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How Is Web3 & Blockchain Transforming Business Solutions

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Large-scale corporations such as Starbucks, Microsoft, and large banks are embracing the blockchain revolution. They’re not only interested in the technology, but also in the implications for their business practices. What is the value of the crypto niche for embedded firms, and how are web3 and blockchain transforming business solutions?

The entire extent to which blockchain technology and Web 3.0 will provide business solutions to huge organizations is unknown. Certain basic principles, however, like tokenization, user governance, decentralization, and a new interconnection, embody the new iteration of how they will conduct business.

The Evolution of the Web

Tim Berners Lee devised the initial generation of the World Wide Web, subsequently known as Web 1.0, in 1989. The basic web languages HTML and HTTP were invented by the British computer scientist.

Most ‘normies’ were just oblivious of the web until 1993, when Mosaic, the first popular browser, was released. Google (which recently celebrated its 25th anniversary) controlled the search engine business in a matter of years, and Web 2.0 was born. An improved interactive web with features such as blogs and social networks that gave our time ‘online’ a whole new meaning.

Web3: The Third Generation

The internet has come a long way since its inception, and the reasons why people check their phones first thing in the morning and last thing before bed are certainly far from the original vision of the internet’s forefathers. 

But what if we told you that the way the internet already controls our lives pales in comparison to what will happen when we embrace Web 3.0?

As Web2 evolves, its powers to modify what we hold dear (and not so dear) will rise, thanks to the underlying blockchain technology that this next evolution employs.

Business Solutions for Enterprises using Web3 and Blockchain

As previously said, blockchain is a critical underlying technology with innovative capabilities that operate in the background. However, things become more substantial when these underlying codes are deployed in real-world application layers rather than just for speculation or capital gains-driven hype.

Blockchain technology can and is being used in a variety of industries. Consider the following application layers:

Finance

Crypto, which was once a major “FU” to the banking sector, is gradually losing its basic message. As banks adapt to current developments, the anti-bank rhetoric may backfire as these affluent industries adopt whatever the blockchain deems essential.

According to a recent CitiBank interview (video below), the sector intends to use blockchain technology to provide a “always-on” infrastructure that operates 24 hours a day, seven days a week. This is due to the fact that large international clients frequently need to maintain many bank accounts across regions for payments, which is both costly and inefficient for both parties. Blockchain addresses some of these issues.

Aside from tokenized deposits, programmable tokens via smart contracts have functions that help bankers as well. The implementation of smart contracts means, in their instance, laying off personnel and minimizing paperwork by eliminating the intermediary through automation.

Crypto fans should not be alarmed or believe the game is over. They should also not expect their investments in “banking” coins to increase as Citibank and other institutions work to create permissioned blockchains. If banks adopt blockchain and Web 3.0, it will be on their terms and on a permissioned basis.

Consumer Behaviour

Remember that what drives huge organizations are their ‘consumers,’ and unlike their treatment on Web 2.0, where digital behemoths monetize user data and treat them horribly, Web 3 promises a brighter future. But what advantages does Web 3 provide to these digital behemoths?

Well, the non-fungibility of tokens – NFTs on Web 3 enables activities such as identity ticketing, digital ownership, and loyalty programs without the burden of merging separate papers and has a good impact on the brand interaction with customers.

Decentralized Autonomous Enterprise

Decentralization in business solutions refers to a change in control from central authority to the voice of individual players. Businesses may begin to pay more attention to and cater to local communities in order to increase the quality of interactions between customers and sellers. 

Community-specific kinds of money can be developed utilizing enterprise native tokens. And those might be utilized to create other currencies, enticing the community to participate and grow even more loyal to their preferred company.

New Data Economy

Another pillar of blockchain is the distributed ledger, which serves large organizations as well.

Because no single organization has access to the data required to solve systemic global issues, enterprises may find it beneficial to collaborate and share data on the blockchain. 

This includes, for example, corporate solutions to carbon emission quotas imposed on major corporations by huge governments and regulatory frameworks.

The immutable ledger’s transparency can help develop confidence between companies or the general public, and it allows businesses to cut wherever necessary without manipulating. 

Read Also: The Role of Cryptocurrencies in Financial Inclusion

Supply Chain Management

This tamper-proof method provided by blockchain is also suitable for better supply chain management, which, due to their interdependence, causes numerous business challenges. Large organizations can now concentrate on product traceability, authenticity, process transparency, and the digital representation of physical assets.

Companies, for example, may now trace items from raw materials to the final customer, providing insight into industry bottlenecks and pain points. In the midst of an energy and climate crisis, this skill might significantly cut energy waste and improve efficiency. 

What Is Holding Back Web3 & Blockchain Transforming Business Solutions? 

So, why isn’t every organization on the blockchain, and why are we still talking about widespread blockchain adoption? Because there are still some barriers preventing large organizations from completely embracing this new technology.

One of the most significant challenges is the intricacies that comprise ‘the’ blockchain, if one exists. As a result of the lack of education, many businesses are unsure where to begin and may need to establish a proper strategy.

Web3 does not interface well with current systems in other organizations, thus we see them forking old chains and updating the code where necessary, even if it means developing an altogether new system.

Other challenges arise when looking at regulatory issues and their lack of clarity. If authorities eventually provide a real, reasonable, and unambiguous framework, we may see more businesses dabbling in decentralized waters. 

Conclusion

Knowing what is happening in the public eye, we can use our imagination to fill in the blanks regarding what might be going on behind the scenes. It’s safe to say that major corporations are investigating or are currently utilizing blockchain technology for business solutions.

As the list of use cases for our crypto niche grows, we see that the most applicable business solutions this new generation has to offer include managing large amounts of data, creating a new economy, and providing a tamper-proof infrastructure that can assist in coordinating organizations all over the world in search of a better future.

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Cryptocurrency Market Update: Bitcoin Slips Below $70,000 Amidst High Liquidation

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In a swift turn of events, Bitcoin (BTC), the pioneering cryptocurrency, dropped below the $70,000 threshold early on Wednesday following a wave of investor sell-offs. Just a day prior, Bitcoin had crossed the $71,000 mark, but market sentiment swiftly shifted, dragging other major altcoins—including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC)—into the red zone.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 75 (Greed) out of 100, indicating a mix of optimism and apprehension among traders. Notably, the Bittensor (TAO) token emerged as the top gainer with a remarkable 24-hour surge of over 7 percent, while dogwifhat (WIF) experienced the largest loss, plummeting nearly 16 percent.

Bitcoin (BTC) Price Update Bitcoin’s price tumbled to $69,089.01, marking a 24-hour dip of 3.05 percent, as reported by CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 60.93 lakh.

Other Major Cryptocurrencies Ethereum (ETH) saw a 24-hour loss of 4.81 percent, trading at $3,508.86, while Dogecoin (DOGE) registered a dip of 5.59 percent, currently priced at $0.1879. Litecoin (LTC) and Ripple (XRP) also experienced losses, with Solana (SOL) marking a 24-hour loss of 3.44 percent.

Top Gainers and Losers Bittensor (TAO) led the pack of gainers with a 7.30 percent surge, while dogwifhat (WIF) suffered the most significant loss, dropping by 15.58 percent.

Market Analysis and Expert Insights Experts weighed in on the market scenario, attributing Bitcoin’s downturn to heightened liquidations and cautious sentiment ahead of the upcoming US CPI data release. While Bitcoin’s immediate support rests at $67,700, resistance is expected at $70,400. Ethereum proponents face challenges amid hopes for an ETF approval, with the SEC providing limited updates on the matter.

Final Thoughts The cryptocurrency market remains highly dynamic, with prices fluctuating rapidly and investor sentiment playing a pivotal role. As the market navigates through volatility, it’s essential for investors to stay informed, exercise caution, and seek expert advice before making any investment decisions.

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Cryptocurrency: A Scapegoat for Foreign Policy Failures?

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Cryptocurrency has once again found itself at the center of a heated debate, this time regarding its alleged role in facilitating illicit activities and circumventing sanctions imposed by the United States. The Biden administration, in particular, has come under scrutiny for its handling of the issue, with some accusing it of using digital assets as a convenient scapegoat for broader foreign policy shortcomings.

In a recent hearing before the Senate Banking Committee, Deputy Treasury Secretary Wally Adeyemo raised concerns about the misuse of cryptocurrencies by foreign adversaries such as Iran, Russia, North Korea, and militant groups like Hamas. Adeyemo’s remarks underscored a growing unease within the U.S. government regarding the potential national security implications of unregulated digital currencies.

However, voices from within the cryptocurrency industry and Congress have pushed back against the administration’s narrative. Faryar Shirzad, Chief Policy Officer at Coinbase, one of the leading cryptocurrency exchanges, pointed out that the prevalence of illicit activity in the crypto space is relatively low compared to traditional finance. Instead of demonizing cryptocurrencies, Shirzad argued, the focus should be on targeting bad actors operating offshore.

Senator Tim Scott, the ranking Republican on the Senate Banking Committee, echoed these sentiments, accusing the Biden administration of using digital assets as a distraction from its failure to effectively combat financial flows to sanctioned entities. Scott’s criticism reflects broader skepticism among some lawmakers about the government’s approach to regulating cryptocurrencies.

One area of potential agreement between the Biden administration and the cryptocurrency industry is the need for clearer regulations governing stablecoins, a type of digital asset pegged to a fiat currency like the U.S. dollar. Both sides recognize the importance of addressing the potential risks associated with stablecoin issuance and usage, particularly in the context of national security and financial stability.

The debate over stablecoins has intensified following reports of their alleged role in facilitating illicit transactions, including those linked to Russia’s war effort in Ukraine. The Treasury Department has called for increased oversight of stablecoin issuers and transactions, while also advocating for legislation that would subject them to stricter regulatory standards.

Despite the contentious nature of the discussion, there are signs of bipartisan cooperation on certain aspects of cryptocurrency regulation. A bipartisan bill addressing stablecoin regulation passed the House Financial Services Committee last year, signaling a potential path forward for legislative action in this area.

As the debate over cryptocurrency regulation continues to unfold, it is clear that finding the right balance between innovation and security will be paramount. While concerns about illicit activity and national security must be addressed, policymakers must also recognize the potential benefits of cryptocurrencies in fostering financial inclusion and technological advancement.

Ultimately, the resolution of these issues will require thoughtful collaboration between government officials, industry stakeholders, and lawmakers to develop a regulatory framework that promotes innovation while safeguarding against misuse. Only through constructive dialogue and cooperation can we ensure that cryptocurrencies fulfill their potential as a force for positive change in the global economy.

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Bitcoin Resurgence: Why Wall Street Is Embracing the Crypto Revolution

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Andrew Pratt of Wiser Wealth Management in Marietta, Ga., finds little resistance as he proposes Bitcoin investments to his firm’s committee. With Bitcoin surging 140% in the past year and backed by giants like BlackRock, skepticism has waned. Pratt sees the potential to allocate a modest 1% of client portfolios to Bitcoin, acknowledging the limited downside risk compared to potential gains.

The debate over Bitcoin’s intrinsic value seems to have lost its relevance amidst its soaring market performance. Once dismissed, Bitcoin now boasts a market value of $1.3 trillion, driving the total crypto market to $2.5 trillion. Wall Street, once wary, now views cryptocurrency as an opportunity for profit rather than a speculative venture.

Despite lingering doubts about Bitcoin’s utility beyond speculation, Wall Street executives are increasingly supportive. BlackRock’s CEO, Larry Fink, notably reversed his stance, endorsing Bitcoin’s long-term prospects and championing the iShares Bitcoin Trust, now one of the largest Bitcoin ETFs with nearly $18 billion in assets.

While skepticism persists about Bitcoin’s status as a real asset or currency, its growing acceptance on Wall Street underscores the evolving landscape of finance. As institutions embrace cryptocurrencies, Bitcoin’s journey from pariah to portfolio asset highlights the transformative power of digital assets in reshaping traditional investment strategies.

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