Enter the World of Blockchain

We enter the world of blockchain to find out about NFTs, Web3 and more

The myths. The hype. And the strangely vibrant community that surrounds blockchain are why we wanted to dive in and discover more about this Web3 tech with world-changing potential.

But here’s the caveat: the learning curves were long, the cans of worms were multiple and we can’t divulge the number of rabbit holes we went down.

Blockchain is a type of shared database that provides a record of transactions that are secure, transparent and decentralised. And, according to Blockdata report released in October 2021, 81 of the top 100 public companies are using blockchain technology in some way.

We investigate whether blockchain is a flash in the pan and how it impacts us in our day to day.

Keeping your data safe

Nick Lothian, Head of Product, Verida.

Imagine for a moment you’ve had some of your private information breached in a data leak. If it hasn’t already happened to you, unfortunately it probably will.

Australians have been hit hard in the recent years with multiple data breaches. Government suppliers, telecoms, private health companies are among the trusted organisations whose security systems, and in turn customer IDs, have been compromised.

The new heroes set to disrupt the dark web baddies are companies leveraging Web3 for good.

Lot Fourteen Optus 5G MIT Living Lab company, Verida, has created world-first technology to protect us against the threats of our private data ending being sold to the highest bidder on the dark web.

Talking to Nick Lothian, head of product at Verida was enlightening. Three years in, and the startup has a thriving and engaged community of more than 25,000, is collaborating with CSIRO and MIT and is headlong into creating some pretty cool solutions for the problems we face today.

“Our area is privacy. Our customers are those who are interested in privacy and concerned about the data that they’re disclosing to Facebook and big tech,” says Lothian.

“We provide tools to take back control of your data.”

Data wallets

A recent Polygon ID integration in the Verida’s data wallet helps enable that. The Verida Wallet is a self-custody web mobile wallet. It’s more than just crypto, it’s a gateway to a new world of decentralised identity.

Users can manage their identity, personal data and credentials and sign into their apps. The wallet connects users to the self-sovereign Verida Network, the most secure, encrypted decentralised storage solution for Web3. This ensures all user data and credentials are secured by a user’s private key.

So, instead of giving your driver’s licence as proof of age to your private medical insurer, this tech can mathematically prove your age without sharing your birthdate. Your privacy is maintained and your information is secure, rather than being offered up on a plate to cybercriminals for big bucks on the dark web.

NFTs

It would be remiss of us to discuss blockchain without a quick mention of Non-fungible tokens (NFTs). Trending in 2021, everyone was jumping on the NFT bandwagon including celebs and artists including Banksy and Bella Hadid.

NFTs are cryptographically unique tokens that are linked to mainly digital content, providing proof of ownership via the blockchain. Art mediums that NFTs can represent include digital drawings, paintings, music, film, poetry, or books.

TOKYO23 is an NFT by mini labo, an experimental blockchain studio working at the intersection of technology and creativity, and based in the Startup Hub, run by Stone & Chalk.

Tech savvy types can connect their data wallet, minting (creating) their very own NFT which can be used to explore Tokyo, one of the world’s most vibrant cities, unlocking badges in secret locations as you go. The benefit? Building out a permanent digital memento that will evoke memories of your experience for years to come, while sharing your success on Discord with fellow gamers, developers and cryptonerds!

Halting corruption

Another startup, also based in the Startup Hub, Eachmile, uses blockchain technology to securely track every step of the seafood supply chain, tackling corruption in the fishing industry head-on.

Eachmile’s project Fishcoin is sustainability focused and is building truly inclusive business models rewarding seafood producers predominantly in developing nations for sharing their data and ultimately seeking to make them shareholders in the traceability business and transparent trading platforms.

To hear more about the global problem Eachmile is solving- check out the below five-minute film which has already had over 370,000 views.

Blockchain tech is being used for fun – when it comes to a new way of creating art, exploring new cities or amassing your Ethereum wealth. However, companies at Lot Fourteen are also using it to help protect us against the ever-increasing sophistication of cyber criminals, who often target the most vulnerable and marginalised.