HOW BLOCKCHAIN TECHNOLOGY WILL IMPACT YOUR BUSINESS...
4 mins read
All the attention encompassing Blockchain today is centred on financial services, with very little discussion about non-financial services firms and how blockchain technology may influence organizations, their business models, and how they create and convey value. Blockchain could have serious implications for the future of all the businesses. From accounting to operations, the growing consensus among industry leaders is that it’s likely to impact quite a major area of work- and the shift has already started.
The key feature of the Blockchain technology is that it allows businesses to track transactions from beginning to end without having to consult a central authority tasked with preserving the transaction or encrypting the data. By categorizing these transactions, it provides transparency of what’s going on in the history of transactions and also makes these transactions more secure.
Some of the organizational effects of Blockchain include:
Supply Chain Management
When it comes to transparency Blockchain and business go hand-in-hand. Supply Chain Management is the connected network of individuals, organizations, resources, activities, and technologies associated with the manufacture and sale of a product or service. For instance, in the food industry, it’s extremely important to have solid records that trace each product to its source in case something goes wrong.
Some more issues that you can resolve via blockchain based SCM are:
Traceability
Contract Enforcement & Management
Damage & Mishandling Management
Oversight On Counterfeiting
Supply Chain Auditing
Lowering Operating Expenses
Blockchain enables businesses to send and receive payments through a programmatic set of rules called “smart contracts.” Cryptocurrency payments are handled by the peer-to-peer network and require no centralized verification. By using smart contracts, businesses can save on payroll, invoicing, and reduce the need for external services. Smart contracts take expensive brokers, escrow agents, and other financial intermediaries out of the equation. The self-executing computer programs, Smart contracts can carry out the terms of a contract as laid out by their creator. They implement this contract with cryptographic code, making it unbreakable as the terms of the contract are automatically actioned. As all measures related to a specific smart contract are transparent and recorded, this could also lessen the cost of tracking and reconciliation.
Asset Protection
Blockchain could bring some relief to Cyber Security Venture by saving businesses from cybercrime damage costs. Since Blockchain transactions are not controlled by a centralized storage system and can’t be tampered with or changed retrospectively, they are perhaps safer than the current systems in place. Blockchain store data using sophisticated math and software rules that are almost impossible for attackers to manipulate. Each block included onto the chain carries a hard, cryptographic reference to the past block. That reference is a piece of a mathematical problem that is required to be solved in order to bring the following block into the network and the chain. This creates a particular encrypted digital fingerprint called a hash, making it secure and virtually tamper-proof.
Cutting Out the Middleman
If you’re an expert associated with banking, contracts, settlements, or any part of the business that includes service as a third-party to a transaction, your role might be influenced by the increasing adoption of blockchain. With this kind of technology and innovation, cryptology replaces third-party intermediaries as the attendant of trust. By using mathematics instead of middlemen, it can help lessen overhead expenses for companies or individuals when trading assets or can rapidly demonstrate ownership or authorship of information.
Blockchain might be the backbone that enables cryptocurrency transactions to take place, but Bitcoin and Ethereum are only the beginning of what could be possible in the future. Future applications of this technology could include e-commerce marketplaces and applications, peer-to-peer finance and insurance transactions, content distribution, healthcare data exchanges, B2B accounting applications, supply chain, and customer service applications. It’s a brave new world for businesses who are willing to grasp it.
For early adopters and evangelists, the impact of blockchain is constrained just by the imagination and effort of the visionaries who will use it to transform their businesses.
HOW BLOCKCHAIN TECHNOLOGY IS CHANGING BANKING AND FINANCIAL SERVI...
4 mins read
Introduced back in 2008, Blockchain Technology and Cryptocurrencies are in the headlines as the next-big-thing after the creation of the internet. It is being said that Blockchain will do to banks what the internet does to media. The emergence of Blockchain has dramatically changed the financial sector and how people carry out financial transactions.
Though there are various obstructions in the way, Blockchain holds the potential to transform the finance and banking sectors. There are hundreds and thousands of funds are being regularly transferred from one region of the world to the another within each day in the banking and finance sector. Blockchain will reduce potential costs and labour savings.
With emerging use cases with each passing day, the blockchain technology has proved to be a game-changer with its potential to break more boundaries in the future.
Let’s have a look at how blockchain has impacted financial services and the financial sector as a whole:
Fraud Reduction
As the involvement of money in any situation leads to increased chances of fraudulent activities, blockchain technology has the high potential of eliminating the occurrence of such activities in financial transactions. A centralized database system is vulnerable and highly prone to cyber-attacks but the blockchain is totally based on a decentralized system as a result, it is tough for a blockchain system to suffer cyber-attacks.
Since each transaction is stored in the form of a block with a cryptographic mechanism in the blockchain, there is no chance of failure and corruption. Moreover, all the blocks are linked to each other which helps to track the breach and provides the hacker with no time to make changes in the overall system. The process will be simplified with the secure Blockchain system in place,
Know Your Customer (KYC)
One of the critical policies that all banks and financial institutions strictly concerned about is the Know-Your-Customer Regulation. Under KYC regulation, banks and other financial institutions identify their customers to minimize financial crimes and money laundering activities.
With blockchain technology widely adopted, the independent verification of each client by one bank or financial organization would be accessible for other banks to use so that the KYC process doesn’t have to be restarted again.
This process saves financial institutions a lot of money and reduces administrative efforts.
More Accessible And Faster International Payments
Blockchain technology solves a lot of problems faced by banks and financial sectors these days on a regular basis. Several banks have enabled the movement of money through the use of Blockchain technology. Start-ups have also been established to collaborate with banks so that banks can execute international payments through blockchain.
Blockchain promises a wide range of benefits, one of which is a better and secure way to connect and transact with each other without having to deal with zero transparency and unfair barriers that individuals face with traditional methods.
Smart ContractsThe application of smart contracts can prove particularly important in the banking and finance sector as it allows the automatic execution of commercial transactions and agreements. Smart contracts, when used for financial transactions, would have more security than traditional contracts, and since there are no middlemen, transaction costs get reduced to the bare minimum. This will ensure the transaction will be approved only if all the written conditions of the code are met, also the chances of error at the time of execution are dropped drastically.
Conclusion
Despite the strict jurisdictions around the banking sector, the financial institutions have started to realise the potential of blockchain technology seeing it bridging the gap of missing security and transparency in daily transactions. The technology is reshaping the financial sector by providing banks with efficiency, speed, and reduced costs in many of their processes.
The blockchain is potentially the technology that will dominate banking and financial services in the future, and the reasons are quite evident as stated in this piece of article.
HOW BLOCKCHAIN IS REVOLUTIONIZING THE MOBILE APP DEVELOPMENT INDU...
4 mins read
The blockchain is an underlying game-changing technology that is making waves across the world due to its immutability, automation, decentralization, and smart contract characteristics. Blockchain provides some amazing benefits to various industries such as insurance, healthcare, banking, finance, and real estate and now the world of mobile apps will be able to take advantage of blockchain to correct some flaws which have become obvious in recent years. Though, there are still miles to go as many new industries are discovering its potential.
Looking at the promising future of the Blockchain, the mobile app developers are driving the mobile apps with blockchain to explore the boundless opportunities and improve the applications ceaselessly. However, for defining the utility of blockchain for the application development industry, there are a few mobile apps based on the bitcoin technology or with similar functionality.
Let us take a look at how blockchain technology is impacting the mobile app development service:
MORE TRANSPARENT AND SECURE ENVIRONMENT- Though information is wholly available on the internet for anyone who might want to know more about their favourite apps and developers, blockchain technology in app development allows the client-side coders to go a step further. Introducing Blockchain into a mobile app would let the transaction activity get tracked in such a way that it makes it easy for the users to follow the information and reduce the possibility of creating fake transactions. With a record in blockchain ledger, users get easy and quick access to development logs, update notes and the entirety of the app’s code whenever they feel the need. Categorization and information storage are also tracked, verified, and secured through blockchain.
SAFEGUARD DIGITAL INFORMATION WITH MULTIPLE USER ACCESS- when it comes to the overall security measures, blockchain technology allows for encryption which can hardly be comprehended or cracked without the explicit permission given by the client-side administrator. This signifies that your mobile app will never be hacked, modified or otherwise tampered with without your permission. It also means that personal information provided by you will never face the risk of being leaked or going into the wrong hands.
HIGH RETURN ON INVESTMENT(RoI)- As the blockchain technology is still fairly novel and industries are developing new ways to implement it into their systems, the RoI remains reasonably high. You don’t need to spend high sums of money on the blockchain implementation compared to other development methods or cloud platforms. Ideally, the limit to which you can develop and intertwine blockchain with your mobile app development remain solely in the hands of your team.
PENETRATE REMOTE AREAS- there are many underdeveloped areas of the world where people may have smartphones but they lack access to bank accounts. Blockchain technology will make that a point at issue for any user with access to the internet will have the capability of establishing an online mobile wallet where coins and tokens can be stored until needed. This will allow individuals living in backwoods to participate in transactions, obtaining loans and transferring money without being charged unreasonable service fees by banks and other financial organizations.
DATA SYSTEMATIZATION- the robust and resilient structure of blockchain technology protect the system against potential errors, bug fixes, crash or any collapse. The reason for this stems from the ability of blockchain of storing data in multiple blocks which also helps in making blockchain technology reliable. Blockchain can be used in various ways in terms of further app refinement. The more your code expands over time, the harder it will be to track and iterate on, which is why blockchain becomes a necessity rather than a choice.
IMPROVED ADVERTISING MODEL- blockchain will give a new and improved form to the advertising model used by developers. At present, developers are constrained to invest in cost-per-instalment advertising campaigns in order to reach the maximum number of audience. This advertising scheme includes a number of middlemen but now the cost-per-strategy is ready to replace the cost-per-instalment. Cost-per-strategy does not include any middlemen which mean the users will be rewarded with coins which can be utilized to make in-app purchases efficiently.
The reasons blockchain is revolutionizing the mobile app development industry are similar to the reasons it has heavily impacted so many other industries already. It is far better protected against cyber attack. In the coming years, blockchain will transform countless mobile apps and will definitely increase more secure mobile options for all the sectors. This is the high time to realize the truth that blockchain is the single solution for the purpose of the mobile app development project.
How Blockchain is reinventing Human Resources?...
2 mins read
The greatest fear of any industry is a data breach. As we have been observing, Blockchain is disrupting the banking and finance world for quite some time. It has now turned its sights to the HR sector. Blockchain, with its decentralized system, can impact this niche in many ways.
Human resources is in charge of dealing with all issues related to the people within the organization. This niche gives shape to notions like motivation, organizational behaviour, and selection assessments. The tasks of human resources include recruiting and hiring employees, payrolls, appraisals, and dealing with an organization’s culture.
Blockchain contains the capability to transform the various HR processes, especially when it comes to recruiting and hiring candidates and talent acquisition.
So, let's examine the ways Blockchain is ready to reinvent the Human Resources:
SECURING HR DATA
Once the data is recorded on the Blockchain, it can not be hacked, changed or deleted. Securing HR data is one of the biggest advantages of implementing Blockchain. The biggest worry for the HR departments is storing and securing information relating to pay, health insurance, finance and banking, disciplinary records, and more.
INTERNATIONAL PAYMENTS
Blockchain can prove to be a useful technology for the companies that conduct international payments. As there are no middlemen or intermediaries included in the Blockchain technology, the necessary parties have a method of validating information more efficiently.
EASY RECRUITMENT AND HIRING
Blockchain provides a candidate verification process which reduces the time spent on conducting background checks, reducing fraud, and build more trust in the recruitment process. Candidates can store their information on a blockchain, inclusive of academic achievements and work history.
SMART CONTRACT FOR GIG WORKERS
Blockchain-enabled smart contracts ensure that gig workers get paid immediately after completing their work. Smart contracts reduce the fees by eliminating intermediaries. The agreement i.e smart contract is transparent, accountable, and irreversible. Besides helping gig workers receive payment automatically, smart contracts protect businesses from fraudulent invoicing.
ACCURACY OF TIME AND ATTENDANCE DATA
The blockchain can be used for storing the attendance data for record-keeping. This unique technique of storing accurate time and attendance of employees can help organizations in many ways. This would increase trust and remove errors caused by the HR and Payroll departments.
Blockchain is envisioned to reinvent the HR sector with its capabilities. This will evolve continuously and will improve the way businesses operate.
HOW BLOCKCHAIN CHANGES THE CROWDFUNDING GAME?...
5 mins read
In this era of highly effective and arguably revolutionary Blockchain Technology. The potential applications of Blockchain go far beyond Bitcoin and similar forms of money which may lead to a new era of Crowdfunding; the era of Disruption. Blockchain is gaining popularity and trust of people because of its ability to keep track of exchanges in a way that’s secure, publicly verified, and virtually impossible to use fraudulently. This is the perfect platform for creating, distributing, and exchanging currency. Soon, the ownership of other assets may emerge on the Blockchain scene.
Notably, because of the advantages of Blockchain, the world of Crowdfunding could be completely changed.
Crowdfunding is a method for small companies to finance the establishment and development of their business — an irregular strategy, compared to the traditional stock exchange IPO. This approach enables numerous projects to get more, faster, and lower-cost funding. Crowdfunding has skyrocketed in popularity over the past decade or so and it has become an extremely useful alternative to venture capital and has also allowed non-traditional projects, such as those started by in-need families or hopeful creatives, a new audience to pitch their cause.
Through cryptocurrencies, the most well-known creation of the Blockchain — the barriers to crowdfunding the needy in pauperized and war-torn areas of the world where financial support is needed in the bulk could potentially be reduced. By installing systems of communication in those regions, such as the internet, translators, and crypto-to-fiat conversion systems, the stories of the needy detailing why they deserve crowdfunding could be effectively told and passed along to those eager and able to support humanitarian causes.
The natural advantages of blockchain technology can support and improve crowdfunding in several distinct areas:
Decentralization- The Blockchain is completely decentralized. This means it isn’t going to depend on any platform or combination of platforms to allow creators to raise funds. That’s going to have multiple positive effects for the crowdfunding community. For starters, you’ll no longer be beholden to the rules, regulations, and whims of the most popular crowdfunding platforms on the internet. Literally, any project has a chance of getting visibility and getting funded. It also eliminates the problem of fees. While Blockchain upkeep does cost a bit of money, you’ll cut back drastically on transaction fees. This makes crowdfunding less expensive for creators and investors.
Accessible Equity- Instead of crowdfunding to enable pre-orders of upcoming tangible products, blockchain could rely on asset tokenization to provide investors with equity or some similar concept of ownership. For example, an inventor who plans on creating multiple new products with the incoming funds could grant each new investor with a small ownership stake in the company, commensurate with the amount they contribute. That way, investors will see success proportional to the eventual success of the company. This could potentially open whole new worlds of investment opportunity.
Universal Availability- Any project using a Blockchain-based crowdfunding model can potentially get funded. Also, any person with an internet connection can contribute to those projects. There may be some demand for discovery and visibility platforms. But, there isn’t a fundamental limitation the way there is for crowdfunding projects today.
Immediate Provision- Blockchain-based crowd funders wouldn’t have to worry about the “empty promises” that have plagued modern-day crowdfunding projects. Instead of contributing money and waiting weeks or months to receive the promised product, contributors will immediately receive fractional enterprise or product ownership.
Flexible options- Using the Blockchain as asset tokenization grants creators and entrepreneurs more liberties. They can raise more funds by issuing more fractional shares in their enterprise and use those funds to expand. Yet, they can also take advantage of those fractional shares directly. For example, they could save money on hiring employees by compensating them partially in fractional ownership of the business, converting it into an employee-owned enterprise. Asset tokens become their own form of currency in this model, enabling organizations to do more like hire professionals like marketers and advertisers.
Peer to Peer Exchanges- Just like cryptocurrency today, it’s possible to exchange crowdfunded business or product stakes on a peer-to-peer basis. This provides contributors with more liquidity for their investments. It could serve as a way to generate more interest in the project overall. This change could eventually precipitate the creation of an entirely new type of marketplace.
Toward a New Era of Crowdfunding
It’s no secret that crowdfunding has enormous potential. Even in its current, flawed form, funding is helping new entrepreneurs, inventors, and creators improve the world. In the near future when the Blockchain serves as the backbone of democratized investor contributions, it’s going to be even more accessible, secure, and flexible for creators and investors. It’s only a matter of time though the exact length of time is hard to estimate. There are still some challenges to overcome and only so much Blockchain talent to go around.
How Blockchain can help Healthcare solve major challenges of Covi...
3 mins read
It has been only three months since the outbreak of the deadly Coronavirus which is supposed to have emerged from the “wet market” of Wuhan, China.
As the number of Coronavirus infections has reached 700000+, researchers are trying to understand what makes it spread so easily.
The spread of novel Coronavirus is affecting all the sectors including hospitality, apparel, retail, real estate, and many more, hence, impacting the economic growth of all the countries.
Acknowledging its dangerous effects, most of the countries have declared lockdown to prevent further spread. In these critical situations, healthcare is the only sector that is facing the highest number of problems. But like always, Blockchain technology is here at the rescue of the Healthcare sector. To fulfill the need of the hour, techies and entrepreneurs across the world are now looking at leveraging blockchain technology in the healthcare industry to help prevent the spread of the virus. Can Blockchain really prevent pandemics?
What Are The Major Challenges of COVID-19?
There are various challenges associated with Covid-19 such as:
One foremost issue is how prepared Healthcare sectors are to respond to this outbreak.
Keeping the data of infectious patients to stop epidemics.
The urgency for developing better diagnostics, vaccines, and targeted treatments.
No sufficient measures to adopt in a breakdown.
Inaccurate information and false theories spread through social media platforms.
Implementing Blockchain solutions can treat Coronavirus. Many companies have recognized the potential of Blockchain technology and started to build solutions to track donations, drug supply chains, medical data, and identifying symptoms of Covid-19.
Blockchain technology offers security, transparency, and decentralization to track disease, monitor patients, treatment histories, equipment requirements, supply chain, etc in a more accurate and efficient way.
Most importantly, Blockchain will enable medical authorities to easily keep track of virus activity, patients, suspected new cases, and contain it in real-time.
At present, data and medical information of patients are spread across different departments and systems and therefore, can not be accessed when needed. But if the data is stored in Blockchain, it is secure and can be accessed anytime from anywhere in the world.
There are millions of dollars being donated in the healthcare sector for the public but donors know nothing about the whereabouts of those donations. With the Blockchain technology, donors can track their donations until they have been received by the victims. Transparency is the key component of Blockchain which notifies the general public how their donations have been used and its progress.
Blockchain tracks all the information and data, particularly for infectious disease outbreaks such as COVID-19 and it can manage the crisis. Blockchain could instantly alert the public about the Coronavirus and also provide recommendations to contain it. Blockchain provides the healthcare sector with such a platform where all the concerned people can update each other about the situation and prevent it from worsening further.
Blockchain is also beneficial in tracking drug supply chains. The tamper-proof blockchain-based platforms can be used to review and record supplies, and logistics of epidemic prevention materials.
To conclude, Blockchain can not prevent the emergence of new viruses but it can instantly alert the public about disease outbreaks. Therefore, enabling Blockchain technology in the Healthcare sector can help prevent these pandemics by providing the early detection of epidemics, tracing medical supply chains, and managing the crisis of outbreaks and treatment.
