All posts tagged: blockchain

Automotive Blockchain Market Projected to Hit .6 Billion by 2030: Report

Automotive Blockchain Market Projected to Hit $5.6 Billion by 2030: Report

Published by Webster

The integration of blockchain technology with the automotive ecosystem is projected to expand significantly over the next five years. A report by Allied Market Research (AMR) has estimated that the global automotive blockchain market is on the track to hit the $5.6 billion (roughly Rs. 47,801 crore) mark by 2030. Its compound annual growth rate (CAGR) within this period is predicted to be 29.3 percent. The blockchain is the backbone of other Web3 technologies like crypto and metaverse, and it is perceived as replacement to traditional Web2 data servers. Data stored on a blockchain is distributed across its network rather than being accumulated at one place. This makes the data safer from hack attacks and data breaches. Data stored on blockchain networks leave permanent records and cannot be altered. As per the report, the auto sector will ramp up the exploration of blockchain solutions for operational areas like maintaining car sale records, service logs, and warranty claim processing among others. AMR also highlights the security and immutability of automotive data stored on a blockchain, adding …

Knowledge Nugget | Understanding the Readiness for Frontier Technologies Index — A must-know for UPSC Exam

Knowledge Nugget | Understanding the Readiness for Frontier Technologies Index — A must-know for UPSC Exam

Published by Parlour News

Take a look at the essential events, concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here’s your knowledge nugget for today. (Relevance: The UPSC has previously asked questions on various indexes and emerging technologies. For example, in the UPSC CSE Prelims 2020, there were questions related to blockchain technology and artificial intelligence. Therefore, it becomes important to understand not only these technologies but also other frontier technologies for the UPSC exam.) Why in the news? The 2025 Technology and Innovation Report, issued by UN Trade and Development (UNCTAD), stated that India ranked 36th in 2024 on the ‘Readiness for Frontier Technologies’ index, improving its position from 48th in 2022. Story continues below this ad Key Takeaways : 1. In a world rapidly reshaped by AI and other frontier technologies, it is crucial for developing countries to prepare themselves for these new developments. In this context, a useful measure in assessing national preparedness to use, adopt, and adapt frontier technologies is the UNCTAD Frontier Technologies Readiness Index. 2. The ‘Readiness for Frontier …

South Korea’s Central Bank to Start CBDC Trials for Real-World Transactions: Reports

South Korea’s Central Bank to Start CBDC Trials for Real-World Transactions: Reports

Published by Webster

South Korea’s central bank is set to launch CBDC trials for real-world transactions under the “Digital Test Project Hangang,” according to local reports citing BoK officials. The three-month programme is said to involve seven banks and 100,000 participants that will be testing blockchain technology’s role in finance. The BoK reportedly sees this large-scale pilot as an opportunity to assess whether the Digital Won CBDC can help reshape the country’s fintech ecosystem. Starting in April, trial participants can convert their bank deposits into “deposit tokens,” with individual holdings capped at KRW 1 million (roughly Rs. 59,000) and a total limit of KRW 5 million (roughly Rs. 2.95 lakh) throughout the pilot, according to a Korea Times report. Later this month, the Bank of Korea (BoK) is said to release guidelines for joining the trial. To launch the pilot, the BoK will issue its CBDC to banks, which will then distribute deposit tokens to participants. These tokens can be used for payments at select stores and merchants, Business Korea report a claimed. Payments will reportedly be processed …

Brazil to Propose Support for Blockchain Payment System for BRICS: Report

Brazil to Propose Support for Blockchain Payment System for BRICS: Report

Published by Webster

Brazil is reportedly working on a proposal to create a blockchain-based payment system for internal use by the BRICS economic bloc. The group has been discussing ways to reduce reliance on the US dollar for internal cross-border transactions since 2024. Brazil, Russia, India, China, and South Africa were the founding countries of the BRICS group. Egypt, Ethiopia, Iran, and the UAE joined the group last year, and Brazil assumed the BRICS Presidency on January 1. The country is set to host the annual BRICS summit in Rio de Janeiro in early July. During the event, Brazil will host discussions on the topic of blockchain based payments, according to a report in local publication O Globo that cites government sources familiar with the matter. If implemented, this system would provide a secure, transparent, and permanent financial infrastructure designed for the BRICS group. The group reportedly believes that the system could significantly shorten the transaction processing window between member countries for way cheaper costs. As of now, it remains unclear if the BRICS will introduce a new …

Save 70% on a Course Showing You How to Invest in Crypto

Save 70% on a Course Showing You How to Invest in Crypto

Published by Webster

TL;DR: Master crypto fundamentals in the 2025 NFT and Blockchain Masterclass Bundle on sale for $34.99. Want to learn the basics of crypto? Trying to figure it out on your own can be expensive, so if you want expert guidance, the 2025 Complete NFT and Blockchain Masterclass Bundle is on sale for $34.99. This bundle covers NFTs, blockchain, smart contracts, decentralized apps, and cryptography. Whether you want to create and sell NFTs, develop on Ethereum, or just understand crypto technology, these courses have you covered. The Complete NFT Course walks you through minting NFTs, setting up a crypto wallet, and navigating marketplaces. If you want to know how digital artists make money with NFTs or how to spot a good investment, this course lays it out step by step. If coding is more your thing, the Ethereum Blockchain DApp using Solidity course teaches you how to build decentralized apps (dApps) and write smart contracts on the Ethereum blockchain. It’s a great entry point for blockchain development. For security, the Cryptography course explains encryption methods, digital …

Animoca Brands, The Sandbox Join Web3 Alliance Group in Saudi Arabia

Animoca Brands, The Sandbox Join Web3 Alliance Group in Saudi Arabia

Published by Webster

Saudi Arabia has launched a Web3 alliance group as part of its Saudi Vision 2030 program that aims to diversify the country’s economy. The newly construed Web3 Alliance of Saudi Arabia (WASA) will bring together players from the international Web3 industry. The group will work to create awareness around Web3 and help Saudi Arabia develop regulatory standards to oversee and govern the sector, according to press release shared Thursday. Members of the WASA include The Sandbox, Animoca Brands and Outlier Ventures. The group will work as a non-profit organisation with a focus on collaborating with the country’s regulators to safely integrate blockchain technologies into existing financial and industrial systems. “The alliance’s governance structure includes a General Assembly and an Executive Committee, ensuring transparent and effective leadership. A comprehensive digital infrastructure and marketing strategy will support the alliance’s mission to connect and empower the Web3 community throughout Saudi Arabia,” the announcement said. Web3 can be explained as the next iteration of the Internet we know and use today. The blockchain technology, that offers an alternative to …

Birla Institute of Management Technology Launches Bimcoin, a Blockchain-Based Campus Currency 

Birla Institute of Management Technology Launches Bimcoin, a Blockchain-Based Campus Currency 

Published by Webster

India’s Birla Institute of Management Technology (BIMTECH) has debuted a blockchain-based campus currency called Bimcoin. The token has been designed to facilitate secure and transparent transactions within the institute’s ecosystem for students, administrators, and vendors. An official launch statement circulated by the institute says that the initiative has been inspired by India’s central bank digital currency (CBDC)-related efforts and aims to cater to the “growing need” to integrate blockchain into existing real-world systems like finance. “Unlike conventional financial systems, Bimcoin leverages blockchain’s decentralised nature, ensuring transparency, and incorporating programmable features such as smart contracts,” the statement from BIMTECH said. Bimcoin Pilot Trials Bimcoin has undergone pilot trials where the campus currency saw 1,100 completed transactions. During the trials, some issues around user onboarding and other technical integrations were identified, the institute said. BIMTECH claimed that it conducted “iterative testing and user training” to fix the issues found during the pilot phase. Bimcoin is scheduled to undergo close-net testing before it sees a campus-wide rollout. The Institute did not share a timeline for the completion of …

Malaysia Considers Crypto, Blockchain Policies After Discussions With UAE Government

Malaysia Considers Crypto, Blockchain Policies After Discussions With UAE Government

Published by Webster

Malaysia could soon join other nations that are working on policies that govern the integration of cryptocurrencies and blockchain-related technologies into their financial systems. Earlier this week, Malaysian Prime Minister Datuk Seri Anwar Ibrahim met with UAE officials and Binance representatives to discuss the formulation of a supportive policy framework for cryptocurrencies. The Malaysian PM was attending the Abu Dhabi Sustainability Week (ADSW 2025), where he said that he wishes to ensure that the investor interest in Malaysia is protected, which can be achieved with appropriate regulations. During the event in Abu Dhabi, the Malaysian PM also met with Changpeng Zhao, the co-founder and former CEO of Binance. The two reportedly spoke about the steps that Malaysia could incorporate to become more acquainted with Web3 technologies. Malaysia’s new stance on blockchain. :clap: The discussions were not about Binance but about the crypto industry and Malaysia, including regulations, policies, risks, and collaborations between industries and across national borders. Forward!https://t.co/ppgrYA0ITH — CZ :large_orange_diamond: BNB (@cz_binance) January 15, 2025 The Malaysian Securities Commission (SC) has acknowledged the Prime …

The 6 Best Crypto-Friendly Banks Evaluated for 2025

The 6 Best Crypto-Friendly Banks Evaluated for 2025

Published by Webster

Best overall crypto-friendly bank: Mercury Mercury is a fintech company, not an FDIC-insured bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust ®️; Members FDIC. Deposit insurance covers the failure of an insured bank. Best bank for institutional investors seeking a cryptocurrency custodian: U.S. Bank Member FDIC. Best traditional bank with a blockchain platform: Chase Member FDIC. Best for international-based firms with frequent transfers: Revolut Provider is a fintech platform, not a bank. It provides FDIC insurance and deposit services through a partnership with Community Federal Savings Bank (CFSB) and Sutton Bank. Best for UK-based companies: Monzo Member Financial Services Compensation Scheme (FSCS). Best for startups and venture capital investors: Silicon Valley Bank Member FDIC. As demand for digital assets rises, many financial institutions offer services like crypto custodianship or enable crypto purchases through bank accounts. However, they remain cautious about the risks of trading high-risk and volatile assets and will likely continue restricting crypto transactions to authorized, regulated exchanges for greater security and compliance. Here is a list of our …

China Plans to Develop Blockchain-Focused National Data Infrastructure By 2029

China Plans to Develop Blockchain-Focused National Data Infrastructure By 2029

Published by Webster

China’s government on Monday released guidelines for the development of a national data infrastructure, as part of efforts to improve its data exchange and management network. A document published by the National Development and Reform Commission and two other authorities states that China must explore blockchain technology to make its data exchange and management ecosystems more secured through smart contracts. Also called the distributed ledger technology (DLT), the blockchain is the underlaying technology used by cryptocurrencies, NFTs, and the metaverse. According to the document titled National Data Infrastructure Construction Guidelines”, a blockchain-based implementation can safeguard stored data against tampering. The authorities behind the project believe that the national data infrastructure must be kept up-to-date to support the circulation and storage of information that is important in terms of national security. In recent years, blockchain networks have emerged as a potential replacement for traditional Web2 servers. A blockchain does not concentrate large amounts of data at one point, unlike traditional servers. Instead, information saved on blockchain networks is segregated into multiple smaller units of data, and …