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123c Consulting MB
| Use Case Universal Trust Registeries: Our consortium intends to develop a ledger-agnostic approach for managing "trust chains" and sequentially organised, traversable lists of "verifiable accreditations" on DLT infrastructure. Importantly, we intend to align this approach with (1) eIDAS 2.0; and, (2) the W3C DID Core Recommendation. At present, trust chains using X.509 certificates create a bottleneck for digital identity ecosystems. This is because of the sheer number of organisations that will be required to register on these lists under eIDAS and the lack of context-specific X.509 | ||||||||||
Brickken PFP, S.L.
| Overview: Highlights:
Advantages:
Strategic Importance:
Conclusion: Brickken's Digital Asset Platform revolutionizes how companies tokenize and manage RWA’s by offering a secure, transparent, and efficient tool that aligns with companies' new financial needs.This platform not only simplifies investments but also opens new avenues for growth by allowing companies to operate on a global scale with minimal operational costs. | ||||||||||
Circularise B.V.
| With the increasing regulations (e.g. ecodesign directive, Digital Product Passports (DPP), Corporate Sustainability Due Diligence) the need for data sharing is evident. However, companies are hesitant to share data, given the threat of its sensitive data being exposed. Circularise appears as a solution to the traceability challenge faced by value chains from multiple industries. Our platform harnesses groundbreaking and patented encryption technology to secure data across the supply chain in a way that's safeguarded against even the most advanced cyber threats.
Circularise provides a tool to securely share sensitive information among value chains. Suppliers can create DPPs, and share key data with their customers, without endangering their Intellectual Property and competitive advantage. For example, do you share the full information or only whether it surpasses a certain threshold? Do you share the same data with your customer as with your auditor? These are challenges Circularise’s software solves through its Smart Questioning technology, based on blockchain and zero-knowledge proofs. If an Original Equipment Manufacturer (OEM) seeks to comply with a regulation, they will need data. For example, they need to ensure that there is no Bromide on their products. Using the Circularise system, an OEM can trigger a data request deep into the different tiers of its supply chain. The system connects data that exists decentrally across different supply chain steps and makes it available to the Brand owner. The patented technology ensures that the exact data input will not be visible to all other actors, but rather an answer to the question of whether the component contains or not bromide, or even if the percentage is lower/greater than or in between some values, enabling the OEM to check its compliance with regulations. Moreover, if the OEM needs information on a new chemical, they can send a data request through the Circularise’s system along the value chain, to know if they meet the requirements. The information could be about sourcing, chemical composition, technical properties, environmental assessments, and others, that support compliance or even specific OEM supplier requirements. Additionally, the data shared within the Circularise is reliable through its verifiable DPPs. These provide a publicly verifiable trail ensuring consistency, authenticity and integrity for claims about subjects, identified by their relation to a reference subject while ensuring privacy beyond the veracity of the claims. Notably, it achieves this without depending on a single central authority or auditors for trust in the consistency of narratives, balance checks, evident changes, etc. All this is possible while maintaining the confidentiality of the sensitive information. | ||||||||||
DigiShares A/S
| RealEstate.Exchange (REX): Pioneering Real Estate Trading in the European Union RealEstate.Exchange (REX) is an innovative digital trading platform that revolutionizes the way real estate assets are bought, sold, and invested in, using the transformative power of distributed ledger technology (DLT). By tokenizing real estate assets, REX offers a secure, transparent, and efficient marketplace for investors of all backgrounds. REX allows companies to raise capital by issuing real estate tokens that can be traded on a secondary market. What REX Offers:
Simplified flowchart:
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Doxychain
| DoxyChain Blockchain We observe a rapidly increasing enterprise interest in blockchain-based solutions. However, there is still no universal standard or a ready solution that will allow for quick, law-compliant implementation - until now it is usually done on general-purpose blockchains, where the entire project is built from scratch by the team consisting of lawyers and developers who first need to understand what blockchain is themselves and only then tailor the solution. Often this causes serious mistakes resulting from insufficient knowledge of the domain. The result is that the development costs are very high, the process takes a long time, and the result is not really durable - sometimes it's better to rebuild something than try to fix mistakes. Taking the above into account, DoxyChain aspires to offer a modular blockchain infrastructure that speeds up the implementation process thanks to the following: DoxyChain Smart contracts When we first encounter the slogan ‘Smart Contract’, we have self-executing contracts, documents that live their own life - truly smart contracts. However, when searching for ‘Smart Contract’ on the Internet, we meet the definition that a smart contract is any piece of code saved and run on a blockchain. According to this definition, a smart contract is a code that supports cryptocurrencies, NFT tokens, cryptocurrency exchanges, or KryptoKitties. DoxyChain smart contracts are a redefinition of the SmartContract expression. DoxyChain Smart Contracts are truly living documents - in line with our first expectation of a ‘Smart Contract’ term. They support not only binding agreements creation but also serve as transaction (or whole workflow) enablers. Tendermint open-source protocol & PoA DoxyChain is a decentralized solution with microservice architecture backed by its tailored blockchain. DoxyChain blockchain is based on Tendermint and other open-source protocols. Open-source approach security, more and more projects (including blockchain ones) are built openly. Openness is what creates security and reliability. One of the core values of building anything as open-source is gaining efficiency. Creating a community of developers with different perspectives and skillsets, all working on the same code base, can exponentially increase the number and complexity of applications built. DoxyChain is building a community around DoxyChain, which will itself create, using the tools provided by us, subsequent smart contracts and be able to sell them on the marketplace we have created. To meet the expectations of the community, we will open the forum together with the Issue Tracker, so that everyone can share the ideas, suggestions or simply ask our specialists how to implement the given functionalities. In addition, we will also offer a number DoxyChain blockchain uses Proof of Authority consensus, which is executed by all the allied institutions (including users) which means DoxyChain is literally co-created by its customers. The Proof of Authority model relies on a limited number of block validators and this is what makes it a highly scalable system. Blocks and transactions are verified by pre-approved participants, who act as moderators of the system. As of now, DoxyChain is a permissioned blockchain, however, ultimately it aims at becoming an open one backed by Proof of Authority consensus, giving DoxyChain architecture to be transparent and verifiable but still compliant and cost-efficient | ||||||||||
EastNets Europe S.A.
| SafeWatch Screening ChainFeed - An Eastnets SafeWatch Screening Module Updating the watchlists that underlie compliance screening systems is of paramount importance to your counter-terrorism and anti-money laundering strategy. Yet conventional watchlist-update methods involve manual, time-consuming steps, tying up resources and leaving banks vulnerable to delays, errors, and fraud. SafeWatch Screening ChainFeed from Eastnets uses distributed-ledger blockchain technology to eliminate these risks and complete watchlist updates automatically and in real time. SafeWatch Screening ChainFeed Closes the Gaps in Your Sanction Screening Strategy
Eastnets Approach to Real-Time Sanction List Updates
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HACKEN OÜ
| Smart contract and blockchain security analysisBy prioritising the security and reliability of smart contracts, L1 protocols, DApps, and overall infrastructure, we demonstrate our commitment to delivering high-quality solutions that meet needs of DLT projects, while protecting consumers and preserving market stability. Our dedication to excellence in security and reliability sets us apart in the blockchain industry, empowering us to innovate with confidence and drive the adoption of decentralised technologies. Hacken already has completed common projects with the EBSI. On the top of that Hacken participates in the development of international blockchain specifications and standards that drive harmonization and interoperability for DLT industry worldwide. Cybersecurity in the DLT market infrastructure.The emerging area of infrastructure leveraged by the DLT Pilot regime requires a complex approach and alignment with the regulators on the EU and national levels. Hacken is strong with helping web3 and fintech projects to prevent hacks, frauds, and to strengthen consumer and investor protection. In the light of MiCA and DORA requirements, and other laws which regulate crypto-assets, it is yet to be determined sufficient levels of DLT projects transparency, market abuse detection, and operational resilience on-chain and off-chain. From utility token to equity token.In this specific proof of concept, a token called Hacken Equity Share (“HES”) has been issued on Ethereum Mainnet. Hacken – an EEA-based private company – has deployed 100 HES tokens (through SPV in Spain), which are set to correspond to 10% of the company’s equity. HES tokens can be purchased exclusively through a utility token called HAI. This mechanism ensures that the company’s existing community (individuals and entities who own Hacken’s cryptocurrency token) can become legal co-owners of the company. The primary requirements are passing KYC and being whitelisted. Hence, this tokenization approach offers a direct pathway for community members to acquire a participation right in the company, leveraging DLT for equity management, potentially entitling them to voting rights and dividends. The equity tokenization use case, thereby, elevates ownership status from HAI token holders with no legal rights to legal shareholders or co-owners of the company through HES. As part of legal equity management rights, currently HES token owners can buy and sell their tokens as digital assets mainly through peer-to-peer mechanism, since in the first place private equity cannot be traded at existing secondary markets. We are looking into the DLT Pilot regime as a possibility to find a place for tokenized private equity tokens at the new DLT secondary market infrastructure. In other words, we want to add liquidity to the mentioned assets without hindering compliance with the current laws. | ||||||||||
Infineon Technologies AG
| Oracle Service for IoT Edge Data: Verifiably Trustworthy IoT Edge Data Feeds for Blockchain Applications Problem background
High level approach
Result Ultimately, relying parties can verify that edge device identities are authentic and that data has not been manipulated during either edge processing or transmission. In addition, relying parties may examine smart-contract based audit policies and source code deployed to edge devices. In result, applications based on new standards such as the digital twin (ISO) and the asset administration shell (IEC), as well as new EU regulations like eIDAS-2 and the digital product passport (ESPR), may consume a data feed that can be verified for its trustworthiness. | ||||||||||
IOTA Stiftung (IDnow GmbH, walt.id GmbH, Bloom Labs Limited, Spyce5 GMBH)
| Web3 Identification Solution - A Decentralised and Secure Approach to User Authentication The Web3 Identification Solution is a cutting-edge user authentication system designed to meet the demand for reliable identity verification tools in the Web3 space. Developed by a consortium of five experienced operators in the distributed ledger technology and identification industry, the solution offers an easy way to ensure users are identified while ensuring privacy and security. The Web3 Identification Solution caters to the regulatory needs of Web3 and DeFi projects and enables them to interact seamlessly with verified users while excluding unverified addresses. The user’s identity is verified through several methods, including automated and human-assisted verification, and the resulting ID token is stored in the user’s Web3 wallet. The token can then be used for on-chain interactions in Web3 applications without revealing personal information. The token can later be revoked or revealed by an authorised party, enabling law enforcement agencies to identify users and track any illicit funds on the network. About the Partners: IOTA Foundation: The IOTA Foundation is responsible for providing the distributed ledger technology protocol. This forms the foundation of the solution, offering a decentralised and feeless infrastructure for secure identity verification. IDnow: IDnow, a leading identity verification provider in Europe, offers remote identity verification services for the solution. Through a seamless online process, users can verify their identity using several methods, including automated and human-assisted verification. IDnow's expertise in identity verification ensures compliance with AML/CFT legislation, providing a reliable solution for Web3 users. walt.id: walt.id is responsible for tokenizing the identity verification process, generating a unique token for each verified user. These tokens are securely stored in the users' wallets, leveraging blockchain technology to bind them to authenticated addresses. Users have full control over their identity tokens, which can be used for on-chain interactions in Web3 applications without revealing personal information. Bloom: Bloom provides the secure wallet platform to manage the identity tokens. Users can store, present, and prove ownership of their identity tokens in their Bloom wallet. This user-friendly wallet enhances the overall user experience and ensures the secure storage of the identity tokens. HAVN: HAVN offers the essential infrastructure support to ensure the reliability and efficiency of the solution. With expertise in hybrid blockchain technologies, HAVN facilitates seamless interchain communication and transaction validation. Users benefit from HAVN's robust infrastructure, which enhances the overall performance and regulatory compliance of the solution. Watch the video below to learn more about the solution. https://www.youtube.com/watch?v=BG_04fa6WKg name | KYC Project 2024 version.pdf | height | 250 For more information please visit: walt.xyz | |||||||
IoT Nederland BV
| The product we developed and deployed in several cities in The Netherlands is that or "Purpose Bound Money" of "earmarked money". Money the end-user can only spend on certain well defined purposes. The "issuer" of the money defines WHO gets how MUCH, to send WHERE on WHAT and until WHEN and only has to pay (to the whitelisted retailers) what was really used by the end-user. We help government, corporations and organizations to distribute subsidies, grants and budgets in a very secure and efficient way. Lowering administrative burden, decreasing fraud and misuse while stimulating the local economy (and in an eco-friendly way).
EnergieKnip: https://youtu.be/NTtnH0mPVlk we developed EnergieKnip into MultiKnip, a wallet that can hold many different kinds of purpose bound tokens which was used in the city of Groningen to stimulate SME's make their offices more energy efficient. We are also talking to Groningen about using it in Horizon2020 program Foodtrails (a project to stimulate citizens to eat healthier food). Citizens (mostly low income groups) would receive recipe-cards with a QR-code on it that would give them a credit in MultiKnip with which they could go buy the ingredients needed at the local week market. The city of Groningen would pay the retailers in Euro's. also read how purpose bound money can help achieve SDG's here : https://pbtokn.com/files/SDGs.pdf | ||||||||||
Konnecta Systems IKE
| TREVO aims to revolutionize electronic voting systems by employing decentralized identities, ZKPs and an approach that puts the user at the center of the process. The main objective of TREVO is to tackle challenges in e-voting that are still open, such as voter anonymity, ballot secrecy, trusted tally/audit as well as individual and universal verifiability. It employs DIDs, VCs and ZKPs to ensure security and privacy at the same time, following the latest EU guidelines and regulations in terms of digital identities and data protection. The framework incorporates a mobile wallet that enables EU-wide interoperability for citizen authentication and authorization to entail trust from anchors of the public sector. A mobile application is the core of the project which was cocreated with end-users, keeping them in the loop from the ideation and design process up to the testing and evaluation. TREVO is deployed and evaluated in real use cases of a Greek municipality (Trikala) where direct citizen feedback is needed for addressing issues such as urban planning, wider regional strategies (e.g. energy or digital transition) and e-governance, leaving no one behind, including elderly people and vulnerable groups. The new approach is expected to increase the trustworthiness of e-voting systems in EU and across the globe and even make a step towards initiating the discussion for e-voting in national elections. Impact: TREVO increases confidence in the electoral process which improves the perception of the EU among its citizens. It enables the wider adoption of blockchain, which creates opportunities for blockchain-based startups/businesses to develop new products, leading to the development of new standards and job creation. It also has significant environmental impact, by reducing paper waste generated by traditional paper-based voting systems, including ballots, voter lists, and other materials. Moreover, it reduces transportation CO2 emissions by eliminating the need for people to travel to polling stations. Finally, it has strong socioeconomic impact, by reducing physical obstacles and enabling remote participation (for disabled, elderly, remote locations etc.), while it reduces costs related to the voting process i.e. paperwork, travelling for voters, election rooms and support personnel, printing material and ballots.
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Kunveno Teknologos
| MINOS, a Decentralised Autonomous Organisation for freelance work MINOS is a platform designed to operate a Decentralised Autonomous Organisation (DAO) for freelance work powered by its technology provider Kunveno. In traditional organisations, rules are set and enforced by a management hierarchy. In contrast, MINOS defines and enforces rules through blockchain-based code, reducing coordination costs and enabling a new organisational model for freelance work in the Web3. The DLT technology behind MINOS fosters trust and collaboration and allows shared management of funds and rules, facilitating market-style interactions to coordinate operations instead of conventional internal processes. MINOS is designed as an "organisation's operating system," providing a secure interface for managing underlying resources. The protocol's structure revolves around domains and permissions. Domains, which can represent teams, departments, or projects, help organise the network and contextualise reputation. Permissions, ranging from recovery to administration, control access to different functionalities within MINOS. This modularity The protocol's funding and expenditure mechanisms are designed to manage tokens and finances efficiently. Each domain and expenditure has an associated funding pot, acting as a wallet for specific activities. Expenditures, or payments, are abstract units used to transfer funds within MINOS, with various properties such as recipients and payouts. Once tokens are received, they are under the recipient's control, reflecting the Reputation within MINOS is a critical aspect, representing the value of members' contributions over time. Reputation is earned through labour, arbitration processes, and the initial bootstrapping of the network. It is domain-specific and skill-based, allowing for granular recognition of work. Reputation decays over time to ensure it reflects recent contributions, incentivising continuous participation. The reputation system supports meritocratic decision-making and influences the distribution of rewards within the network.
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NYALA Digital Asset AG
| NYALA Digital Asset AG operates a Digital Asset Platform, which serves as an infrastructure layer for the issuance, registration, and custody of tokenized securities. With our regulated subsidiary, a crypto-securities registrar, we have repeatedly issued tokenized financial instruments over the past 18 months and have realized the first tokenized As one driver to solve the funding gap in the EU, with a focus on SME financing and renewables projects, we are now shaping our digital asset ecosystems into one holistic Our vision for the secondary market is to integrate the entire securities value chain within a single unit and to facilitate seamless trading and settlement processes. For this we partner with an existing MTF to conduct trading off-chain and serve as the settlement infrastructure on-chain. To enable DVP and automated dividend payments, we are
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OriginTrail
| OriginTrail is an ecosystem unlocking the full potential of Artificial Intelligence for humanity through convergence of Crypto, Internet and AI. The convergence is embodied in Verifiable Web for AI, where (1) instead of hallucinations we have information provenance, (2) instead of bias and manipulation we have verifiability and (3) instead of stealing data, data ownership is incentivized. The Verifiable Web for AI is enabled by the OriginTrali Decentralized Knowledge Graph (DKG), a permissionless independent network running on top of the blockchain layer, powered by the utility TRAC token. The DKG is a trusted knowledge foundation enabling neuro-symbolic decentralized AI. The OriginTrail technology has been put to use for a spectrum of solutions spanning Industry 4.0 & Real World Assets (RWA), Decentralized Science (DeSci), Decentralized Physical Infrastructure (DePIN), Metaverse and more. Some of the users include Fortune 500 companies, national railways operators, governments and international organizations that tackle misinformation by enabling discoverability, verifiability and ownership of knowledge in the DKG. The OriginTrail DKG advances the use of AI technologies through the Decentralized Retrieval-Augmented Generation (dRAG) framework. It enhances AI solutions with verified information from decentralized sources, ensuring accurate and reliable AI-generated content. dRAG advances the conventional Retrieval Augmented Generation (RAG) model by organizing external sources in a Decentralized Knowledge Graph while introducing incentives to grow a global, crowdsourced network of knowledge made available for AI models to use. Trace Labs team (OriginTrail core developers) plays a crucial role in promoting a more inclusive, transparent, and decentralized AI. Importance of their work was put in historical context by their advisor, the Turing award winner, Dr Bob Metcalfe saying: "We live in a time of abundant connectivity and alas abundant misinformation. The OriginTrail Decentralized Knowledge Graph (DKG) is an evolving tool for finding the truth in knowledge. In particular, we see knowledge graphs improving the fidelity of artificial intelligence."
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PlanDail Ltd, Operating as Trrue Ltd
| Trrue’s mission is to optimise fundraising for impact investment projects by reducing friction and ensuring regulatory compliance using a range of innovative features, primarily architected on blockchain technology. By providing innovative solutions that are faster, more secure, and more cost effective than traditional fundraising systems, Trrue is helping to unlock the potential of responsible impact investing for ESG-positive projects and investors. Trrue is committed to the creation of Trrue Chain – the foundation of an expansive ecosystem built to maintain ethical standards and ensure rigorous regulatory compliance. The Trrue Chain blockchain implements a governance protocol that ensures that all on-chain data is verified by a network of trusted and reputable players. This provides the benefits of distributed computing without sacrificing scalability of the system, as well as retaining traditional legal relationships for regulatory compliance. The node is built with Polkadot Substrate and Cumulus, enabling interoperability between blockchains so that, unlike other RWA protocols, the Trrue infrastructure can truly bridge traditional financial markets with the entire Web3 landscape. Trrue is addressing the greenwashing problem, which appears rampant in the financial services sector, while making sure these EU/EEA under development and developed-and-scaling companies with impact solutions get the support they deserve. With a view to upcoming regulations, Trrue has taken a hybrid approach to building new, more sophisticated digital asset tools. We see a new era of digital assets to enable support to impact entrepreneurs. Trrue is part of the Polkadot Alpha program, and the GFIN UK FCA Greenwashing Sandbox, in collaboration with UK FCA, Dubai FCA and Taiwan FCA.
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REClosure
| REClosure Limited (“REClosure”) an Irish domiciled company operates a sophisticated, award-winning financial technology that enables the tokenization and fractional ownership of real estate and diverse real-world assets (RWAs). This innovative platform democratizes access to high-value assets traditionally reserved for institutional investors and high-net-worth individuals, allowing a broader base of investors (including retail) to participate.
Use Case Scenario -
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ReLOG3P SRL (MN Consulting Services Inc)
| WHO ReLOG3P (https://relog3p.com) is an Innovative Startup and Benefit Corporation based in Italy offering highly innovative, new-to-market products and services that provide support for the Global Trade (freight Logistics, Supply Chains, Mobility and Transport industries, end-to-end, including last/first mile and Smart Cities) to contribute, among others, achieving the UN Agenda 2030 and its Sustainable Development Goals as well as the EU objectives set by the Green Deal, Fit for 55% Package, Sustainable and Smart Mobility Strategy, Digital Strategy. Morpheus.Network (https://morpheus.network/) is a Canadian Company intensely focused on helping companies and Government organizations remove barriers to digitize, optimize and automate their global supply chain operations, helping clients maximize revenue through digitization and process automation, protecting sensitive data, and untangling complex issues with the legacy supply chain system while delivering effective, equitable, and efficient global trade solutions. WHAT A fully automated Certificate Management System for the Global Trade dominium (Logistics, Mobility, Smart Cities) and, specifically, for the food and agricultural industries. Furthermore, our use case is to be considered built in a fully modular and scalable way, so to allow multi-industry (supply chain) agnosticity and applicability. HOW A self-service portal (cloud-based access point / portal with login credentials for each user/entity) is paired with an integrated document handling database to enable simple collaboration between various stakeholders to exchange, sign and validate documents. Digital documentation tools (OCR, uploaders, etc.) are used to digitize certificates and can integrate with signage solutions like Docusign to create a digital sign-off process. When a document is uploaded to the platform, it receives a decentralized UID saved to our Ethereum and Hyperledger blockchain backend that includes a timestamped log of creation, author, access, signage trail and revisions, creating provenance and trust in data between multiple parties, using IPFS, creating an immutable verification trail of documents along queriable data (e.g. certificate number, date, creator, etc.), guaranteeing that it won't be changed or altered in any way - complete confidence in certificates for sensitive areas like food, pharma, etc. BENEFITS
Furthermore, automate inbound and outbound processes by enabling real-time tracking and data exchange between key stakeholders with digitized documents. Reduce supply chain operating costs such as delays, fines, SLA, rework and reverse logistics and allow for faster stock turn, accounts receivable turnover and reduced working capital requirements.
Above all, but not limited, the streamlining of the processes will translate itself into:
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Stichting 2Tokens (CMS Derks Star Busmann, OnYourMarks, Celebratix, Metaseum, AMDAX, Custodiex )
| Hosted Wallets Services for non-crypto-asset / non financial related tokens The use case involving the 2Tokens consortium, along with Amdax, Celebratix, Custodiex, Metaseum, TDE (OnYourMarks), and CMS, pertains to the unclear regulatory status of hosted wallet services for tokens that are neither financial products nor crypto-assets as defined under MiCAR. Tokenization, commonly associated with crypto-assets, also has numerous applications beyond financial products and services. Companies like Celebratix, Metaseum, and TDE utilize this technology to provide non-financial and non-crypto-asset tokens, such as concert and museum tickets, proof of attendance tokens, and fan engagement points, in their services. Typically, their clients are unaware that Distributed Ledger Technology (DLT) powers these offerings. By incorporating wallets into their applications, often through hosted wallets, these companies effectively provide hosted wallet services for tokens unrelated to financial or crypto-assets. Although the primary service of these parties is related to non-financial or non-crypto-asset tokens, the integrated wallets can technically receive, hold and transfer crypto-assets. Also in the transfer of the tokens they are offering it is very well possible that they need to have cryptocurrency in thosehosted wallets to pay transaction fees. In this way, Celebratix, Metaseum and TDE, could be seen as CASPS while their tokens are not crypto-assets nor financial product related. This situation could lead to significant regulatory and operational costs, potentially making it unfeasible for these companies and others in the industry to compete with non-blockchain/DLT competitors. Such a scenario poses a substantial threat to all use cases involving non-crypto-asset and non-financial product tokens. The consortium partners Amdax and Custodiex offer regulated hosted wallet / custodial services. Through this use case, they jointly want to explore if white label hosted wallet services can be offered, e.g. in a light regime, or exemptions for non-crypto-asset tokens are possible so these companies can offer their services level playing field. If not, although products are alike, based on technology, non-crypto-asset companies using tokens are under regulatory oversight but their competitors who use other technologies are not. | ||||||||||
VERAG Spedition AG (Atez Yazılım Teknolojileri A.Ş)
| VERAG Spedition AG, in consortium with Atez Yazılım Teknolojileri A.Ş, has developed an innovative blockchain-based solution to streamline and digitize the export process. The project, titled "End-to-End Design of the Export Process with Blockchain Technology," aims to reduce repetitive data sharing, minimize paper-based procedures, increase cooperation between stakeholders, prevent document forgery, accelerate processes through smart contracts, and strengthen data security and traceability. The solution utilizes a hybrid approach with a custom DLT implementation. This allows permissioned enterprise participants to develop applications with smart contracts for eligible users while complying with regulatory and KYC requirements. Encryption technologies ensure data security and traceability, maintaining confidentiality and integrity. Integration tools and APIs enable seamless communication and interoperability with existingnetworks, facilitating trusted data exchange and interoperability. The proof of concept has demonstrated impressive results, achieving a 40% reduction in work steps, enabling paperless transactions, and eliminating the need for intermediaries in certain processes. The project has received prestigious recognition from the European Bank for Reconstruction and Development (EBRD), being awarded the "Boldest Digital Project Award" at the EBRD Annual Meeting in Samarkand. Key benefits and impacts of the solution include:
The project aligns with several EU policy priorities:
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EBSI-Vector (Business Registries) | The Challenge: Digital trust in cross-border business transactions is difficult. While the integration of digital identity verification systems and the issuance of digital product passports hold immense promise for enhancing trust and transparency in international business, they also come with their own set of challenges. One significant hurdle is the need for widespread adoption and standardization of these technologies across different jurisdictions and industries. Achieving interoperability between various digital identity verification systems and ensuring compatibility with existing infrastructure can be a complex and time-consuming process. Additionally, concerns regarding data privacy, security, and the potential for misuse of digital identities underscore the importance of robust regulatory frameworks and cybersecurity measures. Furthermore, overcoming resistance to change and cultural barriers to adopting new technologies may pose additional challenges in implementing these solutions on a global scale. Addressing these challenges will require collaboration between governments, businesses, and technology providers to develop comprehensive strategies that prioritize security, privacy, and usability while fostering innovation and economic growth. The Opportunity: Verifiable Credentials as proof of existence. Web3 allows the seamless issuance, presentation, and verification of business verification credentials. This helps international business actors easily get proof for registration of private sector organisations, allowing market actors to easily verify business registry information across-borders without having to contact national authorities. In the rapidly evolving landscape of international business, the integration of digital identity verification systems and the issuance of digital product passports present a wealth of opportunities for companies to enhance efficiency, transparency, and trust. A Web3 issuance, presentation and verification infrastructure for business registry company verification credentials brings together three main technologies:
The Project: Exploring the interrelation of digital wallets, national business registries and legal entity verification. In this pilot, digital identity experts from 12 EU member states collaborate to explore the potential synergies between digital wallets, national business registries, and legal entity verification systems. The overarching goal is to develop a comprehensive understanding of how these technologies can be integrated to enhance the efficiency, security, and trustworthiness of business transactions. As legal entities navigate the complexities of global commerce, embracing these innovative technologies opens the door to a myriad of benefits and strategic advantages:
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