Jeroen van Megchelen, Ledger Leopard: Why companies should embrace blockchain and web3 technology

Jeroen van Megchelen, Ledger Leopard: Why companies should embrace blockchain and web3 technology Duncan is an award-winning editor with more than 20 years experience in journalism. Having launched his tech journalism career as editor of Arabian Computer News in Dubai, he has since edited an array of tech and digital marketing publications, including Computer Business Review, TechWeekEurope, Figaro Digital, Digit and Marketing Gazette.

What have been the latest developments at Ledger Leopard?

We’ve introduced an AI trust tool called ‘rel-ai’. This tool is designed to provide trust to AI models by ensuring the transparency and authenticity of their outputs. Ledger Leopard accomplishes this by offering users a web3 wallet, which they can use to sign both the input provided to the AI model and the resulting output.

The process involves users signing the input and output, and then hashing and writing the resulting hash to the blockchain using their wallet. This approach allows Ledger Leopard to prove two crucial aspects:

Source Verification: By signing the input data, they can establish the source of the prompts or data used to generate AI outputs. This ensures that the input data is legitimate and can be traced back to its origin.

Data Integrity: By signing the output and storing its hash on the blockchain, Ledger Leopard can demonstrate that the structure of the AI-generated output has not been altered or tampered with during the processing.

In essence, Ledger Leopard’s rel-ai tool leverages blockchain technology and user wallets to create a trust framework for AI models, enhancing transparency and accountability in AI-generated results. This development aligns with the growing need for trustworthy AI systems in various industries.

To what extent do you think blockchain is revolutionizing industries and transforming the way we live and work?

Blockchain technology is indeed revolutionizing industries and transforming the way we live and work to a significant extent. Here are some key points to consider:

Trust and Data Authenticity: Blockchain’s ability to act as a digital notary and ensure the structure and authenticity of data has far-reaching implications. It has enabled industries such as supply chain management to create transparent, immutable, and trust-based systems. This has reduced fraud, improved accountability, and enhanced the overall trustworthiness of data in various sectors.

Self-Sovereign Identity: The concept of self-sovereign identity, made possible by blockchain, is revolutionizing how individuals manage and share their personal information. This technology empowers individuals to have more control over their digital identities, reducing the reliance on centralized authorities. This is particularly significant in an age of increasing digital interactions and data privacy concerns.

European Wallet: The European wallet is an innovative application of blockchain technology designed to streamline and secure the management of digital identities and personal data within the European Union. It offers individuals greater control over their digital identities, allowing them to manage and share personal information in a secure and user-centric manner. The European wallet has the potential to simplify access to a wide range of digital services, from government services to financial transactions, while enhancing data privacy and security.

CBDC (Central Bank Digital Currency): CBDC refers to digital currencies issued by central banks. These digital currencies are typically based on blockchain or distributed ledger technology. CBDCs have the potential to revolutionize the financial sector by providing a secure and efficient means of conducting digital transactions directly with the central bank. They can enhance the speed and transparency of payments, reduce transaction costs, and increase financial inclusion by providing access to digital financial services for a broader population.

The introduction of CBDCs is a significant step in the evolution of digital currencies and has implications for monetary policy, financial stability, and the overall structure of the financial system.

What are the main blockchain and web3 trends you have noticed developing recently?

For sure the combination with AI. AI is lacking the trust that blockchain can bring, so its an ideal combination.

What are the main challenges your clients are facing?

Trust of Data and Data Sharing in Supply Chains: One prominent challenge revolves around establishing trust in data and facilitating secure data sharing within complex ecosystems like supply chains. Clients often grapple with issues related to data authenticity, integrity, and privacy, particularly when collaborating with multiple partners and stakeholders. Ensuring that data remains trustworthy as it moves through the supply chain is a top concern.

Digital Identity Verification: Digital identity is another pressing challenge. Clients seek robust solutions to verify the authenticity of digital identities. They want assurance that they are interacting with legitimate entities and not, for example, automated bots or fraudulent actors. Establishing trust in digital identities is crucial for secure online transactions and interactions.

AI Trust: Trust in the outputs of AI models represents a significant challenge. Clients are increasingly relying on AI-driven decision-making processes, but they must be confident in the accuracy, fairness, and transparency of these AI-generated results. The challenge lies in verifying and validating AI outputs to ensure they align with business objectives and ethical standards.

Addressing these challenges requires innovative approaches and technologies to build trust in data, digital identities, and AI systems. Solutions that leverage blockchain, web3, encryption, and advanced verification mechanisms play a pivotal role in overcoming these hurdles and enhancing trust and security in the digital landscape.

How can these challenges be overcome?

To overcome the challenges related to trust in data, digital identity verification, and AI trust, the following strategies and technologies can be implemented:

Hashing Data to the Blockchain: To establish trust in data and prevent unauthorized changes or erasures, clients can employ blockchain technology. By hashing data and recording it on a blockchain, a permanent and tamper-evident record is created. This ensures data integrity and authenticity throughout its lifecycle.

Verifiable Digital Identities with Wallets: Clients can implement digital identity solutions that utilize verifiable credentials bound to a specific person and device. These verifiable credentials can be stored securely in digital wallets. Such wallets can provide cryptographic proof of the authenticity of a user’s identity, ensuring that interactions occur with legitimate individuals and not automated or fraudulent entities.

AI Output Verification via Blockchain: To address AI trust issues, clients can enhance transparency and accountability by combining the output of AI models with blockchain technology. By signing AI-generated outputs using digital wallets and recording the resulting hashes on the blockchain, clients can provide a verifiable trail of the AI-generated results. This allows stakeholders to confirm the source and integrity of AI-generated data.

These strategies leverage the immutability and transparency of blockchain technology, along with secure digital identity solutions, to build trust and confidence in data, digital interactions, and AI-generated outputs. By implementing these approaches, clients can navigate the challenges and ensure the reliability and integrity of their digital processes and systems.

For anyone who is still skeptical about blockchain, what would you say are the main benefits?

I would say that the main benefits blockchain offers are:

Trust where people don’t trust each other: Blockchain technology provides a decentralized and immutable ledger that can establish trust in situations where trust between parties is traditionally difficult to achieve. It eliminates the need for intermediaries and allows for transparent and secure transactions.

Supply Chain Efficiency: Blockchain enhances supply chain management by providing end-to-end visibility and traceability of products and materials. It reduces fraud, ensures product quality, and streamlines logistics processes, resulting in cost savings and increased efficiency.

Programmable Money: Blockchain enables the creation of programmable digital assets and currencies. Smart contracts, built on blockchain platforms like Ethereum, allow for self-executing agreements with predefined rules, automating various financial processes and reducing the need for intermediaries.

Digital Identities and Verifiable Credentials: Blockchain technology facilitates the development of self-sovereign digital identities. Individuals can have greater control over their personal data, and verifiable credentials can be securely shared, enhancing identity verification processes while preserving privacy.

Trustworthy AI Models: Blockchain can be used to create transparent and auditable AI models. Data used to train AI algorithms can be securely recorded on the blockchain, ensuring the integrity of the data and enabling audits for bias and fairness, which is critical in building trustworthy AI systems.

What advice would you give to companies that are trying to assess the strengths and limitations of blockchain technologies, and trying to select tech that will best suit their needs?

1. Start with a Solid Use Case:

 Begin by identifying a specific use case that genuinely benefits from blockchain technology. Don’t adopt blockchain just for the sake of it. Ensure that the use case brings clear added value to your business or industry.

 Make sure your use case requires the key features of blockchain, such as trust, transparency, security, and decentralization. Use cases that involve multiple parties, data sharing, and trust issues often align well with blockchain.

2. Develop a Robust Business Case:

 Create a comprehensive business case that outlines the potential benefits and costs of implementing blockchain technology. Consider factors like cost savings, efficiency gains, revenue opportunities, and competitive advantages.

Calculate the return on investment (ROI) and establish measurable KPIs (Key Performance Indicators) to evaluate the success of your blockchain project over time.

3. Educate Your Team:

Ensure that your team understands how blockchain technology works and what it brings in terms of added value. This involves educating both technical and non-technical stakeholders about the fundamentals of blockchain.

Consider organizing training sessions or workshops to bring your team up to speed on blockchain concepts and terminology.

4. Collaborate with Experts:

Engage with blockchain experts or consultants who can provide valuable insights and guidance. These experts can help you navigate the complexities of blockchain technology and assess its suitability for your specific use case.

Collaborating with experts can also help you avoid common pitfalls and make more informed decisions.

5. Evaluate Different Blockchain Platforms:

Research and evaluate different blockchain platforms and technologies available in the market. Each platform may have unique features, consensus mechanisms, and use cases.

Choose a blockchain platform that aligns with your specific use case, scalability requirements, and development resources. Consider both public and private blockchain options.

6. Start with a Proof of Concept (PoC):**

Before committing significant resources, consider developing a proof of concept or a small-scale pilot project. This allows you to test the feasibility of your use case and validate the technology’s suitability.

A PoC can help you gain practical insights and make adjustments before scaling up the project.

7. Address Regulatory and Compliance Issues:

Understand the regulatory landscape relevant to your industry and geographic location. Ensure that your blockchain solution complies with existing regulations and is adaptable to future changes.

Collaborate with legal experts to navigate any legal challenges associated with blockchain adoption.

8. Plan for Long-Term Sustainability:

Consider the long-term sustainability of your blockchain solution. Ensure that you have a clear governance structure, maintenance plan, and scalability strategy in place.

Anticipate potential challenges and have contingency plans to address them as your blockchain project evolves.

Are there any specific use cases you could share with us of companies using blockchain and web3 technology?

Insurers handle a wide range of events related to policyholders, each with a specific structure. Take, for instance, a scenario involving car insurance, where a policyholder files a damage claim. In this case, the damage claim event has a particular structure and details.

The primary objective for insurance companies is to establish and maintain the authenticity of these events. They want to ensure that if a policyholder requests proof that the insurance company has not tampered with the event details over time, they can provide such evidence. Additionally, insurance companies may need to share this proof with other insurers for collaborative purposes or when customers switch providers.

Here’s where blockchain technology and web3 come into play. Blockchain serves as a digital notary in this context. The insurance company can record the details of each event, such as the car damage claim, on the blockchain. By doing so, they create an immutable and time-stamped record of the event’s structure and information.

When a policyholder or another insurance company needs proof of the event’s authenticity or structure, they can reference the blockchain. The blockchain ledger acts as an irrefutable source of truth, verifying that the event has not been altered or tampered with since its initial recording. This use of blockchain and web3 technology enhances transparency, trust, and security within the insurance industry, benefiting both insurers and policyholders alike.

What plans does Ledger Leopard have for the year ahead?

We’ve outlined comprehensive plans with a strategic focus on three main pillars:

Blockchain Deployment and Maintenance: Ledger Leopard will continue to prioritize the deployment and maintenance of blockchain solutions for its customers. This includes both implementing blockchain technology for clients and offering the necessary tools and support to ensure the seamless operation of blockchain-based systems. This commitment underscores the company’s dedication to harnessing the potential of blockchain for various applications.

Self-Sovereign Identity (SSI) Solutions: Another key area of emphasis for Ledger Leopard is in SSI solutions. The company aims to provide role-based access solutions for both physical and digital sites. These solutions empower individuals and entities to have greater control over their digital identities, enhancing security and privacy while enabling secure access to various resources and locations.

Trustworthy AI Tooling: Ledger Leopard is committed to providing trustworthy AI tools for its customers. This includes developing and delivering AI solutions that prioritize transparency, accountability, and reliability. The company’s focus on trustworthy AI aligns with the growing importance of ethical and dependable AI systems across industries.

These three pillars represent Ledger Leopard’s strategic vision for the year ahead, emphasizing product and solution development that appeals to the evolving needs of its clients. By expanding its offerings in blockchain, SSI, and trustworthy AI, Ledger Leopard aims to remain at the forefront of innovation and technology in its field.

  • Jeroen van Megchelen is the CTO of Ledger Leopard, a Web3 solution provider specialising in blockchain, AI, and web development services.

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