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2023 Trends: Increasing regulations, lessons from Web 2.0 and changing attitudes towards DLT

By iov42 | 9 January 2023

Now our feet are firmly under the table, we wanted to share our thoughts and predictions for 2023 and beyond. Read on to hear from our CEO, CTO & Head of Business Development, where they discuss how increasing regulations will impact sustainability efforts, how 2023 will be DLT’s time to shine and how to learn from the mistakes of Web 2.0 as Web 3.0 continues to take centre stage. 

 

Increasing regulations will prompt positive sustainability outcomes in supply chains and business outcomes in 2023: Anna Roberts, Head of BusinessDevelopment

Last year’s COP27 Summit intended to reignite the world’s drive to achieve net zero goals, and the policies and regulations that provide the framework to help achieve this will continue to take shape as we head into 2023. 

The push for decarbonisation and sustainability was further highlighted as the European Parliament and Council announced a provisional deal to cut down worldwide deforestation by implementing mandatory due diligence requirements for a number of commodities including timber, cotton, soy and beef – to name a few.  Having now defined what is meant by “deforestation” and “forest degradation” the legislation will require importers in Europe to trace products back to forest source, beyond their immediate supplier and country of origin. 

This announcement, along with the UK’s Electronic Trade Documents Bill, planned to launch this year, are set to change industries’ approach to sustainable supply chain processes. Electronic bills of lading could save as much as $6.5 billion in direct costs and facilitate $40 billion in global trade – and the benefits go beyond the paper itself. It is expected to not only cut carbon emissions by 10%, but also enable businesses to digitise their ways of working and create systems that allow better tracking throughout the entire global supply chain. 

As businesses, governments and citizens demand that organisations shift their processes for a greener economy, we will see a continued influx of new or updated bills and regulations to help guide us into a more sustainable future. This is where technology like Distributed Ledger Technology can really come into play. It creates bonds of trust to meet new requirements, as well as enabling traceability across complex supply chains. As raised at COP27, our hope is that 2023 really will be the year that nature meets tech

 

2023 will be the moment for DLT’s insurgence: as education and applications continue to grow: Dominic von Trotha Taylor, CEO & Chairman 

The world around Distributed Ledger Technology (DLT) and blockchain is evolving. Once the poster child for digital currencies, this technology is having a rebirth as more businesses begin to understand the benefits and capabilities of DLT, and the applications that trusted technology can bring in driving transparency and delivering on accuracy.

More recently, COP27 shone a light on the increasing role and reliance that tech is having on our everyday world, with DLT playing a prominent part in driving technological solutions to not just improve and digitise business processes, but also end some of the world’s biggest challenges, such as illegal deforestation.

In 2023, we’ll see a range of industries, governments and members of society begin to truly understand the positives that DLT can bring in improving transparency and accountability in supply chains and ultimately build bonds of trust. Its wide ranging application gives it the ability to transform the way industries are run, whether that’s in timber or steel, retail or finance, meaning solutions like DLT’s Digital Product Passports can breathe new life into ageing markets and revolutionise how they operate for the better.

 

We need to make drastic changes so that we don’t make the same mistakes with Web3 as we did with Web2: Ryan Worsley, Chief Technology Officer 

We’re at a sliding doors moment with Web 3.0 to counteract the damage and breakdown in trust that the inherent centralisation of Web 2.0 evoked. Irreversible damage has been done to the trust we have in the information we receive from governments, media, and organisations. Trust in many of our institutions has eroded – and centralisation has had a big role in that.

As we look ahead to what’s next, 2023 will be the year that decides the trajectory for what Web 3.0 will look like and that chance should be seized. We have an opportunity to make a real difference to society by building a system of incentives that reward good behaviour and rely on human nature as opposed to overlooking behavioural economics. 

Organisations and governments must leverage new technologies to incentivise good behaviour if we ever want to right the wrongs of Web 2.0 and deliver a Web 3.0 that’s fit for purpose in a modern connected world that reflects not only the needs but the people too.

 

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