Tag: #blockchain

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Web 3.0 Tech

UNDERSTANDING THE MERGE

Written by : Makongue Tobbo Gilles Camille on Digilah (Tech Thought Leadership)

To understand the term Merge, it is important to master certain operating mechanisms of the Blockchain, such as the proof of work (Proof of work) and the proof of stake (proof of stake) algorithm consensus.

The proof of work: is a mechanism by which the different machines (represented by miners) on a blockchain network validate transactions on that network, through a consensus algorithm in this case the proof of work consensus algorithm. Proof of work is done using a set of machines (computers, CPUs, GPUs, Asics etc.) driven by humans called miners. A miner’s role is to secure the network by validating transactions as they appear on the blockchain.

Basically, each transaction corresponds to a mathematical equation whose solution is unknown, when a transaction is carried out on the Bitcoin network for example, the miner whose machine will have the greatest computational capacity will succeed in solving the mathematical equation hidden behind the transaction initiated, will be rewarded with an amount of crypto (Bitcoin) into his wallet. This process is called mining. 

Once the transaction has been validated by the winner (miner having validated the transaction) all the other machines (nodes) must validate and approve the transaction as well so that a copy of this transaction will be shared on all the machines involved in the mining process.

This mechanism makes it difficult or even impossible for a hacker to modify the content of the transaction. The hacker will have to modify the copy of that transaction at the same time on more that 50% of the miner’s machine that constitutes the whole network. 

Generally, several entities or people join forces and create what are called mining pools in order to have an important computing power in order to validate a large number of transactions faster. The proof of work remains one of the most secure computer systems in the world. although it has certain limitations such as high energy consumption, low transaction speed, and high transaction costs to name a few. 

It is important to recall that the Blockchain Ethereum has also been operating under proof of work since its creation in 2015 and wanted to change the consensus mechanism for ecological and scalability reasons. Several alternatives have been proposed to overcome this problem, but one of the most important ones remains the Proof of Stake consensus algorithm.

Proof of stake: validates transactions on the network using money staked in wallets. Here to validate transactions on the network, unlike having a machine (GPUs, ASICs) whose computing capacity must be huge, validators must store a require amount of crypto (money) in their wallet defined by the developers of the blockchain in question, so they can participate in securing the network by validating transactions. The higher the amount, the more likely the validator is to validate a transaction, and in return earn some reward (money in the form of crypto).

In order to prepare for the transition from proof of work to proof of stake, the developers of the Ethereum blockchain set up in December 2020 a network called Beacon Chain (Consensus Layer) which is a separate blockchain from the Ethereum mainnet, running in parallel but never having processed any transaction on the main network. The Beacon chain uses the proof of stake consensus algorithm.

The MERGE is simply the fuse of the main Ethereum network (main net) which works under the proof of work with the Beacon Chain which works under the proof of stake consensus. 

One of the objectives of MERGE is to reduce the significant energy consumption generated by proof work consensus algorithm. It is important to remember that The Merge is only the first step for a total migration from proof of work to proof of stake for the Ethereum Blockchain. There are several others steps such as:

Ø The Surge: whose objective will be to increase the number of transactions per second commonly called scalability so that the Ethereum network can reach the up to hundred thousand transactions per second. To carry out this step, the developers will use a network partitioning technique called sharding, which consists of dividing the network into several parts called shards, so that the transaction processing calculation will be shared among the network, therefore more digestible and faster.

Ø The verge: which will make it possible to set up the Verkle tree (an improvement of the Merkle tree) which will allow network participants to be validators without having to store a large amount of data on their machines (computers).

Ø The Purge: which will be a continuation and improvement of the previous step “the Verge”

Ø The Splurge: which will constitute a series of updates to the Protocol.

What we must remember from this important step (The Merge), the transaction costs will not be reduced, the transaction speed will not change either, since all these improvements will be integrated into the future steps listed above. On the other hand, what will change, will be the reduction in Energy consumption of nearly 99%, the issuance of tokens which will be reduced by 90% (the quantity of tokens in circulation will reduce), and the reward system as well.

I am a freelance Blockchain consultant, reach out to me and I would love to help you more on this future technology. 

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Web 3.0 Tech Art Tech

How Web3 could help Local Artisans retain the heritage of their Art  

Written by : Ajit Padmanabh on Digilah (Tech Thought Leadership)

Introduction

There is a palpable sense of skepticism in many with regards to the promise of inclusivity in Web3. Many believe that all talk of decentralization is a mere hype and is not implementable.

When one looks at the Metaverse players across various layers and that the metaverse market is projected to be worth $12Tn by 2030, the values of pay-parity, equity and inclusivity need to be lived in and by the Metaverse players. 

Are there companies working on inclusivity and equity in places like Africa and economically backward countries?

Are there real possibilities to generate revenue and employment for the deprived or underprivileged classes of our society, with Web3 technologies? 

The internet had made similar promises in the beginning and the utopian dream died within years of its inception. If we look at the internet today, there are pockets of improvement in revenue generation in rural and tribal populations but largely, it has skewed more, making the privileged a little more privileged.

 Hence, considering the promise of Web3 in decentralization and self-sufficiency in revenues, this article attempts to provide scenarios across various layers of Metaverse as depicted below, to make this utopian ideal a reality. 

The Artisan Community and Indian Craft

As an ancient civilization that has birthed many cultures and has seen numerous migrations and invasions, India has a rich heritage in the field of arts.

Craft as a term was historically limited to “goods worked by hand” but now includes a broader canvas – all things art, like Music, Dance, Painting, Sculptures, Textiles etc. Even if we limit Indian craft to “Handicrafts” across states, the variety in art form and media is unparalleled. 

The Export Promotion Council for Handicrafts (EPCH) is a nodal agency for promoting exports of handicrafts from India to various destinations of the world and projecting India’s image abroad as a reliable supplier of high-quality handicrafts goods & services. 

The Handicrafts exports during the year 2021-22 was Rs.33253.00 Crores (US$4459.76 Million) registering a growth of 29.49% in rupee terms & 28.90% in dollar terms over previous year1. While the growth is promising especially from a tourism perspective, this may have a miniscule impact on the overall rating of India as the Vishwaguru. 

Revenue Generation for Artisans, while preserving the Art Heritage 

The fast-paced Digital Age is only going to get faster with Industry 4.0. With technologies like VR/AR, 3D-Scanning and 3D-Modeling, 3D-Printing as well as Web 3.0 constructs (and buzzwords) like the NFT, Metaverse and Blockchain, the craft Industry has all the components aligned for that leapfrog moment. 

A lot of artisan communities and tribal art communities in India are now extinct and some on the verge of extinction – this is a challenge that uniquely presents itself to us as an opportunity if we leverage the technologies mentioned above. 

Industry 4.0 terms Technology as a driver of change, and not merely an enabler. We should look to harness this driver for Indian Craft and the numerous communities associated with it.

There is a need to look at Indian Craft holistically, including all forms of fine art and performing arts, compounded by technology and tourism. We Illustrate these possibilities by taking the famous Channapatna Toys from Karnataka, as an example. They are protected as a Geographical Indication (GI) under the World Trade Organisation administered by the Government of Karnataka. 

Channapatna Toys could be put up on an artisan marketplace in the Metaverse. The artisan would be able to directly engage in selling goods in 3D and voice-interact with consumers worldwide. With technologies like 3D-scanning and 3D-printing, consumers worldwide would be able to see, touch and feel these products via Haptic technologies and also view the story of the artisan behind it.

Such multi-sensory experiences are disruptive and could help consumers in accelerating their buying decisions, something the Internet has not been able to achieve. 

Consumers will not only get to pick up local artisans’ produce but also engage with them and know more about our culture, traditions and heritage from their standpoint. The same product, once digitized, could be converted to limited edition NFTs during special seasons. The underlying financial technology could be powered by Digital Ledger Technology (DLT) or Blockchain, keeping the transaction decentralized, bereft of middle-men. 

Imagine the access for the artisans to the entire Indian Diaspora across the world and imagine the ease of access and purchase for the consumers, at large. This will also help the Artisans transfer knowledge to the next generation, a large number of who are looking for better economic opportunities in cities. 

As mentioned earlier, this is the main reason why India has lost a lot of tribal and native art. With metaverse and ancillary technologies, the hope is that we will be able to reverse this trend and preserve art heritage for posterity while making it economically viable for the artisans at scale, something that is unknown and unprecedented in today’s times.

Early traction in such technology-driven soft power can certainly propel India onto the world stage and make traditional Indian artisans global celebrities, giving them the much needed recognition and respect.    

Conclusion 

Indian Heritage and Culture is multi-layered, with each layer having the capability to catapult India’s soft-power quotient. One could experience it through ancient monuments, scriptures, textiles, crafts, music, dance, food, sports, folktales and many more. 

There is a need to look at each of these layers from a Technology and Tourism standpoint, the intent being to preserve and propagate Heritage and Cultures of the world, including the most backward communities.

If deployed across other art-forms like paintings, pottery, sculptures, textiles, and even artists like musicians and dancers, Artisans worldwide have tremendous potential to earn from a global market without boundaries. 

References:

  1. https://indiaeducationdiary.in/piyush-goyal-union-minister-of-commerce-industry-consumer-affairs-food-public-distribution-and-textiles-govt-of-india-graces-handicrafts-export-award-function-as-chief-guest-and-gives-away/ 

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Med/Health Tech Web 3.0 Tech

Digitalizing the Healthcare Industry with Blockchain Technology

blockchain technology

Written by : Divinegift (soetan) Afolabi on Digilah (Tech Thought Leadership)

The healthcare industry is not yet ready for digitalization, but blockchain technology has the potential to transform how healthcare is delivered.

There are numerous potential blockchain applications in the healthcare industry, and it is critical to investigate all of them in order to fully realize the technology’s potential. However, let us discuss the TELEMEDICINE technology that has so far been used in the healthcare industry.

With the rise of telemedicine technology, more revolutionaries are turning to health tech to improve global health and well-being. Users can consult doctors and other medical professionals from the comfort of their own homes, thanks to telemedicine (be it in rural, remote, or urban areas). It has grown so quickly that everyone wants to have access to high-quality services.

Telemedicine has numerous advantages, including convenience, improved access to healthcare, quick response time, reduced workload on local medical personnel, and lower cost.

Benefits of Telemedicine 

Convenience is one of telemedicine’s biggest advantages. Patients are no longer required to miss work or travel long distances to see a doctor. They can simply log into a telemedicine platform and have a doctor consult with them from the comfort of their own homes at a lower cost. This is advantageous to everyone, especially those living in rural areas where it is difficult to obtain quality healthcare at an affordable cost.

Patients can consult doctors and other medical professionals via telemedicine from anywhere in the world, at any time. This means that patients in rural areas will be able to access high-quality healthcare without having to travel long distances.

Telemedicine also saves time, money, travel expenses, and time away from work. Furthermore, telemedicine is frequently less expensive than in-person care. This is due to the fact that telemedicine platforms frequently have lower overhead costs than traditional healthcare practices.

In light of all of this, it is clear that telemedicine is a game-changing way to improve healthcare access and achieve global goal 3 for all. It is convenient and inexpensive, and it allows patients to consult qualified medical professionals from any location and at any time using their devices. Telemedicine is transforming the healthcare industry worldwide. Consider what blockchain and telemedicine can accomplish together.  It would change how we get quality healthcare, keep health records, authenticate medications, and more.

Blockchain technology can be used to create a secure, decentralized platform for storing and sharing patient data. Streamline clinical trials, research initiatives, and the authenticity of pharmaceutical and medical supplies.

One potential application for blockchain is the secure storage and sharing of patient data. In the past, there has been news of patient data being stolen within individual healthcare organizations, making it difficult to share information between providers.

This has resulted in inefficiency in healthcare delivery and has put patients at risk when records are not properly handled and updated. Most developing countries now lack centralized, up-to-date, paperless medical information about their patients. This has made it difficult for organized bodies to obtain concise data or information about the state of health in some countries. 

To achieve the United Nations Sustainable Development Goals by 2030, it is critical to find solutions that can help to address this issue, such as the use of blockchain as a means to save and protect users’ medical data.

Blockchain technology provides a decentralized system for storing and sharing patient data. This would enable the healthcare provider to obtain any information required at any time and from any location. It would also protect users’ data, which would only be accessible with the patient’s permission.

Furthermore, blockchain can aid in ensuring the authenticity of data collected during clinical trials and research. Clinical research data must be used to determine the efficacy of a new treatment.

Clinical trials are often complex and time-consuming to coordinate, but blockchain can help to streamline processes by providing a secure, decentralized platform where clinical trial data can be stored and shared.

The part that most leaders haven’t noticed is that blockchain can also help with medical supply chain authentication. Many counterfeit drugs have been sold on the black market, posing a serious threat to the public. Blockchain can aid in ensuring the authenticity of medical records. 

By providing tracking technologies powered by smart contracts and nodes, blockchain can help to ensure the authenticity of medical products.

This would ensure that patients receive safe and effective medications while also assisting in the fight against the sale of counterfeit medications.

Building a solution that lasts longer is what inspired the creation of HellthGO, a healthcare adherence provider with the goal of providing quality healthcare services to all individuals at all levels.

HellthGO would be able to reach all parts of Africa with services such as telemedicine, where notable and qualified medical professionals would provide the best healthcare services to all. 

HellthGO, in addition to telemedicine, is a social commerce platform where individuals and corporations can learn more about health care, first aid, cures, and healthcare adherence from renowned tutors, raising awareness about maintaining a healthy lifestyle and creating a safe and healthy world.

To make it easier for everyone to afford and access quality healthcare, HellthGO has decided to use blockchain technology to finance our users’ daily expenses and savings through a decentralized wallet that gives users total control over their funds while rewarding them for adhering to a health adherence plan. 

This allows our users to transact in both fiat and cryptocurrency and connects them to the HellthGO transchain, where their data is secure and shared in a blockchain-powered decentralized ledger, also assess a comfortable lifestyle where HellthGO provide home delivery of medical product and services through our dispatch partners.

Speaking of other strategies, HellthGO, a health technology startup leveraging blockchain, has developed solutions that work and provide accessible healthcare through telemedicine and more technology built to reward patients for being healthcare compliant.

At least 400 million people have no basic healthcare and more than 1.6 billion people live in fragile settings where protracted crises, combined with a weak national capacity to deliver basic health services, present a significant challenge to global health (UNDP). 

By digitalizing the healthcare industry using telemedicine and blockchain, we will be able to achieve good health and well-being for all by the year 2030.

This is the driving force behind HellthGo, the leading decentralized healthcare adherence solution working to achieve universal health coverage by 2030. That is, everyone has access to quality healthcare services, allowing for a reduction in mortality and morbidity rates in most African countries and improving access to healthcare for everyone, regardless of gender, age, religion, political affiliation, or geographical location, thereby increasing life expectancy.

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AI Tech Web 3.0 Tech

Web3.0:The Real decentralized Internet 

web3.0

Written by Femi Omoshona on Digilah (Tech Thought Leadership)

Decentralized technology is the present and the early we start investing our time, energy and resources trying to understand what future DApp looks like the better for us. 

Blockchain, AI, AR and IOT are amazing technologies we should be wrapping our brain around in this 21st century.

In this article, I lay out how the web has evolved, where it’s going next, and how Africa as a continent can position itself for the future.

Think about how the internet affects your life on a daily basis since it was discovered in early 1990. Internet, a system architecture that has revolutionized communications and methods of commerce by allowing various computer networks around the world to interconnect. Sometimes referred to as a network of networks, the Internet emerged in the United States in the 1970s but did not become visible to the general public until the early 1990s.

By 2020, approximately 4.5 billion people, or more than half of the world’s population, were estimated to have access to the Internet.

The Evolution of the Web

The evolution of the web can be classified into three separate stages: Web 1.0, Web 2.0, and Web 3.0.

Web 1.0  are static web sites and personal sites, the term used for the earliest version of the Internet as it emerged from its origins with Defense Advanced Research Projects Agency (DARPA) and became, for the first time, a global network representing the future of digital communications. Web 1.0  offered little information and was accessible to users across the world; these pages had little or no functionality, flexibility, or user-generated content.

Web 2.0 is called the “read/write” web, which seems to indicate an updated version of the current World Wide Web, which is known as Web 1.0. It’s more accurate to think of Web 2.0 as a shift in thinking and focus on web design. Instead of static HTML pages with little or no interaction between users, Web 2.0 represents a shift to interactive functionality and compatibility through some of the following features: User-generated content, Transparency in data and integrations.

Web 3.0 (…Loading)

Web 3.0 is the next stage of the web evolution that would make the internet more intelligent or process information with near-human-like intelligence through the power of AI systems that could run smart programs to assist users.

Tim Berners-Lee had said that the Semantic Web is meant to “automatically” interface with systems, people and home devices. As such, content creation and decision-making processes will involve both humans and machines. This would enable the intelligent creation and distribution of highly-tailored content straight to every internet consumer.

Key Features of Web 3.0

To really understand the next stage of the internet, we need to take a look at the four key features of Web 3.0:

Semantic Web

Semantic(s) is the study of the relationship between words. Therefore, the Semantic Web, according to Berners-Lee, enables computers to analyze loads of data from the Web, which includes content, transactions and links between persons.

Artificial Intelligence

Web 3.0 machines can read and decipher the meaning and emotions conveyed by a set of data, it brings forth intelligent machines. Although Web 2.0 presents similar capabilities, it is still predominantly human-based, which opens up room for corrupt behaviors such as biased product reviews, rigged ratings, etc.

For instance, online review platforms like Trustpilot provide a way for consumers to review any product or service. Unfortunately, a company can simply gather a large group of people and pay them to create positive reviews for its undeserving products. Therefore, the internet needs AI to learn how to distinguish the genuine from the fake in order to provide reliable data.

Web3.0 future for Africa

Across the world, the new Web3 economy is giving birth to myriad opportunities and the implications for the African continent are massive. Code 247 Foundation is on a mission to raised the next generation of Africa talent who will leverage the latest blockchain technologies to provide real value to billions of unbanked, underbanked and underserved individuals across Africa and other emerging markets, and we’re excited to see various blockchain protocols, startups, investors, grant funders and governments interested in doing the same.

Web3 can open up an intra-African exchange economy, it can be used for purchases and transportation between African nations. It will assist Africans to generate more economic value in a wider market.

In Africa, the evolution of blockchain technology has interested many governments across the Africa countries  to explore blockchain-based solutions, creating Central Bank Digital Currencies (CBDCs) that are likely to develop a more informed approach to the Web3 economy along with policy frameworks in line with the needs of everyday users.

Web 3 can be used to solve some of the challenges in Africa, issues of land ownership:

It is no secret the messy land management in most African countries has made it harder for citizens to acquire genuine land. This has meant that most communities are left poor due to lack of access to manage and develop their lands. Other challenges include faulk drugs, financial transactions and management of traffic etc.

Conclusion

We believe in Africa 100%. Africa can be great, will be great and must be great. Blockchain and Web3 technologies will be revolutionary in Africa. There are a lot of problems with currency and corruption in Africa.

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Web 3.0 Tech

My Tech Journey – is a wave

tech

Written by Bolarinwa Odupe on Digilah (Tech Thought Leadership)

Matt Mullenweg a social media entrepreneur once quoted “Technology is best when it brings people together.” 

The evolution of digital technology is such that even if we wanted to, we can’t stop the impact, especially in a community like ours. The average man today has better medical care, unlimited access to information and education. Better options to travel in and communicate with one another across long distances more than the wealthy monarchs in time past.

A few years ago, I was just an average individual who loved tech. I was so enthusiastic about tech that I regularly kept up with the latest trends by learning new technologies. Now, I have clients whom I communicate with virtually most of the time. As a matter of fact, I have never met most of them physically, why? This is because of the rapid revolution of digital and technology that the global pandemic brought. The world has now become a global village where there is a dramatic increase in the standard of living due to labor productivity.

From the industrial age to modern age, it is quite obvious that digital and tech has greatly improved working conditions.

The impact has covered long working hours and has replaced tedious work conditions with efficient tools that speed up work processes and make you achieve  more in record time.

The digital and tech sector is a competitive industry and it requires new strategies and practices. Most brands have grown to recognize how much of an impact digital technology holds for their businesses. Through technology, we have seen the growth of emails, virtual meeting places, work tools which we have increasingly grown to depend on because they help to give more efficiency and visibility to your startup.

One thing about my thought leadership is the fact that I’m not just content with my basic knowledge of tech. Tech and digital is a sector that keeps evolving over the years and to keep updated on trends, one must be willing to learn new technologies. I had the knowledge of coding, digital marketing and a whole of other technical know-hows before I created my startup. Now I use Google sheet, Google drive, Google docs, Google meet for my meetings and canva for my product designs. I had to learn more than the basic knowledge of product and web design.  I have learnt quite a lot from tech between 2020 and till now, and I have not stopped learning.

It should also be observed that the global pandemic was a major propeller for the growth of digital technology all over the world. The pandemic caused most brands and startups to create temporary solutions to meet any demand brought upon them suddenly much more quickly than they had thought possible before the global crisis. 

The reliance on digital and technology also became much more profound as they began to recognize the importance of technology and how far its reach was.

It also helped because many consumers naturally leaned more onto technological channels and platforms they’ve been using over the course of the pandemic.

The pandemic helped me create a tech startup which sped up in a space of a few years due to the world’s new outlook on tech and digital. My tech brand Centiiv is founded on a community of blockchain enthusiasts like myself who are curious to learn all they can about blockchain. The growth of technology is a wave that cannot be stopped. 

Every day more people discover new inventions that make life simpler and work more efficient. My workplace productivity has grown by a huge margin and the numbers keep rising because thanks to online communication tools, technology enables us to work more closely in some ways even while working remotely. Teamwork is now simpler to achieve even when workers are not in the same place. 

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Fin Tech

The Evolution of Financial Payments

Written by Salim Hussain on Digilah (Tech Thought Leadership)

It is a paradox of our lives that some of the most common of actions underlying a functioning society are left virtually untouched by advancement as civilization marches forth to Metaverses and recyclable rockets. An example is how Education has operated historically – a source of knowledge (teacher/computer) facing a collective of students, dispensing knowledge. The dispenser may vary but the fundamental construct remains unaltered. But the one I want to focus on today is the act of making Payments. Yes, payments…the industry that is supposedly being disrupted with an onslaught of payment tech start-ups touting nosebleed valuations. But if one peels away the slick interface and looks into exactly how the payments course from one end to the other, you will inevitably run into technology which was built when Mash was still on air and “Bloody” a bad word!…

Let’s think of a situation where a corporation say Nike, needs to pay its suppliers in Vietnam called VietShoe. Nike instructs it’s bank to make a payment in VND to its supplier bank account. Nike is shown a FX rate by the trader at Nike’s bank, “Banque de Zapatas”(BDZ)…there follows a little negotiation… then finally the golden word “done” is said/typed. The next stage is for the operations people then deduct the USD100 from Nike’s account in the US and initiate a series of steps whose desired outcome is to get the VND equivalent of USD100 (about 2,250,000 VND at current rates) credited to VietShoe’s account.

FX markets are the largest component of capital markets with a daily trade volume is 6.6 Trillion USD (the equivalent number for equities is 0.5 T and bonds is 4.7T). hence, there are hundreds of thousands of such Nikes making millions of payments to the Vietshoes of the world every day! The scale is mind boggling.  The good news is that there is a method to the madness. There is a common platform and a common language which banks can speak to each other. And a central organization creating rules for this superhighway, so these trillions can move around seamlessly. That organization is a member owned cooperative called SWIFT (Society for Worldwide Interbank Financial Telecommunication). This was set in the 70s! And is still the backbone of the vast majority of the 6.6T being transacted every day.

% Turnover

I will give you a brief taste of the gymnastics involved in the example above.

1.Once the rate is agreed with Nike, Bank NY needs to let it’s partner bank in Vietnam called Bank VN (termed “onshore bank” in the Trading Room) two things – One, the identity of the Beneficiary and it’s bank account details and Two, the amount to be transferred. This is done using a MT 103 Swift format file.

2. Once Bank VN receives the request, it will debit the account BDZ maintains with it for 2,250,000 VND and credit the ultimate beneficiaries account.

(I am making a number of simplifying assumptions here like the presence of “nostro” account as well as absence of routing banks. These can be the subject of another future note.)

The route above, is how most fintech apps work today. If evaluated by a tech person, she will be aghast at the usage of flat files, and, in a minority of cases, API calls (which will be the subject of future write ups). Now, take a step back and juxtapose the promise of blockchain technology to this archaic construct… suddenly, The Swift system, if imagined as an entry on a vast netted ledger, across multiple counterparties, begins to resemble a classic blockchain construct.  And the realization comes that this is the exact point where the technology should be deployed and has not, for the most part, been deployed. For it remains mired in producing Dogecoin’s and NFTs to make use of those Dogecoins!!