Category Archives: Smart Contracts
Shiba Inu And Bitcoin Spark: A Tale of Two Cryptos – Finbold – Finance in Bold
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Blockchain technology is a distributed network that operates on multiple interconnected computers that verify transactions at the same time. This verification improves security and enhances efficiency within the ecosystem. Two emerging decentralized projects, Shiba Inu and Bitcoin Spark, have raised attention in the virtual currency universe.
Shiba Inu, being launched in 2020, had an immense surge two years before the commencement of the 2022 crypto winter. On the other hand, a new entrant, Bitcoin Spark, introduced in 2023, depicts massive potential in creating awareness concerning adopting the Web3 ecology.
SHIB Price Prediction
Shiba, named after a Japanese dog breed, is on the verge of taking over the memecoin arena. Amid the winter market, the cryptocurrency has shown immense efforts for an upsurge. In addition, crypto analysts depict that the project might surge during the imminent crypto bull market happening in early 2024.
Bitcoin Spark Introduction in the Crypto Market
For every emerging project that comes into the crypto ecosystem, every individual seeks to invest in it to profit as it progresses. Others consistently accumulate the FOMO (fear of missing out). A dedicated team has launched a new platform called Bitcoin Spark with the intention of accommodating as many participants as possible.
The project leverages the decentralized ecosystem to facilitate integral aspects such as interoperability, smart contract operation, and scalability improvement. The platform has a well-drafted and clear roadmap that gives data concerning its development phases. Cognitos and Vital Block, a comprehensive and investigative auditing organization, have performed an audit on the networks smart contract functionality.
One of the most exciting things enabling blockchain technology development is the continuous surge of ongoing and imminent projects. Bitcoin is considered the leading digital currency that attracts entrepreneurs. The project, however, is faced with shortcomings, such as a lack of smart contracts, which leads to scalability issues.
The platform can conduct seven transactions per second, a low speed which causes an increment in transaction cost. In addition, Bitcoin has been mining Juggernauts as the prominent vital players with stable finance have taken 50% ownership in the mining industry.
This has created security alarms as they can edit the blockchain and take over the 50 plus 1%. Bitcoin Spark is a groundbreaking project that will terminate all these limitations as it plans on being Bitcoins alternative. Bitcoin Spark will increase the number of nodes and the running outlay to reduce the transaction cost and increase the transaction speed, hence improving scalability.
The network will also integrate smart contract layers, enabling blockchain developers to create layer two scaling solutions. In the ecosystem, anyone can mine as the platform provides an application that facilitates mining activities. Low-powered devices can partake in the projects progress. These electronic devices must be connected to the internet at up to 50 MBps speeds.
Bitcoin Spark has a revenue generation program involving advertisement and renting processing power to firms and individuals. The project will also initiate other methods of revenue generation so that blockchain users can benefit. The advertising sector entails utilizing a small unused part of the website and application for promoting brands; Bitcoin Sparks team members will take 50% of the revenue generator for income.
Another income-generating aspect is renting processing power acquired from the validators nodes. The GPU/CPU power will be utilized for film rendering and running resource-hungry simulations.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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Shiba Inu And Bitcoin Spark: A Tale of Two Cryptos - Finbold - Finance in Bold
DTCC, Clearstream, Euroclear Call For Industry Cooperation To Support Digital Asset Ecosystem | Crowdfund – Crowdfund Insider
Three of the worlds largest financial market infrastructures (FMIs) DTCC, Clearstream, and Euroclear released a paper on the state of the industrys digital asset evolution.
The paper calls for increased collaboration to progress an ecosystem that currently includes fragmented standards, varying regulatory treatment, limited integrations with institutional-grade payment rails and siloed liquidity all limiting factors to the further digitalization of global financial markets.
While the last several years have seen a growing number of initiatives seeking to establish digital asset-based solutions, the paper suggests that industry-wide transformation will likely slow, unless these challenges are addressed. The paper highlights that two constraints in particular scale and interoperability must be addressed as priorities.
Years of smaller deployments have resulted in sub-scale, isolated pools of liquidity on proprietary DLTs, creating obstacles to growth. In 2023, 74% of DLT projects across the capital markets involved fewer than 6 participants.
Todays digital asset initiatives are also highly disparate, with varying standards and propositions related to settlement and custody processes and inconsistent approaches to the supervision and governance of smart contracts and related DLT protocols.
These challenges, if unaddressed, will perpetuate a fragmented landscape, and run counter to the very efficiencies of DLT that the industry set out to capture initially.
As FMIs, DTCC, Clearstream and Euroclear bring their expertise in innovation and driving industry transformation to address these challenges. To advance adoption and scale, DTCC, Clearstream and Euroclear pledge to collaborate with the industry, ultimately reducing the costs of connectivity and enabling consistent operating standards across processes, platforms, and digital assets themselves.
Jennifer Peve, Managing Director, Global Head of Strategy & Innovation at DTCC, stated:
We are at an inflection point as an industry when it comes to DLT and digital assets. With digital assets forecasted to grow in value to around $16 trillion over the next 15 years, now is the time to assess what is needed to propel advancement.
Jens Hachmeister, Managing Director, Head of Issuer Services & New Digital Markets at Clearstream, said:
As a neutral financial market infrastructure, we are uniquely placed to help the industrys transition efforts by modernizing infrastructure and driving the adoption of standards across DLT protocols and smart contract language that will lead to better and faster interoperability between ecosystems.
Philippe Laurensy, Head of Group Strategy, Product Management and Innovation Euroclear Group, commented:
Financial market infrastructures (FMIs) have a long legacy of supporting technological innovation. Today, the pace of change is consistently accelerating and alongside our partners, we wholeheartedly embrace the promising potential of blockchain and digital assets.
By engaging with traditional and new market participants, DTCC, Clearstream and Euroclears unique collaboration will help to advance the digital asset ecosystem by driving and encouraging market dialogue on the required characteristics of DLT networks, data access, privacy and smart contracts, and ultimately enabling greater interoperability, broad adoption of standards, enhanced operational resilience, and a more robust case for change across the industry.
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Crypto Will Prevail Through the Evolving Regulatory Landscape – Bloomberg Law
Crypto isnt dead.
Despite the very large and systemic implosions last year in the world of crypto, its on the verge of a turning point in its journey toward mass adoption. The 2008 financial crisis is a historical precedent for cryptos coming resurgence. It shows that the process is long, but well underway.
I believe that three regulatory trends will push crypto toward a tipping point. First, sentiments in the US are changing. Second, the regulatory waterfalla term I use to describe the process of international rulemakinghas been activated. Third, the industry is contributing to self-reform.
Reasonable observers have been advocating for sensible crypto market regulation, because they understand that digital asset adoption is a US economic competitiveness and national security issue in addition to a consumer protection concern.
This view has once again become prevalent in Congress, where a new group of bipartisan lawmakers has introduced legislation that promotes these core interests.
The Payment Stablecoin legislation is emblematic. By defining stablecoin reserve requirements conservatively, the bill protects consumers. By identifying which entities may issue them, it provides a clear path for businesses. And by creating demand for US dollars and treasuries, it protects the dollars role as the worlds reserve currency.
Theres no guarantee any crypto bill will pass, but we may at least be entering cryptos moment of maximum leverage. If crypto continues to win in the district and circuit courts, it will be increasingly difficult for lawmakers to defend the status quo. For those who continue to believe that opposition to crypto is a political winner, they will have the opportunity to test that hypothesis with the US electorate.
The stage is set to regulate digital assets on a global scale, with or without US participation.
As was the case in the last financial crisis, standard setters such as the BIS, FATF, FSB, and IMF likely will lead. We already have one example of their influence with the concept of virtual asset service provider, first introduced and defined by FATF in 2019. In just a few years, VASP was adopted as a foundational classification in crypto regulation, and one that has appeared in forms from the New York Bitlicense to crypto-assets service provider, in MiCA.
While the G20s recent endorsement of the IMF-FSB recommendations on crypto-asset regulation suggests an intensification of interest at the multinational level, we havent yet seen the kind of global coordination that was critical to reaching uniform rules after the financial crisis in 2009.
This is a significant opportunity for emerging regional power centers such as Dubai and Singapore, which seldom have the chance to operate at the top of the regulatory waterfall. For these countries, thoughtful regulation can attract global talent, promote local economic growth, and capture market share in the digital economy from sclerotic superpowers.
And while multiple sources of law could create conflicting rules for the industry, its also a chance to collaborate and iterate across multiple forums.
The evolving regulatory landscape presents risk and opportunity for the digital asset industry. Offering blockchain products and services in full compliance with applicable lawnew and oldis probably among the biggest opportunities.
In January 2022, Fireblocks partnered with a liquidity protocol called Aave to launch Aave Arc, which was conceived as a bridge between businesses and smart contracts. The project objective was to resolve the legitimate concerns around sanctions and anti-money laundering of legal and compliance departments. The product itself was designed as a closed protocol deployment with access restricted to businesses that submitted to KYC and exceeded minimum standards.
Arc wasnt a commercial success. Yet its had the most remarkable afterlife.
At the top of the waterfall, the Monetary Authority of Singapore adopted the idea as part of its Project Guardian sandbox, where theyre testing the viability of trust anchors as gating points for smart contracts, potentially forming the basis for new regulation.
Back at the bottom of the waterfall, identity verification has evolved again, with massive investment by industry in new on-chain passport solutions secured by zero-knowledge encryption. These products will create new commercial opportunities for businesses and individuals to participate in the digital economy in full compliance with applicable law, which may enable future collaboration with regulators.
Is it morally right to ensure that blockchains arent used to finance terrorists and help criminals launder money? Of course it is.
But the reason Im confident it will happen at scale is that its lucrative. More importantly, its the next essential step to pushing crypto across the tipping point.
We meet in the midst of a critical transition from crisis to recovery to turn the page on an era of irresponsibility and to adopt a set of policies, regulations and reforms to meet the needs of the 21st century global economy. This statement, part of the G20s response to the financial crisis of 2008, is even more apt for the paradigm shift underway in crypto markets today.
As dire as financial markets looked then, their recovery was full and comprehensive. Crypto, too, is moving toward its next phase.
Crypto coroners, check the pulse.
This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.
Jason Allegrante is the chief legal and compliance officer at Fireblocks, where he advises on a broad range of digital asset issues.
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Crypto Will Prevail Through the Evolving Regulatory Landscape - Bloomberg Law
What Is Xahau & How Does It Work? How To Get Its XRP+ Tokens? – Captain Altcoin
Home Journal What Is Xahau & How Does It Work? How To Get Its XRP+ Tokens? What Is Xahau?
According to its whitepaper, Xahau is a new smart contract sidechain for the XRP Ledger (XRPL) ecosystem. It implements a feature called Hooks that allows developers to create decentralized applications (dApps) and smart contracts on top of the XRPL.
Xahau is a fork of the XRPLs open source codebase rippled. It retains core XRPL features like the consensus protocol, decentralized exchange, and burning transaction fees. But it adds the new Hooks functionality for smart contracts.
Xahau works very similarly to the XRPL itself. It uses the same consensus protocol to validate transactions and achieve agreement on the state of the ledger.
The big difference is the addition of Hooks. Hooks are small pieces of code that execute custom logic on transactions before they are finalized. This allows things like enforcing business rules, escrow arrangements, registries, and other smart contract capabilities.
Xahau is meant to run in parallel to the main XRPL as a sidechain. This allows the XRPL ecosystem to start benefiting from smart contract capabilities before they may be added to the main XRPL itself.
XRP+ (pronounced XRP Plus) is the native token of the Xahau network. It serves the same function as XRP does on the main XRPL providing anti-spam protection by charging fees for transactions.
The supply of XRP+ is uncapped. The tokens are acquired in two main ways:
XRP+ has its value anchored to XRP. The Burn2Mint portal allows users to burn XRP on the mainnet in exchange for minting an equal amount of XRP+ on Xahau. This creates a direct valuation link between the two.
The supply of XRP+ is designed to be somewhat proportional to burned XRP. Up to the current XRP circulating supply can be minted via Burn2Mint. After that, monthly emissions are enabled to incentivize network activity.
So while XRP+ is a separate token, its value stems from and is backed by direct convertibility to XRP.
There are two main methods to acquire XRP+:
Xahau launched with some initial distribution to founders and launch partners. But ongoing, XRP+ has to be acquired through burn-and-mint or earning activity rewards.
Xahau is not seen as competitive to XRP or harmful for Ripple. Rather, it is designed to complement the XRPL ecosystem.
It implements smart contract capabilities that may eventually make their way back into the main XRPL. Having a live sidechain to test this is seen as beneficial.
The burn-and-mint process serves as a decentralized bridge between the chains. It does not substantially impact XRP supply unless users highly value the Xahau features.
Ripple is not involved in Xahaus development. But the project utilizes Ripples open source code and is meant to expand the functionality of the XRP Ledger as a whole.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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What Is Xahau & How Does It Work? How To Get Its XRP+ Tokens? - Captain Altcoin
Smart Contracts Market by Size, Share Trends, Emerging Trends, Qualitative Outlook and Worldwide Forecast – Benzinga
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Due to the impact of the Russia-Ukraine conflict and the COVID-19 pandemic, the global economy is expected to recover, leading to an expansion of the worldSmart Contracts Marketsize from USD million in 2021 to USD million in 2022, with a projected CAGR that will generate substantial revenue until 2030. As a result, consumers gain valuable knowledge about the industry and its organizations from past, present, and future perspectives, enabling informed investment decisions and resource allocation. This research report provides up-to-date analysis and forecasts for various market segments and geographical regions. It offers insights and analysis based on in-depth consultations with key stakeholders, including CEOs, Managers.
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According to this latest study, the 2021 growth of Smart Contracts will have significant change from previous year. By the most conservative estimates of global Smart Contracts market size (most likely outcome) will be a year-over-year revenue growth rate of % in 2021, from US$ 207 million in 2020. Over the next five years the Smart Contracts market will register a 25.1% CAGR in terms of revenue, the global market size will reach US$ 507.3 million by 2026.
This report presents a comprehensive overview, market shares, and growth opportunities of Smart Contracts market by product type, application, key players and key regions and countries.
Segmentation by type:Public BlockchainPrivate BlockchainOthers
Segmentation by application:FinancialGovernmentInsuranceHealthcareSupply ChainOthers
This report also splits the market by region:AmericasUnited StatesCanadaMexicoBrazilAPACChinaJapanKoreaSoutheast AsiaIndiaAustraliaEuropeGermanyFranceUKItalyRussiaMiddle East & AfricaEgyptSouth AfricaIsraelTurkeyGCC Countries
The report also presents the market competition landscape and a corresponding detailed analysis of the major players in the market.IBMAWSOracleInfosysSolanaNemWavesRSKAlgorandGoCoinAvalancheStratisTata Consultancy ServicesMonax IndustriesChainlink
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Findings/Results:Presents the main information, data, and analysis related to the topic. It may include charts, graphs, tables, or other visual aids to support the findings.
Analysis and Interpretation: Provides an in-depth examination and interpretation of the findings. It may involve comparing data, identifying trends, and drawing conclusions based on the evidence presented.
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References/Citations:Includes a list of sources, references, or citations used in the report. This ensures proper attribution and allows readers to explore the referenced material.
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North America Emerges as Key Driver in the Rapid Growth of … – GlobeNewswire
Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Blockchain Supply Chain Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Blockchain Supply Chain Market size is expected to grow from USD 0.56 billion in 2023 to USD 4.21 billion by 2028, at a CAGR of 49.87% during the forecast period (2023-2028).
A growing requirement for supply chain transparency and surging demand for heightened security of supply chain transactions are significant growth factors for the market. Increased automation and removal of intermediaries with blockchain in supply chain management would generate possibilities for market growth.
Key Highlights
The platform component part dominated the overall blockchain supply chain market and is anticipated to remain aggressive due to an increase in the adoption of blockchain platforms to streamline the supply chain processes. The segment is anticipated to observe significant growth in the upcoming years due to the advent of affordable and diverse pricing plans offered by market players.
Companies should continue to monitor the players in their market that have started experimenting with blockchain as it develops traction. Blockchain greatly benefits from the network effect; once a critical mass forms in a supply chain, it is simpler for new participants to join and reap the benefits. Companies could observe competitors and other supply chain participants for clues on when to develop a blockchain prototype.
Forward-thinking companies are planning to invest when blockchain gets to the point where it can deliver value. However, blockchain has yet to provide full value beyond food or pharmaceutical applications. As a result, only 6% of supply chain leaders consider blockchain to be a high priority, according to Kenco Group.
Blockchain Supply Chain Market Trends
Retail & Consumer Goods to Dominate the Market
The retail industry controls the blockchain supply chain market share. It is supposed to remain dominant due to a surge in adoption by retail players to streamline their supply chain processes. Moreover, blockchain assures quality, product safety, reliability, and authenticity, along with enabling supply chain partners to know about their product location. These determinants drive market growth for blockchain in the retail industry.
Counterfeit sneakers make up about 40% of the estimated USD 600 billion global fake fashion industry. The traditional methods manufacturers have used to assure authenticities, such as seals and certificates, can themselves be counterfeited. But retailers are beginning to implement blockchain technology to solve the counterfeiting problem.
An increase in demand for transparent transactions and smart contracts is the key factor driving the market growth for blockchain in the retail industry. Smart Contracts can help in automating payment processes for online as well as offline transactions. It can save time and cost for companies by removing the merchant (middleman), who charges extra for authenticating the transaction.
The retail industry, owing to the rise in adoption by retail players to streamline their supply chain processes, is anticipated to dominate the blockchain supply chain market. For instance, in a survey by Eyefortransport Ltd. (left), the most significant share of spending was directed toward understanding the technology, with 38.2% of retailers, brands & manufacturers, and 55.3% of logistics service providers stating that they spent money on blockchain in the supply chain area.
Blockchain technologies not only enhance supply chain automation and minimize human intervention but also provide high traceability, allowing one to track goods in real time through all supply chain stages and store all necessary data on a decentralized ledger. With blockchain's high traceability characteristic, vendor conflicts, which are most frequent in retail enterprises, can be quickly resolved because all information linked to the source of disputes will be readily accessible to all.
North America to Drive the Market
North America is recognized as the most advanced region in terms of technology appropriation and infrastructure. The broad behavior of principal industry players of blockchain technology solutions in this region is the primary driving determinant. Organizations across industry verticals, such as manufacturing, healthcare, retail and consumer goods, and logistics, provide essential growth opportunities for vendors.
North America commanded the global market and is anticipated to remain aggressive during the blockchain in the retail market forecast period due to the presence of major market players and ongoing developments in blockchain technology. The growth in data security concerns amongst retailers is also the principal factor that is supposed to feed the market growth in this area in the coming years.
Blockchain Supply Chain Industry Overview
The Blockchain Supply Chain Market is moderately competitive, and the ecosystem comprises some major vendors, such as IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and AWS Inc., among others.
Notable players in the market adopt advanced strategies such as collaboration, mergers and acquisitions, and partnerships that help them get a larger share of the global market. Many businesses are anticipated to enter the market shortly with the expected profitable growth of the market.
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/irb82r
About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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North America Emerges as Key Driver in the Rapid Growth of ... - GlobeNewswire
Meet Five Generative AI Innovators in Africa and the Middle East – Nvidia
Entrepreneurs are cultivating generative AI from the west coast of Africa to the eastern edge of the Arabian Desert.
Gen AI is the latest of the big plans Kofi Genfi and Nii Osae have been hatching since they met 15 years ago in high school in Accra, Ghanas capital that sits on the Gulf of Guinea.
We watched this latest wave of AI coming for the last few years, said Osae, a software engineer who discovered his passion for machine learning in college.
So, late last year, they expanded Mazzuma their mobile-payments startup thats already processed more than $150 million in transactions to include MazzumaGPT.
The large language model (LLM) trained on two popular blockchain languages so it can help developers quickly draft smart contracts, a Web3 market that International Data Corp. projects could hit $19 billion next year.
In its first month, 400 developers from 70 countries used the LLM that sports 175 billion parameters, a rough measure of a models size and strength.
Its the latest success for the pair that in 2018 made Forbes list of 30 top entrepreneurs in Africa under 30.
Given the high growth and large demographics, there are big opportunities in this region, said Genfi, who started his first company, an Apple device reseller, when he was 19.
Osae nurtures that potential as founder and chair of the 100+ member AI Association of Ghana. I think were on a trajectory to leapfrog progress elsewhere, he said.
About two years ago and 6,000 miles to the northeast, another pair of entrepreneurs launched a generative AI business in the Persian Gulf emirate of Dubai, home of the Burj Khalifa, the worlds tallest building.
Yakov Livshits already had about a dozen active startups when AI researcher Eli Braginskiy, a friend with family ties, came to him with the idea for MetaDialog. The startup built the first LLM to support both Arabic and English, a 7-billion-parameter model trained on one of the worlds largest Arabic/English datasets.
We call it Baby, because were proud of it, and were building a larger, 40-billion parameter model now, said Braginskiy.
Our Baby LLM is currently integrated in one of the biggest governments in the region, and were talking with three other governments interested in using it, too, said Livshits.
With more than 3 million people in just 13 square miles, Dubai is a vibrant hub for the region.
The way governments in the Middle East think about AI and advanced tech in general is very bold they want to move fast, so were training custom models in different languages and will present them at the GITEX conference said Livshits, who lived in Russia, Israel and the U.S. before moving to Dubai.
In February, Saudi Arabia alone announced a $2.4 billion startup fund to help diversify the nations economy.
In Abu Dhabi, just a hundred miles down the coast, Hussein Al-Natsheh leads a team of engineers and data scientists at Beyond Limits training and fine tuning LLMs. One is already drafting documents for a large energy company and verifying they comply with its standards.
Beyond Limits also works on models for energy companies, utilities and other customers that will index and search corporate documents, draft marketing materials and more.
Companies need their own LLMs trained on their own data which is confidential, so we have machines reading their data, not us, said Al-Natsheh, a native of Amman, Jordan, who, prior to joining Beyond Limits, worked on Salma, one of the first Arabic speech assistants.
Now that data is the new oil, Beyond Limits is developing toolkits to extract it from unstructured files corporate emails, PowerPoint and other sources so it can help companies train custom LLMs approaching 70 billion parameters in size.
The toolkits can help address the lack of data samples from the many Arabic dialects. Indeed, a report from the UAE government on 100 top gen AI uses called for more work on Arabic, a language spoken by nearly half a billion people.
The good news is governments and large companies like G42, a regional cloud service company, are pouring resources into the problem. For example, Beyond Limits was able to create its regional headquarters in Dubai thanks to its last funding round, much of which came from G42.
All three companies are members of NVIDIA Inception, a free program that helps startups working on cutting-edge technologies like generative AI.
As part of Inception, Beyond Limits had access to libraries in NVIDIA NeMo, a framework for building massive gen AI models, and which cut training time in one case from five days to one.
NVIDIA software makes our work much easier, and our clients trust NVIDIA technology, said Al-Natsheh.
As part of Inception, Mazzuma got access to cloud GPU services to accelerate its experiments and introductions to potential investors.
That really gave us a boost, and theres a lot of assurance that comes from working with the best people and tools, said Genfi.
For its part, MetaDialog trained its Baby LLM on 440 NVIDIA A100 Tensor Core GPUs using a service operated by MosaicML, an Inception member recently acquired by Databricks.
Ive built many startups, and no company treats its partners as well as NVIDIA, said Livshits.
At top: From left to right, Nii Osae, Hussein Al-Natsheh, Eli Braginskiy, Yakov Livshits and Kofi Genfi.
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Meet Five Generative AI Innovators in Africa and the Middle East - Nvidia
What is a Smart Port? – Port Technology International
A smart port is a modern and technologically advanced port that leverages innovative technologies and data-driven solutions to enhance its operational efficiency, safety, and sustainability.
The shipping industry has been notorious for its resistance to change and its conservative approach when met with emerging technologies foreign to the regular practices of shipping operations.
Although the maritime industry has existed for centuries, it lags significantly behind newer industries like aviation in terms of automation and technological advancements.
However, there is now a promising new suite of innovations and smart interfaces infused with the capabilities of data science. Meticulously crafted to enhance and optimise port operations, these cutting-edge solutions incorporates the following key elements:
The current potential of technology and data-driven solutions brings a shift in perceptions toward technological change in the shipping world. This shift is marked by increased receptivity and favourability towards technological implementations, paving the way for a brighter, more interconnected future for the entire sector in the years ahead.
Amidst the current market conditions characterised by soaring globalisation and international trade, with ships growing larger and goods moving at an unprecedented pace, alongside unpredictable challenges brought on by geopolitical issues worldwide, it is now incumbent upon the industry to embrace progressive technological developments more so than ever before.
With this in mind, lets take a look at the most prominent digital solutions that ports have been adopting worldwide.
Artificial Intelligence refers to computer systems that simulate human intelligence processes by employing various techniques including machine learning, natural language processing, robotics, and more. AI essentially aims to provide systems that can perform tasks and solve problems that would typically require human intelligence.
AI can automate repetitive tasks that would thus improve overall efficiency for whatever it is used for. Large amounts of data can also be processed and streamlined through AI algorithms to provide predictive analytics that can help determine future events like market trends. Another key benefit of AI is its ability to aid in decision-making by providing humans with insight and recommendations.
READ: How can ports use Artificial Intelligence?
These techniques can be implemented in the ports industry in a number of ways. Ports worldwide can optimise their entire shipping process, from order management to logistics and inventory management, through AI. For instance, AI can be employed to optimise fleet operations and management by providing more efficient shipping routes. It can do this by analysing GPS, weather, and traffic data. Moreover, AI can be used to develop autonomous ships that can navigate, dock, and make decisions on their own.
READ: Maritime Single Window: Embracing port call digitalisation
Implementing the Internet of Things enables ports to limit resources and human interference. IoT essentially refers to a network of interconnected devices, objects, and sensors that can collect and exchange data via the internet, thereby allowing these devices to communicate and share information with each other and make data-driven decisions without requiring human observation. This effectively eliminates the element of human error, thereby enabling ports to enhance operational efficiency, management, and particularly safety.
READ: Next-Generation Maritime Connectivity: Telecom26s Private Networks and Cellular IoT Solutions
These benefits are greatly applicable to the shipping industry. For instance, ships can be installed with IoT sensors for ship monitoring and risk management. Here, the sensors can monitor several operational aspects including engine performance, fuel consumption, temperature, and hull integrity. The data retrieved can then be transmitted ashore, enabling shipping companies to monitor the condition of their fleet and perform predictive maintenance remotely. This can limit periods of downtime and monetary costs, and promotes sustainable practices.
IoT can also facilitate port management in order to improve efficiency and limit congestion and turnaround times for vessels. This is achieved through tracking the movement of ships, containers, along with other assets around the port area through IoT. Additionally, this enhances port security and curtails the risk of theft of cargo.
A Digital Twin is a virtual representation of an object, system, or process that leverages real-time data and advanced analytics to emulate the behaviours and characteristics of the original physical entity. This virtual approximation allows operators to monitor, test, and analyse the original physical entity to then optimise its performance. This form of technology has the potential to bring great benefits to the shipping industry.
READ: The Promise (and Peril) of Digital Twins for Ports
For example, curating a DT of a vessel or ship equipment enables shipping companies to gather data on various performance markers, such as engine performance, fuel consumption, equipment health, and so on. Shipping companies can thereby analyse this data to forecast, for instance, maintenance needs and repairs resulting in more efficient operational scheduling. In addition, data pertaining to fuel consumption patterns can help increase fuel efficiency, which could drive down cost savings and emissions released. DTs can also be applied to various elements in the supply chain, including ports, warehouses, and logistics processes, to simulate different scenarios that can lead to optimised supply chain operations.
For example, earlier this year, Tianjin Port Group and Huawei announced plans to collaborate on building a digital twin of the Port of Tianjin in China. The plan, which is divided into three parts, includes the construction of new automated terminals, upgrading of traditional terminals, and comprehensive digital transformation.
Blockchain, a decentralised and distributed digital ledger technology, enables multiple parties across the supply chain to securely verify and record transactions. It is essentially a chain of blocks that are interconnected through cryptographic techniques. With regard to the shipping industry, blockchain can provide several benefits.
Blockchain provides transparent visibility into the movement of goods along the supply chain by providing real-time shipment tracking. In this way, manufacturers, suppliers, shippers, customers, and everyone with vested interests in cargo shipments can access and verify the data, limiting the occurrences of delays and disputes while minimising the potential for fraud. This security is further compounded by blockchains decentralised nature and cryptographic algorithms that add layers of protection from data tampering and unauthorised access, thereby safeguarding the integrity of the shipping process.
Blockchain can also provide smart contracts. Smart contracts are self-executing agreements with pre-set conditions; they can automate various processes in shipping, thereby minimising paperwork and human resources, for instance, the release of payment upon successful delivery of shipment. Through offering such a transparent overview of the supply chain, port operators are able to identify inefficiencies and bottlenecks, limiting factors of which can then be addressed to optimise and improve performance. This is also beneficial for the customer, who is better positioned to rely on smoother operations and secure shipments. It is worth noting, however, that the degree of benefits that can be derived from the implementation of blockchain is largely contingent upon the cooperation and standardisation across various stakeholders.
A prominent organisation at the forefront of blockchain implementation is the Global Shipping Business Network (GSBN).
Earlier in March 2023, GSBN announced a collaboration with COSCO Shipping Lines (COSCO), Orient Overseas Container Line (OOCL), and the Shanghai Research Institute of Chemical Industry Testing Co., Ltd (SICIT) in harnessing blockchain technology.
More recently, in May, GSBN developed the first proofs-of-concepts for trade finance products. The group aims to build a blockchain-enabled operating system to digitally enhance trade finance and ultimately improve the end-to-end operational efficiency as well as the transparency of data in the supply chain.
5G, the fifth generation of wireless communication technology, is the latest and most advanced network infrastructure that provides enhanced data speed through operating on higher-frequency radio waves, capacity and reliability while limiting latency. 5G has thus proven to greatly benefit the shipping industry.
For instance, through greater data speeds, shipping companies are able to swiftly retrieve the real-time data needed for time-sensitive issues, such as the tracking of shipments and logistics data. Additionally, 5Gs increased capacity furthers the effective application of IoTs as shipping companies can reliably deploy a vast network of sensors and connected devices throughout their supply chain.
READ: Associated British Ports Builds the Port of the Future with Private 5G Network
Thus, both 5G and IoT work hand-in-hand in their efforts to optimise supply chains as improved decision-making is made possible by increased insight and visibility into inventory levels, shipping conditions, and delivery status while reducing shipment delays. In other words, not only does 5G improve shipping operations in and of itself, but it also provides a complimentary platform for the other digital solutions mentioned in this article to operate under the most conducive conditions.
Greater capacity and data speed also improves communications between vehicles and centralised systems, enabling real-time monitoring of fleets and optimisation of routes.
Terminal operators at Santos Port Brasil Terminal Porturio (BTP) have put great focus on 5G in their upcoming plans. In late 2022, the terminal operator partnered with telecommunications providers TIM and Nokia to implement a private 5G network at the port. The partnership provides for the sectors first 5G private network on the Latin American continent, and will evolve into a definitive structure after the release of the 3.5GHz band for the city of Santos, scheduled by the regulator Anatel for 2023.
More recently this year, Hutchison Port Holdings (HPH) Trust announced the deployment of 5G technology at the container terminals under its Hong Kong operations. Working with 3HK, five 5G base stations have been set up within HPH Trust Hong Kong terminals enabling ultra-high-speed, low latency, and massive machine-type communications, HPH reported.
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P-20 Blockchain Revolutionizes Privacy and Stability in Digital … – GlobeNewswire
VICTORIA , SEYCHELLES , Aug. 30, 2023 (GLOBE NEWSWIRE) -- P-20 Blockchain is transforming blockchain technology, fundamentally changing the approach to secure transactions, privacy-preserving smart contracts, and stable digital currencies. With its native currency, PVT-USD, at the core, P-20 Blockchain brings a profound shift marked by privacy, anonymity, and seamless decentralized applications.
P-20 Blockchain stands apart from peers by making privacy its utmost priority. Unlike transparent blockchains where transactions are open to public scrutiny, P-20 Blockchain employs advanced cryptographic protocols like Ring CT and Ring Signature. These protocols cloak transaction amounts and user identities, ensuring financial information remains confidential. Think of it as conducting transactions in a mask and using a secret code, safeguarding privacy from potential threats.
P-20 Blockchain leverages an innovative consensus mechanism combining Directed Acyclic Graphs (DAG) and asynchronous Byzantine Fault Tolerance (aBFT). This blend allows parallel processing, enhancing scalability to over 330,000 transactions per second while keeping transaction fees the cheapest on the market. Security and reliability are not compromised, providing users with a seamless experience.
One of the standout features of P-20 Blockchain is its commitment to price stability. PVT-USD, the native currency, maintains a steady value of one dollar. This stability is maintained through an automated supply adjustment mechanism, taking real-time market demand and conditions into account. PVT-USD is also used for untraceable transactions, keeping users' data protected. No more price volatility; P-20 Blockchain offers a reliable privacy stablecoin.
Including more, the compatibility of the EVM ecosystem empowers developers by allowing them to leverage familiar tools and programming languages, bringing innovation within the P-20 Blockchain community. Moreover, the ability to build privacy-preserving smart contracts within this ecosystem ensures confidentiality while still maintaining transaction efficiency. Advanced cryptographic techniques, including Zero-Knowledge Proofs (ZKP) and ring signatures (RingCT and RS), keep information private while maintaining transaction efficiency. ZKP allows verification without revealing sensitive details, while ring signatures provide a veil of security around transactions, allowing the sender and receiver to be masked at all times.
Consequently, the revolutionary transformation at P-20 Blockchain is positioned to usher in a new era of private, secure, and innovative digital transactions at unprecedented speeds. Through its unwavering dedication to privacy, advanced consensus mechanisms, price stability, and compatibility with the EVM ecosystem, P-20 Blockchain offers a secure and private space for transactions, a scalable infrastructure, and a stable value for its native privacy coin.
About the Company - P-20 Blockchain:
In the realm of the digital landscape, P-20 Blockchain stands as a beacon of innovation, offering users a transformative journey towards a more secure and private digital world. Additionally, P-20 Blockchain emerges as the gateway to a new era of secure and private digital transactions.
Website link:https://p20blockchain.com/
Telegram :https://t.me/P20Blockchain
Discord:https://discord.gg/C4WU96wQwQ
Twitter:https://twitter.com/P20Chain
Disclaimer: The information provided in this press release is not a solicitation for investment, or intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing in or trading securities and cryptocurrency.
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P-20 Blockchain Revolutionizes Privacy and Stability in Digital ... - GlobeNewswire
Blockchain and IoT Convergence: Market Set to Revolutionize with … – GlobeNewswire
Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Blockchain Iot Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Blockchain IoT Market size is expected to grow from USD 0.57 billion in 2023 to USD 3.44 billion by 2028, at a CAGR of 43.31% during the forecast period (2023-2028).
The Internet of Things (IoT) is an advanced technology that connects all devices over the Internet, and blockchain is a kind of distributed financial technology. The main advantages of using blockchain for IoT include lower chances of collusion and manipulation and lower transaction settlement and costs.
Key Highlights
With the rapid development of communication technologies, IoT ( Internet of Things) is experiencing exponential growth in research and industry. It is getting out of its infancy to a maturity phase with the volume of data generated, transmitted, and processed.
The traditional IoT systems are powered by centralized topology, where data is transmitted from physical devices to the cloud, where the data is processed using analytics. Output is received back to the IoT device. Still, the increase in the frequency of network devices limits the scalability of the IoT platforms and risks them with vulnerabilities that would eventually compromise users' network security and privacy.
The blockchain powered by decentralized architecture and cryptographic encryptions leverages the IoT platform by ensuring privacy and security in a peer-to-peer network. However, it requires high computational power, resulting in higher bandwidth overhead and delay.
The Internet of Things ecosystem is quite diversified. Creating IoT devices that are compatible with blockchain technology involves many challenges. Scalability, which involves processing a huge volume of data generated by a wide network of sensors, is one of the primary challenges IoT faces.
The processing power and time necessary to encrypt all IoT devices in a blockchain-based ecosystem are not as anticipated. Another key challenge in blockchain systems that keep the ledger on edge nodes is storage. IoT smart devices at the edge are currently incapable of storing large amounts of data or processing large amounts of computational power.
Blockchain IoT Market Trends
Smart City End Users Segment is Expected to Hold Significant Market Share
Over the last few decades, the world has experienced unparalleled urban growth, majorly due to increased population, scarcity of resources, and climate changes. According to the United Nations, about 54% of people dwell in cities, which is expected to reach 66% by 2050. Government bodies focus on modern technologies like IoT, wireless communication, and blockchain to cope with urban growth, reduce costs, and optimize resources.
Providing a sustainable environment is one of the key characteristics of smart cities. Keeping track of the environmental indicators in light of the rapid industrial and urbanization trends is critical. The primary challenge in environmental monitoring is real-time data collection using reliable and precise monitoring tools. The major role of smart city platforms may benefit the market's expansion during the forecast period.
Data security is one of the vital constraints for devices and services deployed in a metropolitan city, which, leveraged with the blockchain's decentralized platform, ensures the public's trust and fosters the market's growth.
According to The Economist's smart city index rating, Copenhagen was one of the leading global digital cities in 2022, with a score of 80.3. Seoul, Beijing, Amsterdam, and Singapore completed the top five list of finest digital cities.
Also, government initiatives across the world are starting to appreciate the potential of blockchain as it provides the infrastructure necessary for transaction management while ensuring transparency and security, which stand to be critical elements in smart city implementation.
Globally, many smart city projects and efforts are being implemented, encouraging global investments due to urbanization. The OECD estimates that between 2010 and 2030, worldwide investments in smart city initiatives would total around USD 1.8 trillion for all metropolitan city infrastructure projects.
Asia-Pacific is Expected to Be the Fastest-growing Market
The Asia-Pacific region is expected to grow at the highest rate over the forecast period, owing to the rising influx of technology companies in the area and the increasing investments in IoT technology, smart city deployments, government initiative, and the growth of the urban population.
Rapid urbanization and regional government initiatives foster the demand for smart cities. Smart cities are entitled to problems, such as high data center operation costs, poor IoT security, and equipment maintenance. However, technologies like blockchain IoT would provide the necessary infrastructure for transaction management, asset tracking, and smart contracts while ensuring security and transparency, thereby increasing operational efficiency.
Blockchain IoT Industry Overview
The blockchain IoT market is highly fragmented, with the presence of major players like IBM Corporation, Intel Corporation, Microsoft Corporation, Cisco Systems Inc., and Amazon Inc. Players in the market are adopting strategies such as partnerships, innovations, mergers, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/7d0mw
About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Blockchain and IoT Convergence: Market Set to Revolutionize with ... - GlobeNewswire