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Blockchain could play major role in UK’s digitisation of trade documents
British businesses will be able to trade easier, faster and cheaper around the world thanks to new plans to remove needless paperwork and bureaucracy.
The Electronic Trade Documents Bill, expected to be introduced in Parliament today, will boost the UK’s international trade, already worth more than £1.4 trillion, and will reduce the estimated 28.5 billion paper trade documents printed and flown around the world daily.
Business-to-business documents such as bills of lading – a contract between parties involved in shipping goods – and bills of exchange – used to help importers and exporters complete transactions – currently have to be paper-based due to longstanding laws.
Under the Electronic Trade Documents Bill, digital trade documents will be put on the same legal footing as their paper-based equivalents to give UK businesses more choice and flexibility in how they trade.
The Bill will modernise old legislation such as the Bills of Exchange Act 1882 and the Carriage of Goods by Sea Act 1992.
Removing the legal obstacle to electronic versions of trade documents will significantly lower administration costs and is expected to provide a £1.14 billion boost to UK business over a ten-year period. It will reduce trade contract processing times from between seven and ten days to as little as 20 seconds, according to Trade Finance Global. Read More
Is 2023 the year we’re able to take control of our data?
Given the importance of sovereignty and data today, it is not possible for people to be fully sovereign without entrusting sovereignty over their own data.
Given the importance of sovereignty and data today, it is not possible for people to be fully sovereign without entrusting sovereignty over their own data. Following suit, people’s sovereignty over their data requires their identity and data also be self-sovereign. With the wider adoption of technologies like artificial intelligence (AI), genetic modification and robotics, establishing self-sovereign lines becomes increasingly critical.
Centralized solutions like Web2 are fundamentally defined by authoritative control. One person or entity owns the system that stores and accesses the data, giving them full control of that data, regardless of what they pledge.
There are several obstacles to face with the adoption of Web3, from educating users to perfecting smart UX design. People have been interacting with the internet for too long to accept its pitfalls that assign them as pawns in Big Tech’s game.
There is a long road ahead when it comes to making self-sovereign data useful. The technology is still in its infancy and requires the construction of real-world infrastructure along with the adoption of new coding paradigms. Beyond making the technology function, it’s important to streamline UX to boost adoption and make decentralized networks more approachable. Read More
DeFi needs to be secure, stable and accessible for all. Here’s how
Several collapses in the past year have highlighted centralization problems, while fragmentation remains another hurdle in this nascent sector.
True decentralization is something that many crypto projects strive for, but the result is often too complicated for everyday users to rely on. So, what’s the solution?
The high-profile failures of big industry players — namely the cryptocurrency exchange FTX — exposed just how centralized the crypto space has become. Former FTX CEO Sam Bankman-Fried now faces a flurry of criminal charges amid allegations that his decision-making directly affected the exchange’s collapse.
Challenges of true decentralization:
While true decentralization has been touted as crucial for unlocking this nascent market’s potential, some protocols that meet this requirement are simply too complicated to use. Poor interfaces and convoluted mechanisms mean customers are at a higher risk of making costly mistakes or even losing their funds altogether. It’s little wonder that a recent CoinShares survey of asset managers (which drew 51 responses from investors who manage $900 billion worth of funds) cited custody as one of the biggest hurdles when adding crypto to portfolios. Read More
Solana Wants to Lead the Crypto Gaming Charge—Here's How
At the PlayGG event, the Solana Foundation shared its strategy for changing the rough narrative around blockchain games.
While naysayers continue to call NFTs and the associated blockchain games a cash grab, the Solana Foundation intends to flip the script and change the narrative, making a public push last week with its PlayGG event in San Diego.
"The reception and the excitement from both the attendees and our developer community has been amazing," Solana Games General Manager Johnny Lee told Decrypt at the event, which spotlighted a variety of games building on Solana.
Lee said the Solana Foundation hoped the free two-day event would entice investors, the media, and local San Diego families to experience blockchain gaming in a way that didn’t emphasize crypto or NFTs. The event included games like Star Atlas, Aurory, and Alchemy: Battle for Ankhos, and featured professional gamers from the G2 Esports team. Read More
Also, Updates On New Integrations And The Markethive Wallet
As the bear market continues with its crypto-cleanse and traders bemoan the adverse price action, some industry leaders opine these conditions will eradicate bad actors and create more significant opportunities for upcoming projects and future participants. Several leading crypto analysts and engineers embrace the idea that this is the time to engage in moves leading to the loftiest gains when the bull cycle returns.
Markethive stands firm with these sentiments and continues to build its next-generation entrepreneurial platform and be ready for the market-cleansed bull run. Those on the Markethive journey may be aware that new features are being integrated into the newsfeed in preparation for the five-channel dashboard housing various feeds.
The innovative five-channel dashboard integration will consist of five newsfeeds—the general newsfeed, the blog, the video channel, curation, and surveys.
It will significantly streamline your activities and business facilitation and will include a search engine so you can build your personal algorithms. This will save time and effort by eliminating what you don’t want to see in your newsfeeds, be more intuitive, and enhance the user experience.
CEO of Markethive, Thomas Prendergast, and the team of engineers have made substantial headway with the wallet. It is all but done, and the release is imminent. It’s not a simple wallet that just transfers coins. It is a complete portfolio and accounts of all your transactions, payments, and affairs, including your ILPs. The wallet comprises fourteen major foundational processes and is your internal wallet on the Markethive database. Read More
Introducing 'Standard on Security' Is Key to Thwarting DeFi Hacks: OpenZepplin Security Lead
A blockchain architect expert told Decrypt that security in the DeFi industry demands a higher level of scrutiny from all participants.
To prevent hacks in decentralized finance (DeFi), the crypto industry needs to commit to universally agreed-upon security standards, the security lead for smart contract auditing firm OpenZeppelin told Decrypt.
Speaking at this year's EthCC event, OpenZeppelin security solutions architect Michael Lewellen emphasized the importance of setting a “standard on security” with a “broad agreement” across the auditing firms and developers in the space to protect users.
Currently, protocols rely on audit reports from blockchain security firms. However, there have been instances in the past where an auditor didn’t find bugs, but the contracts were hacked regardless. Read More
Vyper vulnerability exposes DeFi ecosystem to stress tests
A number of pools using Vyper have been exploited due to a malfunctioning reentrancy lock that potentially exposes all pools with wrapped Ether (wETH).
Decentralized finance (DeFi) protocols are undergoing a stress test following a critical vulnerability was found on versions of Vyper programming language, resulting in the theft of millions of dollars worth of cryptocurrencies on July 30.
A number of pools using Vyper 0.2.15, 0.2.16 and 0.3.0 have been exploited due to a malfunctioning reentrancy lock, targeting at least four liquidity pools on Curve Finance protocol. “The short answer is that everything that could be drained was drained. The targeted pools are aETH/ETH, msETH/ETH, pETH/ETH and CRV/ETH. All remaining pools are safe and unaffected by the bug,” Curve Finance said on Discord.
BlockSec, an auditing firm for smart contracts, noted that the reentrancy could potentially place all pools with wrapped Ether (WETH) at risk of attack. Read More
Charles Hoskinson Announces Goal to Onboard 5,000,000 People to Cardano’s Lace Wallet
Cardano (ADA) creator Charles Hoskinson is announcing a new goal of onboarding five million new users onto the ecosystem’s Lace wallet.
In a new video, the chief executive of Input Output Global (IOG) provides an update to his 318,000 YouTube subscribers on Cardano’s identity-focused project in Ethiopia that aims to archive students’ academic records.
Hoskinson says that his long-term goal is to help onboard five million people onto Lace, Cardano’s web3-enabled crypto wallet.
“We’re just watching student after student get enrolled. The long-term goal is to get five million, that would cover the entire K through 12. It’d be very exciting to get everybody who’s young in the country, 25 or younger, and that would probably be over 20 million or 30 million, but you just have to kind of take it one day at a time.”
However, Hoskinson says progress is being bogged down by a lot of overwhelming bureaucracy, but that Cardano developer IOG and the Ethiopian government are now working together. Read More
We need to fundamentally change how smart contracts operate
Smart contracts should be viewed as “proof-of-concept” rather than as critical for universal adoption. That may mean exploring alternatives.
Smart contracts have reshaped the possibilities of what blockchain and crypto can achieve, and we can all acknowledge that. That doesn’t mean they’re the be-all-end-all solution to widespread adoption.
Being overzealous about any kind of innovation can also contribute to its stalling, or even failure if other factors don’t align. The mentality of assuming new technology is perfect and wondering why everyone hasn’t caught up to its genius is outdated. Not only does it create an adversarial relationship when inevitabilities, such as regulation, arise, but it also diminishes the motivation to improve on new applications to maximize their value.
Smart contracts and companies building their products around their implementation are now nearing this impasse. So, what can be done to close these gaps and potentially set the stage for an alternative? Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
