• Bitcoin remains in trading range of USD 9,000 even with a dip to USD 8,800
  • Finboot CEO believes that blockchain technology will continue to improve industrial processes, and firms should push for it in Environmental, Social and Governance (ESG) responsibility initiatives
  • Bitcoin could be joining the decentralized finance (DeFi) revolution with Interlay receiving a Web3 grant to port Bitcoin into interoperability project Polkadot

 

Bitcoin trading continues in the same range as it has been in the past two days, with Sunday still seeing the same trading ranges around USD 9,000, although a dip has happened to take it to a current price of USD 8,000. The bears will feel slightly disappointed that coronavirus fears appeared to have stopped their impact, while the bulls will insist that the safe haven theory was not negated despite the crash, as the last few days of recovery have shown.

Regardless of price action, the benefits of blockchain technology in industrial processes are gaining more recognition by the day, with the CEO of Finboot, a Spain-based blockchain software company, saying that businesses advocating for responsibility initiatives in Environmental, Social and Governance (ESG) should be pushing for the tech.

Juan Miguel Perez said that to do this, they must be able to verify progress and authenticate the promised benefits with evidence. This comes in the shame of quantitative statistics, especially in the introduction of traceability aspects. This is easier said than done, of course, since supply chains are complicated processes, but it wasn’t an insurmountable challenge:

“In the face of this significant challenge, embracing technology is crucial if businesses are to prove they’ve delivered on their initiatives. And which of the many digital technologies available should we look to when it comes to measuring sustainability goals? Blockchain.”

But the good news for blockchain is that its intrinsic transparency and trust aspects are winning people over and is already proving to be a technology that is closer to mass adoption in tracing industrial processes. Perez said:

“By using blockchain to verify transparency in a way that no other digital technology can, businesses will dramatically improve their sustainability credentials and reporting procedures.”

Meanwhile, with decentralized finance (DeFi) making waves in alternative cryptocurrency circles, a new development could see Bitcoin be next to uptake on this new trend in digital asset finance. This one comes with Interlay, that has recently been selected to receive a Web3 Foundation grant for continuing development on its Polkadot interoperability project.

It now appears that the new funding will be put towards the development of a parachain on Polkadot that will be able to connect to the Bitcoin blockchain. Though the Web3 Grants program is for a maximum of USD 100,000, it did not specify the final amount granted to the organizations that it chose. Nevertheless, each fund is tied to specific proposals, so this one is mostly supposed to be directed towards the software developers helping to build the infrastructure for Polkadot. At the moment, this means a focus on parachains and integration with other projects, apart from trialing tools, wallets and user interface.

Essentially, Interlay itself is a DeFi interoperability project, which has developed the Xclaim framework that can create assets backed one-to-one across different chains. The idea eventually is to have an Xclaim that can operate regardless of blockchain, relying on so-called “collateralized intermediaries” to facilitate the transfer of funds across different chains.

On this implementation, all users are their own intermediaries, somewhat akin to how atomic swaps would work, although Interlay developers claim that Xclaim is “95% faster and 65% cheaper” than atomic swaps based on Hash Time Locked Contracts (HTLC).

DeFi in its definition suggests all kinds of financial tools for digital assets in a decentralized manner, but in reality and practice so far, has only covered crypto lending platforms, at which users put up existing crypto as collateral to take up crypto loans, usually stablecoins of some sort, against terms that bear interest.

 

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