Implementation of artificial intelligence at work

We all know how the Internet of Things made it possible to turn everyday devices into raw data sources for analysis to create business insight. There have also been witnesses that artificial intelligence (AI) makes analytics more productive and efficient in the workplace as well.

Companies expect that much more data will be generated in the coming years compared to the data generated today.

It is believed that AI is now beginning to enter jobs and corporate organizations, and this change has forced leaders to revisit their business processes and functions. These days, startups are adopting AI technology to reduce workforce, increase work efficiency and save time. AI can generate insights, provide remote and virtual assistance, and analyze unstructured data generated by everyday devices. Experts predict that more than 62 percent of companies will somehow start implementing artificial intelligence applications by the end of 2018, and the main reason for this is the many benefits that AI has provided to companies.

According to a Demand database survey, about 80 percent of decision makers predict that AI will revolutionize marketing by 2020.

AI, along with neural networks, instantly decrypt discrete data and make sure the perfect solution is at your fingertips. The data generated is continuously updated, which also means that machine learning models will be updated at regular intervals. Businesses could access the latest information – breakthrough insights – that can be useful for a rapidly changing business environment. Here are the three most important ways AI uses jobs:

1. Faster decision making with more confidence: What if something went wrong with a manufacturing facility in your industry, what would you fix first? I am sure that most of the employees working in that plant would be ignorant. In such cases, the AI ​​helps the maintenance team decide with certainty what to fix first, because the AI ​​would automate and streamline the decision-making processes for the maintenance team.

2. Access to big data insights: An exciting opportunity after applying AI in your workplace is the ability of AI to recognize and understand patterns in big data that people cannot.

3. Sensitive data protection: AI enables the elimination of human errors which in turn helps to improve the quality of output and strengthen cyber security.

There was a noticeable difference in the roles of employees after the application of AI. More attention is paid to the management and implementation of strategic initiatives, while analytical tools automate and scale data to facilitate better decision-making.

Let’s see how AI improvises the work landscape:

• Creating new technology-related jobs: An Indeed report predicts an increase in demand for workers with artificial intelligence skills in recent years. When there is a shortage of job seekers who can meet that need, it makes the skills more valuable to those who would possess them.

• Using machine learning to reduce busy work: By allowing automation to perform its critical tasks, employees can free up their time for other key tasks. According to a Digital Ocean report, 26 percent of developers use artificial intelligence-based tools in their work processes, and about 81 percent want to educate themselves about automated tools.

• Automation helps prevent workplace injuries: A trainer’s injury injury study predicts that major damage can be reduced by applying workplace automation. The same study also found that in 2016, about 5,190 workers died from workplace injuries. Approximately 14 percent of automation could save lives to about 3,500 a year by the end of 2030. So instead of thinking about how AI takes away jobs, it’s time to consider how many dangerous jobs people won’t need to do in the days to come.

Here are some ways you can improve your business using AI. What are your thoughts on AI? Have you already implemented it in your organization?

China, the beast of innovation

China, a nation that has dominated the world several times over the past thousand years, is on track to repeat history once again. Economic reforms introduced by Communist leader Deng Xiaoping in the late 1970s pushed China to become a country now considered worthy of challenging the U.S. for the No. 1 title. In 2030, China averaged an annual growth rate of 10% from 1999 to 2008, and in recent years has ranged from 6-8%. With the recent drive for technological innovation, we could record growth in numbers and ultimately, the prestige of being the world’s largest economy.

“China has long been one of the richest, or one of the most fertile, best cultivated, most industrious and most populous countries in the world.” Quote from Adam Smith magnum opus “The Wealth of the Nation”. Indeed, over the past few years, China has taken concrete steps to achieve this. In 2015, China published “Made In China 2025”, a strategic plan that describes in detail the necessary steps to equip and transform the nation with local technological innovations and sets the Chinese equivalent of the Fourth Industrial Revolution. In 2017, Chinese spending on research and development amounted to 1.76 trillion US dollars (279 billion US dollars), which is an increase of 14% compared to last year. In fact, the term was coined to describe China’s unified innovation policy and its ability to drive innovation and technological advancement within its geographical boundaries. Named “Indigenous Innovation,” China has set itself up for the world’s next capital of innovation and technology. Below are some of the reasons why China is capable of or rather overthrowing the US from power in the next decade or so.

1. Size matters. China is a huge nation, regardless of geographical size or population. While China and the United States are equally large at 9.3 million square kilometers and 9.1 million square kilometers, respectively, China is the trump card (without the intention of a play on words) of the United States with over 1.4 billion citizens, more than 4 times that of The United States has a high rate of population adoption for technology as well, because its closed ecosystem has created a perfect environment for the growth and development of Chinese companies. With over 772 million Internet users, China is a haven of data. Furthermore, Chinese citizens have long been known to be more lenient in sharing their personal data, in stark contrast to Western countries where personal data policies and regulations are strictly enforced. The recent Cambridge Analytica saga about user data on Facebook highlighted the importance of storing private data, but we may never see that in China. However, reports of ‘emotional tracking’ where brainwaves of employees at military sites and state-owned enterprises are monitored have crossed the line in their latest efforts to monitor their people.

2. Support from the Chinese government. Policies such as China’s 13th Five-Year Plan (2016-2020) and Made In China 2025 are strong evidence of China’s ambitious plans to establish itself as a world leader in technology leader. Subsidies, low-interest loans and tax breaks are some of the support expected from technology firms as part of China’s plan to boost research and innovation within the state. Furthermore,

Instead of Western companies such as Google, Facebook and Twitter advancing, the Chinese government has nurtured domestic firms through protectionism and huge subsidies. Local technology giants such as Baidu, Alibaba and Tencent, commonly referred to as BAT, were able to grow in a protected environment and have an entire Chinese pie to themselves. Since then, these companies have expanded overseas through acquisitions and the establishment of research and innovation centers, a move considered by many countries to be a blatant act of “technology import”, called technology transfer.

3. And finally, it is simply pure ignorance of China. Indeed, many who know little about today’s China would still see it as a “copy-cat” country advancing in the production of counterfeit goods and “Made in China” products for the outside world. The fact is that they are now producing leaders in innovation and need to be defeated. The primary example is Shenzhen, which has evolved on its way to becoming its own hub for innovation. Considered the Chinese Silicon Valley for hardware products, there are many companies in Shenzhen that produce the technology product we see today, from DJI drone maker to Foxconn iPhone maker. It has positioned itself as a hardware and IoT hub for many electronics manufacturers and a focal point for Chinese technology startups. Ignorance used to be a bliss when one can freely enjoy the low cost of production in China; ignorance is now a threatening takeover threat.

“China has a pretty deep awareness of what’s going on in the English-speaking world, but the opposite is not true.” Quote from Andrew Ng, co-founder of Coursera and one of the pioneers in artificial intelligence.

The future will be dominated by technology, and China has prepared to be a part of the future. President Xi Jinping knew the difficulties of sustaining China’s economic growth and understood the potential of technology expanding to millions of businesses and removing inefficiencies while benefiting end consumers.

However, it will be naive to conclude that China will overtake the US simply on the basis of cutting-edge technology. The possibility of a trade war between the US and China only benefits China because it has the advantages of economies of scale and a single, independent market. The continuing trade surplus with the United States is evident in the fact that the U.S. relies on Chinese goods, and a trade war will only harm the country by rising prices for consumer goods. The trade surplus for the first quarter of 2018 grew by almost 20% and reached 58.25 billion dollars, citing the possibility of a trade war. Furthermore, China is expanding its economic and political influence with the Belt and Road Initiative (BRI). It is expected to cost more than a trillion dollars and affect 60% of the world’s population, BRI is the biggest undertaking of the Chinese since the Great Wall of China. All the signs point to the fact that China has the money, technology and influence to take over the world.

All in all, China has evolved from a nation of imitation to innovation, from product production to invention. China is an elephant in a room that Western colleagues have chosen to take for granted for decades and ignore its rise. Maybe it’s time for the world to take a good look at China and ironically replicate what they’re doing now. For the US, cooperation could be the best and only way to progress.

Tips to consider when looking for a Blockchain application development company

Blockchain … It has become ubiquitous: left, right and center – we hear about this technology everywhere. But it has gained importance by merit: no one can cast doubt on the multifunctional performance, dexterity, and flexibility of the blockchain.

Today, many blockchain application development companies come forward with their services and there are certainly a lot of experts on the market. Once you decide to test and approve a blockchain yourself, you need to consider many factors. The Internet abounds with various sources and you will be able to find numerous tips on how to choose the best company to develop blockchain applications.

We have decided to compile for you a list of the most relevant tips that will alleviate the hassle of choosing. Go!

  1. Choose a blockchain development company that offers consulting services. Usually, companies like this are well versed in blockchain technology and provide you with comprehensive, detailed, expert reports. It will let you know exactly how you can benefit from implementing a blockchain in your company. Moreover, blockchain consulting companies are always up to date with the latest trends and can advise you to use the latest solutions.

  2. Take a closer look at their website. Get acquainted with the company’s portfolio: projects they have implemented (their complexity, industry, technology, etc.). Client recommendations also need attention. They usually point out what makes the team stand out, among others, how quickly they implemented the project, what methodology they used and the general impression of the development and management processes. Furthermore, to get more details about the professional competence of the company, you can even contact their clients directly to get their feedback.

  3. Don’t go cheap. Certainly development costs are crucial and it is okay if you want to consider the financial aspects. However, don’t look for the cheapest development services as you could end up in complete disappointment. It is much better to just fix the project budget at the very beginning.

  4. Look for a dedicated team. Sometimes you can be a little confused, saddened or even disappointed when you have to remind the team of the goals of your project or point out some mistakes that have not been corrected and repeated over and over again. We agree that you do not need these misunderstandings. So look for a company that will provide you with a dedicated team.

A dedicated team will only work on your project, deliver it on time, provide you with all the necessary updates and organize daily / weekly virtual meetings.

  1. Be sure to ensure that the company provides special support services. You should be aware that the mere development of a blockchain application is not enough. It is a well-known phenomenon that all applications need continuous support even after the implementation process is complete. Consider support services such as cloud hosting, live technical support, and bug fixes. A team of experienced developers will do their best to rid your business of unnecessary problems in the future.

Here, we have it. The next time you think about which blockchain application development company to choose, don’t forget these tips.

I wish you good luck!

Cryptocurrency: Fintech disruptor

Blockchains, sidechains, mining – terminology in the secret world of cryptocurrencies piles up in minutes. While it sounds unreasonable to introduce new financial conditions into an already intricate world of finance, cryptocurrencies offer a much-needed solution to one of the biggest disruptions in today’s money market – transaction security in the digital world. Cryptocurrency is a crucial and disruptive innovation in the fast-moving world of fin-tech, an appropriate response to the need for a secure medium of exchange in the age of virtual transactions. At a time when bids are just digits and numbers, cryptocurrency suggests doing just that!

In its simplest form, a cryptocurrency is a proof of concept for an alternative virtual currency that promises secured, anonymous transactions over peer-to-peer network networks. The wrong name is more of a property, not an actual currency. Unlike everyday money, cryptocurrency models operate without central government, as a decentralized digital mechanism. In the distributed mechanism of cryptocurrency, money is issued, managed and approved by a collegial network of the collective community – whose continuous activity is known as mining on a peer machine. Successful miners also get coins by appreciating their time and resources spent. Once used, transaction information is broadcast in a blockchain on a public key network, preventing each coin from being spent twice by the same user. The blockchain can be considered a cash register. The coins are secured behind a password-protected digital wallet that represents the user.

The procurement of coins in the world of digital currencies is decided in advance, without manipulation, by any individual, organizations, government entities and financial institutions. The cryptocurrency system is known for its speed, as transaction activities through digital wallets can materialize funds in minutes, compared to a traditional banking system. The design is also largely irreversible, which further reinforces the idea of ​​anonymity and eliminates any further chances of asking for money back to the original owner. Unfortunately, prominent features – speed, security and anonymity – have also made cryptocurrencies a way of transaction for a number of illegal shops.

Just like the real world money market, currencies fluctuate in the digital coin ecosystem. Thanks to the final amount of coins, as the demand for the currency increases, the coins inflate in value. Bitcoin is by far the largest and most successful cryptocurrency, with a market capitalization of $ 15.3 billion, occupying 37.6% of the market and currently costing $ 8,997.31. Bitcoin appeared on the foreign exchange market in December 2017, trading at a price of $ 19,783.21 per coin, before facing a sharp decline in 2018. The decline is partly due to the rise of alternative digital coins such as Ethereum, NPCcoin, Ripple, EOS, Litecoin and MintChip.

Due to the hard-coded constraints of their supply, cryptocurrencies are considered to follow the same economic principles as gold – the price is determined by limited supply and fluctuations in demand. With the constant fluctuations of exchange rates, their sustainability remains to be seen. Consequently, investing in virtual currencies is currently more speculation than the everyday money market.

After the Industrial Revolution, this digital currency is an indispensable part of technological disruptions. From the point of view of the casual observer, this climb can suddenly seem exciting, threatening, and mysterious. While some economists remain skeptical, others see it as a lightning revolution in the monetary industry. Conservatively, digital coins will squeeze out about a quarter of national currencies in developed countries by 2030. This has already created a new asset class in addition to the traditional global economy, and a new set of investment funds will come from crypto-financing in the coming years. Recently, Bitcoin may have been bathed to direct light into other cryptocurrencies. But that doesn’t mean any decline in the cryptocurrency itself. While some financial advisers emphasize the government’s role in tearing down the secret world in regulating the central governance mechanism, others insist on continuing the current free flow. The more popular cryptocurrencies are, the more control and regulation they attract – a common paradox that disrupts the digital note and erodes the primary goal of its existence. In any case, the lack of intermediaries and supervision makes it extremely attractive to investors and causes drastic changes in everyday trade. Even the International Monetary Fund (IMF) fears that cryptocurrencies will displace central banks and international banking in the near future. After 2030, regular trade will be dominated by a crypto supply chain that will offer less friction and greater economic value between technologically skilled buyers and sellers.

If a cryptocurrency aspires to become a key part of the existing financial system, it will have to meet very different financial, regulatory and social criteria. It will have to be protected from hackers, consumer-friendly and strictly protected in order to offer its basic benefit to the main monetary system. It should preserve the anonymity of users, without being a channel for money laundering, tax evasion and internet fraud. Since this is essential data for a digital system, it will take a few more years to figure out whether a cryptocurrency will be able to compete with the real currency in full swing. While likely to happen, the success of the cryptocurrency (or lack thereof) in solving the challenges will determine the richness of the monetary system in the days to come.

In the age of AI, our human workforce must remain relevant

How are artificial intelligence (AI) technologies evolving, how can we ensure that the well-being of human value and human experience remain significant? AI is becoming faster and more like humans, but questions are being asked as to whether this technology is a prerequisite for the alienation and extinction of a solid human workforce. Can such know-how as the rise of quantum computing go wrong? By all accounts, artificial intelligence whether we like it or not is there in the long run.

With the spread of AI technology comes the fear of what will become of the human workforce as we know it. We need to find a common language to connect the two without interrupting our human workforce. In addition to companies that expect their revenues to increase and costs to decrease significantly, there are also ethical issues involved in the application of artificial intelligence. Here are some reasons that organizations should keep in mind:

  • Organizations need to retrain or reorient employees by investing in the development of their skills. Can AI technologies equip and make robots so much as to mimic human cognition? Human issues should remain at the forefront of an organization’s artificial intelligence applications.

  • Most consumers like human interaction, but the customer usually does not care whether he communicates with a bot or a real person, only if their user experience is satisfactory and stimulates humanization. We are witnessing such interactions using digital assistants. Will superhuman technology and machines be able to decipher and optimize ergonomics (human factors) and influencers to produce a satisfying user experience?

Creative teams are starting to add an element of fun to make the shopping experience fun. Artificial intelligence opens a new era of technology. Business leaders need to invest in people to instill a culture in the workplace that will encourage the learning of new skills to reduce the occurrence of discrimination against certain cultural segments of our population.

How can Blockchain Consulting improve your business performance?

It is not critical if you are a bit conservative and insist on using tools that are honored by time, try to adapt them to the modern requirements of your company and hope that in the end everything will work out. But what is the benefit of rediscovering the point? Why not provide an opportunity for innovation and reap the benefits further?

You’ve probably heard of blockchain technology and if you dare to consider an application in your field – that’s great! And to get technology, avoid mistakes during the implementation process, and anticipate any eventuality, you’d better turn to blockchain consultants for help. Be sure that a great result is guaranteed.

Why you should resort to Blockchain consulting services

You’ll know for sure that the blockchain has cut into so many spheres that once you count it, you stumble pretty quickly. Why so? Blockchain technology provides a multitude of options, along with benefits for its users who are eager to experiment with this ingenious tool. But before you get started, we strongly encourage you to use the services of professional advisors and clarify why.

First, blockchain consulting professionals possess the information and expertise needed to understand the specific requirements of each company. They are certainly well versed in the application of blockchain and know it from the inside. Another positive aspect is that blockchain consultants are up to date with the latest trends and opportunities, so they will commit to introducing the best blockchain solution.

You will also be pleasantly surprised to discover that blockchain advisors can suggest organizing special workshops for your employees. This will allow them to learn the ropes of sophisticated technology and share their future-oriented approach.

Needless to say, using blockchain advisory services is considered more cost-effective compared to involving people who will work full time (here you should consider human resource issues, bonuses for several employees, etc.). In addition, it’s pretty obvious that blockchain consultants aren’t needed permanently: they’ll help you start your business, provide the necessary technology details, and will no doubt be with you whenever you need extra help. So you can consider this factor as well.

How You Can Benefit From Blockchain Consulting Services

The main advantage of working with blockchain consulting firms is that you can be one hundred percent sure that a team of outstanding experts will work with you and ensure that you fully cover the implementation of blockchain in your company. They will point out exactly how you will benefit from using the blockchain (this will be a comprehensive detailed description, including expert assessments and comments). Furthermore, it will investigate the existing problem, if any, and explain to you how the blockchain can solve it.

Another important thing to point out is that blockchain advisors are perfectly aware of how a distributed network works. You might get confused and ask why this is important. Look, blockchain technology is based on distributed networks, on which smart contracts and decentralized applications run. Thanks to consulting services, clients learn how the blockchain network works and can suggest solutions themselves.

In addition, let us consider one organizational aspect. The blockchain industry has special regulations that all business owners are required to follow. Blockchain consultants, for their part, study these regulations and provide you with all the details you need to know. Moreover, they will be able to help you solve any problems you face, drawing on their previous experience working with other clients.

We hope the above facts will be convincing enough for you to set an upper limit and place your trust in blockchain advisors. Be sure that your business will flourish and you will be extremely pleased with the result.

A look at how the new Epson ColorWorks CW-C6500 will change label printing in the enterprise

The New Year is coming, and with it plans for personal and workplace improvements. Coming in January 2020, the new Epson ColorWorks CW-C6500 color printer arrives, making it the perfect addition to your label printer business fleet.

Companies that print large quantities of labels throughout history have relied on a large fleet of thermal transfer printers and pre-printed stocks of color labels to produce their own color labels. Pre-printed supplies have blank areas that are later printed with a black thermal transfer printer. It allows for certain customizations, but, as you can imagine, it has certain limitations.

For example, where will you get a pre-printed stock of labels at all? Through an independent print service provider, most likely. This leads to installation and mold costs. It also usually requires a large minimum order. If the labeling requirements change, the pre-printed labels must be discarded. Meanwhile, staff must constantly manage the stock of labels. If they run out of pre-printed labels, it will cause serious delays until new labels can be ordered, printed, shipped and delivered.

Epson ColorWorks CW-C6500 Label Printer Designed to Replace Thermal Transfer Printers

That’s where the Epson CW-C6500 color printer shines. Not only does it allow companies to print in full color, but also on demand. There is no need to order, store, manage or potentially waste pre-printed labels. The Epson CW-C6500 color printer has two versions, one with an automatic cutter (CW-C6500A) and the other with a peel (CW-C6500P). Both are 8-inch ColorWorks label printers with comparable features, media handling capabilities, and connectivity options as the leading thermal transfer printers currently used in today’s business label printing environments.

Epson CW-C6500 Features

Among the many features of the Epson CW-C6500 Color Label Printer are:

  • 8-inch print width (4-inch model, CW-C6000 coming in May 2020)

  • 1200 dpi print resolution

  • Print speed up to 5 inches per second

  • PrecisionCore TFP serial printheads

  • GHS BS5609 certified when used with certain DuraFast pigment chemical labels

  • ESC / Label and ZPL II interface language

  • Remote printer control

  • Seamless integration with SAP, middleware, Windows, Mac OS and Linus

  • I / O applicator connector

  • Cheap

Business benefits

Adding an Epson CW-C6500 Color Label Printer to your existing thermal transfer printer fleet is as simple, reliable, and affordable as adding a thermal transfer printer, but with the added benefit of producing full color labels. This printer and its 4-inch sibling are set to transform the label printing industry in the company in 2020.

Blockchain & IoT – How "Crypto" It will probably announce Industry 4.0

Although most people have just started learning about the “blockchain” because of Bitcoin, its roots – and applications – go much deeper than that.

Blockchain is a technology unto itself. It runs Bitcoin and is basically why * so many * new ICOs have flooded the market – creating an “ICO” is ridiculously simple (no barriers to entry).

The point of the system is to create a decentralized database – which basically means that a network of computers (mostly managed by individuals), instead of relying on ones like Google or Microsoft, to store data. in the same way as a larger company.

To understand the implications of this (and thus where technology can take the industry) – you need to look at how the system works at a basic level.

It was created in 2008 (a year before Bitcoin) and is an open source software solution. This means that its source code can be downloaded by anyone edited. However, it must be noted that the central “repository” can only be modified by certain individuals (so “code development” is basically not free).

The system works with what is known as the merkle tree – a type of data graph that is created to provide versatile access to data in computer systems.

Merkle trees have been used with great effect in a number of other systems; most importantly “GIT” (source code management software). Without excessive technique, it basically stores a “version” of the data set. This version is numbered and can therefore be loaded at any time when the user wants to revoke the older version. In the case of software development, this means that the source code set can be updated on multiple systems.

The way it works – and that is storing a huge “file” with central data set updates – is basically what drives “Bitcoin” and all other “crypto” systems. The term “crypto” simply means “cryptography”, which is a technical term for “encryption”.

Regardless of the basic work, the real benefit of wider adoption “on the chain” is almost certainly the “paradigm” it provides to the industry.

There is an idea called “Industry 4.0” that has been floating for several decades. The idea is often linked to the “Internet of Things” so that a new layer of “autonomous” machines can be introduced to create even more efficient production, distribution and delivery techniques for businesses and consumers. Although it is often fabricated, it has never actually been adopted.

Many experts now see technology as a way to facilitate this change. The reason is that the interesting thing about “crypto” is that – as they especially prove like Ethereum – the various systems built on it can actually be programmed to work with a layer of logic.

This logic is really what IoT / Industry 4.0 has missed so far – and why many are looking at the “blockchain” (or equivalent) to provide a basic standard for new ideas going forward. This standard will provide companies with the ability to create “decentralized” applications that enable intelligent machines to create more flexible and efficient manufacturing processes.

How Blockchain can reinvent the global supply chain

After it emerged in 2008, the technology behind the world’s most notorious cryptocurrency, Bitcoin, has kept the court on the edge, attracting the attention of mostly startups and the financial services sector. However, it has recently started to receive a lot of attention as companies are gradually realizing that it could be useful for many other things as well, other than tracking payments.

Simply put, a blockchain is a distributed book that sorts transactions into blocks. Each block is tied to the one before it, using sophisticated math, all the way to the first transaction. Entries are permanent, transparent, and searchable, allowing community members to fully review transaction histories. Each update forms a new “block”, added to the end of the “chain” – a structure that makes it difficult for anyone to change records at a later stage. The general ledger enables the recording and exchange of information between large groups of unrelated companies, and all members must collectively confirm all updates – which is in everyone’s interest.

To date, a lot of attention and money has been spent on financial applications for this technology. However, an equally promising case test is the relationship with the global supply chain, whose complexity and diversity of interests represent precisely the types of challenges that this technology seeks to address.

A simple application of the blockchain paradigm to the supply chain could be to register the transfer of goods to the general ledger, as transactions would identify the parties involved as well as price, date, location, product quality and condition and any other information relevant to supply chain management. The cryptographic and immutable nature of transactions would make it almost impossible to compromise the general ledger.

Many startups and corporations use blockchain to invent their global supply chain and run their business more efficiently:

1. For Maersk, the world’s largest shipping company, the challenge is not to keep track of the famous rectangular shipping containers that sail the world on cargo ships. Instead, it tours the mountains of paperwork associated with each container. One container may require stamps and approvals from as many as 30 parties, including customs, tax officials and health authorities, deployed in 200 or more interactions. Although the containers can be loaded onto the ship in a few minutes, the container can be kept in port for days because a piece of paper disappears while the goods in it spoil. The cost of moving and tracking all of these papers is often equal to the cost of physically moving containers around the world. The system is also fraught with fraud because valuable bills of lading can be planted or copied, allowing criminals to siphon goods or circulate counterfeit products, leading to billions of dollars in maritime fraud each year.

Last summer, Maersk asked for cooperation from customs authorities, freight forwarders and manufacturers filling containers. With these partners, she began her first trials of a new digital shipping book for shipping routes between Rotterdam and Newark. After signing the document, the customs authorities could immediately send a copy of it, with a digital signature, so that everyone else involved – including Maersk himself and other state authorities – could see that it was complete. If disputes arose later, everyone could go back to the records and be sure that no one had changed it in the meantime. Included cryptography also makes it difficult to forge virtual signatures.

The second test followed all the papers related to the container with flowers that moved from the port of Mombasa in Kenya to Rotterdam in the Netherlands. As both tests went well, Maersk monitored containers with pineapples from Colombia and mandarin oranges from California.

2. Like most retailers, Wal-Mart struggles to identify and remove food that needs to be recalled. When a customer becomes ill, it can take weeks to identify the product, shipment, and supplier. To correct this, she announced last year that she would start using a blockchain to record and record the origin of products – crucial data from a single account, including suppliers, details of how and where food is grown and who inspected it. The database extends information from a palette to an individual package.

This gives him the ability to immediately find out where the dirty product came from within a few minutes versus the day, as well as to capture other important attributes in order to make an informed decision about the flow of food.

Wal-Mart has already completed two pilot programs – moving pork from Chinese farms to Chinese stores and production from Latin America to the United States – and is now confident that a finished version can be prepared within a few years.

3. BHP relies on suppliers at almost every stage of the mining process, contracting with geologists and shipping companies to collect samples and conduct analyzes that lead to business decisions involving multiple parties deployed on continents. These suppliers typically track stone and fluid samples and analysis via email and spreadsheets. A lost file can cause big and expensive headaches, as the samples help the company decide where to drill new wells.

The BHP solution, which began this year, uses a blockchain to record the movement of rock and fluid samples from wells and better provide real-time data generated during delivery. Decentralized file storage, multi-party data collection and immutability, as well as immediate availability, are all aspects that will improve its supply chain.

BHP has now required its suppliers to use a live data collection application – with a dashboard and options on what to do, which are greatly simplified for their business. The technician taking the sample can attach data such as the time of collection, the laboratory researcher can add reports and all will be immediately visible to anyone who has access. No more lost patterns or crazy messages. Although certain elements of the process are the same, the new system is expected to drive internal efficiency, while enabling BHP to work more efficiently with its partners.

For now, in most of the first implementations, the blockchain runs in parallel with current company systems – often older databases or spreadsheets like Microsoft’s Excel. The hardest part will be creating new business models. Introducing a company-wide blockchain means that companies will often have to discontinue existing business processes and start from scratch. The venture is not for the faint of heart.

Blockchain for IoT in business

A new horizon in the data exchange framework

Blockchain is a shared distributed database for peer-to-peer transactions. At the core of this technology is bitcoin – a digitally encrypted wallet for controlling transactions and payment systems that was introduced in 2009. This transaction management system is decentralized and mostly works without intermediaries. These transactions are supported by a set of network nodes and documented in a utility book known as a blockchain.

The Internet of Things (IoT) is a cyber-physical network of interconnected computer devices, digital objects, and individuals with unique system IDs. The goal of IoT space is to serve a single point of integration and data transmission on a network without the need to interfere with people or computers.

There is an intricate relationship between blockchain and IoT. IoT provided by businesses can find solutions using blockchain technology. A common system can develop and record a cryptographically protected dataset. Such databases and records are protected from alteration and theft, provided they are highly protected and protected from malware. The duo can build transparency and accountability, while moderating business development mechanisms. Blockchain alone can help reduce mismanagement in the workplace, overhead and business unpredictability through its interconnected servers. A digital book can develop a cost-effective business and management system in which everything can be efficiently exchanged, properly monitored and tracked. This process eliminates the need for a central management system, which basically eliminates many bureaucratic red bars and simplifies business processes. The commercial adoption of this innovation offers an immersive platform in the IoT domain and within business enterprises.

Blockchain basically allows interconnected IoT devices to participate in secure data exchange. Businesses and businesses can use the blockchain to manage and process data from peripheral devices, such as RFID-based assets (radio frequency identification), machine-readable barcodes and QR codes, infrared blusters (IR blusters), or device data. . If integrated into the business setup, IoT edge devices will be able to transmit blockchain-based records to update contracts or check the communications network. For example, if an IoT-enabled and RFID-tagged device with a sensitive geographic location and confidential information is moved to another unspecified point, the data will be automatically stored and updated on the blockchain book and take the necessary action if the system is assigned. As the product spreads to different locations, the system allows stakeholders to get the status of the package’s place of residence.

To enjoy the fruit of the blockchain-enabled IoT framework, business organizations must have four basic principles:

1. Cost Reduction

High-end devices should reduce runtime and eliminate IoT gateways or Internet intermediaries within the system. Because data and information sharing is transmitted within the system, removing additional protocols, programs, hardware, channels, nodes, or communications reduces overhead.

2. Accelerate data exchange

A blockchain-enabled IoT can eliminate the IoT gateway or any filtering device needed to establish a network between the cloud, the administrator, the sensor, and the device. The expulsion of such a ‘middle man’ can allow for peer-to-peer contracts and data sharing. In this process, the digital book eliminates the extra time required to synchronize devices and process and collect data. However, removing the IoT gateway provides channels for malicious malware and security breaches. A blockchain-enabled IoT network can be solved by installing features such as malware detection and encryption mechanisms.

3 Building trust

Through the blockchain-enabled IoT space, devices and devices can virtually and physically perform transactions and communicate as trusted parties. Unlike conventional business where transactions require confirmation and verification, blockchain does not need any central authentication or peer recommendation. As long as the network is protected and trusted by the technologically skilled, the IoT space does not require additional documents. For example, Team A may not know Team B, may not have met physically, or may not have trusted trust, but a certified record of network transactions and information exchange in the blockchain book confirms business reliability. This allows individuals, organizations, and devices to gain the mutual trust that is vital to establishing agile business settings and removing administrative clutter.

4. Enhancing security for IoT

Blockchain provides space for a decentralized network and technology that promises to store, handle, and retrieve data from its billions of connected devices. This system must provide a highly secure network that is both encrypted and easy to use. A decentralized network must provide high bandwidth, permission, low latency, and querying. Installing a blockchain in an IoT network can regulate and moderate the exchange of data across edge devices, while maintaining the same secured transaction and data exchange of connected devices.

Elimination of points of failure in IoT space

Blockchain-enabled IoT can upgrade the supply chain network by tracking tagged items as they move along different locations in an import store or warehouse, while at the same time approving safe and accurate product delivery. The blockchain installation provides accurate and detailed product validation and solid traceability of relevant data along supply chains. Instead of finding paper traces to identify the country of origin (Io), the IoT can verify the physical confirmation of each product via a virtual “visa” that provides relevant information such as the authenticity and origin of the product. Blockchain can also make product records that can be checked and help organizations trace or create a record history. It can also provide secure access to the data network for administrative records or alternate plans.

The blockchain-enabled IoT is not limited to business failures or use cases. Any business entity with IoT space can increase business productivity by marginalizing costs, removing bottlenecks, additional cycles, and individual points of failure in the system by updating process innovations. It is in the self-interest of such organizations to understand, adopt and implement the blockchain in their business solutions.

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Launched by the Fourth Industrial Revolution (4IR), blockchain-enabled IoT is now the dominant innovation after the integration of transistors and computer systems. It is the break that welcomes the ‘second machine age’ in terms of digitization and advanced artificial intelligence (AI). Organizations facing business are leaders in the fruits of this revolution. It will be unfortunate if these organizations fail to realize the business potential of this mega integration that can bring intelligence into systems anywhere and anywhere. In addition to the new integration, this system also addresses critical flexibility issues related to the distributed network, such as privacy and data network protection, security device coordination, and intellectual property management. Although many technology builders are building an open source foundation to address these issues, organizations and businesses should embrace and disseminate this technology for increased mobility and improved integration of products and services.