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Blockchain Technology Featured News

Why the Auto Transport Industry is so Excited About Blockchain

Blockchain
Image by mmi9 from Pixabay.

In 2019, four major vehicle logistics companies came together to form a blockchain consortium backed by IBM and named Vinturas. But this tweet is not about the companies or the consortium they formed; it explores what, in the first place, would pique the interest of vehicle transport companies in blockchain technology. 

What is Blockchain?

Blockchain is an open-source decentralized public ledger of transactions from start to finish. Anyone can contribute to it by adding new blocks to it; this decentralization ensures that no single entity controls the system and that changes can be reviewed and approved by consensus before they are included in the final block. 

The key benefits of using blockchain technology include increased security, transparency, and record-keeping efficiency.

Blockchain in Logistics

Blockchain technologies have the potential to disrupt multiple industries. From the supply chain to finance, blockchains can dramatically increase the speed at which information is verified and transferred from one place to another. 

Primarily, the integration of blockchain into the operations of the consortium was to boost supply chain efficiency. 

In the logistics industry, blockchain has the potential to lower transaction costs while increasing transparency and lowering transaction costs for shipments between different countries.

As the world is moving towards decentralisation, blockchains are presented as an alternative to current structures which still have a lot of traction.

Tracking and Accountability

Blockchain offers companies a safer way to track and manage intellectual property, increase transparency and improve accountability. The technology behind blockchain provides an alternative set of incentives to traditional business models, which may encourage more innovation and reduce costs. 

By digitalising logistics processes, carriers can boost supply chain visibility and provide a more reliable service to their customers. What does this mean for the transport logistics industry as a whole?

With blockchain, it is possible to run entire auto transport logistics without having to rely on physical or even digital documents; instead, data is shared through unique digital signatures based on blockchain technology. This also boosts accountability on the part of carriers. 

Openness

Blockchain-based truck tracking enhances not just the visibility of the chain, but also the reliability of the transactions between carriers and brokers and their customers. Such an arrangement particularly allows customers to monitor their vehicles in real-time during transit. 

Therefore, being an open system, it helps to protect the interests of customers and reduce fraud in the auto transport sector. 

Shipping a car requires signing various contracts and agreements to ensure the absolute protection of the vehicle as well as clarify to whom belongs liability in the case of damage. With blockchain, this process can be more seamless since both parties would be able to share data and information easily. This includes information from comprehensive vehicle assessments before pickup and during delivery. 

Trust

Blockchain has widespread appeal because it creates trust in a distributed network. It has the potential to disrupt existing industries by enabling members to execute transactions in a manner that is both secure and transparent.

Thus, another factor that blockchain introduces into the car shipping process is trustworthiness. Vehicles are an expensive investment and no car owner wants to entertain the possibility of their vehicle going missing in transit because they handed it over to frauds. 

Vehicle transport companies also, on the other hand, want their customers to be at peace and trust them with their valuable vehicles. Blockchain could serve as a meeting point of trust between both parties. Transactions carried out over the blockchain are secure and authentic forever. 

Coordination

Blockchain technology would also help brokers to coordinate their operations. Brokers function as liaises between customers and carriers and thus play a significant role in auto transport operations. However, this role can come with a lot of bulk work trying to connect customers to carriers and vice versa. By maintaining documents on the blockchain, brokers can manage and share data better across their clientele. 

We will, first, consider the impacts that blockchain technology has been making in the logistics industry as a whole before focusing on car shipping specifically. 

The whole process can be resolved quickly by signing smart contracts backed by blockchain technology. By drastically reducing processing times, all that’s required is for the customer to submit their vehicle for pick up/drop off and then ease their mind until delivery is made. 

Conclusion

Many people think of blockchain as cryptocurrency and bitcoin but that’s only a small bit to the comprehensive dimensions of the technology. 

So, blockchain in the auto transport industry does not necessarily mean companies would start accepting payment in bitcoin (that’s for the larger society to decide). Rather, it explores the various ways that introducing blockchain into the car shipping process optimizes operations and enhances the quality of the transactions between carriers, customers, and brokers. 

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Africa Blockchain Technology News

New Cryptocurrency, Dogemoon set to rival fast rising Doge and Safemoon currency

A new cryptocurrency named DOGEMOON is set to rival the fast rising DOGECOIN and SAFEMOON.

DOGEMOON’s main aim is to use blockchain technology to help charities and communities, among other functions.

Built around the fast-growing coin is a strong sense of community and commitment to charity.

Dogemoon’s community recently donated to the UEFA foundation and the Able Child Africa charity in the UK. This was affirmed in a statement released on their website;

It reads: “DOGEMOON will be donated for the first $1,000,000 market cap, 5,000,000 at 500k MC, and another 5,000,000 at 1M MC. This way we can give back immediately!, The first charity we are focusing on is The UEFA Foundation.”

The DOGEMOON community is currently running a community contest where people can earn up to $5,000 USDT, with up to 27 possible winners.

SafeMoon’s price today is $0.000012 USD with a 24-hour trading volume of $112,361,041 USD. SafeMoon is up 139.21% in the last 24 hours. The current CoinMarketCap ranking is #2424 while Dogecoin’s price today is $0.374307 USD with a 24-hour trading volume of $26,242,209,739 USD. Dogecoin is down 0.22% in the last 24 hours. The current CoinMarketCap ranking is #6.

DOGEMOON’s current market cap is currently a little over $3m, which very little and gives room for massive return for investors compared to Safemoon and Dogecoin that have reached billions in market cap.

If DOGEMOON will successfully upseat other fast rising altcoins like SAFEMOON and DOGE is left to be seen as as the crypto world is becoming the new oil in Africa.

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Blockchain Technology Disruption

5 New Blockchain Products for 2021 You Urgently Need to Know About

These are the new blockchain products you need to know about in 2021.

Blockchain development specialists from ‘hack’, have revealed the up-and-comers in everything crypto that you need to keep your eyes peeled for in 2021.

Blockchain consultants are the first port of call for many new arrivals to the blockchain world, who utilize hack for initial consultancy and development of their products and services. As such, the expert team has insider knowledge of some of the biggest blockchain brands that are new to the market and coming soon.

On daily basis, new blockchain products are been introduced to the blocksphere, and as much as we have out there, only a few promising projects actually did what it was intended to. That is why we are going to be revealing some of the most exciting new blockchain developments you need to know about in 2021.

Top Blockchain Products for 2021 To Watch Out For

1. Waellet

waellet blockchain solution
If you own aeternity token, you will agree with me that waellet was created to solve one of the challenges of the project – storage and accessibility.

Waellet is a new and increasingly popular browser extension wallet for aeternity blockchain launched by hack themselves, which allows users to utilize and manage their aeternity currency in their browser. It is one of the most promising blockchain products to look up to.

The extension allows users to easily interact with different decentralised applications straight through the browser. The goal of Waellet is to be the first choice in interacting with dApps hosted on different blockchains. This means that Waellet will allow users to pay for different services without the need to worry about the network of the particular dApp.

In addition, Waellet allows its users to create FTs (fungible tokens) and participate in auctions for AENS names.

2. Superhero

Superhero is a newly launched-app which brings the custom of tipping online, allowing you to tip anyone, anywhere, anytime.

Tipping has become an ingrained part of our culture, typically used as a thank you to employees working in the hospitality, personal care, transport and other service industries.

Now thanks to Superhero, the custom of tipping can be brought online to support content creators, social movements, influencers and others in the digital space.

Unlike other online tipping platforms, Superhero is unique in that it can be used to tip any public URL online, and doesn’t require that the person being tipped to have a profile set up in advance. Additionally, Superhero doesn’t take any commission from the tip and applies no restrictions over who can and cannot be tipped.

Essentially this groundbreaking offering is the world’s first-ever decentralised, censorship-free and open source social tipping platform.

The app can also be used much like any other social media platform – allowing users to share and engage with the content of interest, but unlike many other social platforms, the app will not analyze or sell users’ data – which makes it a worthy blockchain product to check out this year.

3.Wetonomy

WETONOMY - Blockchain Products for 2021
WETONOMY is one of the promising blockchain products of 2021 that you cannot look away from. It offers you a community-centric environment that gives room for productivity and accountability coupled with its rewarding system. Nothing compares to it yet!

Of all the upcoming blockchain products that I have mentioned, two have similarities in functionality, Superhero and now Wetonomy. Wetonomy is an innovative way for businesses to manage and reward their staff to build a Decentralised Autonomous Organisation (DAO), and essentially operate a business run by code.

Wetonomy is a technology stack that enables scalability and automation at the same time. With it in motion, any team or organization can create or issue cryptocurrency tokens, give voting rights to token community builders and make financial transactions, etc.

The framework operates by allowing business owners to create a set of ‘rules’ that will automatically reward particular actions of employees – such as hours worked or achievements gained.

When these actions are completed employees will be given tokens. The tokens can be used to represent a value within the business – such as funding projects and making decisions, and can also be exchanged for other cryptocurrencies, providing monetary value to the employee.

Wetonomy will play a huge part in shaping a new type of workplace, one built on a level of trust and automation that wouldn’t be possible without blockchain technology.

4. Jelly Swap

Jelly Swap Atomic Swap Solution powered by Blockchain
Jelly Swap atomic swap solution powered by Blockchain technology offers its users a quick multiple asset conversion protocol. One of its advantage is, you can connect any blockchain platforms to it with ease.

Jelly Swap has been an innovative and necessary development in allowing users to swap cryptocurrencies across blockchain networks on a peer-to-peer level.

The functionality makes it easy for users to switch currencies in a non-custodial and trustless way, with no registration required. The platform relies solely on smart contracts, with no middleman.

Additionally, users can earn a profit on Jelly Swap by providing liquidity to the protocol.

Specialist blockchain and DLT development and consultant experts hack, pride themselves on bringing ideas to life.

The team can provide a wide range of development and consulting services to new companies looking to launch a blockchain product or service – from custom development to smart contracts to business growth and strategy,

Entrepreneurs looking for support in launching their blockchain idea can contact hack for expert guidance and development and consultancy services. Simply contact hack to share a summary of your idea and the support required and the team will be in touch.

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Blockchain Technology Business Disruption Information and Communication Technology (ICT)

Post-COVID-19 Solution: How to Start Accepting Crypto Payments

A mini-guide for entrepreneurs in preparation for the Post-COVID-19 era where accepting crypto payments (cryptocurrency payments) will soon become the norm, and the future of online payments, written in partnership with TechAtLast by the PARSIQ team.

Do not wait for your customers to ask when you will start accepting cryptocurrencies. There are many advantages that your business can gain by adding this payment method. 

A simple mention – “We accept Bitcoin” – on your website is guaranteed to get noticed by customers who are looking for the opportunities to pay with cryptocurrency, not fiat. These people are extremely likely to tell their friends about a new crypto-friendly merchant they found.

“Since we started accepting Bitcoin as a form of payment three months ago, our sales have jumped a whopping 427%,” Lynx Art Collection team reported last year.

LYNX ART COLLECTION

Companies should consider accepting cryptocurrencies in order to not only offer new payment methods to existing customers but also to acquire new clients from the crypto and blockchain ecosystem. This is a real win-win path to increasing revenue that cannot be ignored.

Are cryptocurrencies payment a salvation bay during and after the crisis?

In the context of the COVID-19 pandemic, cash has become one of the threats to human life and health. According to researchers, a total of 397 bacterial species representing more than 20 bacterial phyla live on the surface of banknotes.

Microbes found on circulating currency in New York City during the summer period
Microbes found on circulating currency in New York City during the summer period. Credit: doi.org

In order to protect people from an additional source of coronavirus infection, the Chinese government decided to disinfect cash with ultraviolet light, and the South Korean authorities quarantined cash and even burned some of the banknotes.

Besides the fact that banknotes have become a kind of old-fashioned payment, most companies have transferred their employees to remote work. Therefore, in self-isolation conditions, consumer habits gradually changed. As a result, most purchases have gone online – the number of global e-commerce transactions increased by 23% after the rise of the pandemic.

Cryptocurrencies are a separate and very promising type of online payment. Therefore, in this document, we will emphasize the main aspects of connecting digital currencies to your business.

“Since PARSIQ works as a bridge between cryptocurrency payments and traditional business finance, we noticed a new wave of demand for automation of cryptocurrency-related activity. Therefore, we can assume that businesses consider cryptocurrency a new way to grow profits and gain new customers,” says Tom Tirman, Co-Founder of PARSIQ.

The rise of cryptocurrency payments

On the CoinMap portal, you can find a world map with indicated locations of all the stores and ATMs accepting cryptocurrency. According to the site at the time of writing, there were 19,369 such venues around the world.

Indicated locations of all the stores and ATMs merchants accepting cryptocurrency payments
Illustration (heatmap graph) indicating locations of all the stores and ATMs merchants accepting cryptocurrency payments around the world. So far, as at June 3, 2020, there are about 19400 venues all over the world. The figure will keeps increasing as the adoption of cryptocurrency payments increases worldwide.

Cryptocurrencies are gaining popularity as a means for value exchange and as a method of payment for goods and services. In the US, crypto is not considered legal tender. However, it is fungible, as exchanges are considered to be money transmitters, according to the Financial Crimes Enforcement Network (FinCEN). This enables businesses to legally accept digital currencies as payment.

In most jurisdictions, cryptocurrency regulation is enforced when it is exchanged as security. As a method of payment and in general use, however, such jurisdictions as the European Union, most require that utilization is under KYC and AML regulations to ensure that cryptocurrencies are not used for illicit or illegal purposes, such as terrorist financing and money laundering.

Having multiple options for cost reduction, crypto wallets, and exchanges enable businesses to have flexibility in terms of accepting B2C or B2B payments using cryptocurrency.

How to start accepting cryptocurrency payments

Accepting Cryptocurrency Payments - How to Start Accepting Crypto Payments During Post-COVID-19 Era for Entrepreneurs
TechAtLast partners with PARSIQ team to bring you a mini-guide for entrepreneurs in anticipation and preparation for the Post-COVID-19 era in which we strongly believe that accepting cryptocurrency payments for business transactions will be the new normal same way that Covid-19 has rendered oldfashioned business processes obsolete. It will be a very smart decision for business owners and industry leaders to invest in research and development of cryptocurrency based payment solutions going forward. For this reason, TECHATLAST, as an industry leader is spearheading the research and data gathering process to help intending business owners make informed decision on accepting crypto payments. Read and enjoy!

Here are some options that your business can consider in accepting cryptocurrency payments:

Payment processors. The most straightforward and simplest means to accept crypto payments would be through a payment processor. This partner will basically accept the payment in cryptocurrency and then remit into your business account in fiat currency or other preferred means. Some examples are Dash, BitPay and Coinbase Commerce.

Crypto wallet. The most direct means to accept crypto payments would be the peer-to-peer option, wherein you provide your payment address. This will require that you establish a wallet account available on mobile and desktop apps, or even as a physical device. 

You can then utilize exchange services to convert your crypto into fiat or even into other cryptocurrencies. Some wallets have convenient built-in exchange functionality so that businesses can quickly convert from one crypto to another, or even to fiat, with minimal hassle.

Point-of-Sale solutions. Another option for accepting cryptocurrency payment is through a PoS solution that accepts digital currencies. As with payment processors, this will also entail the service provider remitting the funds through fiat or other preferred means after the transaction goes through.

Regulations, compliance, and establishing trust in the crypto ecosystem

As earlier mentioned, most jurisdictions require compliance with KYC and AML regulations, which means businesses will also need to provide such information when establishing accounts for receiving crypto payments. Transparency in transactions is one way to ensure compliance with such regulations. 

This also enhances trust between the parties involved. Instant notifications provided by PARSIQ’s Smart-Triggers, for example, gives both merchants and customers the assurance of transactions as they are confirmed on the blockchain. There is no need to manually monitor the progress of such transactions. The platform automates this crypto monitoring, analytics, and notification platform so that your business can focus on what matters–building value for your customers and industry.

Pros tips for accepting crypto payments:

Cryptocurrency payments provide unique advantages over traditional digital payment solutions. Businesses can start accepting crypto payments to save time and reduce transaction fees while staying compliant.

Pro tips for accepting crypto payments using PARSIQ
Accepting crypto payments offers unique advantages than traditional digital payment solutions that we have been used to. Lets explore some of the advantages of accepting cryptocurrency payments for your online and offline business.

Save time. Automate your business needs–save hours or manual work using customizable notification services. In just a few clicks, you can specify how and where to accept crypto payments from your customers. No need to manually accept payments each time. 

Lower cost. Existing digital payment options, most notably credit cards, can charge fees up to 3%. This can add up to exorbitant costs for businesses over time. Instead, crypto payments can drastically lower transaction costs, as seen in the case of a cryptocurrency exchange who transacted US$1.26 billion worth of Bitcoin for just US$124.60, or less than 0.00001% of the payment volume. Businesses can automate the processing of payment deposits at scale to save costs over time. 

Stay compliant. Keep up to date with the latest AML and KYC regulations by making sure you have the right compliance measures in place for accepting crypto payments. Using transaction monitoring services, businesses can monitor payment transactions at scale to collect and analyze important regulatory information. Know if incoming payments originate from blacklisted or high-risk addresses so that your business can take appropriate action in real-time.

PARSIQ monitoring enables businesses to set up alerts according to amount thresholds, such as limiting the maximum payment accepted per transaction. When thresholds are triggered, the service notifies you through your connected application with the transaction details, so that you can quickly react with proper compliance measures. 

Summary on accepting crypto payments

Digital payments have proven to be a necessity in today’s economic climate. According to the World Economic Forum, central banks around the world are recognizing the viability of digital currency as an alternative to cash, since it reduces physical contact and thus the possibility of spreading the coronavirus.

The global pandemic has led many businesses to close down physical operations and shift toward digital commerce and payments instead. Accepting crypto payments can accelerate your business’ digital transformation, and it will enable businesses of all sizes to quickly recover and even thrive during and after the economic uncertainty resulting from COVID-19.

A little bit about PARSIQ

PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. PARSIQ’s features automate the blockchain analytics and monitoring process, providing customizable workflows with real-time intelligence.

People behind PARSIQ are experienced and highly qualified industry professionals that are passionate about blockchain technology. Our ultimate goal is to push forward the mass adoption of blockchain technology by providing the necessary solutions. We want to give everyone the ability to understand and manipulate blockchain data streams.

With PARSIQ, we are making it easier to integrate blockchain infrastructures into existing businesses with an additional layer of monitoring and automation for blockchain-specific asset management.

Details on solutions provided by PARSIQ can be found here.

Conclusion

With this guide, you should be able to start accepting cryptocurrency payments anytime soon as the world of industries is bracing for the impact of the aftermath of the novel Covid-19 pandemic that has crippled almost every business around the world.

Other resources on blockchain and cryptocurrency:

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Blockchain Technology Information and Communication Technology (ICT)

AI-Powered Chatbots: Enhancing Business Communication

AI-powered chatbots simplify business communication and interaction with the end-users while making the process seamless and effortless. Now, let’s delve more into how artificial intelligence enhances business communication.

When the talk is about business, let’s put a universal fact upfront, “the Secret to Success of any business depends on the level of Customer Satisfaction achieved.”

The game of business revolves all-around how well to serve customers gaining their vote of trust for repeated business.

Business marketing can get you leads, for sure. But how do you turn them into customers with a pleasing and convincing communication?

Learn from Amazon and its Success Secret!

The overlord puts an obsessive-compulsive focus on ‘Customer’ rather than ‘Competitor’ and is aided by AI-powered chatbots which streamline its business communication with end-users in the most efficient way possible.

Customer’s Realistic Approach Aligned with AI-powered Chatbots

Customer’s Realistic Approach Aligned with AI-Powered Chatbots
Gone are the days of customers spending hours on the phone with the support team in order to get help, AI-powered chatbots have taken over. | Image Source: ChatbotsLife

In this modern era, if a user or customer has a query, they hardly visit a website’s knowledge base section(FAQs) or look for call center numbers anymore; however, they hunt for quick interactions over the most familiar platforms known.

Those were the bygone days when a user was passed from agent to agent trying to solve a problem and yet was left dangling with his unsolved query, adding unwanted additional time to build interconnections.

Digital customers, today, look for more personalized, relevant, and better interactions with brands with immediate responses and seek swift and handy solutions to their problems.

Thanks to Automation Technology!

The artificial intelligence technology has blessed businesses with a boon of Chatbots which can instantly respond to customer queries, improve customer support, and automate the purchase process.

By engaging with virtual assistants, companies are rendered with deep and valuable insights over customer behavior and patterns and benefit from the cost savings brought on by these well-taught bots.

Everybody, today, uses the Internet and is active over different social networks. This derives a golden opportunity for companies to improve their user experience with AI-enabled chatbots as they capture customer data and context better, for seamless conversations.

To dig deep, prefer reading: 3 Ways Artificial Intelligence is Changing the Future of Social Media!”  which is a 2-minute read, pinning the significance of AI in shaping social networks.

AI Bots Transforming Customer Experience and Business Communication

“Humans have limitations, but AI Bots don’t!”

Artificial Intelligence or AI is here to rescue you

Process automation allows companies agility, efficiency, risk reduction, control and traceability in the management of activities.

However, what if the processes are constantly repeatable and their use extends 24 hours a day, 7 days a week without stopping? Or even, multiple requests are entered at the same time?

The answer is undoubtedly a Chatbot solution.

A chatbot is a technology based on artificial intelligence that allows a user to have conversations with a program, using the language naturally and which in the business allows automated processes to be maintained at any time, working on their own.

So, to leverage business communications one can best avail the service of a 24/7 gateway that is highly effective and efficient in addressing user frustrations and maintains longer user engagement with an increased consideration rate.

Chatbots are virtual robots with which it is possible to hold conversations that can be integrated into various operational processes of a company, this in order to create a “natural” linguistic communication between applications, devices, and users.

(The conversation that occurs with chatbots can be to request some type of information or to request that an action be carried out.)

Gartner says that more than 80% of the interactions that companies have with their customers are handled by non-human “people”.

Chatbots identify bottlenecks in the operation and allow continuous improvement to be applied to business activities. They can serve many clients simultaneously and at the time they need, which improves the user experience without human intervention.

Bots are essential today in the digital transformation path of any company. 

With all that said about AI-powered Chatbots, now it’s time to prove all our assertions: 

Communication made Instant & Efficient

Chatbots offer immediacy, the same that Internet users ask for. They offer immediate answers to simple and complex questions with the expected user’s intent. It manages to segment users while making it possible to know them better and react accordingly.

Bots are also known to execute multiple conversations with multiple clients, simultaneously, providing them real-time support while engaging with them at their preferred time of the day.

Deeply Understand & React to Customer’s Intent

AI plays a significant roleplay in chatbot development.”

Backed up by the robust technology of the era, AI and its subsets (machine learning, deep learning, etc.) and executed with the codes running on NLP (Natural Language Processing) chatbots are made more than efficient to understand the context of a customer query.

The in return response of a bot is supported with algorithms that go through and scans millions of data sets to come up with an adequate solution. Unwantedly, if they come across something they aren’t trained for, they direct a user intelligently to its human counterpart.

Endless Availability

I won’t be wrong if I say chatbots are your new portable digital helpers. It doesn’t matter; whenever or wherever you need help, chatbots are readily available to help you with their refined data whether browsing a website or an app.

Chatbots are available 24 hours a day so they help agents decrease their workload. Thus, the latter can focus on managing high-value interactions with customers where empathy and excitement are crucial to delivering differentiated customer experience.

They are more of a convenience for customers to pick up a conversation whenever it suits them, they are available through messages, updates and push notifications.

AI-Powered Chatbots are always available to carry out your pre-determined tasks upon demand
AI-Powered Chatbots are always available to carry out your pre-determined tasks upon demand.

Conversations made Direct & Personal

The advancing AI has made chatbots more user-centric, allowing them to play the analogy of live chat agents. Much like them, chatbots can address users by their name, access their account and can deliver personalized feed of their question by scanning their profile or search history.

Chatbots with their 24/7 availability can also act as your in-store assistant, helping and comforting a website visitor with sorting and filtering products as per your needs based on customer behavior analytics.

AI enables its supportive bots to be proactive and anticipate a user’s concern as and when.

Afterwords

Virtual assistants in the form of chatbots are the new face of artificial intelligence (AI) and at the customer service level, they have represented a complete revolution.

Digital transformations are being carried out by the people for the people, leveraging the power of AI to derive optimal customer experience.

So our recommendation is that you don’t be afraid to implement chatbots and tools derived from AI, as long as you do it correctly and with good guidance. You must state a feasible objective of the chatbot well before venturing to its implementation to procure desired fruitful outcomes.

Categories
Blockchain Technology Disruption Information and Communication Technology (ICT)

Blockchain And Cryptocurrency: Here Are The Basics You Need To Know

In a world where public and private ways of living are two options, you have to choose from, blockchain technology comes in handy in balancing the equation. Blockchain technology is one of the hottest trends in the world today, especially with Europe’s General Data Protection Regulation (GDPR) being implemented recently. 

The crypto industry is seamlessly growing in value and importance, and there are currently about 2.5 million products from reputable merchants across the globe that can be bought with the use of bitcoin today.

Blockchain technology is a form of digitalized, de-centralized public record of all cryptocurrency transactions. Blockchain was designed to record, not just financial-related transactions, but virtually everything of value.

Public and Private Keys Management: Blockchain Technology And Cryptocurrency Basics - Here Are The Basics You Need To Know
Managing your public and private keys is one of the best ways to keep your blockchain wallet secure always.

Several business sectors, companies in healthcare, financial services, agriculture, as well as other entrepreneurs and solopreneurs are rushing to adopt the blockchain technology and secure their financial transactions to provide a clear record book among individuals with the digital coin’s technology, “cryptocurrency.” Meanwhile, many of these businesses are doing so basically because of the fear of being left behind (FOMO), without having crystal understanding about the basics of blockchain technology and how it should be applied to optimize their business performances.

Bitcoin is a form of digital currency that is often compared to a combination of electronic money and gold. It only exists online and can significantly change the methods of using cash. It is a scientific alternative to money and source of value exchange and has become a popular form of batter in just a few years. You can use this string of virtual coins to sell or buy products, and even like cash. However, they are only present digitally that does not require an administration or bank to run. Well, as a form of virtual money, they are locked with codes, and highly encrypted, so people using Bitcoins for trading or buying and selling purposes are hard to get ascertained.

Now, let’s go in-depth about what this widely-used blockchain technology and cryptocurrency are and the complete breakdown of it.

What is Bitcoin?

As a form of cryptocurrency, it was first introduced in January 2009, that excludes the requirement of mediocre, like banks or administration to make transactions. It was developed by Satoshi Nakamoto, probably a pseudonym of a Japanese citizen. The case of interest is that the identity of the developer of this highly used digital money is still not revealed. Being a decentralized form, it is based on peer-to-peer technology, and only needs individuals to run. 

There is no physical evidence of this cryptocurrency. The balance is secured and verified by computing power and produced, kept, transacted by using a decentralized ledger method named blockchain.

Security

A protected and highly encrypted scientific algorithm is used to provide the security of the extensive public and private keys that store the Bitcoin tokens.  

The public and private keys, quite similar to a bank account number, are used for the transaction of currencies. The public address is a combination of letters and numbers, and visible to others, with whom you are supposed to run trades with. Anyone who knows this address can send you money. The private address is like your ATM pin that is to be used to approve transactions.  

Also, the two-factor authentication, adds another layer of security to your account. It’s more secure because it requires two sources of verification. 

Where to Get Bitcoin?

You can buy these virtual coins by exchanging money or get them from your fellows, and online. The best thing is, you can even create them! If you run a business, you can ask for such cryptocurrency in exchange for your product. When you use your real cash to purchase them, you have to relate a bank account number under your name to a third party website. So you cannot keep your identity hidden in such a process. However, your number or money disposition can also be a way of purchasing this digital money.

Now, you may be thinking of how new coins get generated. Well, it is based on a process called mining, an automatic process run by servers. The authority that regulates the computing system and active in the generation system is called ‘miners,’ and they get paid for their work in the form of Satoshis. Besides, if you are new in crypto-trading, you can visit https://www.cryptovibes.com/immediate-edge/ to get comprehensive crypto guidelines, crypto vibes, as well as review overview of immediate edge. 

Through mining, this cryptocurrency gets distributed and requires the solution of a mathematical riddle to open a new block that eventually gets added to the blockchain process.

Through mining, this cryptocurrency gets distributed and requires the solution of a mathematical riddle to open a new block that eventually gets added to the blockchain process. As a matter of fact, for a ten-minute block, approximately 25 coins get produced. However, the generation process depends on how long the network is kept running. It becomes harder for miners to generate new coins with an increasing amount of blocks and demands highly persuasive and equipped computing systems. Previously, it was possible to mine cryptocurrency with a typical computer. But with the rising level of difficulty, as a miner, you need costly and compact hardware systems and superior processing units.

Why Do People Want Bitcoins?

The best part is, this system of the transaction is not regulated by the government or central banks. It sometimes holds the focus of some people. If you want, you can keep your name secret while spending your currencies. No need to fear here as all the activities are getting registered and no one is able to know your account number unless you tell them – this settles the public and private debate I think. 

How to Use Bitcoins?

After being rewarded, you need to stock the funds. For this, you require an online wallet or a third-party site. When you have your wallet, you become a member of the Bitcoin system and can use it for various uses. If you want to send them to other users or buy something online, you need the ID of him/her to make transactions. It may be approved instantly or even take an hour as it needs to be verified by the miners around the world.

How to Protect Your Bitcoins?

You obviously do not want to lose your coins. So keep them guarded, and for general use, only keep a little sum in your PC, mobile or server.

  • Do not forget to backup the wallet public and private key, and keep the associated phone secured with a strong password. The same thing goes for your wallet.
  • You can keep your funds in an offline wallet that is not connected with your current wallet.
  • Do not forget to update the software you are using.

Is Using Bitcoin Safe?

As every action is getting recorded publicly, nobody can copy these digital coins, duplicate or use them without letting the actual owner know. However, you may sometimes misplace your online wallet, or reserves or even remove them. They can even get stolen from the sites, and so you need to ensure its security by saving your private keys.

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Blockchain Technology Business Featured Infographic

The Evolution of Mobile Data Collection Solutions on Business Growth [Infographic]

Discover how your organization can use mobile technology to boost the effectiveness of your data collection methods in 2020.

As we enter a new year and a new decade, now is the ideal time to upgrade your organization’s data collection methods. Due to the evolution of mobile data collection technologies, there has never been a better range of solutions to choose from.

Evolution of Mobile Data Collection -Infographic
This post detailed how to use mobile tech data collection solutions to solve and boost the effectiveness of your organization’s data collection methods.

Switching from the Old to the New

Traditional data collection methods are still widely used. This method involves gathering information in person with a clipboard, pen, and paper and then manually entering data into a spreadsheet. The main drawbacks of the traditional method are that it tends to be quite time-consuming, resource-heavy and labor-intensive. As such, it’s not surprising that so many organizations are now making the switch to newer technologies such as mobile data gathering.

Mobile Data Collection Explained

It is a method of information gathering that involves the use of mobile devices such as smartphones or tablets. It can be used to gather, compile and analyze both qualitative and quantitative data. As all the information is stored in a single centralized location, there is no need for post-information-gathering data entry. Another major advantage of mobile data collection tools is that they also often include extra functionalities that allow researchers to fulfill additional tasks such as asking research questions, testing hypotheses, evaluating results and much more.

Business Applications of Mobile Data Collection

Mobile data collection can be put to use across a diverse range of business activities. It can be a useful tool for many departments such as accounting or marketing. Some examples of business use cases include executing execute audits, scheduling jobs, market research, and lead capture.

Streamline Processes with Mobile Data Collection

By using mobile data collection solutions, organizations can streamline business processes. This boosts efficiency and can save a lot of time and resources. The automation of certain tasks not only ensures that the work is completed more quickly, but it also frees up employees to focus on more important jobs.

Improve the Accuracy of your Data

Mobile data collection software can help to significantly to improve the quality of data. Firstly, it does this by reducing the likelihood of error at the point of collection. What’s more, the real-time collection of data prevents memory bias. Another major advantage is that it can swiftly collect diversified information and produce data that is ready to share and analyze.

Find Out More

If you are keen to learn more about making the switch to mobile data collection solutions, then you should check out the infographic below. This insightful infographic features an easy-to-understand overview of mobile technology data collection and lays out some of the reasons why your organization should adopt this mobile tech in 2020. It also includes some sample use cases and offers advice on how to select the best data collection solution for your needs.

The Savvy Researcher’s Guide to Mobile Data Collection [Infographic]

The Evolution of Mobile Data Collection Solutions on Business Growth [Infographic]
The post elaborated on the beginning of this type of information gathering and roadmap to achieve the maximum result.
Scroll down to the below infographic to find out more today from ERS IT Solutions.

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Blockchain Technology

Blockchain In Mobile Application Market Infographic

Blockchain technology has gained immense popularity among multinational companies and several small scale industries. This technology extended its reach at a rapid phase and popular firms claimed this as the most valued technologies of this century

There are several reasons for Blockchain’s unstoppable growth in tech space, it offers unimaginable speed and impenetrable security features. These features made mobile developers to welcome this technology into developing mobile applications. 

Using blockchain technology to develop mobile applications is a considerable and profitable idea, because we have to change ourselves according to the technology. Everyone in mobile application market are pretty sure about the idea of entwining these two will produce profitable results. 

What is blockchain?

The application of blockchain technology to mobile application markets
The application of blockchain technology to mobile application markets.

Blockchain technology is an open distributed ledger and it is decentralized in nature. This technology simplifies the process of transacting digital currencies like Bitcoin, Litecoin, Ethereum, etc.

And it also allows to display digital data openly, but this data cannot be copied or duplicated. This guarantees the protection of the data and build trust and transparency.

Blockchain has expanded its reach to various industries, like healthcare, banking, finance, insurance, and real estate. Generally, this creative technology has a major role to play in conducting transaction in a safe and secure manner, which is an important attribute for an industry to develop.

Now, blockchain technology has the capability to influence the advancement process of the mobile app industry. 

This technology is implied into mobile apps to speed up the electronic transaction process and it also ensures the safety of users information.

This is also foreseen as a technology which has the capability to serve as the best alternative for Apple’s App Store and Google’s Play Store as a main choice for downloading, purchasing, and searching.

The main reason behind Blockchain’s huge success and popularity is its stability in processing every cryptocurrency. Experts now considering into this technology as a database that helps in developing every single mobile app development process.

This decentralized technology has the ability to track down transactions easily of people or industries who transfer currency to their stakeholders or other individuals. 

Undoubtedly it will increase transparency and also improves the app security procedure, and it also flushes down fraudulent transactions.

Applications Of Blockchain Technology In Various Industries

Blockchain technology has several uses and it has the potential to work for many other sectors like Healthcare, Government, Travel and Hospitality, Financial Services, Retail and CPG. 

Financial Services: we all know that Blockchain technology has primarily developed to serve in financial services sector, but this technology has several other uses and it can be used and executed in several innovative ways.

Blockchain technology simplifies and manages the complete procedure that deals with asset organizing and conducting transactions by offering an automated trade lifecycle which enables all the users to gain access to the accurate same data about a payment.

Healthcare: Blockchain has a very crucial part to play in the healthcare sector and this is done by increasing the privacy (personal and financial), security and interoperability of healthcare information.

It has the potential to deal with various interoperability obstacles in the sector and guarantees secure transfer of healthcare data between several institutions and people involved in the process.

It eliminates the interference of a third-party or middlemen and also cuts off the overhead costs. With Blockchains, healthcare records can be safely secured in allocated data bases by encrypting it and executing digital signatures to guarantee privacy and genuineness.

Government: Blockchain technology keeps the potential to revamp Government’s operations and services. It can be a major part in enhancing the data transactional hurdles in the Government sector.

CPG and Retail: There is a great opportunity for Blockchain technology to be applied in the retail sector.

This includes everything from assuring the originality of high value goods, averting, fraudulent transactions, finding stolen items, allowing virtual warranties, controlling loyalty points and organizing supply chain operations.

Travel and Hospitality: The implementation of Blockchain can totally change the travel and hospitality sector.

It can be used in payments, storing key documents like passports and other ID cards, reservations and handling travel insurance, loyalty and rewards.

Key Challenges of using Blockchain Technology

The lack of recognition and knowledge of the Blockchain motive and the way it functions are the key hurdles to be cleared. People should be educated by giving them an idea about usage of Blockchain in industries apart from financial services sector. 

The obstacles or hurdles related with present legacy resource in organizations and lack of detailed technical knowledge are the main challenges to the adoption of Blockchain in the mainstream.

Owning Blockchain also need a cultural transformation from the regular ways of doing things, as it requires a major shift by decentralizing the complete procedure. 

Following the existing rules and making sure the necessary data privacy and security for the shared data bases also put on to the important roadblocks in adopting Blockchain.

How blockchain will revamp mobile application market?

According to statistics the mobile app economy is almost unstoppable, particularly when it’s supposed to become valued at about $6.3 trillion by the year 2021, and with the increase in usage of mobile apps for each and every need millions of more apps will be developed in the future.

With the implementation of blockchain in mobile applications, following advantages can be achieved:

  • Solves in app purchase issues.
  • Enhances advertising model.
  • Makes app transactions transparent.
  • Improves reward programs.

Blockchain in mobile application market - sage of blockchain in mobile application market
A team at ACmarket has developed an infographic to give a detailed description and explain the “advantages of blockchain in mobile application market.” The infograph explains some of the uses of blockchain technologies in mobile application market. You’ve got to read it to gain some new insights.

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Blockchain Technology Business Money & Finance

Crypto Taxation Laws – A Look At Cryptocurrency Taxes In Asian Markets

The long-standing arguments on whether to, or not to, enforce a crypto taxation laws or capital gains tax on cryptocurrency trading and transactions is glaringly coming to an end. It is believed that in order to legalize cryptocurrency as a legal tender, there’d be need for documented cryptocurrency taxation by the government.

Asia is a major player in the world of cryptocurrencies. China is responsible for more than half the world’s BTC mining hash. Moreover, Japan’s government has made Bitcoin a legal currency in the country. South Korea is also home to two of each five Ethereum exchanges and has the most dynamic crypto markets.

Despite all that, Asian countries are lagging behind in terms of regulation and taxation. While some investors see that as a good thing as they get to keep all their earnings, having no clear tax provisions is ultimately detrimental to the economy, and will likely incentivize governments to ban crypto activities, hurting the industry, and potentially crypto investments, in the long run.

This article gives an overview on current crypto taxation laws in Asian countries. 

How Enforcement of Crypto Taxation Laws in Asia Will Impact The Industry Positively

Crypto Taxation & Cryptocurrency Tax Laws - How Enforcement of Capital Gains Laws in Asia Will Impact The Industry Positively
Cryptocurrency is here to stay, so we hear on CryptoTwitter everyday. But there are some fundamental situations that needs to take place for this speculated ‘store of value’ to really have its foot to stand on, and that is, government’s ability to enforce taxation on businesses and individuals making gains with this currency. So, either we like it or not, crypto taxation needs to be enforced for government to really entertain any form of adoption. Asian countries dominates the cryptocurrency spaces but the governments are finding it a bit hard to really tax crypto transactions. Let’s find out more.

China

China has a rather negative stance on cryptocurrencies. They have banned ICOs since 2017 and have cracked down on crypto trading activities in 2018.

With that being said, their central bank has recently announced that it has been working on its own state-backed digital currency that could potentially rival Bitcoin and bring crypto adoption to the masses.

Crypto income does not likely fall strictly under any income category, other than “incidental income,” according to Chinese laws. However, as of now, they have not given any clear regulations on the taxation of cryptocurrencies. 

Most cryptocurrency holders in China are likely not inclined to declare their gains on tax returns since crypto trading is viewed as an illegal activity in the country

Japan

Japanese traders have made considerable gains in their crypto activities. But according to tax authorities, a lot of these traders are not declaring their income.

This is largely due to Japan’s extremely high tax rate on cryptocurrencies, a whopping 50 percent, and in some cases, more. Around 50 traders and 30 firms in Japan had not declared their crypto earnings totaling over 10 billion yen ($92.3 million).

Japan categorizes cryptocurrency gains under “miscellaneous income”, which can be taxed up to 55 percent, which is a far cry from taxes imposed on earnings from stocks, at 20 percent.

The Tokyo Regional Taxation Bureau required crypto exchanges to give out their users’ transaction data in 2018, in order to compile a list of accounts that made tremendous earnings.

Japanese tax authorities are very clear about their intentions to pursue tax evaders who hide large incomes, charging them with criminal offenses and penalties. This is not unlike their counterparts in the US who have also been actively pursuing cryptocurrency taxes and tax avoiders.

Singapore

Singapore is one of the very few crypto tax havens of the world. Individual investors and businesses who hold cryptocurrencies are not taxed as the country itself does not collect capital gains tax.

On top of that, their government’s tax agency is proposing to remove goods and services tax (GST) from cryptocurrency transactions that function as a medium of exchange.

This draft will hopefully pass into legislation, which is scheduled for January 2020. 

The Ministry of Finance has strict guidelines on what they consider as “digital payment tokens”. Particularly, it should be fungible, and not pegged to any conventional currency like the dollar. 

This means that non-fungible-tokens like Cryptokitties and stablecoins like Tether do not qualify.

Hong Kong

In Hong Kong, income generated from capital assets is tax free, including crypto gains. This is another tax haven for crypto hodlers!

With that being said, if you are professional crypto trader, you are required to pay taxes

As opposed to a hobbyist trader, a professional trader likely:

-lives off their trading profits

-spends a huge amount of time trading

-rents an office or hires staff

-day-trades or holds assets for very short periods of time

Philippines

Blockchain development in the Philippines is booming, especially in the northern part of the country. Although the government has not drafted any rules on crypto taxation, this does not mean traders are exempted from tax.

The National Internal Revenue Code (NIRC) states that any income generated in the Philippines, is taxable in general. Individuals or corporations may be taxed depending on the type of crypto transaction they obtain earnings on.

This includes income from trading, hodling, mining, buying/selling goods with crypto, etc.

If your particular coin is categorized as a property, you are required to pay capital gains tax. If it is considered as a stock, you will likely incur a fixed percentage tax.

South Korea

South Korea currently does not have any existing regulatory statute that specifically regulates cryptocurrencies. However, the Ministry of Strategy and Finance expressed their plans to tax cryptocurrencies and initial coin offerings.

Bottomline

As of today, the majority of Asian countries are still examining crypto technology and drafting their regulatory outlines. Better crypto tax regulations should come in the next few months or a year from now. Now, we can settle the argument on crypto taxation laws enforcement. It is very certain that it is just a matter of time for this event to unfold, collecting capital gains tax is just a time bomb waiting to explode in the cryptocurrency space, or else, the government will place outright ban on these commodities.

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Blockchain Technology News

Leveraging Blockchain Technology: How Blockchain Helps to Enhance Data

Leveraging blockchain technology has become the best way to ensure data processing services quality. The way blockchains share information sets it apart.

A blockchain is a modern form of technology where several computers are linked together, and data is stored equally across all of these computers. Leveraging blockchain technology has become the best way to ensure data quality. The way blockchains store and share information are what sets it apart from everything else. Ownership of data is then established through each device linked in the chain. So when data is changed, it has to be verified across all sources. What this does is provides higher security and the ability to pull audit trails to see exactly which user made a change.

The problem with traditional data systems is those analytics are not always accurate due to data corruption. True insight is dependent on having access to accurate data. There’s so much data coming into businesses that systems start to degrade, and errors creep in. So executives begin to become less confident in their data and are hesitant to make crucial decisions. This will ultimately limit growth.

Blockchain technology fixes this problem because it records all information in the form of transactions, just like records in a database. The difference is that this technology stores these transactions in blocks on separate devices. They are technically separate records that are compared for accuracy. One transaction can have an error, but that chance becomes nearly impossible when that transaction exists across multiple blocks.



Now let’s look at some of the ways businesses are leveraging blockchain technology in relation to data processing services quality.

Leveraging Blockchain Technology: How Blockchain Helps to Enhance Data

Let’s look at some of the ways businesses are leveraging blockchain technology in relation to data processing services quality.

#1: Blockchain is Much More Accurate

All transactions on a blockchain are registered in the system, and then the network will run it through several monitoring algorithms. These are designed to make sure the new data is valid. If the new record is flagged for some reason, all blocks within the systems are notified, and then extra steps will have to be taken to prove their authenticity. If the data passes the check, then all other records are notified.

This makes blockchain technology a highly accurate way to store data because there are so many different checks made to ensure accuracy.

#2: Data is Secured Using Authentication Keys

Data security is one of the biggest concerns for businesses today. We have seen so many companies become compromised by hackers and other data breaches. The good news for blockchain users is that this information is much more secure than traditional databases.

Only members of the blockchain can access specific data and blockchain technology takes a lot of steps to ensure that they have the proper clearance. It forces the user to prove that they are who they say they are. This is done through authentication keys. This creates a much more secure data environment than a traditional database.

#3: Blockchain Fights Hackers

Cryptographic technology is used to help store data in the blockchain so that it can’t easily be hacked. Even if a hacker were to gain access to the blockchain, they would have no way to decrypt it. Fighting hackers is a high priority for businesses today. They must protect their customer data or risk losing consumer confidence.

Blockchain technology uses software that makes it so that only authorized individuals can read data. There are two types of keys used – private and public. That helps keep the data even more secure. So, hackers have a tougher time getting access to private data since they will not have the right keys.

#4: Creating Digital Identities using Blockchain

A user will create a digital identity within the blockchain for a block to be created. These credentials are checked and verified across multiple blocks by multiple users to increase their level of authenticity. So a secure digital identity is created and then verified. Once that’s done, they will be added to the blockchain.

This presents a unique opportunity for data to be shared throughout a company while also ensuring that only authorized individuals have access to it.

#5: Blockchain Data is Decentralized

Information stored on the blockchain is not dependent on a central source verifying it. Cutting out a centralized process saves time and lowers the risk of breaches. The more dependent a business is on a centralized data processing system, the higher the likelihood of sensitive information being leaked.

The bottom line is that businesses gain an edge by using a blockchain because they reduce the risk of fraud. All it takes is one breach to compromise a centralized system.

#6: User Authentication Made Easier

Leveraging blockchain technology also presents businesses with a unique opportunity to improve the way they authenticate users. For instance, a dating service website might need ways to verify that an individual is the person who they claim to be. Therefore, blockchain technology could be implemented to create a more advanced system that forces a user to authenticate  across an entire chain. Their information would be verified using social media, email, and other places where there is stored data.

The Future of Blockchain Technology

Companies will be looking to set up their data management systems in a way that makes it compatible with blockchain technology. Data processing services are one of the primary industries that I foresee seeing a significant shift in this new technology.

With that said, there is still resistance to blockchain technology. Some local officials are even taking steps to remove it from their areas so that it doesn’t evolve. These misconceptions are mostly due to financial applications. Cryptocurrencies are scaring banks into forcing these regulations because the technology removes the middle man, in the case of finances, banks. But to enhance data, eliminating centralized databases is going to disrupt industries as we move into the next decade.

Right now, we’re seeing blockchain technology being used mostly in the financial sector, but that is going to change quickly. The technology is expected to be fully adopted into all industries where the need for accurate and secure data is in high demand.

In leveraging blockchain technology, data management becomes an easy task because of the effectiveness of the blockchain. In a nutshell, blockchain technology enhances data processing services quality.