Blockchain weekly digest — futuristic May the 4th
By Emily on The Capital
Dictionary: futuristic — adjective — ahead of the times; advanced.
Blockchain promises so much, but as with any new technology, it can be confusing to decision-makers as this technology goes against current digital business transformation strategies.
So, how do you know if you are backing the right blockchain solution?
In these weekly digests, you will get the highlights of blockchain news from around the world, which will give you an insight into the themes developing with this innovation.
Technology trailblazers
It is no surprise that blockchain is at the forefront of helping solve some of the world’s most significant problems. This transformative technology is a movement for trailblazers and those who look to building a more inclusive future.
As such week on week, we see Governments trying to figure out how to work with legislators and consortia to set-up new operating principles for this emerging technology.
In a previous weekly digest, I highlighted China’s initiatives, this week, Switzerland issued new industry principles for custody and management of digital assets.
The Capital Markets and Technology Association (CMTA) is an independent Swiss association. Bringing together experts from the financial, technological, and legal sectors to promote the use of innovative technologies in capital markets.
In their latest document, the CMTA have issued guiding principles on these digital assets.
“A digital assets custody solution is fundamentally a system that generates secrets and performs computations using said secrets while preventing their theft and unrecoverable loss.”
This document from the CMTA details that securing private keys is critical for investors interested in digital assets in capital markets.
What is a private key?
A private key is a cryptographic key that can be obtained and used by anyone to encrypt messages intended for a particular recipient. The encrypted messages can be deciphered only by using a second key that is known only to the recipient.
Their point is that storage of your private key is critical, as devices can be lost, stolen, or even hacked.
Climate Change
PlanetWatch is a company building a global network of air quality sensors and environmental ambassadors. This global sensor network will be installing air quality sensors outside their homes or carrying sensors while traveling.
The granular climate data collected will be input onto the Algorand blockchain to create a permanent air quality repository accessible to all participants.
PlanetWatch has a three step strategy;
1. Sense
A Planetwatch sensor to generate real-time air quality data from your location.
2. Stream
Stream data to PlanetWatch and help build the first immutable air quality data ledger in the world.
3. Earn Tokens
Validated air quality measurements and earn Planets. The PlanetWatch utility token issued on the Algorand blockchain. These are climate change tokens you can exchange against valuable goods and services.
Future of transport
Sony unveiled its Blockchain Common Database platform, which is using blockchain to solve transport service solutions.
Sony’s solution provides users with information on optimal routes, fares, car-sharing, and on-demand mobility services. The Sony blockchain for Mobility as a Service solution covers the full solution from booking a ticket to the final payment.
Blockchain mobility solutions can help in developing the future needs of smart cities by analyzing movement.
Conclusion
You are now seeing the foundations for enabling new payment services for the future of optimizing smart cities, and it is well-worth considering blockchain to be part of our future-proof strategy for you and your business.
If you liked this weekly digest, please check out my other insights here or follow me on Twitter!
Stay safe, folks!
