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Blockchain, A Week in Review – March 25, 2019

Blockchain, A Week in Review – March 25, 2019

Getting to Know Your Business 

The Growing Demand for KYB

How well do you know your business? This right here is the question of the week. While you may have heard of the KYC (Know Your Customer) space, which BlockCerts has a patented KYC authentication process on every contact you work with, you’re likely unaware of a new subset that has emerged, and with great fervor at that. The “Know Your Business” market is projected to grow to $11.8 billion by 2020, according to One World Identity. This news comes from OWI Labs’ comprehensive analysis of KYB with a focus on ‘identity verification and risk assessment.’

If your line of work requires you to engage with other businesses, a simple Google search isn’t going to cut it. KYB allows you to look past the smoke and mirrors and ask the important questions. Where will proceeds from my business be directed? Is this business involved in any kind of corrupt activity that could damage my reputation or moral? Who am I really going into business with?

The internet was a great technology advancement, but when you think about it, what problems has it created? Our data has been exposed, we’re not in control of our own data (business or personal), we don’t always know who is behind the email message or on-line transactions. Blockchain won’t replace the internet, but it will allow us to take back our data, create trust through KYC authentication and even go deeper, if needed, with KYB, also a component of the BlockCerts KYC solution. As Tim Vasko, founder of BlockCerts Blockchain says, “We’re not creating a new internet, we’re transforming the problems of what we created with the internet. KYC is the first step in knowing who we’re sharing our data with.”

The Future of Work

Getting to know your own business and those you work with requires you to look beneath the surface. It also calls for an understanding of the changes eminent within your industry. For many of us, this means coming to an understanding of the increasingly flexible employment model.

In an opinion piece published by TNW, we begin to uncover the changing landscape of the 9-to-5 model. While mobile technologies have encouraged ‘flexible and geographically autonomous work’ our current 1.0 systems have not advanced in recent years.

“They are characterized by high fees and stagnant features, and they perpetuate larger market misconceptions about the nature of freelance work. It’s time we create an ecosystem that connects people who need high quality work with the global talent base that is waiting to fulfill,” says author, Simona Pop.

The way forward may naturally be the blockchain. According to the piece, the blockchain may allow freelancers to make safe connections with people who are looking to fulfill a need in their business. The technology boasts immediate benefits including:

  • Permanent records
  • Identity and proof of work
  • Cross-platform operability
  • Cheaper fees

Google Incorporates Crypto

The future of work is upon us and it is changing what we are looking for in a job and in our search bar. Internet giant, Google is no exception. Recently, Google has shown a methodical and welcoming approach to crypto, incorporating a set of crypto elements into its very own ecosystem.

Search for a specific coin and you will soon find a crypto display bar down below, followed by the top news stories in the space. Google has already incorporated cryptocurrency into its currency conversion tool. It will also enable the famed Bitcoin symbol on the iOS keyboard.

Colorado Passes Crypto Regulation Law

This looks like a huge step by way of mainstream adoption. Another element driving blockchain adoption forward? Local legislation. According to an Invest in Blockchain report, Colorado Governor, Jared Polis has recently signed off on The Digital Token Act. The bill was first introduced in January and will go into effect on August 2, ensuring that cryptocurrencies are exempt from securities laws.

As stated in the report, this “will make the application of blockchain technology and growth of related companies in the space much easier, as digital assets are not subject to securities laws that would otherwise encumber them with stricter regulation.”

 The Top Ten Countries for Crypto

This report is certainly in line with recent news that the United States is leading the pack in blockchain leadership. Although, much like the technology, itself, blockchain innovation is decentralized across the world today. Taking inventory of the top ten countries in blockchain leadership, Crypto Guide Pro leaves us with the following list, in alphabetical order.

Australia – The Crypto Country Down Under
Canada – The Crypto Country Up North
China – World Power Blockchain Economy
United Arab Emirates – The Efficient Blockchain Country
Estonia – The Guinea Pig Crypto Country
Singapore – Leading Asian Nation
Sweden – The “Node” Pole
Switzerland – Leading Political Crypto Country
United Kingdom – Europe’s Leading Crypto-Friendly Country
The United States – Currently #1 Blockchain Country

KYB (Know Your Business) allows you to look past the smoke and mirrors and ask the important questions. Who am I really going into business with?TWEET THISFrom Silicon Valley to Australia, who knows where the blockchain will take us. Knowing the ever-changing landscape of technology, who knows how the blockchain will transform your own business in the coming years.