One of the biggest challenges to crypto adoption is the annoying wallet creation process, which requires you to write down a series of seed phrases you'll need to log in or recover your account. In addition, the types of transactions possible in crypto are limited compared to those possible in existing systems, let alone the places you can use crypto as payment.

While this has been the case for a long time, things are about to change.

The Ethereum development community has been working on ERC-4337, a new Ethereum standard that makes crypto wallets more user-friendly with better functionality.

ERC-4337 is a standard for Ethereum that aims to make user accounts work more like smart contracts, a phenomenon called "account abstraction."

Currently, creating a wallet and using it can be complex for people venturing into Web3. We have to use externally owned accounts such as Metamask and Coinbase Wallet to interact with blockchain-specific smart contracts.

Processes such as securing seed phrases and making transactions are a bit fiddly in our digital age. In addition, the lack of user-friendly security features could easily deter users, considering the precarious state of the crypto space.

ERC-4337 introduces a standard interface for the Ethereum network's deposit contracts, which allows different applications and wallets to interact with smart contracts in a standardized way.

It makes the wallets act as breathing, self-executing smart contracts, i.e., as efficient as hardware wallets with a cleaner UX and multiple account recovery options, more secure and censorship-resistant.

With a simple code update of a wallet, you can expand its functionality to handle multi-factor authentication, make and sustain transactions, and perform multiple tasks.

In essence, ERC-4337 brings the convenience of banking systems to the blockchain. According to CoinTelegraph, Ethereum Foundation security researcher Yoav Weiss said:

It gives you the same features a bank would without having to trust a bank.

ERC-4337 irons out a number of common cryptocurrency problems.

This is one of the biggest barriers to crypto adoption. No one today enjoys typing or writing down a seed phrase containing 12 or 24 words, which they know, if lost, will prevent them from accessing their crypto assets.

With ERC-4337, you'll be able to open an account on your smartphone using only a fingerprint or face scan. If you think about it, an intuitive account opening process that takes less than 30 seconds is a great incentive that could pull the next billion crypto adopters.

The current system of using smartphones as hardware wallets presents a security risk. First, the security module uses a cryptographic signing system different from the one used in crypto. Also, they come with the risk of being hacked or tricked into making transactions.

ERC-4337 enables easy communication between the two cryptographic systems, which enhances security. More importantly, it enables you to set up two-factor authentication for transactions and spending limits.

Another problem in crypto is the lack of account recovery options on most platforms. As a result, if you lose your seed phrase, you're toast. Isn't that a sad state in a world where losing a phone is a common incident?

Account abstraction helps you regain your seed phrases if lost, so you can recover your hard-earned crypto assets. This will be made possible through a time-locked recovery process (around four days) that involves a group of trusted friends or a commercial service.

With more improvements, you'll soon be able to recover your account in the normal "forgot password" style.

One major deterrent to NFT adoption are NFT minting fees, which can range from a few cents to hundreds of dollars depending on the blockchain. For instance, if you're a DApp developer who wants to allow some test subjects to try your app, your experiment will be limited by how willing your test subjects are to incur gas fees.

With ERC 4337, it's possible to allow users to go gas-free for a certain period, say 30 days, using a paymaster. A paymaster is a smart contract that executes logic to decide whether or not it should pay for transactions for its users.

Using paymasters, you can sponsor users while having the gas fee extracted from an address you set upon confirmation of the logic. As such, zero-gas fee minting makes it easier for people to try your DApp or new NFT project.

Lastly, ERC-4337 will enable crypto users to do away with iterative low-value transaction approvals. This feature is particularly valuable to gamers who need to use their tokens across sessions and crypto traders who need to be hands-on with collecting and trading crypto assets.

As for gamers, you can load a simple piece of code into your account, for instance, to automatically perform a transaction based on your terms and session keys. Meanwhile, automating trading by setting monthly limits and adjusting yield farming positions with the help of AI will make trading easier and more accessible.

These are just some of the major issues ERC-4337 solves, but there could be more.

ERC-4337's integration into Ethereum is a great deal for the blockchain's users, the EVM-compatible chain ecosystem, and the whole crypto space. For crypto users, it means:

In addition, considering its potential, it might cause a little frenzy among crypto investors. By virtue of making wallets better, i.e., smart wallets, it signals more possibilities, which means more people might get on board.

On the other hand, introducing more complex terminologies such as "account abstraction" will mean regular people may find the space too complex to venture into unless a simpler way to demystify the concepts is available.

ERC-4337 transforms a complicated digital bankless payment system into a simplified one that most people can relate to and thus be open to adopting. As such, it's a pretty powerful proposition for the next generation of crypto adopters. While most current users would be bullish about it, we can only wait and see where it takes us.

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What Is Ethereum ERC-4337 and What Does It Mean for Crypto ... - MUO - MakeUseOf

Blockchain will simplify the travel industrys complex web of fragmented technologies in much the same way as Tesla has simplified the motor vehicle, the Travolution Summit was told.

Anke Hsu, head of business development at Chain4Travel, said one connection to a single network can supply retailers with all the product and content they need while verifying each transaction.

Chain4Travel is building the Camino blockchain network specifically for the travel industry and aims to launch its main net within weeks following the successful introduction of a test net last year.

Hsu said blockchain has the potential to do away with the many product APIs and aggregators travel firms have to integrate with which add costs to the distribution and retail of travel products.

And she said it will support new business models like C2C where consumers can trade products stored on the network as immutable digital assets, opening new revenue opportunities to suppliers.

Today we talk about B2B, and we know and B2C, but now we can talk about C2C and secondary markets.

Customers that cannot travel can sell their trip to another customer or even back to the original company. With smart contracts you can define the conditions about how that can be sold.

This is possible now with the enablement of blockchain and digital assets that are protected.

Web 3.0 is all about read, write and own and blockchain is the enabling technology because for the first time you can actually protect digital assets with a smart contract.

In the travel industry we have a lot of data. Every trip is a digital asset until departure. For us its very important that we can protect those digital assets.

Why is that important? We can trade. And we can actually decide whether we want to share anything of our identity.

What was missing in Web 1.0 and Web 2.0 is the ownership of our contributions. The big platforms [like Twitter, Google and Facebook] they make the money with our data.

Hus added: In tourism everything is on a leash, we have a lot of APIs a lot of data going to different pools, to different distribution systems a lot of ways to connect, a lot of aggregators.

Mostly aggregators dont have all the content you want to have. Its impossible to sell, for example, small ancillaries because its too complex to connect.

With blockchain it could be very different. You have, in the network, the possibility to connect with your offers.

Imagine a lake where you throw your offers in and everybody can fish for the offers they want as a tour operator with just one connection to the network. Sell to may or buy to many.

Chain4Travel has won the support of 120 travel companies including major players like Lufthansa, Tui and Der Touristik.

But Hsu said the concept is to give sector players of all sizes equal say on how the network develops and the transactions it validates.

We have designed the blockchain so the smaller and medium sized companies have the same voice, the same vote on decisions as the big companies. Unique for the whole industry, she said.

Hsu added: Its not another app, its an endeavour to actually move away from the legacy systems we have and establish a joint shared infrastructure where every travel company can take part in.

With blockchain and smart contracts travel will be able to react instantly to disruption with any delay sparking the terms in a smart contract and initiating a rebooking.

It will also mean compensation for delays can be paid directly and instantly to the customer improving service and satisfaction levels.

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Travolution Summit 2023: 'Blockchain will... - Travolution

Sector & Thematic Strategy Briefing - Wednesday 29th March 2023 - The Berkeley, London Please join us for our annual sector and thematic investing event, featuring DWS Xtrackers, First Trust, MSCI, Redburn and Sprott Asset Management. Please register now if you would like to attend.

Global X has launched three new crypto ETPs in Europe providing directly backed exposure to LINK, UNI, and AAVE, the native tokens underpinning the Chainlink, Uniswap, and Aave networks.

The listings represent the first crypto ETPs to be launched in Europe in 2023.

The Global X Chainlink ETP (LI0X GY), Global X Uniswap ETP (UNIX GY), and Global X Aave ETP (AVMX GY) have been listed on Deutsche Brse Xetra in euros.

The ETPs are passported for sale in Austria, Denmark, Finland, Germany, Netherlands, Norway, and Sweden.

Each ETP provides 100% physically backed exposure to its underlying digital asset while maintaining the added oversight, security, and liquidity inherent in the ETP structure. The underlying crypto holdings are custodied by Coinbase Custody International.

Each ETP comes with an expense ratio of 0.99%, notably cheaper than rival products such as the VanEck Chainlink ETN and CoinShares Physical Chainlink, both of which are priced at 1.50%; the Valour Uniswap ETP, which has an expense ratio of 1.90%; and the 21Shares Aave ETP, which costs 2.50%.

The new listings represent the first digital asset ETPs to be introduced in Europe in 2023 after new product launches ground to a halt last year amid plummeting values in the crypto sector, a period that has become known as crypto winter.

Chainlink

Chainlink is a decentralized oracle network a blockchain abstraction layer that enables blockchains to interact with external data and systems through entities known as oracles.

Oracle networks have been instrumental in the evolution and proliferation of hybrid smart contracts which are smart contracts that combine blockchain-based code with off-chain oracles.

By also utilizing blockchain-based technology, oracles ensure the correct data is retrieved from a high-quality data provider, is verified, and then delivered onto the blockchain without manipulation from hackers.

LINK, which is used to pay oracles for their services, has a total market capitalization of $3.6bn, making it the 21st-largest crypto asset.

Uniswap

Uniswap is one of the largest decentralized cryptocurrency exchanges globally. Operating on the Ethereum blockchain, Uniswap uses smart contracts to facilitate automated transactions between any pair of Ethereum-compatible tokens.

Uniswap users may create liquidity pools of tokens they are willing to trade. Other users who then wish to trade with a liquidity pool enter into a smart contract that uses automated market-making technology to algorithmically determine the best execution price.

UNI is a governance token, allowing holders to vote on project developments, while the token may also be used to fund liquidity mining pools, grants, partnerships, and other growth-driven initiatives.

Although UNI serves as a governance token on the Uniswap platform, investors can also trade the token on exchanges and treat it as a speculative investment.

With a total market capitalization of $4.8bn, UNI is the 18th-largest crypto asset.

AAVE

Aave is a platform for borrowing and lending crypto assets. The platform uses smart contracts to automate the lending process with pre-set rules on how funds are distributed, collateral is handled, and fees are assessed.

Aave specializes in overcollateralized loans, a feature that protects lenders from losing money due to loan defaults and allows the Aave protocol to liquidate the collateral if it drops too much in value.

AAVE is used as collateral for taking loans and for paying loan fees. With a total market capitalization of $1.1bn, it is currently the 48th-largest crypto asset.

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Global X rolls out three new crypto ETPs - ETF Strategy

Circle faced its toughest week so far this year after USD Coin [USDC] lost its dollar peg. It has since recovered, but the stablecoin issuer just released a new update regarding its USDC operations.

According to the update, Circle redeemed 2.9 billion USDC and minted 700 million USDC on 14 March. Those efforts were part of its action plan to aid the peg recovery. More importantly, Circle announced that it was securing new transaction banking partners. The companys goal is to facilitate round-the-clock transactions that will not be limited by regular banking hours.

Circle further revealed that it had limited funds held by its transaction banking partners to support redemption and minting. It also revealed that it held a cash position of its reserve at BNY Mellon. Thus, at press time, it had on-ramps for users looking to move their funds into the crypto segment.

The move by Circle underscored plans to bypass regulators efforts to prevent banks from working with crypto companies. It also came just days after multiple banks collapsed, adding more pressure to the fiat system. As a result, more people were losing their trust in the fiat system, and this was a key factor that fueled the rally in the last three days.

The aforementioned factors and the fact that USDC has regained its test have restored some confidence back into the stablecoin. The supply of USDC in smart contracts recently bounced back to a new four-month high.

But what about actual market demand? Well, a look at address characteristics revealed that USDC receiving addresses were slightly higher than sending addresses. Another key observation is that both metrics dropped substantially since 11 March, as people moved to other stablecoins.

However, addresses began leveling out at press time, suggesting that USDC trading activity is recovering. This is evident in the stablecoins exchange flows. Both exchange inflows and outflows have been on the rise for the last three days after previously tanking because of the depeg.

The exchange outflows remain higher than inflows, hence confirming that USDC is yet to regain full confidence. This may also be due to the recent crypto rally, which meant that investors have been buying crypto for stablecoins.

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Can Circle [USDC] turn things around with new plan? All you need to know - AMBCrypto News

Wisekey International Holding SA

Grupo Pro Arte y Cultura Announces Winners of the 2022 Mayte Spnola Gold Medals on the WISe.ART Platform and showcased in Times Square in NYC

Click here to see the video: https://www.youtube.com/watch?v=SzzxsubqkLw

New York / Madrid March 16th, 2023: WISeKey International Holding Ltd. (WISeKey) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, AI, Blockchain, and IoT company, in partnership with Grupo Pro Arte y Cultura, announced today the winners of the 2022 Mayte Spinola Gold Medals through the WISe.ART platform, showcased in Times Square. The ceremony will take place on June 13, 2023.

Mayte Spnola founded The Pro Arte y Cultura Group in 1990. Over the past few years, she has been presenting awards to recognize the works of outstanding people in fields such as culture, art, technology and solidarity.

This year, the medal ceremony will be combined with NFTs minted on the WISe.ART platform, the Entrusted Next-Gen NFT Marketplace secured by WISeKey technology that guarantees an authenticated and signed version of the actual digital asset, providing proof of ownership, provenance and a set of terms and conditions of smart contracts that describe future usage and monetization streams.

WISeKey's innovative security technologies enable the authentication of phygital assets in a secure end-to-end process, proven by its 20-year experience and work in this domain. The trust is enabled by the OISTE/WISeKeys Swiss based cryptographic Root of Trust (RoT).

The Mayte Spnola 2022 Gold Medals have been awarded, in their VIII edition, by a panel chaired by Mayte Spnola, and made up of:

Pedro Sandoval, President

Prince Flix de Merode, Vice President

ngela Mara de Ulloa, Duchess of Ganda, Director

Alicia Pardo, Countess of Valle de Suchil, Vice President in the U.S.

igo Lpez de la Osa, Delegate in Monaco

Solita Cohen, art collector and Delegate in Miami

Paula Lpez, author and Delegate in Colombia

Carlos Moreira, Founder of WISeKey and CEO of WISe.Art

Antonio Snchez de Len y Cotoner, Delegate in Valencia

Julia Sez-Angulo, Secretary of the panel.

Story continues

The Medals, which will be delivered at the Hacienda de San Antonio, Valencia, owned by Antonio Snchez de Len y Cotoner, on June 13, 2023, have been awarded to:

Archduchess Catherine of Habsburg-Lorraine, Medal in Literature

Esther Monterrubio, Ambassador to the UN in Vienna, for her diplomatic career

Carmen Gimnez Martn, corresponding academic from San Fernando, Medal in Fine Arts

Prince Franois of Orleans, Medal in Landscaping

Mara Bestar, actress, Medal in Interpretation and Communication

Jos Luis Acosta Salmern, Medal for his career as a screenwriter and producer

Ramn Lpez-Vilas, Medal in Law

Ricardo Gmez-Barrera, Medal in Tax Law

Doctor Juan Lpez-Quiles Medal in Medicine, Maxillofacial specialty

Doctor Luis Hidalgo Togores, Medal in Urology

Doctor Marin Rojas Estap, Medal in Psychiatry

Paloma Porrero de Chvarri, Medal in Art and Diplomacy

Alicia Viladomat, Medal in dissemination of her artistic family

Miguel Mas, Medal in Jewelry and Design

Gallerist David Bada, Medal in Art, for his promotion of visual artists

Inma Merino, Medal in Painting

Jos Mara Fayos, Portrait Medal

Carlos Teixid, Medal as Art Gallerist

Nicols Corts, Medal as Antique Dealer

Jorge Coll, Medal as Antique Dealer

Paloma Cuevas, Medal in Wedding Dress Design

Esperanza Tern, Medal in Textile Design

Mara Jess de Frutos, Medal in Artistic Career

Rogelio Snchez Molero, Medal in Poetry

Carlos Baute, Medal in Music

Silvia Lodares, Medal in Gastronomic Restoration

Astrid Misrahi, Medal in Philanthropy

Marisa Nufro, from Smylife, Solidarity Medal, in favor of Messengers of Peace

Father Jos Luis Snchez, Medal in Sustainable Development, at the Ambassadors for Development Foundation.

Mara Moreno, president of the Esperanza y Alegra Foundation, Medal in Altruism

Paco Arango and the Aladina Foundation, Medal in Solidarity in favor of children

Elas Lpez Montero, Medal in Oenology

Blessed Cardinal Marcelo Spnola y Maestre (1835-1906), Medal in Journalism, In memoriam

Marqus de Spnola, enterprising man, pioneer of journalism, founder of the newspaper "El Correo de Andaluca" in 1899, Archbishop of Seville and favoror of the humble. John Paul II beatified him in 1987.

About WISeKey: WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping todays Internet of Everything. WISeKey IoT has an install base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.

About WISe.ART: WISe.ART is a fully-fledged marketplace. It can connect all actors of the arts industry. Our white-labeling options and special NFT designs ensure that besides an authenticated and signed version of the actual digital asset, creating an irreversible link to the physical object, providing proof of ownership, provenance, and a set of smart contracts describing future use and monetization streams.

The WISe.ART NFT platform is fully secured by WISeKeys innovative security technologies enabling the authentication of digital assets, in a safe end-to-end process based on our experience and proven expertise in this domain.

Press and investor contacts:WISeKey International Holding LtdCompany Contact: Carlos MoreiraChairman & CEOTel: +41 22 594 3000info@wisekey.com

WISeKey Investor Relations (US)Contact: Lena CatiThe Equity Group Inc.Tel: +1 212 836-9611lcati@equityny.com

Disclaimer: This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

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Grupo Pro Arte y Cultura Announces Winners of the 2022 Mayte ... - Yahoo Finance

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The IOTA Foundation has continued to expand its market footprint with new initiatives such as the launch of the Shimmer network. However, the IOTA community has been eagerly looking forward to the launch of ShimmerEVM along with the launch of IOTA 2.0 in the latter half of the year.

On the other hand, new players within the ecosystem continue to build new stuff for Shimmer and IOTA. Tanglechains.org is one such interesting new platform from SPYCE.5 that exclusively lists and shows EVM and smart contracts chains built atop the Shimmer blockchain.

It serves as an easy-to-use platform for developers to showcase their projects as well as connect with other developers within the Shimmer ecosystem. As we know, the Shimmer network is a high-performance, feeless, and scalable DAG-based ledger which serves as a testnet for the IOTA ecosystem. Unlike other blockchain networks, the good thing about Shimmer is that it can handle transactions in parallel.

Tanglechains.org is a Shimmer-dedicated platform due to its unique characteristics and advantage for developers. The official announcement from SPYCE.5 notes:

Tanglechains.org serves as a hub for information on smart contract chains, offering details on their RPC endpoints, one-click wallet connect and other key information. It is fully open source and we invite and encourage developers from the ecosystem and the community to enhance the platform with their own ideas, utility and functionality.

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Over the last year, there have been several hacks with other blockchain ecosystems due to faulty implementation of bridges leading to the loss of several hundred million dollars.

The IOTA team has designed the Shimmer network in such a way that it allows bridgeless asset transfers and composability without relying on any untrusted relays and bridges. Every chain listed with Tanglechains will be able to exchange tokens and digital assets natively with other chains present on the Shimmer network.

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Thus, it will make it extremely easy for developers to create decentralized applications that are more secure, faster, and more easily accessible than ever before. Tanglechains.org will make it extremely easy to find chain partners, interact with them natively, and create a streamlined customer experience. The other key benefits involve:

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

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Discover Tanglechains.org: Your go-to source for EVM and Smart Contract Chains on Shimmer and IOTA - Crypto News Flash

(Kitco News) - Under new rules adopted by the European Parliament, smart contract developers may be required to implement kill switches in their contracts that would allow a reset of activity.

On Tuesday, the European Parliament voted in favor of the Data Act by a wide margin, with 500 votes in favor of the legislation versus 23 against it. While the legislation wasnt specifically crafted to target the crypto industry, its provision on smart contracts focuses on data from connected devices, also known as the Internet of Things (IoT).

While the measure is intended to give people more control over information from smart devices, it is also generating concerns in the Web3 community over fears that it will be used to target certain types of transactions.

According to Pilar del Castillo Vera, a centrist-right MEP and rapporteur on the Data Act, the legislation has the potential to contribute to optimizing existing business models and processes, boost the development of new ones, and by doing so creating new values and jobs. Castillo Vera made the comments while opening Tuesdays plenary in the European Parliament in Strasbourg.

The new rules will empower consumers and companies by giving them a say on what can be done with the data generated by the connected products, Castillo Vera said during a debate.

Based on the text of the legislation, smart contracts fall under Article 30 of the Data Act, which relates to essential requirements regarding smart contracts for data sharing.

The provision that is worrying crypto proponents is the rigorous access control mechanisms and protection of trade secrets integrated into the design of smart contracts. The legislation is looking to require a mechanism that could terminate or interrupt transactions, and it will be up to lawmakers to decide which conditions would make it permissible.

Experts worry that including such functionality the ability to stop or reset a smart contract could undermine their purpose.

The immutability of smart contracts is key to their survival (i.e., immutability is their main differentiating feature), Thibault Schrepel, an Associate Professor at VU Amsterdam University, tweeted ahead of the vote. Article 30, as currently drafted, goes a step too far in addressing the issues raised by immutability. Instead of enacting "practical immutability" (where immutability remains the principle and alterability the exception), it makes alterability the principle. In doing so, it endangers smart contracts to an extent that no one can predict.

According to Schrepel, who is a specialist in blockchain legal issues, the legal text is unclear as to who would be responsible for triggering the kill switch on a smart contract, which interferes with the fundamental principle that the automated programs cant be altered by anyone.

As currently drafted, Article 30 does not provide clarity as to who should be able to terminate the continued execution of transactions, Schrepel wrote. Is it the creator of the smart contract? Public authorities? Courts? If the EP wishes to proceed with Article 30, future versions should at least make it clear that only the creator of a smart contract can terminate it.

The Data Act will now move on to trialogue negotiations where each EU institution will defend its position and lawmakers will work with national governments to settle on a final version of the law.

According to a tweet from the developers at Curve Finance, a decentralized stablecoin liquidity protocol, it is impossible to comply with the stipulations outlined in the proposal.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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EU Parliament approves the Data Act, which requires - Kitco NEWS

Blockchain technology has taken the world by storm, transforming various industries by offering decentralized and transparent solutions. At the heart of this technology are smart contracts, which have garnered a lot of attention for their ability to automate processes and increase efficiency. But are smart contracts integral to blockchain? This question has been the subject of debate, with some arguing that smart contracts are a necessary component of blockchain, while others believe that they are merely useful tools.

To truly understand the role of smart contracts in blockchain technology, it is important to first grasp what smart contracts are and how they work.

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts contain rules and regulations that are automatically enforced, removing the need for intermediaries and reducing the risk of fraud.

Imagine you are buying a car from a seller, and you want to use a smart contract to ensure a secure and transparent transaction.

First, you and the seller agree on the terms of the sale, such as the price of the car and the conditions of the sale. These terms are then coded into a smart contract using a programming language.

Next, you and the seller both deposit funds into an escrow account that is managed by the smart contract. They held the funds in the account until they meet certain conditions.

You can configure the smart contract to release the funds to the seller you received and have confirmed that it is in good condition. The smart contract could be set up by you to release the funds if they do not deliver the car within a certain timeframe or if it does not meet the agreed-upon conditions.

The smart contract releases the funds from the escrow account to the third party, with no intermediaries, such as banks or lawyers, once its conditions have been met.

One of the key benefits of smart contracts is their ability to automate processes, which can increase efficiency and reduce costs. For example, in the case of a supply chain management system, smart contracts can be used to automate the process of verifying and tracking shipments, eliminating the need for manual checks and reducing the risk of errors.

Another benefit of smart contracts is their ability to execute complex business logic in a trustless and decentralized environment. This means that they can conduct transactions with no intermediaries, such as banks or lawyers, reducing costs and increasing transparency.

Smart contracts are also an essential component of decentralized applications (DApps), which are built on top of the blockchain. They design these applications to operate in a trustless and decentralized environment, with smart contracts for the infrastructure to facilitate transactions and enforce rules.

However, it is important to note that smart contracts are not infallible and can be vulnerable to bugs and vulnerabilities. This is why it is important to thoroughly test and audit smart contracts before they are deployed.

Smart contracts are a relatively new concept in the world of blockchain technology, having emerged in 1994 with the publication of a paper by computer scientist and cryptographer Nick Szabo titled Smart Contracts: Building Blocks for Digital Markets.

Szabo defined smart contracts as a set of promises, specified in digital form, including protocols within which the parties perform on these promises. However, it wasnt until the emergence of blockchain technology in 2009 with the creation of Bitcoin that smart contracts began to gain traction as a viable solution for various industries. The Bitcoin blockchain was primarily designed to enable secure peer-to-peer transactions, but it also enabled the creation of programmable contracts through the use of scripts.

In 2013, Ethereum, a new blockchain platform, was created with the primary goal of enabling the development of decentralized applications (DApps) through the use of smart contracts. Ethereum was designed to be a more flexible and programmable blockchain than Bitcoin, allowing developers to create and execute more complex smart contracts.

Ethereums introduction of smart contracts paved the way for a new era of blockchain technology, enabling the creation of decentralized applications with programmable contracts that can execute automatically when certain conditions are met. These applications are built on top of the blockchain and are designed to operate in a trustless and decentralized environment, with smart contracts providing the necessary infrastructure to facilitate transactions and enforce rules.

Blockchain is a distributed ledger system that allows for secure storage and transmission of information without the need for intermediaries. One of the key features of blockchain technology is decentralization. Unlike traditional systems, where data is stored on centralized servers, blockchain technology allows data to be distributed across a network of computers. This makes it extremely difficult for any single party to manipulate the data or corrupt the system.

Another key feature of blockchain technology is transparency. The data stored on the blockchain is visible to all participants in the network, providing a clear and transparent record of all transactions. This transparency ensures that all participants in the network are held accountable and reduces the risk of fraud.

Immutability is another critical feature of blockchain technology. Once data is stored on the blockchain, it cannot be altered or deleted. This ensures that the data remains tamper-proof and provides a clear and verifiable record of all transactions.

Blockchain technology has numerous applications in various industries, from financial services to supply chain management. In finance, blockchain technology can be used to facilitate cross-border payments, reduce the risk of fraud, and increase transparency. In supply chain management, blockchain technology can be used to track and verify the origin and authenticity of goods, reducing the risk of counterfeit products.

Smart contracts and blockchain technology are closely intertwined, with smart contracts playing a critical role in the functioning of the blockchain. Smart contracts are stored and executed on the blockchain, which provides the necessary infrastructure to facilitate transactions in a decentralized and trustless environment. The blockchain serves as a ledger of all transactions, with each block containing a record of all the transactions that have occurred.

When a smart contract is deployed on the blockchain, it becomes part of the distributed ledger and is executed according to the terms and conditions set out in the contract code. The contract code is stored on the blockchain and cannot be altered, ensuring that the contract remains immutable and tamper-proof.

Smart contracts are particularly useful in industries that require transparency and accountability, such as finance and supply chain management. By using smart contracts, businesses can reduce the risk of fraud and increase transparency by providing a clear record of all transactions.

One of the most exciting applications of smart contracts is in the area of decentralized finance (DeFi). DeFi is a new and rapidly growing sector of the blockchain industry, which uses smart contracts to automate financial transactions and eliminate the need for intermediaries. DeFi applications include lending and borrowing platforms, decentralized exchanges, and prediction markets, among others.

Smart contracts are a natural extension of blockchain technology, enabling the execution of complex business logic in a trustless and decentralized environment. They offer numerous benefits, including automation, increased efficiency, and reduced costs. However, smart contracts are not infallible and are vulnerable to bugs, errors, and security vulnerabilities. Despite the potential drawbacks, smart contracts have enormous potential to transform various industries, from finance to healthcare. The rise of decentralized finance (DeFi) is a testament to the power and potential of smart contracts in the blockchain industry.

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Are Smart Contracts Integral to Blockchain or Just Useful Tools ... - Cryptopolitan

New York, US, March 15, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Smart Contracts in Healthcare Market By Blockchain Platform, By Application - Forecast till 2030, The global smart contracts in healthcare market is projected to garner huge gains in the next few years.

The rapidly growing medical device industry would drive the growth of the market. According to Market Research Future (MRFR), the global smart contracts in healthcare market is projected to grow to USD 5.6 billion by 2030, registering a 16.82% CAGR throughout the forecast period (2022-2030).

Global Smart Contracts in Healthcare Market Competitive Analysis

Players leadingthe global smart contracts in healthcare market include:

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Over recent years, the use of smart contracts in healthcare systems has grown exponentially. Smart contracts are used to track patients' health information and progress toward their health goals. Patients' health information gathered from wearable monitoring devices and social media platforms are posted to their Blockchain ledger, adding another layer of usefulness.

Smart contracts and Blockchain technology can also enable medical device manufacturers, suppliers, distributors, and other mediators throughout the value chain to automate, clear, and settle these transactions. These systems witness vast demand from hospitals, pharmaceutical companies, and healthcare providers across the globe.

Smart Contracts in Healthcare Market Report Scope:

The rapidly growing medical device industry, witnessing increasing numbers of companies and business models combining consumables and equipment usage, has enabled the market to witness constant revenue growth. Smart contracts find applications across the healthcare industry. From insurance to telehealth, smart contracts can improve efficiency in healthcare.

The healthcare sector is immensely benefitted from the widespread implementation of self-executing smart contracts programs. Especially in the case of streamlining laborious manual processes, automating bureaucratic procedures, and growing issues caused by human error, smart contracts are more useful.

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Most healthcare institutions are increasingly relying on highly centralized conventional management systems to handle sensitive tasks such as record keeping, transactions, and correspondences. Though traditional systems can efficiently perform some of the tasks, they are often susceptible to failure due to limited interoperability, vulnerabilities to data corruption, and lack of transparency.

Industry Trends

The emergence of innovative technologies and major growth in the healthcare IT sector substantiate the market shares. The high adoption of healthcare IT solutions to improve healthcare services creates vast market demand. Additionally, the increasing demand for maintaining electronic health records is a major driving force for market growth.

Conversely, the lack of standardization of healthcare protocols and lower budget allocation to hospitals impede the growth of the market. Also, the shortage of in-house IT expertise in hospitals is a major obstacle to market growth. Nevertheless, the rising pressure to improve the quality of healthcare, proactively attract and engage new patients, and ensure financial viability would support the market growth throughout the review period.

Segments

The market is segmented into Blockchain platforms, applications, end-users, and regions. The Blockchain platform segment is bifurcated into Bitcoin, Sidechains, NXT, and Ethereum. The application segment is bifurcated into patient data management, electronic health records (EHRs), supply chain management, clinical data exchange & interoperability, claims adjudication & billing management, and others. The end-user segment is bifurcated into pharmaceutical companies, healthcare providers, healthcare payers, and others. The region segment is bifurcated into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.

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Geographical Analysis

North America leads the global smart contracts in healthcare market. Factors such as the presence of many key technology providers, such as SimplyVital Health, IBM Corporation, and Microsoft Corporation, and increased investments by tier 1 companies drive market growth.

Besides, rising research activities boost the market size, significantly contributing to the development of smart contract solutions in the region. Also, the rising numbers of hospitals and specialty care centers foster market revenues. Growing research activities boost the market size, significantly contributing to the development of smart contract solutions for the healthcare sectors in the region.

Favorable government initiatives, technological advances, and huge investments from healthcare IT industries propel the region's market shares. Canada and the US are the major markets for smart contracts in healthcare solutions in the region. The region is anticipated to retain its leading position in the smart contracts in healthcare market throughout the assessment period.

Competitive Analysis

The highly competitive smart contracts in healthcare market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share, brand reinforcement, mergers & acquisitions, and innovation remain popular trends of the key players. The market competition is estimated to grow further due to the expected extensions in products and services. Industry players strive to develop decentralized health technology networks to power smart contracts, transacting secure medical solutions.

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For instance, on Feb.23, 2023, The Defense and Security Accelerator (DASA) and the Cabinet Office or Office for Veterans' Affairs, the UK, announced that 22 projects had won a fair share of 5 million in funding to develop cutting-edge healthcare technologies for the defense sector. Contracts are awarded to fund innovations that enhance veterans' healthcare in the UK. These projects are aimed at enabling better future commissioning of treatments.

Secured through DASA's Themed Competition, Veterans' Health Innovation Funds will be utilized to advance technologies, interventions, and health treatments to improve the capability to save and enhance lives. Veterans' Health Innovation Fund will seek innovations to improve the techniques and pathways for meeting the physical and mental health needs of military personnel.

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Smart Contracts in Healthcare Market Projected to Hit USD 5.6 ... - GlobeNewswire

Zenland launches the first P2P marketplace on smart contracts for trustless trade of products, services, and assets with cryptocurrency.

Dior Khasanov, Founder and CEO

Celebrating the new milestone reached in production, the founder and CEO of Zenland, Dior Khasanov noted that with community tests the release of the marketplace has been completed after 3 months of public beta and well ahead of schedule. As the project roadmap suggests, the initial release of the marketplace has been scheduled for Q2.

Smart contracts for merchants

The new software-as-a-service (SaaS) marketplace serves as a gateway to the type of smart contracts tailored for one-off and repeat sales. By definition, smart contracts are specific programs run on the blockchain according to set conditions and are immune to external influence. For their security and accuracy, smart contracts are often used by companies to manage supply chain, logistics, payroll, and other business operations run on a day-to-day basis. Yet building and launching smart contracts require programming knowledge and thus, smart contracts have not been readily available to individual merchants, solopreneurs, independent service providers, and small business owners until now.

The new marketplace provides no-code smart contracts that can be launched on 6 leading blockchains, including Ethereum 2.0, Binance Smart Chain, Gnosis, Polygon, Avalanche, and Fantom. Through the built-in interface merchants and service providers can create, launch, and manage the purchasing process through smart contracts on the blockchain. Every step from initiating a contract to getting paid is confirmed through the blockchain. This allows transparency and verification on both ends (merchant/client) before proceeding to the next step.

Features & Use Cases

Among the other features of the first smart-contract-powered marketplace for crypto commerce are user-friendly UI, direct wallet payouts, and dedicated Live Chat support. Besides the panel for creating and managing contracts, the interface hosts a simple encrypted chat for the two parties to trace back their transactions and safely exchange messages with each other. Unlike the regular chat feature common on P2P marketplaces, this chat is contract-specific and will save the details of the specific order. For its "old-school" UI, contract options are kept on the left panel, while the network and profile settings are located on the top panel.

Also, unlike most existing P2P platforms where the payout is added to a merchant account, Zenland marketplace does not hold merchant payouts. The only function of the internal wallet associated with a specific merchant account is to credit and debit the service fee for launching a new contract to the blockchain. A client sends the payment inside a smart contract on the blockchain and releases it directly to a merchant's cryptocurrency wallet (Metamask). For this reason, there are no withdrawal fees common to traditional marketplace platforms. In addition, to ensure a fair trade with crypto known for its volatility, payments are done in stablecoins.

As noted in the Marketplace release announcement, the P2P marketplace on smart contracts is a new way of trading that merchants and their clients are yet to get used to. As such, Zenland is offering Live Chat support for all marketplace users to ensure smooth onboarding. This Live Chat feature is built into the interface and assigns a dedicated team member to guide the user through the process. Following the instructions, merchants can easily set up a custom name for their profile marketplace, add or edit their items, and check how their stores look like.

While said to be suited for the peer-to-peer exchange of any value, it is evident that the new marketplace is geared towards the "digital side" of P2P commerce. The most common use cases involve domain names and website flipping, freelance gig services, coaching, and video courses. OTC crypto, NFT, and video game collectibles are also among the tradable items for the Zenland marketplace.

Fees & Regulation

As listed in the official documentation, the service fee is set between 1.75% to 0.1% of the payment amount. It is paid by the merchant for each successful launch of the contract to the blockchain. There are no other fees paid to the platform directly, such as listing fees, payout withdrawal fees, or premium plan upgrades. That said, as with all blockchain transactions, users on both sides pay gas fees to the blockchain network. Dispute agent assistance for unsettled cases is available per request and the case resolution commission is paid directly to the assisting agent.

Although KYC is not required at this point all items undergo manual moderation by the Zenland Team. During this moderation time (6-24 hours) added items are screened for safety and validity and do not appear on merchant profiles. Once approved, merchants can share their profiles, invite clients, complete orders, and get paid.

For more information visit https://app.zen.land

About Zenland

Zenland is a smart contract platform for safe and trustless P2P trade with any user on the Internet. Its mission is to protect the integrity of value exchange through the power of blockchain and smart contract technology and make sure buyers receive their orders, and sellers get paid.

Mila KimZenlandinfo@zen.landVisit us on social media:Twitter

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