Since its relatively recent inception, the cryptocurrency world has been described by some as the ‘wild west’.

With little or insufficient regulation, bad actors were able to fleece unsuspecting investors of their hard earned money, often with few consequences.

Fortunes were made and fortunes were lost.

But times are changing and regulators around the world are starting to catch up with the fast-moving technology.

In 2023, it is now crucial for crypto and other blockchain companies to play by the now more clearly defined rules.

In this post, we’ll detail how the current regulations are being enforced and which areas your organisation needs to focus on to remain compliant.

Crypto compliance cases

We don’t need to look too far to find prime examples of how regulators have cracked down on blockchain companies.

Among many cases in recent times, there were two very powerful, high-profile players paid the price for failing to stick to the rules.

• • Coinbase
    

    In January of 2023, it emerged that prominent cryptocurrency exchange Coinbase had reached a US$100 million settlement with the New York Department of Financial Services over long standing failures in its anti-money laundering program.As part of the agreement, Coinbase was ordered to pay a $50 million fine and invest a further $50 million in compliance efforts.

    The company, which is the only publicly traded cryptocurrency exchange in the United States, released a statement promising to rectify the issues identified.

    “Despite the prevailing notion that crypto companies don’t want to be regulated, many if not most companies have been working with policymakers for years,” Coinbase CEO Brian Armstrong told CNBC.

• • FTX
    

    Far more public and far more severe than the Coinbase action was that taken against another crypto exchange, FTX.The company’s founder, Sam Bankman-Fried was arrested in the Bahamas and charged with multiple fraud offences, after its disastrous collapse late in 2022.

    So far, investigations have been carried out by the Royal Bahamas Police Force and the United States Attorney for the Southern District of New York.

    According to the Wall Street Journal, FTX had allegedly lent $10 billion from customers’ accounts to fund Alameda Research earlier in 2022, which was a move forbidden by FTX’s terms of service.

Both examples not only show that regulators now have crypto companies ‘in the gun’, but the fallout has increased the pressure to further improve protections for vulnerable consumers.

What are regulators focussing on?

As the mainstream adoption of cryptocurrencies advance, governments around the world will continue developing regulatory frameworks.

Now they appear to be focussing their attention on the following areas:

 

Know Your Customer (KYC)

Regulators are focused on KYC in the cryptocurrency industry because it helps them to prevent many illegal activities, including terrorist financing and tax evasion. Ensuring you comply with KYC obligations will help your company build trust and legitimacy.

Anti Money Laundering (AML)

Cryptocurrency transactions are often anonymous and decentralized, which can make it difficult for law enforcement and regulatory authorities to track and identify suspicious activity. AML regulations help to address this issue by requiring companies to implement measures such as KYC checks, transaction monitoring and suspicious activity monitoring.

Taxation compliance

Failure to comply with tax laws can result in significant fines and penalties and can also damage a company’s reputation and credibility. Governments are becoming better at policing tax evasion and it’s no longer acceptable for companies to plead ignorance if they’re caught.

How to comply with regulations

All companies should be looking to implement compliance and risk management strategies that ensure a smooth year in 2023 and beyond.

Below are three tips to ensure your organisation is prepared:
 

1. Use a ‘regulatory sandbox’
   A good way to test new products, services or products is to use a regulatory sandbox, which is a framework that allows such testing in a controlled environment. The goal of a regulatory sandbox is to provide a safe and flexible space for companies to experiment and innovate, while also ensuring that the interest of consumers and the broader public are protected. The exact structure and rules of a regulatory sandbox can vary depending on the regulatory authority and the industry.
2. Self-regulate
   The best way to avoid the wrath of government regulators is to set up systems that ensure your company is adhering to industry standards and best practice. This can be done by engaging external consultants who can implement internal compliance programs that are robust and transparent. Companies that engage in self-regulation demonstrate their commitment to integrity and security.
3. Migrate to a regulated coin
   If your project uses a token or cryptocurrency, it could pay to migrate to a regulated model which features improved infrastructure that ensures security and compliance. It might sound scary, but this can be a chance to solve many problems and future-proof your operation. It could even provide the opportunity for a new raise or coin offering.

Changing the mindset about crypto regulation

Many innovators push against the idea of regulation, fearing that it will draw the crypto, blockchain and Web3 world back in to a centralised world limited by government red tape.

However regulation, when done right, can set the stage for sustainable growth and credibility, while also protecting consumers and businesses.

Instead of seeing investing in regulation as a limitation, see it as an opportunity. The crack down from regulators gives business leaders the chance to ‘clean house’, streamline operations and bring in new protections and levels of transparency that will ultimately serve your long term goals.

Adapt to crypto regulation with help from the experts

As regulatory requirements continue to evolve, it can be difficult for your company to keep up.

The constant pressure to remain compliant can be extremely challenging and staying ahead of the curve can often feel impossible.

Rewired.one works with crypto and blockchain companies, as well as their legal and accounting teams, to develop and execute compliance strategies that set companies up for long-term, sustainable success.

Want to know your next step in crypto compliance?

Request to book a free discovery session below.

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In today’s fast-paced world of innovation and digital transformation, effective project management is becoming increasingly crucial to a company’s success.

The days of a project manager being responsible for only planning and scheduling are long gone. 

Now, they’re expected to deliver much more. 

Digital project management in 2023 and beyond

As enterprises prioritise digital innovation above almost everything else, project managers are being asked to lead that technological change.

This means taking on a wide range of new roles, which include:

• Developing and implementing strategies for digital innovation
• Managing the budget and resources for transformative projects
• Managing and communicating with stakeholders to ensure alignment and buy-in
  Overseeing the execution of the project and ensuring it stays on schedule and within budget
• Continuously monitoring and assessing the effectiveness of the transformation process and making necessary adjustments

If that’s not enough, project managers are now expected to be experts in emerging digital technologies and digital-enabled business models.

This means keeping up with the latest trends, understanding the potential impact on the organisation and identifying opportunities for innovation.

Building and maintaining external relationships with vendors, startups and analysts is also key, as it allows project managers to be part of relevant ecosystems and stay ahead of the curve.

Increased engagement with C-Suite executives

The C-Suite, including the Chief Executive Officer (CEO), Chief Technology Officer (CTO) and Chief Information Officer (CIO), now rely heavily on project managers to help them achieve their goals.

The CTO and CIO, for example, may be responsible for identifying the latest technologies and digital trends that can be implemented within the organisation, but it is the project manager’s responsibility to take those ideas and turn them into actionable plans.

For this reason, it’s vital that project managers can clearly communicate objectives with both the C-Suite and the project team.

Cultural change

Project managers will find the process of transformation to be a complex and difficult endeavor, as it often requires individuals and organisations to fundamentally change the way they operate.

While the technical aspects of implementing new systems or technologies may present their own set of challenges, the most significant hurdle in achieving successful transformation is often the resistance that people may have towards change.

To get the best possible outcomes in change management, effective leaders in transformation must be skilled in navigating this resistance and building support from those who may be impacted.

This requires a deep understanding of the underlying motivations, concerns, and fears of individuals and teams, as well as the ability to communicate and present the benefits in a way that resonates with them.

Risk management

Digital innovation comes with its own set of risks and project managers must be able to identify and mitigate those risks.

This includes assessing the potential impact of a particular technology or process on the organisation, as well as identifying any potential roadblocks or issues that may arise during the project.

It also means being able to develop contingency plans and mitigation strategies in case things don’t go as planned.

Different types of project management

With an ever expanding list of responsibilities, expectations and circumstances to navigate, project management for enterprises comes in various forms, including:

Agile project management (also known as scaled project management)

Agile project management is a method of project management that emphasises flexibility, collaboration, and client satisfaction. It is often used to manage projects that are complex, fast-paced, and subject to change.

Recovery project management

Recovery project management is the process of leading and coordinating efforts to restore normal operations and functions of a business that has been impacted by an unexpected event such as a cybersecurity attack, natural disaster or other crisis.

Program project management

Program project management refers to the coordination and management of multiple, related projects that are grouped together to achieve a common goal or set of objectives. Program management is typically used in large-scale, complex initiatives that involve multiple teams and stakeholders and have a significant impact on a large enterprise.

Portfolio project management

Portfolio project management is the process of managing and coordinating a group of projects and programs that are aligned with an organisation’s strategic goals and objectives. It is a higher level of management than program or project management, and it encompasses the entire project portfolio of an organisation, rather than focusing on a specific project or program.

Audit project management

Audit project management is the process of planning, coordinating, and executing an audit engagement in order to assess the effectiveness and efficiency of an enterprise’s operations, systems, and controls. The audit project manager is responsible for leading the audit team and ensuring that the audit engagement is completed on time, within budget, and in compliance with professional standards.

Expert support for project management

Today, many projects live and die based on the level and quality of digital project management. Because of the critical nature of the work, and the diverse range of skills and attributes required, leading enterprises will seek the support of technology consulting firms.

These firms, led by highly experienced management consultants, are project management experts who can oversee the execution of highly complex digital projects while also providing additional support and training to in-house project managers.

With decades of management consulting experience, the team at rewired.one are specialists in digital project management.

To talk about your project and find out the best next step, request to book a free discovery session today.

Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.

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The past few years have been a rollercoaster ride for those following the emergence of blockchain, cryptocurrency and Web3.

The hype and acceleration driven by ‘FOMO’ and media, along with the corresponding noise rise and fall stories, has left many enterprise leaders confused about their next moves: 

• • What can we expect next in blockchain, cryptocurrency and Web3? 
  • How do we navigate a rapidly-evolving market and regulatory landscape?
  • What is ‘real’ and most important?
  • What should we be focusing on next in our digital innovation strategy? 

Despite the challenges, it’s important to remember that the fundamentals of blockchain technology are truly transformative and here to stay.

Whether you’re a business leader or founder, it’s crucial to avoid clickbait headlines and instead focus on the underlying technologies, and how it will impact your digital transformation strategy and needs today, and in the years to come.

To help you focus on the fundamentals, here’s just three areas in the blockchain, crypto and Web3 that will continue to grow in importance in 2023 and beyond.

Digital twins for blockchain

A ‘digital twin’ is a digital replica of a physical asset, such as a machine, building, or product that can be used to simulate its behavior, performance and interactions with other systems.The concept of a digital twin isn’t entirely new, but the management and tracking of them on a blockchain is.For the first time, assets can be monitored throughout their lifecycle, from creation to disposal, which can assist companies in the following ways:

• Supply chain management
  Companies can use digital twins on blockchain to track and trace the movement of goods and services, thereby improving transparency, security, and efficiency in the supply chain.
• Predictive maintenance
  Digital twins can be used to simulate the performance and behavior of a physical asset, such as a machine or piece of equipment, and this information can be used to predict when maintenance is needed.
• Automation
  Digital twins on blockchain can be used to automate business processes and optimize decision-making, which can save time and reduce costs.
• Remote monitoring and control
  Companies can use digital twins to remotely monitor and control the performance of physical assets, such as buildings or infrastructure, which can improve overall operational efficiency and reduce downtime.

In 2023, we will continue to see how digital twins will transform a variety of industries, including construction, manufacturing, logistics and energy.

Regulatory compliance

Initially, cryptocurrencies were seen as a way to bypass traditional financial systems and operate outside of government control. However, as the use of digital assets has grown and their value has increased, governments around the world have begun to take notice and implement regulations to better control their use.

As a result of this, we will begin to see a rapid migration from unregulated to regulated cryptocurrencies in 2023.

Blockchain itself will be a part of this shift by allowing companies to automate the process of regulatory compliance by providing a tamper-proof and transparent record of all transactions. 

This allows regulators to easily access and verify the data they need to ensure compliance with various laws and regulations. 

One way this can be achieved is through the use of smart contracts. Smart contracts are self-executing contracts with the terms of the agreement written directly into lines of code.

These contracts can be programmed to automatically comply with regulations by triggering specific actions when certain conditions are met. 

For example, a smart contract could be programmed to automatically send funds to a regulatory compliance department for review when a transaction exceeds a certain threshold.

 

Decentralized identifiers (DID)

The use of decentralized identifiers (DIDs) is a major trend that is gaining significant legitimacy and momentum.Created and stored on a blockchain, DIDs provide a new way of creating and managing digital identities that allows individuals and organizations to have more control over their personal data
and online identity.Here are some ways the they could be used in 2023:

• • Online Identity Verification
    DIDs could be used to authenticate and verify the identity of individuals or devices in various online interactions and transactions. This could include online banking, e-commerce, and other online services that require identity verification.
  • Internet of Things
    DIDs could be used to securely identify and authenticate devices in the IoT ecosystem. This would help to ensure that only authorized devices can access and interact with the network, and would improve the overall security of the IoT.
  • Healthcare
    DIDs could be used to securely store and share patient medical records, allowing for better coordination and communication between healthcare providers.
  • Government Services
    DIDs could be used to simplify the process of accessing government services and reduce the need for paper-based identification documents.

The opportunity to take ground

Right now we see a huge opportunity for companies who are innovating in the blockchain, cryptocurrency and Web3 space. As the hype subsides, those who were chasing ‘the latest fad’, or trying to make a quick buck, will disappear. Even more importantly, some companies will choose to pull back on their innovation strategies.

Meanwhile, those who adapt and continue to invest in their future with new technologies today will gain more ground on their competitors. This has been a timeless truth in business and technology over many generations.

By being the first to market with a new product or service, you can establish yourself as a leader in the industry and gain a strong foothold in the market.

It’s also crucial to not lose sight of your long-term goals and overall strategy, and avoid knee-jerk reactions to market fluctuations and short-term trends.

Be ready to evolve and pivot, but also keep your eye on the target!

What should you do next?

There’s never been a more important time to get clear on your innovation and digital transformation strategy.

With consulting and engineering under one roof, rewired.one helps you find the best solution – and make it happen.

To know your next step, request to book a free, no obligation discovery session today.

Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.

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In today’s age of artificial intelligence, blockchain and Web3, business leaders are acutely aware of the importance of digital innovation.

They know that evolving with technology is essential to ensure their companies can survive and thrive long-term.

However, being able to navigate digital innovation can be difficult, even for leaders with a strong understanding of technology, especially when they must manage the risks and challenges that arise along the way. 

In this blog, we’ll clearly explain how leaders with any level of technology know-how can position their organisations for success.

The importance of digital innovation

Even some of the most advanced tech companies have crashed and burned because they’ve failed to continue innovating.   Some high profile examples of those that have struggled or failed include:

• • Blackberry Blackberry was once a leader in the smartphone market, but when it failed to adopt touchscreen technology it was surpassed by Apple and Samsung.
  • Kodak Kodak fell from grace upon the emergence of digital photography because competitors were quicker to embrace the new technology.
  • Myspace Social media network Myspace had a strong first-mover advantage, but wasn’t able to innovate as fast as Facebook.
  • Blockbuster Blockbuster dominated the home movie rental industry but by failing to see the opportunity of online streaming, the company was overtaken by the likes of Netflix.

Create a digital innovation plan

To avoid falling behind like the companies mentioned above, it’s important to be proactive and come up with a digital innovation plan. 

The first thing a leader must do is decide on which areas of their business can be transformed and then decide where most of their time and energy should be focussed.

Once these areas have been identified, it’s a matter of creating a plan that is sustainable and efficient.

The four D’s of innovation

When creating your grand plan, consider ‘the 4 Ds of innovation’. These four stages are:

1. 1. Define This is the first step in the innovation process, where the problem or opportunity being addressed is clearly defined, along with the desired outcomes and any constraints or limitations that need to be considered.
   2. Discover In this stage, potential ideas are discussed and evaluated. This may involve market research, prototyping and testing.
   3. Develop Blockchain can help facilitate the exchange of information between different systems and platforms, enabling greater interoperability and collaboration.
   4. Demonstrate In the final stage, the solution is demonstrated to stakeholders, including customers, investors or regulatory bodies. It’s now when the solution should be made ready for rollout.

Technologies to consider

Various technologies can play a part in an enterprise’s digital transformation and innovation strategy, however those that will certainly play a key role in the near future include:

• • Blockchain Blockchain is crucial to digital innovation because it provides a secure and transparent platform for recording, storing and sending data. Its decentralised nature makes it resistant to tampering or manipulation, which is ideal for use in a large range of applications.
  • Artificial intelligence (AI) Artificial intelligence is crucial to digital innovation because it allows computers to analyse and understand large amounts of data, make decisions based on that data, and learn from their experiences, enabling them to perform tasks that would otherwise be too complex or time-consuming for humans to handle.
  • Internet of Things (IoT) The Internet of Things (IoT) enables the connection and communication of physical objects and devices over the internet. This enables organizations to gain insights, automate processes, and improve efficiency in a variety of applications, from supply chain management to customer experience.

Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.

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Seek help from digital innovation experts

From consulting to engineering, the team at rewired.one guides enterprises through every step of their digital innovation strategy.

Our experts can guide leaders through feasibility and business case preparation, as well as prototyping and development.

 

Your process starts with a discovery session, to understand what’s next. Request to book one for free, right now.

By now you’ve probably heard a lot about ‘digital transformation’ and its importance to businesses in 2023 and beyond.

It has become a buzz term used by leaders who believe that most – if not all – companies can be transformed through innovation with digital technology.

But what exactly does ‘digital transformation’ entail? And how can you use it to improve your enterprise?

In this article, we’ll explain everything you need to know.

What is digital transformation?

Digital transformation is the use of digital technology to transform the way a business functions and delivers value to its customers.

It can involve a range of technologies, including artificial intelligence, data analytics, cloud computing, the Internet of Things (IoT) and blockchain.

Ultimately, it is the ability to innovate. Digital transformation is why doing business (and even living life) is fundamentally different from what it was 20 years ago.

Benefits of digital transformation

Digital transformation and building a culture of innovation will bring a range of benefits to your enterprise. This includes:

• • Increased efficiency
    Digital technologies can help automate manual processes and streamline workflows, resulting in significant time and cost savings.
  • Improved customer experience
    Businesses are finding ways to use digital technologies to offer personalised and convenient online services, which can increase loyalty to their brand.
  • Enhanced decision making
    Data analytics and artificial intelligence can provide businesses with real-time insights and predictions, helping them make more informed decisions.
  • Greater agility
    Through digital transformation, businesses can quickly adapt to changing market conditions and customer needs, giving them a competitive advantage in a fast-changing environment.
  • Cost savings
    By automating processes and streamlining workflows, digital technology can help businesses reduce operating costs.

The role of blockchain

Blockchain should play a key role in a company’s digital transformation and innovation strategy by providing benefits few other technologies can. Those benefits include:

• • Improved security As the global cyber security problem continues to grow, the decentralised and distributed nature of the blockchain ledger makes it resistant to tampering and fraud, thereby enhancing the security of a company’s digital systems and data.
  • Enhanced transparency By creating a transparent and immutable record of transactions, blockchain technology can increase transparency in business operations.
  • Greater interoperability Blockchain can help facilitate the exchange of information between different systems and platforms, enabling greater interoperability and collaboration.
  • New revenue streams Blockchain can broaden the revenue opportunities for businesses by enabling entirely new business models and allowing them to enter new markets.

Where to start with digital transformation and innovation

Navigating the vast and complex landscape of emerging technologies like blockchain and artificial intelligence can be a daunting task, but with the help of qualified and experienced experts, it can be a smooth and successful journey. 

Rewired.one provides a full service, including consulting and engineering, to guide your enterprise through every step. 

From providing valuable insights and recommendations on the best innovation strategies and solutions to achieve specific business goals, or executing on the development of new, game-changing technologies, rewired.one’s experts have the expertise and experience you need.

 

If you’re interested in learning more about how Rewired.one can help your organisation, request to book a free discovery session today.

Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.

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As the world of technology continues to evolve, it’s crucial for enterprises to be at the cutting edge of the trends that will shape their future.

In this blog, we’ll be exploring the most significant technology trends for 2023 that enterprises need to know about.

From the growing, mainstream adoption of AI to the increased focus on data privacy and security, these trends will have a major impact on how businesses operate and compete.

1. The rise of ‘RegTech’

Technology that helps to improve compliance with regulatory requirements is going to become increasingly important and valuable in 2023. Known as ‘RegTech’, it has become incredibly important as companies deal with the increasing complexity of regulatory frameworks and the high costs associated with complying. In recent years, there has been a significant increase in investment in RegTech and that growth is expected to continue in the coming years. Some examples of reg tech include:

• • Risk management tools These tools use data analytics and machine learning to help enterprises identify and mitigate risks related to regulatory compliance.
  • Cybersecurity solutions Technology that can keep hackers away from customer data is becoming important for meeting regulatory requirements around data security.
  • Compliance management software This software helps companies track and manage their regulator compliance obligations, keeping track of deadlines and filing requirements.
  • Blockchain-based solutions Blockchain can be used to create immutable records of transactions, which can help enterprises demonstrate compliance with regulations such as anti-money laundering laws.

2. AI as a service

Following the mainstream rise of Artificial Intelligence (AI) technology like chatGPT, we will see a growing need for the integration of these services into the real world.

In 2023 we will see greater need for ‘AI as a service’, as more businesses look to leverage the benefits of AI without the upfront investment and technical expertise required to build their own AI systems.

Service providers will offer a range of AI capabilities, including natural language processing, image recognition, and machine learning, which can be accessed through APIs or other cloud-based interfaces.

This will make it easier for businesses of all sizes to incorporate AI into their operations, driving innovation and competitiveness in a variety of industries.

3. Humanoid robotics

The field of humanoid robotics will continue to grow in 2023.

Last year Elon Musk unveiled Tesla’s Optimus humanoid robot, but this is really just the start of what is possible, with strong competition already coming from China.

Similar, and indeed more advanced, robots will be used in a variety of applications within enterprises, including manufacturing, customer service, and healthcare.

Overall, humanoid robotics has the potential to enhance an enterprise’s efficiency, reduce costs, and improve the customer experience within enterprises.

4. Realisation of the ‘true’ value of blockchain

In 2023, there will be a greater realisation of the importance of blockchain for efficient processes and contracts, rather than just its use in currency and financial transactions.

The technology will revolutionise the way many industries operate by streamlining processes, increasing transparency and reducing the need for intermediaries.

Some of the key industries where blockchain is starting to have a significant impact include finance, supply chain management and healthcare.

It’s expected that more enterprises will begin to understand the potential of blockchain and how it can be applied to their specific needs.

5. Event-driven data management

Our growing tendency to record and keep everything will see much more need to manage data at the event level in 2023.

This will see the rise of systems in which data is collected, processed and acted upon in real-time in response to specific events or triggers.

This can be contrasted with traditional data management systems, which rely on batch processing and scheduling to collect and analyse data.

Event-driven data management systems are built to efficiently and quickly process and act on data as it becomes available, providing organizations with the ability to be highly responsive and accurate.

This can be useful in a variety of applications, including real-time analytics, supply chain management and fraud detection.

6. The era of the Space Port

In the same way that every city has an airport, every country will begin to establish ‘space ports’ as the commercial space industry continues to mature.

Space ports will play a key role in enabling the launch and landing of spacecraft, as well as supporting the maintenance and servicing of those vehicles. 

It’s likely that space ports will become more specialised, with some focusing on specific types of spacecraft or missions, such as crewed missions to the International Space Station or satellite launches.

How you can adopt technology trends in 2023

Technology trends are constantly evolving and it can be challenging for enterprises to keep up.

However, by working with experts who have a deep understanding of these trends, you can more easily stay ahead of the curve.

The team at rewired.one can help identify the technologies that will have the greatest impact on your operations and provide strategies on how to effectively implement them. 

And with a full engineering team, rewired.one can bring your technology plans to life. 

If you’re interested in learning more about how rewired.one can help your enterprise, request to book a free discovery session today.

Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.

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