How is the tech ecosystem holding up amid the pandemic?
From a rise in digital asset values to the laudable use of blockchain technology for tracking health status, here are some of the week’s updates from March 15th to 21st
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The world is currently facing an unprecedented roadblock in the COVID 19 pandemic. Several business operations have been halted, as people are asked — or even required — to stay home. However, in the midst of the pandemic, the tech world has witnessed some encouraging news during this week.
Digital assets grew $23.8 billion in 24 hours
There was a sharp rise in the value of digital assets within 24 hours to the tune of US$175.98 billion according to reports. The rise comes amid the ongoing coronavirus pandemic that has affected the stock and digital assets markets negatively.
There have been large selling volumes that caused the market to plummet in the previous week. However, the news of the sudden rise comes as a welcome development and a hope that the market may move steadily upward in the coming weeks.
Funds seeking to raise for their portfolios amid health crisis
Sequoia Capital has made known its plans to raise about US$7 billion for a set of venture funds. While economists and experts warn of a global recession, the firm sees such moments as opportunities to support startups in light of these trying times.
According to Alfred Lin, Sequoia partner, “We need to focus on survival. For many of our founders, that means focusing on their cash flow and understanding how much cash they have to get to the other side.”
Economic stimulus for startups/portfolios
Small businesses are being hit badly by the pandemic. While most companies are currently experiencing losses and may consider drastic options such as downsizing, some have found renewed purpose, such as enterprise platforms. For example, Zoom Video Communications Inc. has seen an upsurge in daily usage after providing schools and businesses the ability to work together amidst social distancing and lockdowns.
Read more: Can virtual banks accelerate initiatives toward cashless and smart nations?
Meanwhile, Japan’s Soft Bank Group Corp. has announced its plans to raise an additional US$10 billion to support its portfolio companies that have been negatively affected by the coronavirus pandemic. This will go a long way in cushioning the effects of the pandemic on business operations, which will hopefully lead to sustainability amidst the challenges.
New blockchain system to track people not infected with viruses
As medical experts and scientists tirelessly work on finding a cure for the coronavirus disease, the Netherlands-based Public Health Blockchain Consortium (PHBC) has decided to leverage blockchain technology to cater to healthy individuals and prevent them from contacting high-risk viruses.
It recently announced the release of a blockchain-based system designed to track the movement of individuals not infected with high-risk viruses. The impetus behind the development is to help healthy people avoid potentially life-threatening diseases.
According to the administrator of the PHBC, Ayon Hazra, “PHBC’s virus-free monitoring blockchain can automatically identify zones with and without validated incident reports by integrating real-time information from virus surveillance providers with artificial intelligence and geographical information systems. Those areas without validated reports of contamination are elevated to safe zone status. Communities and workplaces can maintain such safe zone status if they restrict access to anonymously identified persons and only allow movement to and from other safe zones.”
The use cases of decentralized technology in light of this ongoing concern may include interfacing with IoT in order to keep track of test results and treatments. This will result in better transparency since records are decentralized and immutable — and it will not have to pass through bureaucratic channels. Another important application in light of the lockdowns currently being enforced across the globe would be in smart cities and supply chain management, which is increasingly a concern especially as a lot of people are working remotely.
Paypal on the search for AML expert
The need for regulations and Anti-Money Laundering laws to help curb cybercrimes and prevent illicit financial activities online cannot be overemphasized. Law enforcement agencies, government, and several cybersecurity firms have placed all hands on deck to ensure compliance frameworks and AML laws are followed.
In line with this, payment platform PayPal recently announced on its search for an AML expert with vast experience in blockchain technology.
This shows organizations are also playing their part in ensuring AML laws and frameworks are adopted, whilst also recognizing the vital role of blockchain technology in facilitating this. RegTech and ComplianceTech businesses are on the rise. Companies like PARSIQ and Chainalysis provide transparency and intelligence services to the decentralized tech market. Meanwhile, Uppsala Security provides a crowdsourced threat intelligence platform for securing decentralized applications.
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The Elevate Ventures Team curates a weekly roundup of news and developments relevant to technology, innovation, and business. Get in touch with us to contribute, engage our experts, or become part of our network.
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