownership rights, voting rights, and a one-year vesting period for initial token holders.

Decentralized Identity

Data privacy and security are key issues that businesses have to deal with every day. Using blockchain technology, corporations can leverage a privacy-preserving identity management system called decentralized identity.

Decentralized identities are stored on the blockchain and are not controlled, managed, and stored by centralized third parties. The use of zero-knowledge proof technology, which is gaining popularity on public blockchains, allows organizations to create identifications and certificates that can be verified without revealing any information. Decentralized identification prevents certificate fraud, fake credentials, slow verification processes, and data leaks.

Health-focused enterprise enablement company BurstIQ provides a blockchain-powered platform called LifeGraph that manages sensitive health data. Healthcare and life sciences companies can secure customer data to a single source where participants can control others’ access to their data. Permissioned data can be analyzed, without violating data privacy norms, for improved efficiency, better decision-making, and increased effectiveness in medical processes.

Non-Fungible Tokens (NFT)

Although crypto NFTs are typically associated with absurd market prices, their broad use cases are often misunderstood. Consumer brands like Nike, Puma, and Louis Vuitton have used NFTs as a marketing tool and as a way to digitize and enhance shopping experience.

Since acquiring digital art studio RTFKT in 2021, Nike has occasionally released exclusive NFTs that can be redeemed for physicals. Similarly, in 2023, French luxury fashion house Louis Vuitton sold “phygital” NFTs called Treasure Trunks – worth €39,000 a piece, as reported by Vogue – that granted owners access to goods and experiences.

In September 2022, Starbucks piloted a customer rewards program powered by NFTs called Starbucks Odyssey. However, the company later shut the program in March 2024.

Benefits & Pitfalls of Blockchain for Business

Benefits

  • Trust
  • Improved Privacy & Security
  • Reduced Costs
  • Faster Settlements
  • Programmability & Customizability
  • Tokenization

Challenges

  • Technical Expertise & Investment
  • Regulation Uncertainty
  • Risk of Hacks
  • Limited User Adoption
  • Energy Consumption
  • Scalability & Interoperability

Benefits of Blockchain for Business

Here are the key benefits of using blockchain tech for business operations:

1. Building Trust

Blockchains when paired with smart contract technology can create trustless systems that are immutable, transparent and objective in nature. In a world where there is growing distrust over corporate practices, the use of blockchain technology can help generate trust.

2. Improved Privacy & Security

Although blockchains are not immune to hacks, the development of cryptographic technologies such as zk-proof can ensure data privacy and safety. ZK-proof technology is especially useful in protecting private data as it allows data verification without revealing any information.

Businesses can also leverage public blockchains such as Ethereum to store data and transact upon. The decentralized nature of public blockchains ensures that no centralized party has the power to modify or delete stored data.

3. Reduced Costs


Blockchain technology can help organizations reduce costs by making supply chain and trade management systems efficient, transparent, and accountable. This is especially useful for corporations that have to conduct business operations on the assumption of trust.

4. Faster Settlements

The use of blockchain technology shines when it comes to payments. Cryptocurrency blockchains are global in nature and operate 24/7 making them perfect channels for cheap and immediate cross-border payments.

Unlike the traditional banking sector, businesses will not have to wait for banking hours for settlement and will not incur multiple fees applicable in international money routing.

5. Programmability & Customizability

Businesses have the choice to use different types of blockchains depending on their needs. For example, public crypto blockchains are suitable for handling payrolls, while private blockchains can be developed to allow access to only concerned parties within a supply chain or trade operation.

Furthermore, the use of programmable smart contracts allows the development of applications that use the underlying blockchain networks for data storage and transaction settlement. Smart contracts also allow automation where transactions self-execute when specific conditions are met.

6. Tokenization

Tokenization fits financial use cases. The borderless nature of public blockchains like Ethereum and Solana allows tokenized financial assets to attract a wider pool of investors from across the globe.

Potential Challenges & Pitfalls

Here are the biggest barriers to blockchain adoption in business:

1. Requirement of Technical Expertise & Investment

Businesses will incur costs when recruiting blockchain experts and implementing blockchain technology. The use of public blockchains will require businesses to pay gas fees and auditing fees when setting up applications and smart contracts. Meanwhile, the development of private blockchains from scratch may be expensive and time-consuming due to its complexity.

2. Regulation

The uncertainty around cryptocurrency regulations is one of the biggest challenges in implementing blockchain technology for businesses. Cryptocurrency and blockchain applications often face difficulty finding banking partners in regions with unfriendly and unclear crypto regulations.

The uncertain crypto rules and regulations can hamper business progress and discourage customers from using blockchain-based applications.

3. Hacks

Blockchains are not immune to hacks. 51% attacks, double-spending, and sybil attacks are key risks to public blockchains. Furthermore, businesses must conduct thorough audits of their smart contracts before deployment or risk being compromised.

4. Limited User Adoption

Blockchain technology is relatively nascent, and therefore, businesses may encounter resistance from trade partners, supply chain management parties and consumers when they introduce blockchain-based solutions. Low awareness about blockchain and cryptocurrency technology among concerned parties is a major hurdle in this area.

5. High Energy Consumption of Proof-of-Work Blockchains

Proof-of-work (PoW) blockchains like Bitcoin are criticized for their high energy consumption rates and carbon footprint. Businesses looking to use these blockchains may attract criticism from customers and investors.

6. Scalability

Public blockchains like Bitcoin and Ethereum often face scalability issues that have resulted in limited network throughput. High transaction volumes on these networks can result in transaction execution failure, exorbitant transaction fees, and delayed transaction processing.

7. Interoperability

Blockchains are often referred to as “data silos” as they tend to exist in isolation from other blockchain networks.

The lack of interoperability between blockchains leads to inefficiencies as businesses will have to rely on third-party solutions to retrieve data from a foreign blockchain.

Fragmentation of data can also hinder collaboration and stifle innovation between businesses or departments within a corporation.

The Bottom Line

Blockchain is a revolutionary technology that offers unique value propositions like trustlessness, transparency, immutability and decentralization.

When duly implemented, blockchain can help corporations make their business operations more efficient and bring about a social and cultural change where trustless and transparent systems become the norm.

 

Source: https://www.techopedia.com/blockchain-for-business-your-enterprise-guide

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Mid-Day Mumbai News: How reflective tokens and real-world use cases can work together

Mid-Day Mumbai News: How reflective tokens and real-world use cases can work together

Mumbai`s homegrown newspaper – Mid-Day is a 41-year-old brand. Thank you for listening to my inputs.

The media outlet has quoted my points on how reflective tokens and real-world use cases can work together. Taking Dogecola as an example. The Cola sold will be used as a form of funds to support its crypto pricing. The added-on elements such as GameFI and NFT would create a better bond and interaction between the brand and the consumers.

The combination may not be rocket science but they are certainly making traditional companies think about how tokenization would work for their business.

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Why DogeCola Is the Reflective Token To Watch

Following news that the ‘king’ of meme coins Dogecoin has relaunched its foundation with plans to become a serious global cryptocurrency, is DogeCola ‘on trend’ as a  meme coin worth taking seriously? Meme coins are tokens backed by crypto influencers and investors have rapidly increased in popularity. CoinMarketCap estimated there were more than 5,000 meme coins available to investors by late June. Created as a joke meme back in 2013 Dogecoin started the trend, rising to prominence after Tesla CEO Elon Musk tweeted about the novel token in April 2019, replying to a tweet saying “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”

While meme coins are a type of cryptocurrency, a key difference between the likes of Dogecoin and currencies like Bitcoin, comes down to utility. Namely that most meme coins, serve no real-world purpose. Even more reason why DogeCola, which is both a reflective token and a soft drink brand, has such potential to grow the meme coin market more sustainably in the future. In just the past week the cola-branded meme token, has delivered on its promise of distributing 1,000 sample cans of the fizzy drink to its token holders. And as its doubling-down on its listing on BigONE exchange with a staking activity, it’s certainly appears worth a closer look.

In this article we’ll therefore review how the ‘reflective’ token mechanism works to maintain price stability, the role the DogeCola soft drink brand plays in its growth, and what this could mean for the chances of success in such a fast-moving meme-market place.

 

Taking a look ‘under the hood’ of DogeCola

Auto-boost function: The auto-boost feature helps distinguishes DogeCola from the other standard meme tokens on the market. The DogeCola project’s developers added this feature to prevent the all too common ‘pump and dump’ associated with meme tokens. It was designed to make variable repurchasing and token burns based on the transaction volume every 24 hours. The goal is to keep the price of DogeCola high by burning tokens and reducing supply every time a sale is made with the tokens.

Reflection mechanism: The reflection mechanism means the tokens are self-generating and aim to discourage selling by promoting a ‘hold and earn’ use culture. By implementing a reflective mechanism in the token’s smart contract, all transactions involving tokens are ‘taxed’, and rewards are distributed evenly among holders. The DogeCola team does this to encourage the holding their tokens, and the commission on sales is much higher to prevent whales from dumping and driving the price down

Both the auto-boost and reflection mechanism are underpinned by a buy and sell fee structure: on buying 6% is set aside for the auto-boost function, with 2% going reflection to holders and 4% of marketing. While on sales, 7% is for auto-boost function, 7% for reflection to holders and again, 4% allocated to marketing.

Branded cola drink: The DogeCola team has begun the process of bringing their soft drink brand to the market as soon as possible. In a recent interview the DogeCola project’s lead developer, Chris, confirmed that the primary goal is to have the soft drinks readily available for purchase in stores, within the next three to six months. In the meantime, DogeCola token holders this week snapped up the first 1,000 samples. As Jason McLeod of the community-based #stopelon crypto initiative, commented on Twitter: “I definitely think this is the way crypto will go in the future. For me, it’s all about that link from crypto to ‘everyday’ people in the ‘real’ world.” The DogeCola team also plans to fight plastic pollution caused by corporations like Coca Cola, using a community-led vote to determine which eco-charities to support – enhancing their ‘disruptive’ branding in the process.

 

What the crypto experts think of DogeCola?

At the launch of DogeCola in July, Chris the lead dev and founder proclaimed: “If you like Coca Cola, if you like Dogecoin, then you will love DogeCola.”  While the meme coin has risen in price by 556.1% from listing on CoinGecko to its all-time high, with the current price 500% from the listing price, its already has some push back from within its 10K strong international Telegram community. “Please know that you are in a project with a team that many times literally does not sleep in 72 hours; please do not look at x minutes candles in DogeCola; try to be patient, intelligent, trust the process and stick to your guts and vision,” said @Freejo1 in response to such jitters.

Jason Suttie, CMO of Bumper, a new protocol designed to protect the value of your crypto says: “What I find most exciting about projects like DogeCola is the visibility it’s bringing to the crypto space from the general public. Everybody knows Cola, many non-crypto people have now heard about Dogecoin. DogeCola creates a connection between a physical and virtual object which starts to make crypto less scary for the uninitiated. It’s through clever projects like this that crypto will make big steps toward mass adoption.”

Chairman of BigONE, Anndy Lian, says he believes that DogeCola being based on a reflective token mechanism and with a real-world use has a clear advantage in the crypto marketplace: “We are excited to list DogeCola on the BigONE exchange because it’s ticked all the boxes – a smart reflective token mechanism, branded cola drink, a great development team with passionate community behind it.” Certainly, this is supported by news that the team has succeeded in reaching 20k token holders just a couple of days after their CoinMarketCap airdrop on August 27th. And with a DogeCola sponsored NSCAR driver due to be announced shortly to further promote growth, this reflective token is surely one to watch out for.

Source: https://www.mid-day.com/lifestyle/infotainment/article/why-dogecola-is-the-reflective-token-to-watch-23191206

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j