- Hong Kong is moving towards a crypto-friendly approach and seeks to emerge as a crypto hub in Asia.
- VeChain, a blockchain-based platform, has released its ‘Web3 for Better’ whitepaper, which aims to use blockchain technology to tackle sustainability challenges.
Hong Kong is taking a crypto-friendly approach towards the crypto industry, aiming to emerge as a crypto hub of Asia. In line with this approach, VeChain, a blockchain-based platform, is taking a step towards sustainability through its recently released ‘Web3 for Better’ whitepaper. The whitepaper, co-developed with Boston Consulting Group (BCG), highlights the major shift ahead in the use of blockchain technology in the pursuit of Environmental, Social, and Corporate Governance (ESG), Sustainable Development Goals (SDG).
In this whitepaper, VeChain aims to create a highly transparent, efficient, and modular network of Web3 firms and individuals to address sustainability challenges. The whitepaper takes a comprehensive approach to tackling sustainability challenges using the power of blockchain. VeChain plans to gamify the entire process to motivate consumers through rewards and incentives. By leveraging the power of Web3, VeChain aims to generate deeper insights into consumer behaviors while enhancing community engagement, thereby increasing retention.
The Web3 approach goes beyond Web2 and offers an environment where users can immutably create, own, and fully control their data, generating value from it for the first time. Without the need for intermediaries, Web3 allows users to exchange value directly with each other, and it is often referred to as ‘Internet of Value.’ As per the BCG survey of nearly 19,000 people, 16% cited sustainability as the top criterion for their recent purchases.
VeChain’s blockchain biosphere is a revolutionary approach adopted to promote sustainability using ecosystems of incentives and direct engagement. Blockchain biospheres are industry-spanning ecosystems to solve specific needs. For blockchain biospheres to thrive, the business model must make economic sense and provide the right incentives for each actor, whether business or individual. VeChain aims to find effective solutions using the Web3 approach in different industries like the second-hand fashion marketplace, electric vehicle battery recycling, 3D Printing and Supply Chain, and much more.
In summary, VeChain’s ‘Web3 for Better’ whitepaper highlights the potential of blockchain technology in tackling sustainability challenges. A gamification process is a unique approach to motivating consumers and enhancing community engagement, thereby generating deeper insights into consumer behaviors. With the Web3 approach, VeChain aims to promote sustainability using blockchain-based ecosystems of incentives and direct engagement, ultimately contributing to the pursuit of ESG and SDG.