Enhancing Web3 Accountability and Integrity Through Blockchain Technology

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Safeguarding technology and measures are needed to scale the adoption of emerging technologies securely and reliably. This was the key message of Sebastian Ploetzeneder, Senior Strategy Manager at nChain, who was speaking at the recent DATE conference in India.

Following the address of Shri Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, Ploetzeneder began his presentation by noting that those companies which embrace technology are leaving their competitors behind – creating a two-tier economy. He added that slower adoption in some sectors can be attributed to the nature of new technology, sluggish competition, and growing regulation.

Key challenges of emerging technologies

‘In 2020, 1.6% of American firms employed machine learning. 6.7% of manufacturing companies used 3D printing and 25% of business workflows were on the cloud,’ Ploetzeneder said. Alongside blockchain, he identified Artificial Intelligence (AI), supply-chain management, digital payments, and super apps as some of the emerging technologies which are likely to see significant adoption in the coming years.

Alongside these emerging technologies, Ploetzeneder also identified several key challenges and themes which are set to emerge over the coming years, including:

  • Data governance and identity management: Who controls and owns the data?
  • Data integrity: How reliable or accurate is the data?
  • Data provenance: Where does the data come from?
  • User interface: How will we interact with these new technologies?
  • Content creation and monetisation: Who gets rewarded?

Blockchain barometer findings

The recently published Blockchain Barometer  sheds light on the general public’s view on emerging technologies and leaves the impression of a public that mistrusts emerging technologies, and blockchain technology in particular, due to being misinformed or lacking knowledge about these technologies.

The comprehensive survey brought to light a concerning lack of knowledge and understanding regarding crucial emerging technologies, such as AI, cryptocurrencies, ChatGPT, blockchain, metaverse, Web3, and IoT.

This knowledge gap is, in turn, directly impacting the rate of adoption and public trust in these innovative technologies. Some of the key findings from the Barometer include:

  • Widespread mistrust: 42% of respondents express distrust in all listed emerging technologies, including AI, Metaverse, ChatGPT, and more.
  • Generational divide: Gen Z stands out as the most trusting generation, particularly in social media and AI with 38% believing they will become a part of their daily lives within the next five years.
  • Brits least trusting: The United Kingdom ranks as the region with the least trust in emerging technologies, as only 15% indicated they trust and use AI in their daily lives.

Learn more through the BSV Academy

The BSV Academy is one such initiative aimed at tackling the knowledge gap. Committed to delivering thorough blockchain education, this platform strives to furnish individuals with the necessary skills to navigate the swiftly evolving technological landscape.

Through a diverse range of courses tailored to different skill levels and interests, the Academy not only facilitates an understanding of the theoretical aspects but also emphasises the practical applications of blockchain technology.

The primary objectives of the BSV Academy encompass expanding knowledge reservoirs, cultivating a cadre of proficient individuals well-versed in BSV blockchain technology, and offering inclusive training programs. While predominantly accessible online, featuring a total of 18 courses across four streams, the Academy’s representatives also actively promote the adoption of the BSV blockchain at various events and contribute to local training initiatives.

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