The way we engage with technology and our surroundings has changed as a result of the Internet of Things (IoT). It’s not just a catchphrase; it’s a reality that might transform industries, increase productivity, and improve our daily lives. The ability to create intelligent, linked apps that have the potential to disrupt many industries has made IoT integration in software an essential component of contemporary development. We’ll discuss the idea of IoT integration in software in this blog, along with its importance, major elements, and prospective developments in the future.

GoodWorkLabs is a leading Internet of Things (IoT) solutions provider known for integrating design thinking into technology offerings. Our team of technical architects specializes in developing IoT applications that empower users to effortlessly manage and control their applications. With a world-class IoT application development team, we deliver top-tier solutions, products, and applications that stimulate business growth. Our dedicated centers cater to clients in India, North America, and Europe, focusing on IoT applications across smart products, optimization, automation and data-driven decision-making. GoodWorkLabs’ IoT development services include consulting, ensuring the creation of high-return IoT solutions, making them a trusted partner for IoT development needs.

Understanding IoT Integration 

The process of integrating IoT devices, data, and capabilities into software applications is known as “IoT integration in software.” These applications can include sophisticated industrial solutions as well as consumer-focused smart home systems.  IoT integration enables software to gather, analyze, and act on data produced by IoT devices empowering automation, real-time decision-making, and a seamless user experience. 

The significance of IoT Integration 

• Enhanced Efficiency: IoT integration enables individuals and businesses to automate formerly manual procedures and operations. For instance, smart thermostats can optimize energy use by adjusting temperatures based on occupancy. IoT sensors can monitor equipment in industries, foretelling maintenance requirements and minimizing downtime.
• Data-driven insights: The amount of data produced by IoT devices is enormous. This data transforms into a useful resource for decision-making and analytics when it is integrated into software programs. Retailers can utilize IoT data, for instance, to evaluate client behavior and improve store layouts.
• Better User Experience: Applications that are smart and linked can offer individualized experiences. Depending on user choices, smart homes can change the lighting, climate, and entertainment settings. Real-time health and fitness insights can be obtained from wearable technology.
• Scalability: IoT integration makes it possible for apps to grow in size. Software may expand to support more data sources and devices as the number of IoT devices rises without requiring extensive reengineering.

Key Components of IoT Integration 

1) IoT devices 

• IoT devices include physical items with sensors, actuators, and connectivity features. 
• They can communicate with other devices and software programs because they can sense their environment, take action, and send data through networks. 
• These gadgets serve as the foundation for the Internet of Things, gathering and exchanging data, automating procedures, and enabling real-time decision-making in a variety of fields.

2) Communication protocols

• IoT devices and software applications share data in accordance with established protocols. 
• These protocols, including MQTT, HTTP, and CoAP, serve as the common language for use by hardware and software. 
• They specify the structure, format, and guidelines for data transmission, facilitating smooth communication. 
• These protocols enable reliable data communication between IoT hardware and software, enabling real-time data collecting, remote management, and coordination. 
• These protocols are essential for allowing the connectivity and interoperability that support the Internet of Things and enable effective information sharing and decision-making.

3) Data processing and storage 

• Large-scale data production from IoT calls for reliable data processing and storage solutions in software programs. 
• To gain insights and make wise decisions, this data must be managed effectively. Scalable infrastructure is provided by cloud platforms like AWS, Azure, and Google Cloud, allowing for effective data processing and storage. 
• These platforms offer the processing speed and storage space needed for IoT data analysis and archiving. 
• Organizations may effectively manage the enormous data streams coming from IoT devices by utilizing cloud solutions, assuring the availability and scalability required for data-driven applications.

4) Application Programming Interfaces 

• Application Programming Interfaces (APIs) are crucial connectors that allow software programs to interact with and manage Internet of Things (IoT) devices. 
• They serve as middlemen, promoting smooth communication and engagement.
• Different software systems and devices can cooperate effectively because APIs specify the parameters and formats for this interaction. 
• They are essential to IoT integration because they make sure that information can move freely across systems and programs, giving users a seamless and engaging experience throughout the IoT ecosystem.

5) Analytics and Machine Learning 

• By gathering useful insights from IoT data, analytics and machine learning play an important role in IoT integration. 
• This information is used for anomaly detection, predictive maintenance and well-informed decision-making. In order to make predictions and automate decision-making, machine learning algorithms evaluate previous data. 
• These technologies offer a data-driven approach to problem-solving and optimization, improving operational effectiveness and system dependability across a variety of areas. 

Future Development in IoT Integration

1) Edge Computing 

• A concept known as “edge computing” moves data processing from centralized cloud servers to devices that are physically closer to the data source, like Internet of Things (IoT) devices. 
• Real-time analysis and decision-making are made possible by this method, which greatly lowers data transport latency. 
• Device responsiveness and dependability are enhanced by data processing at the edge, which enables quick responses to local conditions without relying on distant data centers. 
• The effectiveness of IoT applications that need quick, low-latency responses is improved by edge computing across a variety of industries, including industrial automation, healthcare, and transportation.

2) 5G Connectivity 

• A new age of IoT integration is about to begin with the arrival of 5G connectivity. Compared to their predecessors, 5G networks promise significantly greater data transmission speeds and noticeably lower latency.
•  This innovative technology gives Internet of Things (IoT) devices and applications the capacity to handle and send data at previously unheard-of rates.
•  This  makes it possible to deploy IoT applications that are more demanding and data-intensive, such real-time industrial automation, augmented reality, and autonomous vehicles.
• Additionally, 5G’s low latency is essential for improving user experiences, guaranteeing that IoT devices can communicate and react quickly, facilitating easy and highly rapid interactions with smart devices and systems.

3) AI and machine learning integration 

• The processing and analysis of data will be revolutionized by the combination of IoT, AI, and machine learning. 
• These technologies are expected to play a bigger part in managing IoT data as they develop further. 
• IoT-generated data can be sorted through by AI-driven algorithms to uncover useful patterns and insights. As a result, IoT applications can now offer real-time decision-making skills and become more intelligent and predictive.

4) Blockchain for Security 

• Blockchain, which is renowned for its openness and security, has enormous potential for enhancing IoT data security. 
• Blockchain technology makes it possible to trace and tamper-proof IoT data. It is extremely challenging for hostile actors to alter or manipulate data because each data transaction is securely recorded in a decentralized ledger across a network of nodes. 
• By doing so, users and devices inside the network can have greater confidence in one another while still preserving the integrity of IoT data. 

5) Sustainability 

• Integrating IoT is essential for promoting environmental objectives. Businesses and organizations can maximize resource use, resulting in more effective operations, by gathering and analyzing data from IoT devices. 
• This includes reducing energy use by automating lighting, heating, and cooling in intelligent factories and buildings. 
• IoT-driven insights can also help cut waste by streamlining supply chains and manufacturing procedures.
• IoT integration helps make  data-driven decisions that support environmentally friendly practices, which significantly aids sustainability efforts across industries and sectors.

Software IoT integration is a disruptive force that is transforming industries and improving daily life. Businesses and consumers may make educated decisions, automate procedures and develop individualized experiences thanks to the ability to connect and utilize the data produced by IoT devices. Future IoT integration holds promise of even higher capabilities as technology develops. It is obvious that, in the quickly changing digital environment, integrating IoT integration in software is not just a choice but a requirement.

Blockchain in Education

Does Blockchain have the potential to transform the education regime as known today?

The answer to this is affirmative as smart classrooms are shortly going to become an integral part of the schools across the world. The ed-tech market is rocketing and by 2020 it is expected to reach a high fame figure of whopping $93.76 billion.

The other sectors of industry have been benefitted greatly by the Blockchain technology as the underlying processes of these sectors has improved to a great extent. Now, the education industry is following their footsteps and is entering into the new era bestowed upon by the Blockchain industry.

In this blog post, we have outlined some of the exciting possibilities for Blockchain in the education industry and how they can transform the educational landscape.

1) Payment of tuition fees in Cryptocurrency

Few universities have taken the initiative to accept the tuition fees in cryptocurrency already. The examples of these universities are King’s college in New York, University of Nicosia, and Simon Fraser University in BC.

Few other universities announced that the fees will be accepted in Bitcoin from students enrolled in technology-related courses only, which makes sense given the extra infrastructure required to accept this form of payment. Also, till now, relatively very less number of students have paid for their tuition with Bitcoin which so far is equivalent to nearly 2% of the entire student body as reported by Cumbria Institute for Leadership and Sustainability.

This indicates that average college students are slowly adopting alternative modes of payments.

2) Verification of Graduation Certificates

Verification of diploma requires a lot of time as confirmation of credentials is to be requested to the universities by potential employers and graduate programs. Therefore, few universities are experimenting with pilot programs in which diplomas are available on an app which is built on Blockchain technology. Students can share their credentials with anyone then and the forgery is impossible because of inalterability and security of distributed ledger technology.

MIT is already forward in this area and has taken an initiative to develop an app for the above purpose. The app used by MIT’s media lab for such pilot programs is known as Blockcerts. This app majorly aims to facilitate digital self-sovereignty for individuals’ diploma records.

Currently, this app is in pilot version, in case this app is fully implemented, it will eliminate a whole department of officials for verifying graduates’ certifications. Given the formalities required for this process, this app will be certainly a big leap into the future.

3) Academic Credentials on Distributed Ledger

To further the agenda of securely recording education data on a decentralized platform Sony and IBM have taken initiative to create an educational platform which will serve the purpose. The students’ records that will be put on distributed ledger will include attendance records, transcripts, graduation certificates and more.

This technology is equally beneficial to school students as now better records can be kept for student transcripts, school lunch, transfer records, standardized testing scores, attendance and so on. More and more data can be put on the distributed ledger for cutting down paperwork to a minimum level and making school processes more efficient.

The one main challenge that will hinder the process of record-keeping is that every institute will put the information differently on the distributed ledger. This will hamper the comparability of the records and parse desired information at ease. There arises the necessity of a standardized regulation for record keeping in the education sector. With the advancement in technology, the intervention of regulatory authority will be necessary in the times to come.

4) The Lifelong Learning Passport

Next, in line is  Open Badges created by Open University as tokens of affiliation, authorization, and achievement which present details of an individual’s learning experiences all through his life. This will include graduation certificates, official certification, community involvement, participation in an event and likewise.

The usability of these badges is that these badges can be shared with potential employers for obtaining a suitable job offer and also can be shared across social media.

The year 2026 will look a lot different than the world we live in now. With distributed ledger technology anyone will be able to mentor students with the ledger. Also, by teaching forward what you have learned in school, you can pay back your education loan.

The ledger will track your skills and you will get credits for your learning. Based on your credits, employers can approach you with jobs that perfectly match your level of learning. It doesn’t stop here!

There will be a complete record of income that each skill you learned helped you to generate. Surprised? Now, this is what we called a tech reality.

Concluding

The learning passport initiative mentioned above requires a vast change in the educational domain as of now. Blockchain offers a great way to track untraditional learning outside educational institutions. But, the transition and adoption will take longer than expected.

But,  it has to be accepted that Blockchain has the potential to advance the education sector far into the future. The students who are already learning and using Blockchain right now are the hope as they will pave the way for Blockchain in their respective industries. Then the era of e-portfolios, Blockchain based credential system, and a badge-like system are not far away.

At GoodWorkLabs, we have a team of skilled Blockchain professional that can assist you in expanding in the horizon of education by Blockchain-aided solutions. For more information, drop your details here.

Blockchain Technology in Renewable Energy

The demand for clean and renewable energy is evergreen and growing. With natural resources being used on daily basis, for the ad hoc glim, there is a need for an alternative source of energy.

Electricity undoubtedly has been one of the most vital utilities of any country. Today, our society heavily relies on these energy sources for their needs and vital services. Any shortage in these sources will have a drastic impact on the country’s economy. The contemporary industries are heavily dependent on fossil fuels for energy production and are slowly accelerating towards renewable energy.

In 2015, during a meet-up in Paris, a group of 197 foreign states signed an agreement proposed by United Nations Paris, which states that they plan to increase renewable resources to 36% of the total global energy mix by 2030. The need for renewable energy has caused a disruptive impact on companies and the industry on a global scale. The cost of production for renewable energy has dropped significantly over the past decade.

Despite its essential position, the energy industry worldwide remains puzzled with inefficiencies. From the use of fossil fuels and reliance on outdated generation methods to the de facto monopolies and high costs, the sector is ripe for change. Although the clean industry has been growing, it has been blocked by obstacles that make it infeasible to scale. Barriers from existing industries and other factors still hold it back.

To overcome some of these barriers, entrepreneurs have started looking at blockchain as a tool for the efficient utilization of renewable energy. With the application of blockchain technology, the energy which we use for our needs and services will soon be much cleaner.

How can blockchain technology help renewable energy?

The general idea behind blockchain technology is to allow decentralization and build security. In technical terms, blockchain can be described as a shared and replicated accounting system that is distributed among all members of a network through peer-to-peer technology. The advantages of blockchain are greater confidence and reduction in time for processes. It also eliminates overhead costs and intermediaries.

The adoption of blockchain technology will allow people to share energy among them. Just like how PayPal allows its users to exchange money with the user directly eliminating the third party, similarly, blockchain will lead to an exchange of energies. The idea of creating peer-based energy markets also allows payment with cryptocurrencies, but blockchain technology also allows for uninterrupted exchanges.

5% of the world’s energy transactions already take place via a decentralized network where private households with solar cell capability sell electricity to other households. According to the World Energy Council, this figure is expected to rise to 25% before 2025.

It seems that now a lot of industries are shifting towards producing clean and renewable energy. Companies such as Exxon, BP, and Shell have announced plans to invest in such huge projects. Other than these few major industries, there are 122 startups operating, with nearly half launching since 2017. More impressively, these startups have raised over $320 billion between the second quarter of 2017 and the first of 2018.

Start-ups such as LO3 Energy Inc. is an energy technology company based in New York city that makes use of a P2P energy platform used exclusively for the trading of energy within a community in Brooklyn. This allows prosumers with an excess of solar energy to directly sell to their neighbors and contribute to the local economy.

Micro-grids and Other Projects

Micro-grids allow communities to use and trade energy. These micro-grids are a localized group of synchronous sources of electricity and loads that act as a single controllable entity, similar to a cluster. The advantage of such a system is that it allows minimalistic consumption of energy and sustainable development, without leaving any impact on the environment.

A Switzerland based startup called MyBit has been exploring the idea of using solar energy, artificial intelligence and IoT to develop a decentralized energy grid. Similarly, a UK based start-up Electron has been using blockchain technology to design and develop efficient and scalable systems for energy trading and grid-balancing solutions.

Smart Contracts and Energy Trading

An Australian based start-up Power Ledger brought up the idea of buying and selling renewable energy from one party to another. This allows us to save energy and create a positive impact on the environment. The inclusion of blockchain allows the creation of a transparent, automated and audible record of energy generation and consumption. The company has partnered with Northwestern University to enable the trading of clean energy, with no hardware, software or subscription fees.

Similarly, WePower, a Lithuania based startup, has begun issuing smart energy contracts to connect buyers directly with green energy producers. The vision of WePower is to increase the adoption of renewable energy for a clean future. The contract includes the amount of energy the power plant has and how that energy is being distributed. This can only be achieved by linking the smart contracts with the energy data and power grids on the blockchain.

The Present and Future of Blockchain technology & Renewable energy

We recognize that blockchain technology and most of its applications are still new to us; however, it is great to see some progress. For instance, projects moving into the right direction and companies eagerly working on solving problems in the energy sector with a “non-traditional” approach (compared to the “average” corporate utility thinking) are great examples of this.

Every day there is a new advancement in the blockchain technology and we are looking forward towards the future of clean energy consumption. It is just a matter of time, while some of the start-ups may fail, some might professionalize and grow. For the consumer, this could lead toward consumer centricity, transparency, ease-of-use and freedom of choice.

We are hopeful and excited about the future of blockchain and what future it holds!

How to design for Blockchain Technology

You might have read thousands of articles on how Blockchain is proposed to bring transformation in the world we live in today. In the next few decades, the possibilities will unfold into opportunities, it’s just a matter of time. Currently, we are just beginning to understand what Blockchain is and how it can be applied for our benefit.

If you are a designer, it will be a really tough task for you to design for a concept which is barely understood by its users or potential users.

But, an early bird always stands at the favorable side. Today, we are laying down 5 simple rules to follow for creating the UX design for Blockchain. After reading this feed, your curiosity about design for Blockchain will get satisfied.

Let’s begin:

1. No Jargon

Jargons can make any concept difficult for a layman to understand and use. As only a handful of people are involved in using this concept, your focus should be on how to attract more people to use Blockchain and how to benefit from it.

Terms which are already floating in the market such as Dapp, DLT, and altcoins make Blockchain overly technical and highly complicated. Also, the Blockchain industry has a bad reputation of being a phony scheme of getting rich quick.

To subside all these barriers is not easy and making Blockchain easy is the first step towards design. As a designer, it is your responsibility to make your project more likable and user-friendly. To achieve this, promote ‘no complicated jargons’ approach and focus on the value that can be delivered to the users.

In short, unexplained jargons can kill your design.

2. Break Down Barriers to Entry

The market is currently segregated in two kinds of people. The minority of them are determined and excited about the Blockchain and majority of them have no idea what it is and feel like outsiders. It is like an impenetrable bubble for them to understand and get excited about the whole Blockchain technology.

To penetrate the bubble is like to walk past a Bermuda triangle and not get lost. As a designer, you will face terrible UX and might feel completely blank at several stages. The reason is that this technology has hardly evolved much and there are only a few people available to explain the core concepts and walk you through the process.

The key to get through this is to make the Blockchain usable to the layman. Simplify it to the core!

Make it so easy that every person with internet access can use it. Here, ‘Coinbase‘ can serve as an example for you.

3. How strong should your security be?

People consider security as a major setback of cryptocurrency since all the funds are in a digital wallet, and if stolen, there is no way back and nowhere to complain. There is no authority regulating this. This makes the security of the funds very crucial in order to make the users feel secure and to trust your product.

To keep the account secure, you should offer 2-factor authentication (2FA).

But, here is the twist. If you mandate the 2FA for all the users there will be a lot of friction at user’s end and then you won’t be able to deliver a seamless experience.

To overcome this problem, keep 2FA recommendatory and mandatory for new users. Also, 2FA should be mandated for major fund movements to keep the security tight.

This approach will keep the users at peace and deliver the optimum amount of security.

4. Maintain transparency with the users

In Blockchain, if you deploy something, it usually takes time to process and get finalized. The length of time that it will require is never fixed and it also depends upon how busy the network is. The time taken for completion may range between 5 minutes to 2 hours.

In this situation, to deliver an acceptable user experience, don’t keep the users waiting around. Be transparent with them as users like near-instant actions.

To manage the user expectations ask them to come back in few minutes and report the current status as accurately as possible. Even better, send them an email update when it’s done.

5. Design Thinking

Blockchain has been promoted as the problem solver technology for many industries. Most industries have begun to turn to blockchain technology for solutions now. As a designer, it is important for you to define the problems precisely and design products that can actually solve such real-time problems.

Promote the practice of researching and user testing to indeed create valuable products. It is essential to penetrate through the hype and get original user insights.

Final words

A product designer’s real job title is ‘Problem solver’. As a product designer, you are bestowed upon with authorities and even bigger responsibilities. Blockchain technology may pose some friction in your already smooth design career but it will be a great learning opportunity.

Till now, the Blockchain technology has been more focused on the development part. The design on many exchanges and Blockchain websites is still in the latent stage.

To make the Blockchain technology usable for the layman, designers should work on simplifying everything. With the effort directed in the right direction, Blockchain will no longer be a mystery but become a part of our daily lives.

Are you unsure of doing this on your own? Let us help you! At GoodWorkLabs, we have a team of radical designers who strive to deliver simplified Blockchain solutions. Let’s have a word!

What is the Future of Blockchain Technology?

Are you looking for an explanation on what is the blockchain and how it emerged to be the greatest technology known to mankind?

The blockchain is an append-only decentralized transaction ledger. This ledger consists of linked transaction batches called blocks and an identical copy of the same is stored on several computers that together make up the bitcoin network.

In this blog, we have narrated the journey of the Blockchain technology from its inception till today and the future of the Blockchain.

The First Blockchain 

You might be curious to learn when Blockchain originated. The original Bitcoin software was floated in January 2009 in the public domain. That time it was an open source code which could be examined and reused by anyone.

The idea of using Bitcoin other than for currency purposes floated later in the market. Namecoin was the first project for repurposing Bitcoin. It was a system which registered ‘.bit’ domain names. This is an interesting story.

The conventional system for registering the name was a domain-name management system that had a central database in the backend. The central database was government regulated and that made censorship very easy. To remove a domain name, the government just had to force the registering company to change the central database.

Namecoin venture devised a solution to this problem by essentializing a private encryption key to make changes to the records. The .bit domain registrations are stored in blockchain and now the censorship is not that easy anymore.

Initial Coin Offering: The definition

Initial coin offering is a controversial fundraising practice in which the creators of digital currency sell a certain amount of currency before they have finished the software. This practice provides funds to the developer to finish the software and the underlying technology with an early investment by the investors.

The reason why this practice is controversial is that this practice operates beyond the ambit of regulatory frameworks which are meant to protect the investors. Ethereum has raised funds following this practice in the past.

Blockchain: A brief journey till today

Here is a draft of events till date for your perusal. Ethereum landed a paper outlining in the market which stated that from now on coders can create their own blockchain-based software without starting from scratch and also without relying on the original Bitcoin software.

In the year 2015, ‘smart contracts’, a software application which can enforce any agreement without human involvement barged the market. This application has been used to place bets on interesting outcomes like the weather, which political party will win the election and so on. The process is very simple. Two gambling partners can place their bets on any given subject and then send some digital currency which will be held in escrow by the software. The next day, the software will check for results and send money to the winner.

Another historical event is when some of the well known financial institutions like the Bank of England and JP Morgan announced in 2015 that they would adopt an open source blockchain software called Hyperledger.

The blockchain is also used in the security market to make the trades more efficient and secure. In 2015, Nasdaq OMX, the owner company of Nasdaq stock exchange started allowing private companies to apply blockchain in managing their share portfolio.

On the same lines, Australian Securities Exchange used blockchain technology from Digital Asset Holdings, a Goldman Sachs-backed startup, to smoothen the post-trade processes.

The Future of Blockchain

The Blockchain technology is beyond currency speculation and has a very promising future. But, unfortunately, there is no other well functioning app other than currency speculation.

Also, the immutable record is a fascinating concept but as a society, we are not prepared for this level of transparency and records to be permanent forever.

The Blockchain technology will take a considerable amount of time to catch on and become useful in routine. Eventually, it will be used in lots of places.

In the future, many tasks will be automated which are now handled manually by lawyers and other professionals. Like your will can be stored in a blockchain and with a smart contract, in the event of your death, your estate is directly transferred to your heirs.

Your social identity will also be stored in Blockchain and tied to a token which can be used at several places. It can be used as your social security number or it can be used to login to your social media accounts, verify your identity, pay your bills and so on.

Also, it is completely possible that the future of Blockchain turns out to be completely different from expected. Some of the industries including Finance industry are working on the concept of private blockchains for several purposes like maintaining vendor records, employee records, and regulatory records. In this way, human intervention will be minimized to a great extent.

The fact that anyone can run Ethereum or bitcoin software on his computer has opened the possibilities of innovation that we can’t think of right now. The future is still bright for this technology.

We, at GoodWorkLabs, are a team of finest Blockchain developers who could assist you in your upcoming Blockchain projects. We work closely with the client to understand their requirements to its core and then smartly knit the development task around it.

If you have a Blockchain project in mind, let’s discuss!

Blockchain Technology in Supply Chain Industry

Have you ever felt the need to retrace the origin of your mobile phone that you can’t keep away even for an hour?

Or from where your fav clothes came?

The stores that sell these products are the last anchor to a long thread of supply chain which begins when your clothes were just wool balls.

Every industry has its own supply chain but the most relatable industry is the clothing industry.

Right from the raw material supplier to the retailer, there is a sophisticated supply chain that in simple terms means the back-end industry.

A supply chain management includes the planning and the execution of all the processes included in getting the finished products.

It is a network of individual entities, businesses, organizations, technologies as well as resources that are put together in the manufacturing of a product. It is essential to properly plan and implement a supply chain as it holds benefits like increased sales and revenues, reduced frauds and overhead costs, acceleration of production and distribution, and quality improvisation.

It might seem easy theoretically but practically implementing and maintaining supply chain is a very hectic job. As the business grows, the supply chain tends to become redundant given that the interconnectivity among the integrated elements of the supply chain might not match the efficiency level to the enhanced scale. Such inefficiency may pose a major threat to the business operations and may lead to a breakdown.

Advanced technologies like AI and Machine Learning are used in Supply Chain Management (SCM) to overcome such inefficiencies that are hazardous to the businesses. But blockchain technology can prove as a total game changer in the supply chain management for the aid it provides in record keeping and tracking.

Blockchain – A better-automated alternative

Blockchain Technology can be used to resolve many challenges of the Supply Chain industry such as complex record keeping and tracking of products. With Blockchain Technology, a better-automated alternative to administer the centralized databases is offered.

Apart from the record keeping and tracking, there are several other ways in which the Blockchain Technology aids the functioning of a supply chain.

1. Origin Tracking

Due to a very high volume of transactions and many elements in the supply chains, even the companies with very advanced workforce lose the track to transactions. These inefficiencies attract additional overhead costs and sometimes loss of customer data costs unpleasant customer relationship and brand name dilution.

Blockchain-based supply chain management provides provenance tracking and record keeping which makes the information fetching very easy with embedded sensors and RFID tags.

The product history can be traced right from the origin to the present situation at any point in time. Also, such accuracy in provenance tracking can be utilized to detect and prevent frauds even in complex supply chains.

2. Cost Reduction

A survey conducted by APQC and the Digital Supply Chain Institute (DSCI)  of supply chain workers unveils that more than one-third of people think that reduction of costs is the topmost benefit of Blockchain in Supply Chain Management. This is because of the real-time product tracking offered.

With Blockchain, extra cost can be reduced while maintaining the security of the transactions. Also, the middlemen and intermediaries in the supply chain are eliminated.  

This reduces the risks of frauds and duplicity of products and enhances accurate record keeping and savings

3. Building  Confidence

With multiple participants in the complex supply chain,  building trust in the system is essential for smooth operations.

For instance, the integrity of the records should be such that when a participant in the supply passes the information to the next level participant, the receiver should be able to rely on the information without a doubt.

Also, the regulatory authorities, being stakeholders should be able to rely on the information and records. The blockchain is characterized by immutable record keeping which prevents the information from tampering on all levels.

Benefits of using Blockchain in Supply Chain Management

1. Interoperability

The Blockchain technology allows data to be interoperable which eases the data sharing process among the manufacturers, retailers, vendors, and contractors. The transparency in data sharing helps reducing delays and conflicts.

Also, it prevents goods from getting stuck in the supply chain cycle because each product can be tracked in real-time which makes the chances of misplacements rare.

2. Scalability

Surplus capacity is available at ease with this technology. It offers scalability with which large databases can be accessed from multiple locations around the world.

While maintaining high standards of security the users have the ability to customize according to the data feed. The most lucrative feature of this is ‘selective permissions’ which means the participant will be able to view the data for which he has the permission.

The permission to allow the data to be accessed can be granted explicitly to the participants. Apart from these, there are others benefits of adopting Blockchain technology in supply chain management:

• Lessen or eliminate fraud and errors
• Advance inventory management
• Reduce courier costs
• Minimize delays in paperwork
• Identify any issue faster
• Build consumer and participant trust

Final Words

Blockchain has the potential to spin the supply chain industry for good. Blockchain has the best use in the supply chain management and is expected to grow at a very fast pace in the coming future. The key to properly implement and operate a supply chain is to keep transparent and end-to-end connectivity.

In order to reap the benefits of applying Blockchain in the supply chain industry, corporates should begin to embed the newer system today. For higher rewards and improved performance, the bulky paperwork and complex databases need a replacement and there is no better substitute than Blockchain.

Blockchain Technology in Gaming Industry

Blockchain technology is more than just finance or cryptocurrency. And the world has started finding out the advantages of this technology now.

If you look at art, energy, agriculture, Blockchain has gained a valuable place in those sectors. The versatility of Blockchain has also made it effective in the gaming industry.

The gaming industry has always been a controversial sector due to some inherent issues. Players feel worried about high fees, unprotected data, fraudulent activities, and hidden odds. However, these problems can be resolved with Blockchain technology. In fact, companies have already started using this technology to build trust among players.

This year’s Game Developers Conference was populated with professionals who were mentioning blockchain and cryptocurrency.

Here are all ways how this technology can resolve problems for the gaming industry:

1. Making payment processing cost-effective

The gaming industry is accessible from all over the world. Though players get a chance to leverage fiat currencies, they are not effective in terms of cost-effectiveness. A player has to pay expensive fees to utilize online gaming.

With Blockchain, gamers can keep their debit or credit cards away. No matter how small a payment is, this technology offers a decentralized method for it. There is no way for a scammer to steal information or manipulate the sector.

2. Minimizing fraudulent activities

The gaming industry suffers the maximum hit of online frauds. Hence, the industry constantly looks for techniques that can save lost revenues.

Blockchain can save billions by eradicating every chance of fraud. Companies such as B2Expand has already started using the crypto economy to reduce fraudulent activities.

3. Storage safety and security

Game items constantly face a security threat from the hackers. Hence, storing data online seems a risk for game companies. But Blockchain encryption has come out to be a sustainable solution.

Data stored with blockchain encryption makes it impossible for hackers to breach. This technology requires correct nodes at a correct time in order to breach. Which is why game items get a double security that saves from breaches.

4. Better control over gaming economy

The government can put bans or regulate the economies of an industry. Harsh regulations give rise to black markets, which is never good for any industry. Gaming companies have been suffering from this problem as well. Game developers are losing their control over the trade. And that harms their ability to gain maximum revenues.

With Blockchain, there is no need to create policies. A developer can collect royalties from every gaming ecosystem on an ongoing basis. Plus, blockchain allows a game developer to begin or stop selling assets without any restriction.

5. Reducing the price of gaming items

High price of gaming items limits the customer base for developers. This is also a reason why gamers look for stolen game items in the digital market. However, Blockchain comes with affordable micro-transaction benefits. This can allow developers to sell their power-ups at cheap prices without losing profits. Moreover, a user can control his expenditure when playing online games.

These pointers make it clear why Blockchain is the next gaming industry disruption. It is visible that Blockchain is the future of a secure and thriving gaming industry.

Blockchain Technology in Social Media

Though it started as cryptocurrency exchanges, Blockchain has shown promising features in other operations as well. The online world is on the verge of becoming a reliable economy with secure transactions and data.

So, are there any benefits one can derive from using blockchain technology in social media

1. Using Blockchain for news and information verification

At the beginning of this year, Facebook deleted about 583 million fake accounts. These accounts were posting fake news.

Fake information is the biggest problem of social media these days. Anything can get viral and become a truth within hours. In that scenario, if a fake news gets viral, bad situations can occur.

Thankfully, blockchain is capable of resolving this with ledger system. The functions such as personal verification, information verification, and data verification are all possible with blockchain. If you look at the framework offered by oxcert, it showcases how developers can authenticate every information with decentralized applications.

Famous as Dapps, decentralized applications can allow everyone to manage their digital information. This framework leverages authentication to verify IDs, content, and posts. Similarly, blockchain also makes data collection on social media platforms easier.

Social media platforms are heading towards blockchain at a fast pace. Third-party providers are helping platforms to incorporate this technology for verification.

2. Letting users control who sees their data and how much

From the market perspective, social media is a collection of data. If a user doesn’t get control over this, data can reach third parties. Every post, like, or share creates a behavioral profile of the user. This profile is the reason you receive news and ads according to your preference.

However, these informational pieces can also allow third parties to manipulate a user. Hacking personal information and selling it to other parties are the issues that social media sector is facing nowadays.

Blockchain has the capacity to put an end to this activity. There are blockchain applications that allow users to control their data. They can decide who sees their information and how much. Skycoin is a great example of allowing users to manage their information. Every platform requires permissions to access the data, which keeps users’ information secure.

The technology can help users to charge a fee for their information when sharing with advertisers. Hence, one can select the right people to get access to the correct data.

3. Improving crowdfunding on social media

Crowdfunding is helping startups to grow faster. The money is also raised for charities. These activities are taking place on social media platforms as well. And Blockchain is the right direction to make crowdfunding as private, transparent, and faster. Blockchain technology makes investors feel secure and works against money laundering too.

Social networks that are enabled by blockchain make crowdfunding easier for investors. Peers can track contracts, accept payments and verify users without taking any extreme measures.

To conclude

The blockchain is in the middle of disrupting different industries and providing substantial benefits. If incorporated effectively, these benefits can improve the way users look at social media platforms. Data can become secure and users can rely on third-parties. Only time will tell how it all pans out.

Blockchain Technology and Data Security

When it comes to security, computers have never been considered as the most reliable ones. Someone always finds a way to gain access into your computer and misuse the data. This is where blockchains make their entry. In simple terms, a blockchain is an ever expanding list of blocks or records which are connected and secured with cryptographic methods.

Blockchains are used to share precious data over a secure medium. They store data with advanced mathematics and software that are not very easy for hackers to invade.

Let us understand why blockchains are considered secure. In a bitcoin blockchain, the data that is shared contains information about all the bitcoins that have been mined. This can be referred to as an accounting ledger which is stored as a number of copies on a computer network called ‘nodes’. Each time there is a transaction, the nodes ensure that it is a valid one. Valid transactions are added to the other blocks.

Why can blockchain security be considered as hack-proof?

This technology is considered secure with respect to two things:

• Cryptographic fingerprint (hash) assigned to blocks which are unique to them
• The process of sharing history on a network by the nodes also called ‘consensus protocol’.

Generating a hash is time and energy consuming. It involves a huge amount of computational power to earn a bitcoin. It acts as a seal too, because if the block is modified, a new hash is created. Hash verification is easily done by the nodes and the blockchain is updated.

Another feature is that hashes are the links in a blockchain. Each block carries its predecessor block’s hash. When an entry in the ledger has to be modified, a new hash needs to be calculated for all blocks. This has to be accomplished at a lightning speed or else other nodes will keep adding blocks. To achieve this, supercomputers much powerful than all the nodes put together are needed. Else, the added blocks will interfere with the existing ones and nodes would reject them. This process makes the blockchains secure, theoretically.

Any technology is subject to loopholes. Hackers have innovative ways to break into blockchains. There are ways to destabilize a blockchain and a hacker can control a node’s transactions by tricking it. There have been certain cryptocurrency hacks, in recent times where hackers have invaded the e-wallets. But hacking onto a blockchain is not worth the trouble. Since it is very expensive and consumes tons of computational power.

In conclusion, blockchain technology is indeed sturdy, private and secure. You cannot ignore it since it solves enormous problems everywhere, including businesses. After rigid testing practices in pilot cases and by governments and companies, blockchains have proved to be tremendously secure. Institutions everywhere are fast adopting it for their day to day transactions. The advantages are far more significant than the risks it poses. All systems are vulnerable in a world of technology.  Blockchains are still in the nascent stage and have a long way to go to achieve tamperproof perfection.

Blockchain Technology in IoT

The blockchain is rapidly emerging as a hot tech trend. It has the capability to disrupt multiple industry sectors and offer endless possibilities and ventures that were once impossible but now are quite the opposite. It is also promising fruitful outcomes through mergers with other technologies

When it comes to mergers, let’s talk IoT (Internet of Things). The technology that is said to connect every device that consists of an IP address and can receive or transfer information is revolutionary in every perceivable sense. But there are challenges IoT seems to face before changing the face of technology. And if experts are to be believed in this arena, Blockchain seems to have just what it takes to address those issues and get the tech rolling.

Decentralization – a key to IOT and Blockchain merger

One of the major challenges IoT faces is its reliance on centralization. This is done via the server/client model. The problem here is that since all devices are connected through cloud servers, in order for devices to be connected, they have to travel a long, long way even if the devices are at an arm’s length.

Yes, there is no denying the fact that cloud computing has revolutionized the tech industry, but looking at how much of data would be generated in the years to come, this system looks vulnerable to an electronic cloud-burst. It is imperative to find a surefire way to overcome this as industries like Healthcare and other very important aspects of human life will soon depend on IoT for its functioning.

This is where the decentralizing approach to IoT comes in handy, as per tech experts. Decentralizing IoT networks across the billions of devices that constitute IoT overall would ensure the absence of a weak spot. In case there ever would be a single spot of issue, it would still not pose enough threat to the entire network and the network would function just like it always did, without a glitch.

How blockchain helps the cause here?

Blockchain, primarily, is a technology that allows the formation of a distributed network of transactions that would not rely on storing information in central servers but rather function on the shared nodes of a network. Blockchains use cryptography to authenticate and spot out nodes that enable them to safely add transactions.

What’s the best part about blockchains is that it is totally tamper-proof and cannot be messed or manipulated with.

The fascinating bit about this is that the merger of IoT and Blockchains is already making all the news. Being backed by start-ups and corporate tech giants alike, this IoT-Blockchain merger is riding on a high wave.

Companies like Ethereum and Filament are putting the IoT-Blockchain merger to use and are finding some interesting implications of it.

Though there may be a lot counting on IoT to click for the good of all humanity and though Blockchains pose a genuine solution to most of them, it is far too early to say that IoT-Blockchain is the ultimate solution to it all. It isn’t yet the perfect option but it sure is promising. And for the moment, that’s enough to consider.