Author: CryptoBeyer

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Business & Society

Why web3 matters for our lives

Welcome to a tectonic shift of the internet. Our lives are about to change. What is forcing the current internet to change and why does that matter for our lives.

When we were surfing the internet in the late 1990s all we could do was to read content. About 10 years later web2 started to emerge and internet gradually became more participatory. In web2 we were able to join social networks, start our own blogs and able to make our own mark in the world wide web. A few years later we realize the problem of giving away our data to major internet companies. Because data equals our lives.

Enough is enough. Sure, the internet is cool, but we can’t keep feeding big tech firms such as Facebook or Instagram with our data. Even the US congress thinks Zuckerberg is too powerful. We are literally handing over our most intimate personal details (data) to social media sites and hoping all goes well. Imagine what would happen to the world if all our private messages are hacked or somehow appears fully searchable online. All our mistresses and lovers will be exposed… I digress.

We need to transform the internet from a book to a decentralized database. We need transparency and ownership of our data. This is what web3 is all about. Web3 is basically about creating an internet that considers a set organization for our lives. It is creating a system that allows that creator or user of knowledge to own his or her own work. It is an internet that has ability to pass data according to sound rules and logic without losing vital information on the way. Web3 is about creating an internet that is partly decentralized and not controlled by a few centralized entities to such a large extent. Decentralized basically means that data is stored on thousands of computers instead of one. The metaverse is a huge part of web3 and we are worried that centralized entities grab a big piece of the future of the metaverse.

But what happens if Meta wins the web3 race?

Web3 is a wet dream for Meta CEO, Zuckerberg. He has poured 36 billion USD into creating his metaverse Horizon and he is willing to suffer huge financial losses to end up winning the metaverse race. The question is if what happens if he creates such a sexy metaverse that we cannot control ourselves!? The end of the story is likely a scenario where he is successful in creating a metaverse for both our personal and professional lives. Considering that Facebook is founded on the financial business model that the user is the product, it is likely that this will also be the case in the metaverse Horizon. The Horizon project that is creating worlds for our personal and professional lives will likely grab a first player position in the metaverse and be a powerful player. It will likely be both good and bad.

However, decentralization and blockchain technology and token-based economics are opening doors and shaping web3. The entire internet does not need to be on a blockchain. But when we use blockchain technology in the next version of the internet we are changing it from a book into one global secure database. Our data (our lives) along with our financial transactions will be processed better and all changes to our data will be traceable. Our lives will not be easily hacked as its stored-on thousands of computers instead of one. We will be able to make our own mark in the metaverse and own it. For real this time. In web3 we will read, write and own our lives. At least if we use decentralized platforms or metaverses that are built on a blockchain.

Gartner has predicted that 25 percent of people will spend 1 hour each day in the metaverse in 2026. Here’s a small list of metaverses that are prominent: Horizon Worlds, Voxels, Roblox, Sandbox, Second Life, Decentraland, Metahero, Star Atlas, Bloktopia.

The key to a successful metaverse in web3 will be interoperability. Therefore, even if Zuckerberg’s Horizon project will be big, it will need to be interoperable with other metaverses. We will need to be able to jump between different world in the metaverse. Therefore, we will need to own our lives as well as our own shit. Zuckerberg will be forced to give our data and our lives back.

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Business & Society

Crypto- not for the faint-hearted

Markets plummet and investors fear what is coming. One billionaire loses everything. What can we learn from what happened yesterday?

Breaking news: Binance will not buy FTX! As it happened.

Let me tell you about a crypto billionaire that messed up bigtime. In one day, he lost 14.6 billion USD and his net worth decreased by 94 percent. In fact, he is not even a billionaire anymore. Now, the entire crypto industry is having to pick up the bill. Because of his questionable thoughts around crypto regulation, he made powerful enemies, and his monkey business may lead to criminal charges. The crypto market suffered from his activity and crypto currencies have fallen by 10–20 percent in a day.

The story of former billionaire and CEO of FTX crypto exchange, Sand Bankman-Fried, is going viral across the financial world. The gist of the story is that FTX managed to create a significant liquidity crunch as the FTX token FTT declined in value. In one day, the token fell from 25 dollars to 4,5 dollars. Sand Bankman-Fried was not able to cover the loss and was forced to sell FTX to the world’s largest crypto company Binance. Some say that Sand Bankman-Fried has himself to blame for having to sell his business to his prime competitor. The talk of the town is that this was good for the crypto industry as the owner of Binance, CZ, is likely a much better player for the health of the crypto industry. But it’s not over until the fat lady sings.

The problem is that it is likely that other crypto businesses will have to pay for Sand Bankman-Fried’s mistakes, and the crypto market will likely suffer in the short term. Afterall someone will have to pay the missing money or else… Expect major players to go bankrupt in the next couple of weeks.

No one knows, but the bottom is probably not yet in. Investors stay on the sidelines until they know what is happening. Those who are not faint-hearted and believe in the long-term success of the crypto space take the opportunity to buy when there is blood in the streets. Those who are careful wait. Who are you?

What can we learn from what happened in the crypto space yesterday?

We still need proper regulation that can protect customers, but we do not need to be protected from the industry itself. Let’s be smart. The regulators clearly need assistance in their work as the crypto industry is complex. Regulators could talk to experts such as Charles Hoskinson and Simon Dixon. They can help to create a transparent and decentralized crypto space that does not inhibit innovation. 

We also need increased transparency in what crypto exchanges are doing with the money that they get from customers. Greed is a powerful source of energy, and all people clearly cannot be trusted. One idea that has been floating around is that we need a system that prove that exchanges has reserves for their holdings. Obviously!

Please hit like if you like this content. Read all articles at www.cryptobeyer.com

Have a great day! / Henrik

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Business & Society

Cheers from the crypto party – we are having a blast.

We have found the solution to our problems, and we are loving it. Believe you me when I say that we can party! You are also welcomed to join us.

We are a fun international and diverse collective that have found a new way to live. Our lifestyle is not for everyone, but we have found our safe place and a bright future.

We are enjoying our hedge against inflation. If we need to borrow money, we use our bitcoin as collateral and we get 10 percent interest for lending out our altcoins. Some of us are millionaires. Wow, what a party it is!

Last week, a friend of mine said f- you to his bank and got himself a crypto friendly credit card and converted all his inflating fiat cash into digital gold (Bitcoin) and digital silver (Ethereum). It is easier than ever to buy drinks with crypto currency since Visa have partnered with the crypto exchange company Coinbase and Mastercard have partnered with the cryptocurrency platform Wirex. It’s cool that all purchases are automatically exchanged for the matching sum in the merchant’s preferred fiat currency. Cheers.

My friend laughed when he talked about traditional stocks and how they increase by 8 percent in a year whilst his investment in Bitcoin has on average doubled every year for the last 10 years. In fact, his investment in Bitcoin has a higher turn over than his coffee shop in Hamburg. Yes, he can party hard. But instead of buying a Lambo he bought an electric Volkswagen. He is generous with his cryptos and enjoys eating pasta with scampi at the best restaurants in town. Yeah, his girlfriend is happy…


No, our party is not only about the money. We have found a way to create a better world and we are working hard to create a system that foster financial inclusion for women in developing countries. Not all people are as fortunate as us. We use blockchain technology to fight poverty, improve health care, pay people for learning, and even increase governmental trust. We even use blockchain to save the ocean and are creating an effective and secure paperless society. Our mission is to improve the world and have fun doing it.

We are an inclusive bunch and embrace the individual within ourselves. That is why some of us are wearing funny hats and may seem nerdy. We rant about the current financial system that is built on debt. More debt equals growth in the traditional twisted financial system. We are wondering when people realize that the traditional system is only kicking the can down the road. Sure, our way of life is not perfect. Some of us are greedy idiots but they are not welcome to our party anymore.

We would like you to join our party. We have a saying. “Pay yourself first!” If you would like to come party with us, we suggest that you invest some of your salary into a “blue chip coin” or plain old bitcoin. Just to get you through the door. You are greeted by welcoming friends and a bright future. Welcome.

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Business & Society

Lessons from the grandiose Abu Dhabi Blockchain Strategy

Crypto is not an empty futuristic dream. It is happening. The Abu Dhabi Blockchain strategy is a genuine initiative to become the first crypto-powered government and city. What is happening in Abu Dhabi and what can we learn from it?

Cryptocurrencies are now being recognized by governments and accepted by organizations and businesses across the globe. Dubai has long been a frontrunner in embracing digital innovations and Abu Dhabi holds 31 percent of the global cryptocurrency exchange and has a huge financial market.

But it takes guts to be in the forefront of innovation. As early as 2015 a group of blockchain experts and policy makers decided to implement blockchain technology and disrupt the digital landscape of the nation. Dubai was to become the first crypto-powered government and city and a testing ground for crypto business experiments.

In fact, The Ministry of Artificial Intelligence wants the government to be paperless by 2026 and goes all-in on using blockchain technology. The Abu Dhabi Blockchain Strategy has the bold goal that 60% of all public transactions should be on a blockchain by 2025. This technological shift has potential to save 3 billion USD in transactions cost and 100 million paper documents and over 50 million operating hours each year. The grandiose feel of the project is highlighted with building the World Trade Center to create a high-end spot for a range of crypto services and to create a true blockchain-based world city. Currently over 300 crypto businesses have established their base in Dubai and crypto firms are being assisted with zero taxes and visa restrictions have been removed to support eager entrepreneurs. In 2022 the Emirate has doubled down on its commitment to blockchain technology.

Money laundering, inadequate customer protection and lack of accountability of crypto companies are still headaches in the crypto industry. Some governments and their agencies use weaknesses in the crypto space to increase their power and control of the people and some genuinely try to create regulation that protect the customer and accelerate innovation.

We need regulatory clarity on a global scale to support the good and to fight the bad in crypto.

We are getting clearer digital market legislation in Europe with the Markets in Crypto Assets Regulation bill which was recently passed by European lawmakers. This legislation is set to come into effect in 2024. While the USA is still trying to decide what crypto currency is a commodity and what is a security and how to properly regulate the market but not hinder innovation.

Abu Dhabi have followed a clearer path. To attract foreign direct investments, as well as venture capital, and to support the adoption of cryptocurrencies Dubai have introduced regulation by creating Dubai’s Virtual Assets Regulation Authority (VARA). These smart regulatory moves have been claimed to be the reason why the world’s biggest crypto exchanges, Binance, Crypto.com as well as Bybit are setting up regional headquarters in Dubai. Money clearly likes stability with great potential. Furthermore, VARA is the first regulatory organization in the world that have set up camp in the metaverse.

Blockchain technology, AI and the internet of things are key players in the fourth industrial revolution that we are experiencing. It is obviously not easy to be in the forefront of using new technologies that also need to converge with each other. Dubai is trying hard and will be sharing their mistakes for the benefit of the world.

Key lessons in the grandiose Adu Dhabi blockchain initiative may be the following. The sweet nectar of success will be tasted when focus is on building a crypto ecosystem that increase trust between governing bodies, investors, entrepreneurs, and customers. A true blockchain based city is transparent and safe and sound. That’s when technology has possibility to meet individual needs and improve society and potentially increase our sense of happiness.

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Business & Society

Innovative technology fighting poverty

Economic progress and technology are reshaping the world and solving social issues. Poverty is down and the fight continues. What can blockchain technology do to help people living in poverty?

Global economic and social developments in the last 20 years have been jaw-dropping. The number of people living in extreme poverty has dropped by half between 1990 and 2015 and most of this progress has been made in India and China. In fact, China has made historic contributions to the world by reversing the trend of increasing poverty. But 9 percent of the global population still live in extreme poverty and 80% of the world’s poverty-stricken people live in South Asia and sub-Sahara Africa. We still need all the help we can get to eradicate this human suffering.

Although there is no quick-fix to foster financial inclusion and provide financial opportunities for people living in poverty, blockchain represents a world-changing breakthrough. For community development to be effective it needs to impact both the individual and on societal level and blockchain technology is unique in its ability to provide innovative solutions on all levels. What tactics has potential to eradicate poverty, and how can blockchain technology be a part of that process?

Firstly, the unbanked need to be banked and people need better opportunities to fund small businesses with microloans. Secondly, social services need to be more effective in identifying individual needs. Moreover, women need to be in focus as they are more likely to experience poverty as they own less property and have less paid work and generally have lower levels of education than men. There are also clear links between land corruption and poverty.

Land corruption can involve brides during the land administration process, women being denied land rights, communities being excluded in land deals, people being evicted from their land and denied access to relevant information. Blockchain technology can solve major issues in the determination of land ownership. The process of managing records and determination of ownership is transparent and secure when conducted on a blockchain. It is also inclusive in the way information is accessible to the appropriate parties. The fact that blockchains are immutable is important to combat corruption as no one can change land ownership information on the blockchain without it following legal procedures. Blockchain technology can make the process of land ownership and the right of use quicker and cost-efficient and in turn assist in the creation of a trustworthy system that lower the risk of poverty. Suddenly ownership of a parcel of land is reliable.

There are approximately 1.7 billion unbanked people in the world and most of them are women. FinTech companies have potential to provide banking services for the unbanked and help to solve the problem with financial inequality.

Blockchain technology and cryptocurrencies have led to the development of new models for micro-lending from developed countries to entrepreneurs in developing countries. Conventional money transfers are expensive and slow and is therefore not able to meet individual needs. This leaves people with limited financial resources outside of the traditional banking system and entrepreneurial dreams are crushed by lack of funding. Blockchain technology have made it possible to send small amounts of money across borders with little or no fees.

We have all heard stories of corrupt leaders use foreign aid to fund criminal activity or to enrich themselves. In today’s aid system funds cannot be traced from end-to-end creating potential for mismanagement and decreasing accountability. One very interesting project is Disberse, who worked with United Nations Office for the Coordination of Humanitarian Affairs and other major donor organizations to track aid on the blockchain. Sadly, Disberse had to be cancelled after the pilot phase, but the idea of the project was ground-breaking. Blockchain technology open a lot of doors and allow new ways of doing business and to solve societal problems, but projects also need to function on all levels of delivery. The final report of the project sends us a message; “Remember that technology is a means to an end, not an end in itself.” The Disberse website is now a hub for learning resources and a valuable source for future projects with similar focus.

Social services can also be improved with the use of blockchain technology. Researchers have identified ways to use blockchain technology to identify the needs of vulnerable and needy populations and manage the follow up of the situation. This could be used to effectively and securely track and support people who receive social benefits or micro-loans and evaluate if the quality of life of the beneficiaries improves.

In many ways using blockchain technology to fight poverty is a way to reach the individual but also to limit human interaction in transactions and providing a trustworthy platform for services. Unfortunately, human interaction in financial processes make room for fraud and corruption and the traditional financial system is expensive and slow and not built to address financial inequality. Lessons from using blockchain technology to fight poverty tell us that technology is not the complete solution. We obviously need sound business models and the appropriate skillset. The successful social entrepreneur that uses blockchain technology and aims to fight poverty is likely to be a project that assists women living in poverty with optimized social services, targeted educational initiatives and microloans. 

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Business & Society

Can we trust our instinct in investing?

Crypto trading is not entirely based on chance. Sufficient knowledge of crypto and macro economics and a clear strategy is important. But knowing what factors are beyond our control may be vital.

Disclaimer: This is education only, and not financial advice. Please, do your own research and consider what is best for your financial situation. Be careful friends.

There are two basic ‘do’s and don’ts’ in investing. Buying a crypto coin after a 40% daily surge in price is likely to be a ill-advised decision. On the other hand, buying crypto when the price has recently dropped seems to be a better decision. That is straight forward enough. But investing can easily get far more complex in the balance between what we think we know and control and what we don’t know and can’t control. There’s a risk that we over-estimate our chance of winning just because we apply specific types of knowledge or skills.

We may think that we see patterns and correlations between things. In fact, the academic term ‘patterning instinct’ describe our instinct to see patterns to understand something. This ability is fantastic for making sound decisions based on our understanding and knowledge. However, there is also a risk that we think we see a pattern or a link between things that do not exist. For example, people do not grow longer because they play basketball. In crypto some influencers may claim they see correlation between the moon and the price of Bitcoin. Some put a great deal of emphasis on technical analysis without considering important macro-economic factors that impact the price of a coin. The tricky part is that there may be some factors that have a reciprocal relationship, but they are only very loosely connected. It’s a similar situation for conspiracy theories that may have some truth to them, but the overall message is incorrect.

Hindsight bias (the outcome is seen as being hypothesized all along) is also a common problem amongst influencers in crypto. We would very much like to be right… regardless of what happened. Self-serving attributions also seem to frequent the crypto space as it’s a nice feeling to attribute success to ourselves. In a bull run with favorable market conditions it can seem that any advice or correlation theory leads to profit, as the trend reinforces our actions.

In trading we also try to identify predictable momentum shifts before we buy or sell crypto assets. The bitcoin halving event is such a predictable factor. But the trend is only a friend until it’s broken.

Can we trust our instinct in trying to see patterns between things? Yes and no. At some point our instinct to try to understand and to control the outcome can lead to financially bad decisions.

Watch out! Research has shown that people who experience gambling problems tend to more strongly believe that knowledge and skills, and certain rituals can increase the likelihood of winning. It seems healthy to know how far our arms of control can reach. Our sense of control can be an illusion.

To reduce the risk of overestimated perceptions of control, we need to be aware that crypto value is highly correlated with Bitcoin. It is unlikely that any coin will rise unless Bitcoin is rising as well.

A friendly reminder. Strong fundamentals are not equal to price. A crypto project with a strong fundamental use case may not increase in price until Bitcoin is stable and there is confidence in the crypto market. Because crypto assets follow bitcoin it is difficult to limiting the risk of losses through diversifying the portfolio. To make matters worse, a bitcoin fall will usually mean a wipe-out for altcoins.

What to do?

To reduce the risk of overestimated our perception of control we can follow core rules:

1. Take profits when the coin increase in price.

2. Maintain some liquidity by converting some crypto assets into stable coins.

3. Focus on crypto projects that are most likely to be here for many years to come.

4. Be skeptical of influencers that claim they have found the ‘secret’ in trading.

Sure, the crypto market is still volatile since the market value is still low. Therefore, whales can influence the price of crypto currencies with their big pockets. But no one has complete control over Bitcoin. Furthermore, living with the sometimes-uncomfortable feeling of lack of control is part of life.

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Business & Society

Mind-boggling spending habits in the metaverse

Spending habits in the metaverse

The emerging market of the metaverse is creating mind-boggling business models. Who would have thought we will have a digital self to care for? Perhaps your digital avatar would like a jacket designed by Burberry!? How about a pair of fresh kicks to wear at the online concert?

As our existence will increasingly turn digital, we will soon have an online avatar that is representing ourselves. We will have a digital professional and personal identity to care for in the metaverse and the retail sector is identifying a trillion-dollar future marketplace.

McKinsey has estimated that the metaverse could generate $4-$5 trillion by 2030. Metaverse entrepreneurship is on the rise, and the retail sector is guessing which metaverse will be most successful and profitable. Brands such as Burberry, Louis Vuitton, Adidas, Gucci, Tommy Hilfiger are investing in digital fashion products to equip our virtual selves. Some say there will be more than 10,000 virtual worlds and the biggest ones now days, are The Sandbox, Decentraland and Voxels and Horizon Worlds.

Decentraland has a market valuation of $1.2 billion and has a dedicated area for fashion retail. A real estate developer has invested $912,228 to buy land to build a virtual version of Tokyo’s famous “Harajuku” district to rent shops out to retailers. A retail group K11 is taking a chance at The Sandbox and has purchased a considerable area. The average price of one Sandbox land is around $2,300 but prices jump considerably if it’s an attractive area where lots of users will be present. MetaMetric Solutions estimated that real estate sales on the four major metaverse platforms reached $501 million in 2021.

However, those looking forward to buying a digital Louis Vuitton bag for their virtual girlfriend will have to wait.

The metaverse in full, does not exist yet. Reports suggest that one of the biggest metaverses ‘Decentraland’ only has 8,000 daily active users. It seems far off that we will spend money on the image of our digital selves, but when we are working and interacting with one another in the metaverse our image will be important. Like it or not.

So, when will we live in the metaverse? The company Meta estimated that it will take 10–15 years to complete the construction of a fully functional and publicly available metaverse with all necessary gadgets.

Until then. Enjoy the fresh outdoors.

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Business & Society

Predicting the future for profit

Following the trail of institutions and big-time investors is wise to make profits in crypto. So called ’smart money’ will be where the future is. What will the future look like in crypto?

Disclaimer: This is education only, and not financial advice. Please, do your own research and consider what is best for your financial situation. Be careful friends.

Smart money is the capital that is being controlled by institutional investors, billionaires, central banks, funds, and other financial professionals. Companies and institutions and big-time investors employ the smartest people around to look into the future. No one really knows what the thrilling future of crypto exactly will look like, but there are a few signs.

We are amid the fourth industrial revolution, and this societal shift has in store great changes. In the next 5 years we can predict a further digitalization of things, business, and society. I see the following scenarios in the future:

1. A further digitalization of our existence will mean a dramatic increase in data. This data needs to be stored somewhere. So, investing in digital assets that store data is probably wise.

2. As more and more virtual land is bought by big brands, investing in the metaverse is also likely to be profitable.

3. Layer 1 protocols are also likely to blossom as thousands of dapps are being built on them. It is very likely that the biggest ones will survive the bear market.

4. The banking industry is looking at blockchains that can make cross border transactions more efficient, faster, and cheaper. They will also upgrade the way they do their business. Therefore, look for coins that are ready for iso 20022.

When we have a likely picture of the future, we can use the information to find crypto currencies that are involved in the development of society and business. We need a picture of the future to have a long-term mindset in investing.

My take on the current market:

October has the nickname pumptober, but this october is more likely to be mediocre or even red. Not even Bitcoin can withstand the vast array of negative macro-economic factors affecting the world. As Russia’s war on Ukraine drags on along with a looming recession it is difficult to predict crypto prices. Even crypto experts are guessing or just following their gut…

We are in a bear market and the price of crypto coins are likely to continue going down slightly or stay flat until the end of the year at least. Some predict that prices will continue being boring all through 2023. Boring meaning a slight upturn each month beginning in early 2023. The real action upward is likely not to start until April 2024.

Crypto has an index that measures what emotion and different sentiments are driving the market. The Fear & Greed Index is now showing ‘extreme fear’ among investors which may cause a strong selling pressure. Basically, investors are too worried to invest. However, those believing crypto regard ‘extreme fear’ as a buying signal.

Coins on my radar:

Bitcoin, Ethereum, Solana, Cardano, Filecoin, XRP, Algorand, Sandbox, Decentraland. But there are many more to consider.

Please consider the following rules in investing in crypto:

· Stay up to date with crypto news.

· Think long-term.

· Be ready to lose it all.

· Keep your money on cold storage.

Be careful. Not investing is wise. Investing after doing your own research is also wise.

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Business & Society

What is the fourth industrial revolution? — why does it matter for business and society?

In less than 300 years our society has evolved from the steam engine to smart household gadgets and robots doing our work. Each industrial era is better than the previous and develops from the need to advance businesses and society. What’s the fourth industrial revolution good for?

We have gone through three industrial revolutions; each lasting about 100 years. The first industrial revolution started in 1784 with the development of steam, water, mechanical production equipment. About 100 years later society was greatly enhanced with the use of electricity and in late 1960s electronics, IT and automated systems reshaped society.

Each industrial era comes from the necessity to advance society and the fourth industrial revolution (industry 4.0) is the most advanced and quickest of all previous industrial revolutions. In the last twenty years new disruptive digital technologies such as, artificial intelligence, big data, blockchain technology, cloud computing and fintech have transformed our existence. The speed of the fourth industrial revolution makes it difficult to see clearly what the future will look like. However, there are key themes that are important to be aware of.

Industry 4.0 is generally about optimization of production and creating a closer connection between manufacturers and customers. Researchers predict that blockchain technology will change almost all aspects of our lives, including financial markets, business operations and governance, health care, government operations and public administration. Blockchains can be effectively used for registration of births and title deeds, security trading, insurance services, health care, accounting, auditing, and supply chain networks. One major component of blockchains is that they eliminate the ‘trusted third party’ such as banks or other central authorities involved in transactions. This will affect businesses that involve the middleman.

Moreover, things need to go quicker now days and industry 4.0 is all for optimization and customization. Technological innovations in the fourth industrial revolution enhances the products and services that were developed in the third industrial revolution. The internet of things is a term to describe the link between a physical product and its connection to the internet. Information alone is not enough, and the information age is enhanced by technologies in the fourth industrial revolution. Customers demand customization, and the fourth industrial revolution is about mixing and matching technologies that increase productivity and meet customer needs.

The sky is the limit with technology. Today payments are quickly and easily made through fintech payment apps that use blockchain technology, our lawns are cut by self-driving lawn movers and automated cars can drive us to work. Robots with AI technology are used in production. Google assistants order products for us and our smart phones and watches are almost limitless in how they impact our lives. Cyber physical system that uses a combination of technologies such as sensors and data are used to enhance products. One example is the fire alarm that start to ring when a change takes place in the environment.

There are a few fears within the fourth industrial revolution that companies and societies need to tackle. Security challenges are apparent as we use big data that is commonly stored and transferred on the cloud. Companies and organizations need to consider privacy issues regarding how they use and store customer data. Decentralized blockchain technology has proven to be a more secure database than traditional databases and data can now be stored on the cloud in a decentralized fashion. This increases security as big data is not stored on one server but on a cloud that is connected to hundreds or thousands of nodes.

As society evolve in digitization, we also need to evolve. The adoption of new technologies is likely to affect the labor market as robots and technological innovations are used instead of humans to perform services and production tasks. The need to solve simpler tasks is likely to go down and demand for specialized knowledge and high-level jobs will increase.

Grandma needs to learn to use the smart phone.

It’s the same for business. It is the nimblest company that will survive in the fourth industrial revolution. Companies that are brave enough to question current ways of doing business and embrace new technologies will survive. They may even have to change their business model to meet customer needs. Here’s a business idea for you. Take accountants for example. Their way of doing business can be dramatically improved if they used blockchain technology instead of traditional accounting methods. Blockchain technology would make their business more secure, trustworthy, and efficient.

Being in tune with societal developments is crucial for delivering business practices in the absolute forefront. There are huge economic rewards for companies that are successful in adapting to the current industrial phase. But it takes guts to evolve. Daring to use and merge different technologies with services or for production is necessary to stay ahead in industry 4.0.

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Business & Society

Better coffee with blockchain technology

Coffee producers brag about high quality beans and sustainable production methods. Should we trust their word for it and simply enjoy our coffee in the morning? How can blockchain technology ensure that our coffee is sustainably farmed?

Coffee is commonly divided into two broad categories; Arabica and Robusta. Arabica is considered high quality with superior taste whereas Robusta is used for cheaper types of coffee such as powder coffee. Labeling coffee “100% Arabica” is a classic way to imply that the coffee is of high quality, but it is no guarantee that the beans have been ethically sourced or is sustainably farmed. Considering that there are hundreds of different eco labels it is impossible for the consumer to be certain that each package of coffee is following eco labeling guidelines. Contamination is also an issue in the coffee business. Researchers at Quadram Institute claim that between 5 and 20 percent of all Arabica labelled coffee may in fact contain significant levels of Robusta. Fraudulent activity in the coffee sector is big business as the global coffee market is worth USD 466 billion. Is there a way to increase consumer trust, and trace and parse coffee from the farm to the cup?

In fact, there is a growing trend in specialty coffee to include traceability information such as the name of the farm, location, and crop year on coffee packaging. However, blockchain technology takes traceability to another level. Blockchains often use new technologies, such as remote sensing technology and artificial intelligence to collect and analyze data. Customized sensor networks can be used to track time, temperature, and humidity levels which is stored on a blockchain. This data may be vital for food safety.

For example, Walmart is collaborating with IBM to utilize blockchain technology for tackling food safety in the supply chain. Food safety and blockchain initiatives are being initiated in China, South America, and Central America.

One major benefit of using blockchain technology is increased transparency. Coffee companies in Indonesia use blockchain technology to ensure that the production process is secure. Upon purchase consumers can scan the QR code on the package to learn facts about harvesting, roasting, and shipment time. Each bag is traceable and the blockchain ensures that the information is immutable.

Futhermore, blockchain technology provides verifiable trust instead of general information. Putting it simply. It is difficult for a coffee company to use fraudulent practices when each step of the production process is tracked on a immutable blockchain. Blockchains can be used to analyse the production process and to certify products. Eco certifications mean something when companies are transparent by using blockchain technology.

It’s a win-win situation. Coffee companies realize that consumers are quality and environmentally conscious and put in the work to improve customer relations. Companies can enjoy increased sales when customers can verify that the coffee is sustainable.

There are also marketing benefits of using traceable production processes. We speak highly of things we trust and coffee companies experience increased social media engagement when they focus on transparency.

In summary, coffee companies that use blockchain technology can build better relationships with customers and increase efficiency, and reduce the risk of food recalls, fraud, and product loss.

This taste like better coffee.