Accounting giant KPMG’s US blockchain lead, Arun Ghosh, predicts that blockchain, combined with the Internet of Things (IoT) will be used to manage climate change in 2020. IoT is a term for systems of interrelated devices that are embedded with sensors, software and network connectivity that enables them to collect and exchange data. According to a list of 6 blockchain predictions from KPMG, Ghosh noted:
“The convergence of these technologies is enabling organizations to accelerate environmental governance, with blockchain’s chain of custody being deployed as a central component to driving sustainability.”
With KPMG’s presence in 154 countries, Ghosh explained that the firm is seeing an uptick in emerging economies focused on automating air quality control mechanisms. Ghosh noted that KPMG firms in India, Ukraine, and China have had ongoing conversations with key players about what future air quality standards may resemble. While Ghosh refused to go into detail of these discussions with KPMG, a recent report from Grand View Research, Inc., the air quality market size is expected to reach $6.5 billion by 2025. The report also notes the use of wireless communication networks for IoT-based air quality monitoring systems is likely to be the future. Ghosh pointed out that as more data from IoT-based devices is collected around air quality, there is growing evidence behind carbon offset, which is a reduction in emissions of carbon dioxide or other greenhouse gases.
While this may be, Ghosh explained that accounting standards powered by blockchain-based protocols are being applied to enable climate management to ensure carbon offset. IoT-enabled devices provide regions with solutions to limit emissions. A network of stationary sensors can provide a source of historical data about air or water pollution. Point source monitoring of water resources demonstrates where IoT sensors can be installed in particular locations to monitor sewage outfalls or storm drains over time.
Ghosh notes that blockchain platforms offering smart contracts will soon control IoT networks to ensure that operations run smoothly. In addition, blockchain-based storage platforms can be used to securely store data recorded by IoT devices. Ghosh said:
“There is a lot of momentum around accounting standards of carbon monoxide that requires trusted data coming from IoT enabled devices. We are hearing more conversations around data and carbon offset programs and how we can merge these programs into developing better accounting standards through blockchain and IoT devices.”
Ghosh also noted that blockchain’s application in climate management will be discussed in Switzerland this month during the World Economic Forum, also known as Davos 2020. The World Economic Forum has been funding certified offsetting projects around the world since 2017. This year, the World Economic Forum has noted that blockchain will have an opportunity to create social impact. According to a blog post from the World Economic Forum, an increase in hybrid blockchain models will be discussed at the event:
“This year, we expect to see increased experimentation with hybrid blockchain models, both in the financial sector (for example, decentralized finance or DeFi and “synthetic” CBDCs) and the public sector (increased use of smart contracts). These are a great way to increase comfort with the technology.”
This in mind, Ghosh noted that conversations with KPMG partners had indicated that blockchain and IoT in climate management will be discussed at Davos this month. He said:
“I hope to see these conversations happening at Davos this year. We’ve had many conversations with institutions and KPMG partners indicating there will be signs of how blockchain will enable effective climate management.”
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.