Welcome back to The Frontier. September always feels like a brand new term, so in true ‘back to school’ style it's time to learn some more things you (hopefully) didn’t know about blockchain!
First up – a brand new short read on tokenisation and asset exchange. A recent news piece on this topic in Coin Telegraph prompted us to explore our own work in tokenisation here at ByzGen. While decent enough enterprise blockchain platforms are springing up globally, we know that our own platform FALKOR SI is primed to deal with the complexities of this area.
And as you probably know, we’ve also been working on a range of use cases that show how our enterprise blockchain solution FALKOR SI can be deployed – the latest being how to capitalise production waste. Manufacturing and distributing products results in a significant amount of waste and by-products, with disposal costs estimated at 5-10% of total production costs. Although lean manufacturing strategies go some way to reducing this, they don’t consider the most efficient way to exploit the sale of waste to unlock revenue. You can read more about this, and our other use cases here.
IOTA is making headlines, thanks to the success of recent project, ENSURESEC. The project, which ended in June, is one of the many collaborations the IOTA Foundation is working on with the EU, and it recently passed its final assessment by European Commission’s reviewers. This article by Crypto News Flash explains more. The thumbs up for a project of this nature is big news, and very relevant to us here at ByzGen, as we’ve been hard at work integrating IOTA into our platform, FALKOR.
In other news, this Forbes article on crypto and its huge celebrity backing in 2022, really caught our attention. It describes the celebrity endorsed advert for Crypto.com that got 18 million views – but failed to mention instability or risks. At ByzGen, our interest has always been to move away from this area. Blockchain technology itself is independent from crypto, and wider and better applications exist – as we highlight in our many use cases (applications that don’t get impacted by downturns or devaluations in currency). And as the article says, blockchain has potential beyond currency, with a number of companies and sectors already using it, including IoT.
Global investors and companies are bullish about blockchain. But in our mind, there should be a heavy focus on improving business productivity and profitability for blockchain to succeed, which is something we’ve already done for our client, ATOS.
Elsewhere, this Times of India article highlights the importance of blockchain when it comes to corporate social responsibility (CSR). The piece explains how CSR is no longer a ‘nice-to-have’ requirement, but a crucial one. In particular when it comes to supporting a beneficial, circular economy on a large scale (an environmentally friendly move), and driving trust in companies by giving users public proof of companies records. Basically, blockchain technology gives businesses the ability to ‘back up their claims’, from environmental programs, to their track record on human rights throughout the value chain. We’ve spoken about our platform FALKOR SI in relation to ESG or Sustainability reports before, and the fact it offers standardisation and a single source of truth for all regulatory data. A similar generic capability can be applied to social responsibility too. Users can also actively monitor companies and changes to records, which is super important when it comes to transparency and visibility.
Until next time,
The ByzGen Team
Marcus, Terry, Shristy, Rob and Ryan