[BNBChain - TechEd Program Recap] Security101 on BNB Chain - your handy guidebook to Web3
Table of Contents
Orochi Network has collaborated with BNBChain, AlphaTrue, GaFin, Verichains and Hoa Sen University to host the Tech-Ed Program, which discusses the applications of blockchain technology to traditional business as well as use cases of NFT in real-life. This blog will recap key questions and answers that took place at the TechEd Program.
Panel 1: How Blockchain Technology apply to Traditional Business
- Luong Le - CTO of AlphaTrue
- George Nguyen
- Mary Tran - Co-Founder of Orochi Network
- Marty - Verichains
Question 1: Is blockchain a mandatory technology that traditional businesses must apply? If so, why?
Definitely yes. Blockchain offers us an exchange of value, which is different from earlier technological generations. Business executives from all sectors are now prioritizing it, notably in the banking, manufacturing, and energy sectors. The International Data Corporation (IDC) predicts that by 2022, spending on blockchain technology will amount to over 12 billion USD. Industry executives have been quickly aware of the technology's potential for disruption and see it as a game changer in many business applications. The impact of blockchain on the traditional business is considered utmost important. One of the biggest challenges of startups is the access to capital. It can be challenging to secure funding for the idea and grow a business, and lending options are frequently unworkable. Since cryptocurrencies are (for the most part) decentralized and transaction costs are low, blockchain may one day be used as a mechanism for capital provision. Accepting money from venture capital firms and angel investors can be done quickly. The more quickly and easily new ventures can raise funding, the more quickly business practices will change and new projects will emerge. Many believe that blockchain will usher in a new era of digitization and be the equivalent of the dot-com. Investors are anticipated to follow as more businesses attempt to take advantage of technology, just like they did in the 1990s when major dot-com corporations were launched. The industry as a whole is eager to advance blockchain businesses, promoting the expansion of the economy and creating a healthy market for consulting firms that support blockchain businesses.
Question 2: What are the use cases of blockchain technology in traditional businesses?
Blockchain can be applied in management and operations of traditional businesses. It can facilitate business procedures and lessen conflict between parties engaged in information exchange. Enterprise blockchain can employ smart contracts to automatically carry out corporate agreements as well as a private, validated, shared ledger to ensure the accuracy and provenance of information, goods, and services. By increasing the level of confidence in the business network, blockchain enables players to collaborate without any additional guarantees. People who are employed by the same organization are more likely to trust one another since they share a passion for seeing the business flourish. However, this trust is rarely there when people from different firms need to work together, which makes collaboration challenging. Blockchain fosters trust and has the potential to improve procedures in numerous enterprises. Moreover, Accounting is also a promising field that can benefit from blockchain technology. Simply said, accounting presents a number of difficulties, from the excessively complex tax system to the critical requirement for accuracy and precision. All of these problems can be resolved via the blockchain. The amount of time auditors need to sample and validate transactions can be cut down because of the transparency that the blockchain offers. With extra time, auditors may concentrate on controls and other important responsibilities. Lastly, blockchain can also be used to leverage Marketing Effectiveness. By 2022, fraud is predicted to cost marketers 44 billion USD, according to Juniper Research. The so-called "click frauds" can be considerably reduced with the aid of blockchain technology, allowing marketing directors to genuinely hit their goals. Overcharging and underperformance are prevented by using the system to control budget spending, get rid of middlemen, and stop fraud.
Question 3: What barriers prevent traditional businesses from applying blockchain technology?
The blockchain is still shrouded in mystery, and there are many false beliefs about it. Additionally, there are occasionally genuine obstacles to overcome, such as a lack of infrastructure, poor user interfaces, a skill shortage, and restrictions. Most global organizations and executives believe that regulatory issues and lack of trust are main barriers to blockchain adoption. To fully appreciate the potential business value of blockchain, a certain level of insight is required. Many executives and board members find the entire idea strange, which makes them hesitant to invest. Technical language and dense whitepapers, articles, and advertisements have enveloped blockchain, with little to no effort being made to convey the true business value or how the technology truly operates. One reason for skepticism about blockchain's wider applications is its significant link with cryptocurrencies, most likely since Bitcoin was the first commercial blockchain to be established. Furthermore, despite the fact that this is a faulty link, the reputation of some of the first cryptocurrencies created has actually undermined confidence in the technology itself.
Also, There has been a delay in the enactment of blockchain-related legislation, and this unregulated environment has resulted in a lack of confidence in the technology and a reluctance to utilize it. The development and use of the technology has exploded in nations or regions where regulators have taken the initiative. The majority of nations are anticipated to follow suit, and this worry should eventually go away. Businesses that have started blockchain projects and programs have discovered a shortage of expertise immediately, from continual maintenance and improvement to strategic level investment analysis, planning, design, and implementation. Both technology governance expertise and blockchain design and development are in short supply. This can be avoided by using a comprehensive strategy and bringing in a multidisciplinary team from the beginning to the end.
Question 4: How to apply blockchain technology properly, what are the key points when applying this technology?
Because blockchain technology has the potential to address a number of the daily problems facing the finance function, many organizations are looking into it. While a few businesses are developing proof of concepts, the majority are still in the research stage and only a handful have operational blockchains.
Here are some key points to apply blockchain technology properly:
- Understand what blockchain is: A properly constructed blockchain holds data in blocks that are connected to one another using cryptographic methods to produce a distributed, digital ledger. Anyone with access to the ledger can share it and verify it, eliminating the need for expensive third-party verification. After the blocks are formed, the blockchain is almost tamper-proof due to the cryptographic "signature" on each one, which establishes a link to the block before it. A blockchain can either be centralized, like traditional databases, with a single stakeholder in charge, or it can be decentralized, dispersed among devices or servers (called nodes), with no single stakeholder in charge. Blockchains can also be permissioned or permissionless, with constraints put on which stakeholders can view and edit the blockchain. Permissionless blockchains allow any stakeholder to view and edit the blockchain.
- Develop a business case: Finding out what problems you are seeking to address and whether blockchain is the means to tackle them is essential to designing any blockchain solution.You must first and foremost be well familiar with the procedure. Blockchain should be taken into account alongside all the other options when you have determined the process's bottlenecks. Organizations can utilize the following criteria to determine whether the issue they are attempting to solve can be resolved via blockchain:
- Do multiple parties share data?
- Do multiple parties update data?
- Is there a requirement for verification?
- Do intermediaries add complexity?
- Are interactions time sensitive?
- Do transactions interact?
- Choose blockchain carefully: You must be sure to select the appropriate sort of blockchain for your goal because there is no single type of blockchain and a variety of blockchain solutions are available. Whether a blockchain is public, private, or quasi-private, or run by a group of stakeholders, determines what form of blockchain it is. Blockchains can be centralized or decentralized, permissionless or permissioned. The kind of blockchain you require will depend on the circumstances. For instance, a permissionless, decentralized blockchain may not be appropriate for an organization due to security and financial constraints.
Panel 2: Applications of NFTs in real-world
- Lam Nguyen - CTO GaFin
- CEO DECOMWING
- CEO VMD
- Claire Dang - BNB Chain BD
Question 1: Is NFT just a JPEG?
Many individuals have been under the impression that NFTs are essentially digital images that have been over-hyped and are identical to JPEGs. On the other hand, NFTs surpass JPEGs in many aspects, from proving ownership to ensuring the authenticity of the artwork. When comparing NFTs to JPEG, the "non-fungibility" feature would be the most significant NFT advantage. The assets that NFTs represent are said to be non-fungible if they are distinct and non-transferable. For instance, you may exchange a $10 bill for ten $1 bills. A special trading card, however, cannot be exchanged for another card because doing so would reduce the value of the collector's collection.
NFTs, which are essentially smart contracts on blockchain networks, can also provide the extra benefits that come with blockchain. The most common platform for creating NFTs at the moment is Ethereum, which supports unique assets. The distinctive cryptographic tokens can be kept in various virtual crypto wallets and accessed as needed.
Question 2: What activities should NFT be used for?
- Metaverse Resources: In the metaverse, non-fungible tokens serve as a representation for in-game items. For instance, virtual land plots in the Sandbox or Decentraland are actually NFTs. Similar to gaming characters, other metaverse assets can profit from the advantages of unique ownership by utilizing NFTs
- Real Estate: The application of NFTs in the real estate industry also demonstrates certain advantageous features for investing in NFT projects. Non-fungible tokens serve as evidence of ownership, and property documents based on NFTs may become standard procedure in the future. The sale of virtual goods via NFTs in the metaverse has been progressing as of late. Non-fungible tokens will eventually play a key role in expressing property ownership on blockchain networks.
- Medical Records and Identity Verification: Since the transactions made possible by NFT are verified on several nodes before being permanently recorded to the blockchain, every record is accurate and safe from malicious efforts at manipulation. Therefore, the NFT ledgers can be used to maintain a person's medical records without jeopardizing their anonymity or running the danger of outside interference. Indeed, using NFT ledgers, confidential medical data can be stored more securely while still allowing authorized healthcare practitioners to access it when necessary.
- Intellectual Property and Patents: With NFTs, intellectual property and patents are superbly protected. Additionally, unlike with traditional IP rights tools like trademarks and copyrights, users can use NFT tokens to prove their ownership of any piece of information. Similar to patents, NFTs can be used to secure and protect ownership of a creation or innovation. NFTs might be able to provide the information needed for verification, creating a public ledger that tracks all transactions involving patents.
Question 3: Should NFTs be defined as assets? Can businesses apply NFT as a tool to increase customer experience?
NFTs are assets, absolutely. It is a kind of digital asset that represents a real-world item, such as artwork, music, in-game items, or films. They are regularly purchased and traded online in exchange for cryptocurrencies, and they are typically encoded using the same software as many other cryptos.
NFTs have the ability to play a significant role in creating a unique client experience. They serve as a means of satisfying consumer wants and, as such, create a chance for new, attractive digital offerings, which may be crucial in increasing customer engagement. Here are some ways that NFTs can leverage the customer experience.
- Enhancing and rewarding customer loyalty: NFT initiatives are increasingly centered on giving clients value by giving them exclusive access to goods and services. This gives businesses the key to customer loyalty by rewarding desired behaviors. Tokens can be given as gifts, purchased normally, acquired through the use of a physical good, gained as prizes for successfully performing a task, or received through a play-to-earn method. Exclusive access is increasingly synonymous with NFTs, and these tokens can be redeemed for exclusive goods, whether they are digital or tangible. Here, attraction is mostly driven by scarcity and artist participation. For its first NFT collection, for instance, Gap worked with the artist Brandon Sines. In this collection, various token levels can be combined to get a limited-edition hoodie and a piece of digital art.
- Building communities: NFTs frequently have a strong sense of community, and companies can capitalize on this feeling to improve the brand-customer interaction and provide token holders with access to a supportive network. For instance, businessman Gary Vaynerchuck founded VeeFriends to sell access to his time (conferences, brainstorming sessions or even a breakfast with him). Holders of tokens come together as a single community to form bonds of friendship, exchange ideas, and advance knowledge. In a few years, NFTs might serve as the primary digital interface between brands and their communities.
- Increasing transparency: Transparency is at the top of customers' expectations in the current environment. 73% of consumers are willing to pay more for products that promise complete transparency, according to Sprout Social. By tokenizing their supply chain and promoting the circular economy, brands now have the chance to boost transparency and trust in their customers. NFTs make it possible to learn about a product's whole lifecycle, from development to sale to repair to resale.
Question 4: Concerns of security in Keeping NFTs?
An NFT can be stored on a virtual blockchain just like cryptocurrency transactions because it is an encrypted token. Due to the use of immutable distributed ledgers (or distributed ledger technology) that anyone on the network can observe, blockchains are by their very nature safe. Blockchains are hence incredibly challenging to manipulate. A private key that can be kept in a digital wallet is given to you when you purchase an NFT (as long as that wallet supports NFTs). This private key should always be kept a secret because it is necessary to access and move your NFT to other locations. You won't be able to access your NFT if you misplace your private key, which could cause a substantial cash loss.
There are a lot of ways you can do to lower the likelihood of NFT theft such as using two-factor authentication for your accounts. For instance, if you own an Opensea account, make sure that you use two-factor authentication so that a hacker cannot access your account without verification from another source, such as an email or text message. Also, remember to check any accounts that send you messages about giveaways or airdrops for NFT. It's likely that the account holder is not the big NFT artist they claim to be if they have only a few followers. These fraudulent accounts can also be reported to Twitter, who will take them off the network.
Stay Tuned for More
The BNBChain - TechEd Program has given participants an in-depth overview of the blockchain technology in traditional business as well as applications of NFTs in real life.
Don’t forget to follow and subscribe to the official Orochi Channels to learn more about the blockchain industry and keep up-to-date with the Orochi Network system.
About Orochi Network
Orochi Network provides missing building blocks for Decentralized Gaming and Metaverse, the first infrastructure that provides Verifiable Computation.
We allow computation to be processed off-chain at zero cost without sacrificing decentralization. Using Zero-Knowledge Proof to prove and verify the computation, projects can inherit the solutions to be verified on-chain by using smart contracts efficiently.
About Orochi Network
Orochi Network is a cutting-edge zkOS (An operating system based on zero-knowledge proof) designed to tackle the challenges of computation limitation, data correctness, and data availability in the Web3 industry. With the well-rounded solutions for decentralized gaming and metaverse applications, Orochi Network omits the current performance-related barriers and makes ways for more comprehensive dApps hence, becoming the backbone of Web3's infrastructure landscape.
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