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EY Launches Ethereum-Based Blockchain Tool to Simplify Business Agreements

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On Wednesday, the accounting firm EY launched a blockchain solution based on Ethereum with the aim of assisting businesses in executing intricate agreements, reducing costs, and upholding security.

Dubbed the EY OpsChain Contract Manager (OCM), this solution is crafted to address challenges such as managing business agreements across internal and external operational and technological barriers. It facilitates the synchronization of data among multiple parties and enforces critical terms through smart contracts, encompassing standardized pricing, volume discounts, rebates, and strike prices.

EY cited data from Zion Market Research, projecting that the global smart contracts market will reach $1 billion by 2030, with a compound annual growth rate (CAGR) estimated at around 24% between 2023 and 2030.

Unveiled during the annual EY Global Blockchain Summit, EY OCM operates on the Ethereum blockchain, ensuring decentralized operation within a dependable environment.

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According to Paul Brody, EY’s global blockchain leader, deploying on a public blockchain offers not only cost-effectiveness but also scalability, enabling many-to-many integrations on an open platform without any single entity having undue control over the network.

EY OCM functions via an API, simplifying the management of smart contract providers. Firms can establish personalized user interfaces to configure standard pre-built contracting models, including Power Purchase Agreements for renewables.

Moreover, the tool is capable of automatically validating contract terms in real-time, monitoring policy adherence, and promptly alerting users to any discrepancies. This prevents non-compliant transactions and mitigates strategic advantages for buyers or sellers while reducing the high costs associated with establishing and operating a private network.

Furthermore, EY’s involvement in blockchain extends beyond OCM. In October 2019, the company introduced a blockchain solution aimed at enhancing government transparency and ensuring accountable outcomes for citizens. Additionally, it facilitated budget, expenditure, and outcome tracking.

In March 2020, EY launched the Baseline protocol, a suite of public domain blockchain tools for enterprises developed in collaboration with ConsenSys and Microsoft.

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In September 2021, EY announced plans to integrate Polygon with its flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.

Source: cryptonews.com

The post EY Launches Ethereum-Based Blockchain Tool to Simplify Business Agreements appeared first on HIPTHER Alerts.

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Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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