As consumer behaviors shift towards greener and more sustainable products due to climate change awareness, companies are increasingly looking to integrate a more sustainable approach to their businesses. Market-leaders such as Nike, Adidas, H&M & Amazon are already placing sustainability at the forefront of their global product and marketing strategies.
To help companies digitalize and increase efficiency for sustainable business practices, VeChain, the leading enterprise friendly blockchain platform, officially launches its Blockchain-enabled Sustainability Solution. The solution is built on its one-stop data Blockchain-as-a-Service (BaaS) platform VeChain ToolChain™.
BlockChain + Sustainability: Ensuring Trustworthy Long-term Efficiency & Profitability For Brands
Research by The World Economic Forum has shown that the risks for companies will grow due to both the direct impact of climate change on business operations and supply chains. There have been corresponding demands for transparency on sustainable activities, with financial regulators, policymakers proposing mandatory climate risk disclosure legislation, and litigation against companies failing to disclose climate risk.
In the meantime, the majority of customers are demanding more sustainable products from brands, showing strong willingness to change their purchasing habits to help reduce negative impact to the environment, especially among Generation Z. These customers are also inclined to buy products that have a clearly defined sustainability policy.
VeChain’s Blockchain-enabled Sustainability Solution centers on building a value-driven approach for businesses to streamline sustainable practices during the supply chain and manufacturing process. Blockchain technology allows businesses to reliably and accurately showcase their sustainable practices not only to consumers, but financial regulators and policymakers.
Trustformer Collaborates with Nanyang Technological University (NTU) to Elevate AML Efforts in Crypto
Trustformer, the esteemed subsidiary of global blockchain solutions provider ChainUp, a frontrunner in global crypto asset security and compliance solutions, has embarked on a collaborative venture with Nanyang Technological University (NTU) to harness AI in the realm of anti-money laundering (AML). This initiative, bolstered by the support and funding from the Cyber Security Agency of Singapore (CSA), underscores Trustformer’s commitment to utilizing cutting-edge AI algorithms and AML methodologies to offer data and computational expertise to both NTU and the CSA.
Amidst the rapid evolution of digital finance and the cryptocurrency market, safeguarding against risks like money laundering and terrorist financing is paramount. With Trustformer’s robust crypto risk management and compliance solutions, Singapore government is poised to proactively monitor and mitigate suspicious crypto transactions, enhancing the overall safety and integrity of the digital asset sphere. Trustformer’s compliance technology solution aids regulators and researchers in scrutinizing suspicious stablecoin and cryptocurrency transactions, setting the benchmark for efficient and intelligent crypto financial regulation. The firm’s ongoing innovations in AML, crime investigation, ransomware, and suspicious transaction analytics further consolidate its position as a leader in applying AI to Singapore’s crypto regulatory landscape.
As an innovator in global regulatory tech, Trustformer’s Know Your Transaction (KYT) platform offers users a comprehensive suite for crypto transaction risk monitoring. The KYT solution enables risk warnings before transactions, risk scans of target addresses, and post-transaction analysis. This empowers users to proactively detect potential vulnerabilities and ensures compliance with global financial regulations. Furthermore, it aids regulatory bodies in effectively pinpointing risks associated with money laundering, criminal activities, illegalities, fraud, and other financial crimes.
Additionally, Trustformer’s KYT platform boasts advanced risk management and analytical capabilities, providing users with macro and micro insights into crypto asset and entity risk profiles, facilitating timely risk strategy adjustments.
In partnership with NTU, the government’s vanguard for cyber and information security that guides Singapore’s cyber fortifications, Trustformer is dedicated to advancing blockchain security standards and practices. Both entities are committed to fostering a safer and more reliable trading environment for the global crypto asset community, marking a significant stride towards enhancing the safety and compliance of digital assets.
Invested and incubated by ChainUp, Trustformer leads in integrating compliance technology with real-time risk monitoring. Harnessing AI language models, Trustformer’s solutions adeptly combine Web2 content semantics with Web3 transaction data, offering unparalleled real-time risk identification. This allows for real-time identification and alerting of risks associated with entities, wallets, and transactions. Adhering to the FATF Travel Rule, Trustformer blends global cross-border financial regulations with localized financial and cryptocurrency licensing policies. This ensures real-time risk identification, transaction analysis, and alerts. Through graphical node reasoning, the platform provides in-depth analysis of transaction addresses and fund flows, in addition to offering risk compliance investigation and financial security audit services.
Vechain and SingularityNet Combine Blockchain + AI To Drive Sustainability and Build Advanced Enterprise-Grade Tools
Vechain and SingularityNET, industry leaders in blockchain and artificial intelligence (AI) respectively, have announced their strategic collaboration. This partnering of technical giants unites powerful emerging technologies with the potential to radically change how the global economy operates, offering powerful enterprise-grade tools to tackle challenges in the field of sustainability and traditional businesses.
In particular, the alliance holds great promise for vechain’s ambitions with Boston Consulting Group, partners, collaborating on building ‘ecosystems’ wherein individuals and businesses are incentivised to act sustainably. SingularityNet’s AI capabilities offer immense potential to enhance and improve these ecosystems, utilising AI technology to pore over data, and improve their efficacy.
Vechain and SingularityNET intend to launch joint research initiatives to fortify the efficacy of each respective platform and ingrain the pair at the heart of future digital development. The combination of these technologies can equip businesses with intelligent tools, signalling the onset of a new phase in the era of digitisation.
Dr. Ben Goertzel, the visionary CEO of SingularityNET, expressed his excitement for the massive potential of this partnership:
“The last few years have taught the world that when the right AI algorithms meet the right data on sufficient processing power, magic can happen.
What’s even better is when the algorithms, data and processing are decentralized in deployment, ownership and control — which is exactly the sort of magic that’s going to happen putting the SingularityNET ecosystem’s AI algorithms together with vechain’s deep and diverse enterprise data, on the joint, secure distributed processing power of the two networks.
This combined power will be applicable to sustainability as one of our initial focus areas, but in the end extends across essentially all vertical markets. It’s hard to overestimate the potential here.”
Vechain’s CTO Antonio Senatore commented:
“We’re excited to be collaborating with leading Web3 AI platform, SingularityNET, combining our rich streams of enterprise data with SingularityNET’s powerful and versatile platform.”
“Blockchain and AI offer game-changing capabilities for industries and enterprises and are opening new avenues of operation. We look forward to working closely with the SingularityNET team to build out new services and continue to advance the fore of possibility in web3 and sustainability.”
Vechain and SingularityNET are enabling a new, more interconnected and automated world, driving new capabilities in the fields of industry and in particular, for action around sustainability.
Acentrik wins Singapore Business Review Technology Excellence Award 2023 for Best Blockchain Product
Mercedes-Benz Singapore has been awarded the Singapore Business Review Technology Excellence Award in the Blockchain – Automotive Services category for its innovative enterprise product, Acentrik. Now in its fifth year, this awards programme lauds companies that ride the digital disruption wave with technological innovations that have successfully transformed industries and business models.
Acentrik is an enterprise-grade data exchange solution developed for the purpose of enabling greater data sharing in enterprises, across industries. As one horizontal technology applied across multiple industries, Acentrik can be used as a ready-to-use data marketplace for enterprises to exchange data globally; or as a turnkey solution for enterprises to have their own dedicated whitelabel solution to control and define their own ecosystem of participants and data products.
Acentrik’s main feature is Compute-to-Data, with edge computing capabilities – enabling enterprises to align greater data sharing with data privacy.
Compute-to-Data – new potential for data sharing
With Compute-to-Data, which is bringing algorithm to where the data is – allows for privacy- preserving compute jobs for both data provider and consumer. Data providers make confidential data available and monetize from it; while consumers’ algorithms get smarter without being exposed to the raw data. This unlocks greater value in private and confidential data across industries. Acentrik has no access to enterprises’ data, acting as an orchestrator and connecting data sources, ensuring data sovereignty.
By showcasing how a Blockchain solution like Acentrik is revolutionizing the data landscape for enterprises, the journey of this strategic product of Mercedes-Benz has since also led to their recent award.
“It is an astounding win for us, further validating our ambitious work towards driving an innovative product like Acentrik. We are confident to reach further ambitions and with the traction that we’re receiving, we are excited of what’s to come,” Srikanth Kaja, General Manager – Centre of Excellence Web3 of Mercedes-Benz Singapore.
Acentrik, a strategic product by Mercedes-Benz, is an enterprise solution for decentralized data exchanges. It is built for organizations with focus to create value out of data, ensuring privacy and sovereignty. Acentrik’s vision is to revolutionize the world of data exchanges and contribute to the greater ecosystem of enterprises, explicitly geared to the needs of organizations, enabling greater data sharing in a private and sovereign manner.
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