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Blockchain infrastructure and development for the era of utility

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We’re now well and truly into the era of utility for blockchain technology. Going forward, the technical elements, infrastructure, and development of various blockchains will come more sharply into focus.

At this year’s London Blockchain Conference, the technical capabilities of utility blockchains will be the central point of discussion and debate. If you have something to say, this is the blockchain event for you.

An irreversible shift in focus

Back in the early days of the Dot Com era, there was a feeding frenzy. Anyone and everyone bought anything and everything, pumping the prices of worthless companies to ridiculous valuations and making lots of people who did nothing of real value exceedingly rich. The same thing happened in the past decade with blockchain technology.

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However, that era of frenzied speculation is slowly coming to an end. As business giants like IBM (NASDAQ: IBM), international financial bodies like the International Monetary Fund (IMF) and Bank for International Settlements (BIS), and governments from the United Kingdom to the Philippines begin to experiment with and utilize blockchain technology, the focus is shifting to solutions that can deliver on a technical level.

Rather than the circulating supply of coins and technical graphs of prices, serious businesses and organizations are interested in transaction throughput capacity, fees, and whether apps can be built to scale. Reliability, scalability, and legal compliance are important to the organizations now looking at blockchains as the distributed databases and immutable ledgers they are.

This is always the way: eventually, serious players will find legitimate technical solutions, and the real future-building will commence. Some of the use cases being explored currently include creating more transparent supply chains, the tokenization of financial assets like promissory notes and stocks, and even the creation of sovereign nodes linked back to ensure the data integrity of nations.

These solutions will require technically powerful blockchains capable of processing millions of transactions per second for tiny fees. They’ll need blockchains that can make smart contracts with solid foundations they can rely on for years and decades. Few of the current crop of popular blockchains are even theoretically capable of living up to the required standard, but there are some contenders.

Blockchain infrastructure and development at the London Blockchain Conference

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If you realize that blockchain technology will act as a global infrastructure across multiple critical industries and are interested in exploring which solutions can deliver, the London Blockchain Conference is the right place for you.

Taking place May 21 – 23 at ExCel London, the London Blockchain Conference is open to anyone and everyone interested in the real-world use cases of blockchain technology. Far from being a ‘crypto’ convention, it’s squarely focused on the practical use cases of blockchains for governments, enterprises, startups, and others.

Source: coingeek.com

The post Blockchain infrastructure and development for the era of utility appeared first on HIPTHER Alerts.

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Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Blockchain

Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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