Tag: blockchain

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Business & Society

Crypto helping billions to get internet access

The crypto industry is changing the world. Industry by industry.

It is surprising that mainstream media ignores what is happening in the fourth industrial revolution. Sure, we hear about crypto currencies crashing and that the industry is just a hype, but never how the blockchain technology is changing the world. It’s all a scam anyway, right!?

Previous articles have mentioned the fourth industrial revolution because we need to understand the times that we are living in. It’s worth repeating that we are living in a technological revolution. Staying well-informed about the developments in society will teach us about history and give us a glimpse of the future. Obviously, we need to be aware of what is going on to be competitive as a company or a successful investor. Multiple industries are disrupted by the blockchain technology, and the trillion-dollar telco industry is a prime example.

There are a 1000 plus mobile network operators, but half of the world is still not connected to the internet. Big time players in the telco industry have tried but failed to reach more people. Even google tried but did not find a successful business model. But the hybrid mobile network named World Mobile with its blockchain technology created an interesting business model that has potential to help 3 billion in getting internet connection. The sexy part is that World Mobile has found a way for anyone to participate in supporting the network and even make money doing it. Service providers are incentivized to participate in the long-term sustainability of the world mobile network and rewarded in the crypto currency World Mobile Token. Basically, there are two ways to be involved in World Mobile services.

An entrepreneur or private entity can invest in setting up an AirNode that provides users access to the network. For example, in Africa, local entrepreneurs can work with World Mobile to set up an aerostat or a tower to strengthen the wifi-capacity of the network. Imagine investing in a floating balloon with 3G connectivity that is sent 400 yards above ground to provide internet connection for an entire village. The technology can run on solar power and is so advanced that the balloon will self-deflate if there is a storm coming and go back up when the storm has settled. It’s a win-win business idea. This technology provides internet access to those who connect to the network and the person or company that set up the hardware is paid in World Mobile Token. Yes, the tokens can be converted into traditional fiat money.

People can also choose to support the network by becoming a EarthNode operator anywhere in the world. EarthNodes have blockchain capability and function as the brain of the system and interconnects all other nodes. EarthNodes records and process all transactions that take place on the network and investors in this structure also get paid in World Mobile Token. Those who use the network to connect to internet pay for text messages, calls and data using local currency.

The tokenomics of World Mobile Token is like many other crypto projects. Those who invest or participate in the ecosystem is contributing to its growth and safety and is therefore rewarded in a crypto currency. This decentralized grass-root business model is revolutionary as it provides unique ways for small businesses to set up shop.

World Mobile is making efforts in Africa to provide internet access to remote areas and have potential to supply 3 billion people with internet connection. Now that’s what I call a valuable use case of blockchain technology.

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Business & Society

The best argument for the crypto industry

The public may say that crypto is a joke and stocks a smart investment. People may think that you are stupid for investing and discussing crypto with someone who is skeptical can be frustrating. What is the biggest argument that the crypto industry is here to stay and a valid investment?

The looks I get when I say that I am interested in crypto is telling. People frown and get quiet. Some dare to say that Bitcoin has no value and no use case at all. Sometimes I avoid the subject but occasionally I wish I had an argument for crypto that would turn a critic into a believer.

It is somewhat unimageable what is happening in our modern society and easier to stick to what we know than learning about societal developments. But we need to understand that in the age of the internet of things our existence is rapidly turning digital. Digital.

The internet of things is a global online network that is being built and it has been estimated that 30 billion devices are connected to the internet. We are clearly living online, and the fourth industrial revolution is in full force. It is completely natural that smart watches, cars, houses, lamps and even fridges are connected to the internet. If the phone is stupid and not able to connect to the internet you may not even be able to pay for parking or for public transportation. We need internet to update the electric grid, for government agencies to run smoothly, for hospitals to treat patients effectively, in military activities, for banking services and to pay for basically everything. Without internet access we are not even able to borrow a book at the library. We trust the digital age for a large part of our communication. According to my 12 years old daughter wifi is the definition of life. If you ask me, not being able to start the Facebook app is a definite up-side of an off-line existence.

Considering that the cost of cyberwarfare has quadrupled since 2015, it is clear that rouge nation states regard the internet as a corner stone of our existence and therefore a target for attacks. When the internet breaks, we break. As the age of internet of things has disrupted our way of life it is blatantly obvious that we need to fully accept that our money also needs to get digital and that new companies will blossom within the sector.

The first electronic cash system E-Cash was invented in the early 1980s. E-cash managed to collaborate with banks but went bankrupt because society was not ready for such a ground-breaking technology. At the present time we can’t imagine not being able to transfer money across the internet. The problem is that we are in between two worlds now. We have the traditional fiat system with physical cash, and we keep track of this money online. We allow banks and governments to count and control what and how much money we have. We also have the digital crypto industry that is completely online and do not need banks to count or control our digital money. The cashless society is rapidly growing, and nations are looking into a central bank digital currency that can move freely within and across borders, and we need better digital solutions for our money. Furthermore, the argument that even banks are investing in crypto currencies and blockchain technology is also good.

What’s also confusing for people is that blockchains is not just money but can be programmed with smart contracts to solve various problems. Explaining to a crypto critic that we are in the midst of a digital transformation of society, seem to be the best argument for having digital money. As we move every part of our existence to the internet it is also smart to invest in digital companies. Right!? Blockchain companies are software companies that provide various services online. It’s as straight forward as that. To someone who is investing in stocks one could say that many crypto companies are just like a traditional technology company.

Why are crypto critics afraid of something that seem straight forward? Blockchains are a software solution to a problem. Well, I understand that people are sceptical of putting our money online since personal computers basically need to update every time they start. It takes time for people to trust that code can benefit mankind to such a large extent.

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Business & Society

Is the crypto industry a threat to traditional banks?

Evolve or die is the premise of the fourth industrial revolution. Our society will change and the digital age is fundamentally changing the banking sector. But is it true that the crypto industry is a threat to the entire banking industry?

The future is now, and we are forced to adapt to the circumstances of a constantly evolving existence. Each industrial revolution had its own evolutionary path. The invention of the steam engine started as a simple water-pump machine and eventually used coal to power factories and improved mining and eventually created a vast transportation network. This process took around 200 years.

However, the fourth industrial revolution with blockchain technology is rapid in its growth. Blockchain and crypto currencies have gone mainstream in a short period of time. The most obvious industry that is affected by the crypto industry is the banking industry. Blockchain technology is changing banking fundamentals drastically and some bankers are shaking at their core and holding on to old fashion ways of doing business and spreading misinformation about the crypto space. Change is scary even for banks and offering practically nothing for storing people’s money and offering high interest rates on loans is lucrative… But the old way of doing traditional finance business is proving slow, ineffective, and expensive in comparison to using blockchain technology. More and more banks realize this.

It’s difficult to change the way banks do business as their core practice is based on being middlemen in economic transactions and blockchain technology can remove the middleman. Instead of going to the bank to transfer money to another country, people can send it directly to where it’s supposed to go by using blockchain technology. When banks use the current Swift system, every transaction needs to be recorded in the bank of each nation and every transaction needs be handled by a bank employee in each nation.

This traditional clumsy and expensive way of making cross-border transactions have seen its best days and the fintech firm Ripple is directly competing with the Swift banking system. Today hundreds of financial institutions in over 50 countries are using RippleNet to transfer money between nations and other financial services such as securities clearing and settlement, fiat currency payment and fraud deterrent. Ripple has claimed that it is not merely trying to replace Swift. It has been claimed that 38% of the world’s top 100 banks have been linked to Ripple. Researchers have claimed that “emerging technology like Ripple will eventually revolutionize the remittance industry or even other financial systems.” Zhang, R., 2019.

Moreover, the services of traditional banks are increasingly not needed as crypto assets within decentralized finance can provide interest in the form of yield for staking crypto assets and even provide loans.

But remember. Mr Bankman is no fool.

Major international banks have been openly critical about crypto currency and blockchain technology but underneath the surface they have planned to enter the market themselves. The first bank to use blockchain technology has been claimed to be Santander and JP Morgan who have been critical of the crypto industry is now suddenly the first bank to enter the Metaverse.

Bank see the future with blockchain technology. In 2021, Deloitte asked 1,280 senior banking executives and practitioners in 10 countries and found that banks that stay current with the times use blockchain technology as a competitive advantage. According to the survey, senior executives, and practitioners in the financial services sector regard digital assets as “very/somewhat important” to their industry.

The biggest hurdle for banks to fully use blockchain technology is still regulatory uncertainty and legal considerations. But this is a general problem for the entire crypto industry.

Yes, the crypto industry is a threat to the traditional banking sector. But the threat seems to be evolutionary as blockchain technology is slowly altering the core of traditional finance. The novel traits of the banking sector are being forced to adapt to the new environment of the fourth industrial revolution. In a way it’s only the fittest banks that will survive.

Have a great day! / Henrik

By the way! This is not a sponsored article if you are wondering.

Deloitte, Global Blockchain Survey 2021.

Zhang, R., et al., 2019. Ripple vs. SWIFT: Transforming Cross Border Remittance Using Blockchain Technology, Procedia Computer Science, 147:428–434.

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Business & Society

It’s healthy being a crypto sceptic

It’s healthy to be sceptic about crypto. Economic bubbles, rug pulls, irresponsible exchanges, scams and disorganized government handling of crypto laws and regulation are a part of the crypto landscape. It’s a big mess and no place for the faint-hearted. But when will the general public believe in crypto?

We have given birth to something unique but it needs to grow up before we can expect the general public to take the crypto industry seriously. It is still a child and we need to be more lenient towards antics such as rug pulls, irresponsible exchanges and scams.

It is fair to say that blockchain technology have potential to grow into something fantastic and completely change our financial system. Crypto advocates are even saying that the entire banking system may get obsolete as middle men are not needed for economic transactions if blockchain technology grows up. Sayonara Mr. Bankman. But so far we are struggling parents who don’t know how to handle this young industry. No wonder people find the industry immature and unserious when it’s confusing to buy crypto and it takes a nerd to understand how a hot or cold digital wallet works. It’s nearly impossible to turn a crypto currency into a wrapped version and sending it to the correct address before being able to buy a certain token.

What’s more, before buying crypto we need to know where to go without getting scammed and we generally must go through a gnarly KYC process that involves taking embarrassing selfies. The slow and complicated process of transferring fiat cash from our bank is annoying. The learning curve is still too steep to easily turn a sceptic into a investor. Some say that governments are trying to protect the public from scams within the ecosystem, but in reality governments need to listen more closely to the needs of the industry. A sound economic environment within a nation is created with mature conversations between entrepreneurs, key players, investors and regulatory institutions. Not even the mighty China have been successful in banning Bitcoin. The decentralized nature of Bitcoin make it difficult to control and we do not want regulation that stifle innovation but the general public needs some structure. It’s confusing in crypto.

In a desperate attempt to know who is responsible for what governments try to claim some crypto currencies are securities and that some are commodities. This painstaking process may take years and hinder the development of the fourth industrial revolution that we are in. So far lack of government regulation and laws are not making it easier for the industry to grow up. I mean who would take a kid seriously if he or she is allowed to run amok?

It gets worse.

The so called stable coins and defi projects who offer sky high yields are increasingly seen as a threat to traditional finance and we don’t know how to regulate them either. Some exchanges crash and we are left standing wondering how to control what is happening. Hopefully Simon Dixon can help.

It is a problem that the crypto industry is ground-breaking. CBDCs can be a threat to fiat money. When we consider security breaches, coins stolen from wallets and crypto crashes I am starting to wonder whether the crypto industry really is healthy. Let’s be fair. It’s a high risk asset. Highly volatile.

Sure as we learn more about crypto we see the opportunities. But crypto is mostly a joke for those who do not live in the crypto ecosystem and hear about things like Satoshi Island being built and that Saudi Arabia is investing billions in the metaverse and hoping to create 42.000 virtual jobs. Meta and Instagram is also in the game along with google who is betting big on web 3 and on NFTs. It’s happening under the surface of traditional media and people miss out on information about what is coming in the future. The future is certainly a blockchain future in some way shape or form.

But the crypto industry needs help to grow into a healthy environment. Sound regulation is needed. Clear guidelines and easy to use wallets and exchanges. Sure much has happened in the last year that is tremendous for the industry. One of the world’s largest investment management corporation Blackrock has joined forces with Coinbase to offer crypto services to clients with trillions to spend. Trillions of US dollars! The industry will likely elevate fast in next bull market which may be in about 2 years.

But I guess that the general public will not believe in the crypto market until it has settled down. Settled down in a suburb… When the market is stable and boring. When the opportunity for great returns on investment has past. When the risk is low. That’s when the general public feel safe to invest. I guess that’s healthy.

Maybe it takes a rebel in believing in crypto. I know two things for sure.

Not investing is right. Investing after doing your own research is also right.

Have a great day!

Henrik

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Business & Society

Improved health care with blockchains

We are not only living in a generational opportunity for economic transformation and growth but blockchain is also reshaping healthcare.

We are living in the fourth industrial revolution. It started with the steam engine and developed into the age of science and mass production. Then we experienced the rise of digital technology. The internet of things has developed into a revolution that is powered by information communication and technology and artificial intelligence as well as blockchains. Each new wave of technological change solves different problems and benefit the world in different ways. As a health professional I am interested in looking at what problems can be solved by blockchain in health care.

Blockchain technology has the potential to solve problems linked to trust, verification and security and the health care sector is benefiting from this technological revolution. One problem within the health care sector is data breaches where patents personal and health records are stolen. The decentralized nature of and security of blockchains make it possible for patients, doctors, and health care providers to securely share the same information. Instead of using paper or multiple different digital services health care providers can use one secure system that is updated in real time. Smart contracts are smart! By using blockchain technology health care providers can solve issues with storing and maintaining immense amounts of patient data in accordance with laws and regulations. Patient activities can be up to date which assists doctors, scientists, lab technicians in doing faster diagnoses and radically improve the quality of treatment. The patient data puzzle can be solved. Furthermore, since all changes can be tracked on a blockchain the integrity issue can be solved.

Inefficient practices in hospitals are costly and the organization and logistics at a hospital can be improved and labor cost lowered as patient data is streamlined with the use of blockchain technology. The medical supply chain is also a major benefactor. The World Health Organization claims that the black market of medicine is worth $75 billion and falsified medication and illegal data is a major problem. It has been claimed that pharmaceutical companies lose $200 billion to counterfeit drugs annually. By using a ledger, data about drugs can be tracked and traced which lowers the risk of counterfeiting and theft and increases safety and decreases supply chain problems.

There are also benefits in research and drug discovery with using the distributed ledger technology as patients’ original health records and billions of genetic data can be stored on the blockchain. Genetic databases of the future are likely built on a blockchain. AI can use data to perform predicting modeling in care. The fourth technological revolution can also help public health professionals to manage national medical emergencies. Now days medical personnel can use wearables when diagnosing patients and accelerate care that involves multiple parties. Furthermore. Payments between health care parties can be accelerated with blockchain technology.

How long it will take for the public healthcare sector in adopting this new technology fully is a guessing game, but health care companies such as Ananeer, Akiri, BurstIQ, Factom, ProCredEx and Robomed are active in solving different problems. According to Delloite 2020*, several developed nations and senior industrialists are making blockchain systems a top priority for their organizations.Things move fast in a revolution.

However, the fourth industrial revolution will not fully shape the health care industry until we have further clarity on blockchain regulations and laws.

*Deloitte, Critical Blockchain Statistics: 2021 Data Analysis & Market Share — Financesonlinecom (2020)

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Business & Society

Can crypto be a lifestyle, and why does it matter?

The crypto world has developed into much more than trading and investing. It has transformed the life of and the sense of self for millions of people. Has crypto turned into a lifestyle on its own?

Crypto can be a way of life. The crypto industry is growing a strong community of like-minded individuals sharing a dream of becoming personally and financially free. This tight-knit rebellious community sees the weakness of the fiat system and focus on the right of the individual. The villain is the faulting traditional economic system and the hero is the promise of a deflationary currency that will give the power back to the people. Hackers and fraudsters as well as traditional media that spread misinformation are also baddies that crypto fanatics can fight together. Moreover, the life, behavior and conduct of a crypto enthusiast can be way to establish a sense of self and personal identity.

Establishing a sense of self and personal identity are important building blocks for mental health and happiness in life. The crypto hype shows that many people are turning to the crypto industry to strengthen their sense of self and personal identity. There are 20 000 different digital assets that are both useful and useless and crypto enthusiasts can easily find what they believe in and identify with. For example, being part of the Cardano community can show that he or she believes in the value of a blockchain that strive to help Africans who are unbanked. Whilst owning a useless meme-coin could be a way to portray the light-mindedness and rebellious side of oneself. Many crypto aficionados start their own youtube or twitter account to become crypto influencers. Crypto fanatics discuss nerdy issues such as inflation and bitcoin halving and use slang such as OG and HODL.

OG means someone who has been in the game for many years. HODL means someone who is holding on to their digital assets regardless of the swing of the market. The industry is creating a cooler image than traditional finance which favors university education and use a strict dress code and stiff expressions. However, crypto meetups are a mix between people who dress in suits and hoodies and caps and people with various levels of education.

” Belonging to a crypto community is a way to find yourself”

The crypto industry has clearly provided an opportunity for people with different socio-economic backgrounds to create wealth and a sense of self. For example. It is interesting to hear the self-confidence in the voice of someone expressing their knowledge of macroeconomics that they have gained from joining the crypto community. Anyone can buy crypto and join a crypto community. Young and old. Uneducated or educated. Rich or poor. It’s a lifestyle for the people. If we highlight crypto as a lifestyle the industry might grow even stronger. Millions of crypto devotees can feel a sense of belonging and find increased meaning in their lives by joining the crypto space. Lives are being improved with crypto. Let’s share the stoke of riding the crypto wave.

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Business & Society

The Swedish E-krona

109 countries and central banks worldwide are exploring the potential of launching a digital version of its currency. The Bahamas have launched their Sand Dollar and Nigeria the ENaira. India says it will launch the digital rupee in 2023. China is in the forefront of launching its digital yuan and will broaden its testing to several regions in 2023. USA, Canada, UK are in different stages of the development of a CBDC (central bank digital currency). But what about Sweden?

First, what is a CBDC? Simply put, a CBDC is a digital version of a country’s currency. It is not the same as a cryptocurrency. A CBDC is backed by the credit of the government in the same way as a regular currency and a cryptocurrency may be pegged to an asset or fiat currency. Another major difference between a CBDC and a cryptocurrency such as Bitcoin is the fact that a CBDC is controlled by the government, but Bitcoin is decentralized. Wait!

Why is it important to consider centralization or decentralization when we talk about digital currencies?

Well, one of the biggest reasons that China is headfirst in fully launching its digital yuan is that they aim to limit the power and market share of the private sector. The powerful Chinese private financial technology sector with actors like Alibaba and Wechat control a significant part of domestic transaction. It is difficult for the Chinese government to fully implement the digital yuan since it is very easy for the public to pay for services through these private entities. The government need to create digital wallets for the population and lack of privacy is a reason why the Chinese population is hesitant to start using the digital yuan.

Not even I as a Swedish citizen would blindly trust the Swedish government in providing a digital wallet to store my E-krona. With a government-controlled wallet every purchase could be tracked by the government. I do not think that the current government of Sweden is interested in me buying a bottle of wine at Systembolaget, but at what point is my economic life a personal matter?

Anyhow, Sweden will be cashless. Sooner than we might think. Cash is not king anymore. Only about 18 percent of all consumer transaction are in cash. The digital e-krona is the future of Swedish money. According to the Swedish Riksbank the E-krona pilot initiative is running and has gone through various phases. The bank Handelsbanken and the technology company Accenture and key players along with the Swedish Riksbank have actively tested the E-krona in a sort of a beta test. The result so far indicate that the Riksbank still need to know the effects an E-krona may have on the Swedish economy. Further research is needed and various technological issues and question appeared in the test period that are also common in the crypto industry. How will people store their E-krona? What digital system will be used for safe and trustworthy transactions?

The government will never use an existing blockchain to implement the Swedish E-krona because it needs to have full control of the currency. Using an existing crypto stable coin is off the table. The Swedish Riksbank has used a blockchain technology on a platform called R3 Corda platform when testing its CBDS but the result was not satisfactory and an alternative technological method need to be found in the future.

It is not entirely easy to launch the E-krona as some groups in society may have problems with its technical use. A range of technological and social issues need to be considered. I think that the digitalization of the Swedish currency cannot be stopped but needs to follow the guiding light of the values of society. The E-krona will not be something that we as citizens vote on. It will be implemented in stages whilst the current cash system is incrementally dismantled. The E-krona will likely not see the light of day until 2030.

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Business & Society

Learn to earn in the metaverse

The crypto world keeps on surprising us. Nowadays we can walk on the beach or sit at home and play blockchain games and earn crypto doing it. Cool. But the most transformative development in blockchain technology will be in the metaverse.

In developing countries such as Venezuela and the Philippines kids play blockchain games such as Axie Infinity and earn enough to support their family. Lifestyle apps are offering move to earn tokens such as Stepn to pays users for walking to improve public health. It is also possible to earn crypto whilst learning about crypto as exchanges reward users for learning about trading on their platform.

But the truly ground-breaking development will be in the metaverse as it can transform traditional education. Traditional educational institutions are buying land in the metaverse and constructing buildings to make sure they are competitive in the metaverse. In the future online education will move into the metaverse and crypto will change the way educational institutions organize and finance education by using the learn to earn method of tokenomics. Confused? Tokenomics is a just a word to describe how a cryptocurrency works and a way to show how it’s valuable. When traditional institutions have established themselves in the metaverse their students will be able to choose specific courses from different schools to hyper-personalize their education. The individual can even choose to study a certain subject and hand-pick the best teachers from different institutions. Students will being able to learn unique skills learnt in faraway places and even earn crypto doing it.

Can student make money whilst studying in the metaverse?

Yes, institutions can use block-chain technology to reward students with NFT’s (non-fungible token) which can be used to purchase items or services in the metaverse. Students can even choose to sell their NFT for ordinary fiat cash to buy pasta and ketchup. Are you unsure what a NFT is? Non-fungible tokens are a financial security that consists of digital data which is stored in a blockchain. A NFT is like proof that someone owns something online and that it has value of some kind.

Conventional barriers of institution-bound education delivery can be broken in the metaverse. Student can jump between different schools as they wish. Gone will be the days with boring power-points presented online by stiff lecturers. The metaverse will offer a learning experience through virtual reality that capture the hearts and minds of young and old in ways we have not yet experienced. Learning in the metaverse will be a realistic immersive experience with considerable social interactions whilst wearing virtual reality glasses. Schools in the metaverse can create different services such as tutoring and interactive examinations through the metaverse. There will be different ways that schools compete in educational market place in the metaverse. Some educational institution may offer a highly flexible curriculum to their students, and some may offer digital assets such as NFT (and other not yet known assets) to reward student for studying.

The full force of tokenomics might even make education free in the future.

One thing is for sure, schools will launch their own crypto currency or asset.

Sure, the metaverse is a buzzword. Personal computers need to be far more powerful before the metaverse will be able to function and used by the average citizen of the world. But hold on tight! The blockchain technology and cryptocurrency, it is seeing a faster growth trajectory than the growth of Internet in the late 1990s. Don’t worry, in real life education will always exist as well, and one may claim that the metaverse is just a sexier version of the internet. Cool. Learning to earn might even be sexy.