Is crypto dead

Cryptocurrencies for the internet don’t have to be on Web3

Is crypto dead? That impression may have been created by the recent market decline of Bitcoin in particular. Meanwhile, last month, Google Cloud collaborated with Binance, a cryptocurrency exchange facing legal troubles in several countries, on its smart contract blockchain service. Perhaps unsurprisingly, Binance was barely mentioned in the statement, with the entire focus on his redesigned BNB chain. However, according to a June report of 2,000 retailers surveyed by Deloitte, 85% of them want to accept bitcoin payments. 83% of respondents believe cryptocurrencies will become legal cash within the next decade, while 54% said he has already invested more than $1 million to enable digital currency payments. increase.

In more recent news, the first pound-backed stablecoin was created in the UK and was audited by KPMG, effectively giving the cryptocurrency the stamp of corporate legitimacy. is the first wave of something new on the horizon, whether it will survive or disappear into the ether may be a moot question. Known as Web 3.0. Web3 is being hailed as the next generation internet, a decentralized version of the existing internet that uses distributed ledger technology (DLT) as its foundation.

Cryptocurrency, Blockchain, Self-Sovereign Identity (SSI), and Decentralized Finance are all products of DLT (DeFi). The last item on that list may offer an imminent existential threat to today’s financial institutions or a reinvention opportunity for today’s more agile organizations. The COO believes that blockchain, a technology that is now in certain companies’ toolkits, will be a key element of this transition. Shane Rodgers, a veteran investment banker and CEO of PDX Global, a veteran investment banker, payments and digital his banking platform, explains to ERP Today that technology has made a huge inroad into the financial sector. increase. His CFO at the company wants to save money by facilitating traditional digital payments and eliminating fees typically charged to intermediaries, so he now uses an architecture-powered payment platform.

The current supply chain crisis has uncovered uses for blockchain outside of banking. Stephane Crosnier, Accenture UK’s Head of Supply Chain and Operations, explains the implications for financial structures, using the example of a major global energy company seeking to build more interconnected supply chains across ecosystems. To do. According to Crosnier, the goal of the project is to develop a common data platform for the industrial sector that facilitates the workflow of business her partners while improving the buying experience. Product movement data, inventory levels and storage capacity are collected through IoT and tracking capabilities.

He explains that the blockchain layer uses these inputs to build a common record of product provenance, with significant implications for existing funding models. “Integrating with partner systems of record and using data from purchase orders and deliveries eliminates the majority of cases of transaction discrepancies and reconciliations. Significantly shortens payment timelines and reduces the need for manual intervention By enabling zero-day financing and freeing imprisoned working capital from the supply chain, this reduction in cycle times Paving the way for the transformation of trade finance models.

Peer-to-peer digital transactions reduce the risk of card loss or PIN theft, eliminate risk-enhancing intermediaries in the payment process, and are securely recorded on the blockchain. According to Jaco Vermeulen, his CTO of BML Digital, the whole Web3 concept is characterized by a similar sense of comfort. According to him, “Web3 tools will likely push credit/debit cardless technology, linking accounts to specific identities via NFTs and biometrics.” “It is used to validate transactions and identify payment accounts. As a result, it eliminates the need to know account or credit card numbers, improving security. , but the lack of integration will keep businesses sticking to Web 2.0 for the foreseeable future.

“There is little to fear,” agrees Rogers, a longtime investment banker. Go back to enterprise software. ” Financial institutions are already looking for alternative payment systems. He believes early adopters of financial institutions will benefit from offering more payment options to customers and retailers.

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