What is Blockchain Technology?
Blockchain Technology stores transactional records of the public through a structure, known as the block. This data is saved in several databases in a network connected through peer-to-peer nodes, also known as ‘chains’. This storage of transactional records is referred to as a ‘digital ledger’, and on the digital signature of the owner, every transaction is authorized, thereby safeguarding it from tampering. Some factors like high security, decentralized system, and automation capability are some of the reasons for making blockchain technology popular.
Top Stories About Blockchain Management this Week
To be aware of the ways in which data can be secured, users should know about the latest news in the domain. Here are some of the blockchain stories that attracted the limelight this week.
- Newrl’s blockchain technology-based tokenized equity solutions cater to unlisted companies
Decentralized finance blockchain-based platform, Newrl has launched equity solutions for unlisted companies. This would enable the tokenization of equity which is going to be India’s first Web3 innovation for issuing ESOP solutions to startups, improving governance through smart contracts, and raising funds.
The primary reason that this was breakthrough news was that this platform would provide greater access, transparency, and liquidity to new-age investors. This would leverage the startup employees as the sector took ESOP buyback worth Rs. 3,000 crores. As Newrl aims to use blockchain technology for the creation of liquidity with $500 million in unlisted stocks, it is going to be good news for investors as the platform has taken a target to tokenize 10% of the market share by 2023.
One of the biggest advantages for unlisted companies is that since the ESOPs lack liquidity, employees can gain value only upon buyback. Since Newrl is planning to implement smart contracts on blockchain technology by decentralizing the management of ESOPs, that would provide a solution to the issues faced by unlisted companies.
Similarly, Rosalind IT Services have been catering to the growing demand for Web 3.0 technology for blockchain wallets, crypto coins, crypto exchanges, and Non-fungible Token (NFT) spaces. Their services have eased the process of navigating these technologies and made them secure and failure-proof.
- IGNOU goes the unconventional way in delivering degrees using blockchain technology
The Indira Gandhi National Open University (IGNOU) has come up with a plan to deliver degrees to students using blockchain technology. This would enable the faster authentication and submission of academic documents to the students. Digilocker would be digitally storing the academic documents using blockchain technology which powers the Bitcoin ecosystem. According to IGNOU vice-chancellor, Nageshwar Rao, Nagpur will become one of the few Regional Centres (RCs) to offer digital content for the students.
The reason why this initiative will be helpful for students is that if they are applying for e-content, instead of physical books, they get an extra discount. Moreover, videos of academic experts of the varsity would be streamed online on YouTube and broadcast nationally through their dish channels. As IGNOU adopts the digitalization mode, admission procedures will be made online coupled with an almost real-time declaration of results.
To top it all off, IGNOU is gearing up to expand its regional language portfolio. This would provide students the chance to have more choices, and reduce their dependence on human intervention.
- Ethereum-focused BlockApps raises £31 million to grow into the entrepreneurial space of blockchain technology
In an attempt to enlarge its enterprise blockchain space, BlockApps raised £31m in a new funding round. This would lead to the integration of blockchain technologies to adopt mainstream traditional companies. The fund would be used to develop applications on its ‘block-as-a-service’ platform, STRATO, which is corresponding to Ethereum.
Outside the crypto world, the benefits of blockchain technology and immutability were not included in any other element. However, with this funding, it is high time for all things ‘boring’ to meet the advancements of blockchain technology.
The primary reason that this change will be helpful for the enterprise blockchain space is that the new funds will be used to add to the growth of its team, and go-to-market strategy, and help businesses in the blockchain ecosystem to expand. The initiative also intends to bring in more assets to STRATO by amplifying its partner program.
- BlackRock launches blockchain-based ETF to facilitate ‘gradual entry point’ into technology
BlackRock launched its new iShares Blockchain and Tech ETF (Exchange-Traded Fund), thereby allowing investors to gain access to blockchain technology without any direct investments in cryptocurrencies. The ETF tracks international companies involved in the utilization, development, and innovation of blockchain and crypto technologies.
This would benefit millennial customers as they will be able to discover value in blockchain technologies, thereby leading to financial inclusions that were previously impossible. For instance, the decentralization of finance contributes to the use of blockchain technology for consumers to regain control of their personal data.
- Crypto boom opens door for buying rental homes with blockchain-based tokens
Startups have come up with a unique initiative to offer people the opportunity to buy stakes in rental homes through blockchain-based tokens of $50. This new phase of the crypto-economy provides ownership of faraway rental properties in the form of digital tokens that are divided and sold around the world. The token-holders get the chance to transform the business of being a landlord into a series of online polls.
While many startups are planning to use blockchain technology to create a new way of investment and digital ownership in real estate, a cryptocurrency website called Lofty AI has gone a mile ahead. They plan to create an unregulated online marketplace where people can invest as little as $50 to procure a digital token equivalent to a stake in a single-property rental business.
This initiative makes real-estate investing more accessible. Anyone with a stable internet connection can build an investment portfolio of rental properties. Additionally, The buying and selling of tokens are recorded with the assistance of blockchain technology, a system in which many computers contribute to a shared database or ledger. Since no single entity owns the database, investors don’t have to face any problems regarding the acquisition of these properties.
- The central African Republic make Bitcoin its official currency
Following the league of a country in Central America, El Salvador, the Central African Republic also accepts Bitcoin as its legal currency. It is the first country in Africa and second in the world to do so.
Obed Namsio, chief of staff of President Faustin-Archange Touadera stated to Reuters that the President is in support of the bill governing the use of cryptocurrency. It is because it would improve the conditions of Central African citizens and is a decisive step toward opening new opportunities for the country. African governments have rolled out a varied approach to the regulation of blockchain technology and cryptocurrencies.
- Revolut CEO targets expansion into crypto wallets and mortgages
Digital banking platform, Revolut has its eyes set on expanding into decentralized blockchain technology such as cryptocurrency wallets as well as the mortgage sector. With an aim to push ahead to become a so-called “superapp”, this London-based company is focusing to enlarge its remittance offerings and launching a buy now, pay later product.
The company currently offers crypto trading, payments services, savings accounts, and stock trading. As per the CEO of Revolut, Nik Storonsky there is yet a lot of work to do for them to become a one-stop shop for financial services. Since home loans are quite an important part of a consumer’s financial life, expanding into mortgages would be another step that would be helpful for them. They are also willing to open remittance corridors to enable its US users to transfer money across borders within 30 minutes.
The way blockchain technology is making its way into almost everything, the day is not far that blockchain solutions would be required in almost every enterprise. Rosalind IT Services harness the power of blockchain and other technologies such as smart contracts and distributed ledger to build assets agnostic and scalable applications such as smart wallets, and white-label exchange platforms (centralized, decentralized, and P2P), tokens, ICO, STO, and other enterprise blockchain solutions development. Their experts identify where blockchain cases can be used and create intelligent strategies around the same to accelerate the client’s deployments. With an aim to decentralize the world, they aspire to combine their rich experiences and deep domain expertise to deliver blockchain solutions at the enterprise level.