Blockchain
VERSABANK ANNOUNCES SUCCESSFUL COMPLETION OF SOC2 AUDIT AHEAD OF ANTICIPATED COMMERCIAL LAUNCH OF REVOLUTIONARY DIGITAL DEPOSIT RECEIPTS
VersaBank (“VersaBank” or the “Bank”) (TSX: VBNK) (NASDAQ: VBNK), a leader in digital banking and cyber security solutions, today announced successful completion of the independent third-party System and Organization Controls (“SOC2”) – Type I audit (the “SOC2 Audit”) of its VersaVault®, VersaBank’s proprietary security technology for blockchain-based assets, which underpins the Bank’s revolutionary Digital Deposit Receipts (“DDRs”).
The voluntary SOC2 Audit, which was conducted by a national full-service audit, chartered professional accountancy and business advisory firm (the “Audit Firm”), verified the non-financial reporting controls, relating to security, availability, processing integrity, confidentiality and privacy of VersaVault®. With the completion of the SOC2 Audit, VersaBank is preparing for commercial launch of its first Digital Deposit Receipt, VCAD, based on Canadian dollar deposits with the Bank.
“SOC2 is the gold standard in validating operational controls for critical software systems and represents another important point of differentiation for our Digital Deposit Receipts, which to our knowledge are the first of their kind in the world – highly encrypted digital assets based on actual one-for-one deposits with our A-rated federally licensed Bank,” said David Taylor, President and Chief Executive Officer, VersaBank. “While the SOC2 Audit took longer than expected to complete due to pandemic-related logistical matters, we believe its long-term value to be immeasurable. For potential customers, it provides even greater confidence in our Digital Deposit Receipts as a store of value and all of the functionality of a digital currency providing an ideal medium for digital financial transactions. And, as importantly, we believe it very favourably positions our Digital Deposit Receipts in a rapidly evolving regulatory environment.
In addition, VersaBank, a fully qualified custodian for digital assets, is now SOC2 compliant for its secure and inherently private, digital asset custody and secure storage VersaVault® platform. Customers can leverage VersaVault® to securely and privately store and manage their digital assets themselves or entrust VersaBank to custody the digital assets for them.
The SOC2 Audit follows several months of successful closed ecosystem testing of VersaBank’s DDRs, undertaken with VersaBank’s blockchain technology partner Stablecorp, which included both Canadian dollar-denominated DDRs (“VCAD”) and US dollar-denominated DDRs (“VUSD”) on the Stellar, Algorand and Ethereum blockchains, as well as testing with a Receipt Distributor, who will become one of the primary distributors of the Bank’s DDRs at commercial launch.
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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