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The Impact of Blockchain For Businesses

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Blockchain

Throughout the years, the concept of blockchain technology has gradually overtaken the business world. But no longer is it only being associated with cryptocurrency. Now it’s finding its way into other industries such as eCommerce and logistics management. 

Helping to digitize businesses, it’s a popular technology due to its ability to solve challenges such as security breaches. But that’s not the only benefit that comes with investing in blockchain technology. If your business is interested in investing in enterprise software development and in blockchain in particular, then the following information can prove to be invaluable. 

What is it?

Before getting into the advantages, it’s important to first understand exactly what blockchain is. Arguably one of the most disruptive technologies, it’s something that should no longer be ignored. To put it simply, blockchain is a collection of digital technology information which is stored within a database.  This will typically include:

  • Information about certain customer transactions including key data such as the time, monetary amount, date and more. 
  • Information about exactly who is buying your products or services. Revealing shopping behaviors, it’s stored with a digital signature rather than a specific name. 
  • Unique blocks of information – which can easily be distinguished from one another. For example, if one customer buys one item and then in the future buys a different one, they will be in different blocks.

What Are The Benefits?

  1. An Increased Level of Efficiency

One of the most important benefits that come with implementing blockchain technology within your business is the elevated level of efficiency it can provide. Removing the need for a third-party due to its more decentralized design, it will make your operating processes far more streamlined. 

With blockchain technology, you can step away from the more traditional, time-consuming processes that were rife with human error and automate them. Ensuring that they are completed more quickly and accurately, you can spend the time that you saved on other areas of your business. 

As well as making the overall process more streamlined and convenient, it allows for everyone to access the same information at one time – making financial record-keeping more trustworthy in the long term. 

One industry that could particularly benefit from faster payments and transactions is the real estate market. With a simpler system of ownership records, it will make the process of selling properties far easier. It will also open up the possibility of automating agreements between tenants and landlords, which will similarly speed up the process. 

  1. Greater Transparency Overall

A notable characteristic that blockchain has is its ability to be transparent. As the technology is a type of a transaction or distributed ledger, it allows those within a network to share all of the same documentation instead of individual copies. 

By making this open to viewing, it directly adds a remarkable layer of accountability, giving each sector within the business the responsibility to act correctly towards the company’s growth and its customers. The fact that each document can only be updated through the agreement of all participants also ensures that no illegitimate changes can be made. More consistent, transparent and accurate, the staff will perform better together in the long run.

  1. An Increased Level of Security 

As aforementioned, an increased level of security is one of the key benefits that come with blockchain technology. Far more secure than the more traditional record-keeping systems, it will ensure that each transaction that’s made is heavily encrypted and linked to the last transaction. But how does it do this?

Without getting too technical, blockchain technology is created with several ‘blocks’ which are formed by a computer network. Once created, they are added to a ledger which fuses a chain of information. As it is such a complex technology that exists across several serves rather than one (as most traditional technologies are), it’s one of the most protected from breaches. 

This level of security is particularly important for businesses that store sensitive customer data such as – healthcare, within the government and in financial services. 

  1. Reduced Costs

For many businesses, it’s important to cut costs where you can. And with blockchain technology, you can do exactly that. Although the initial investment might seem expensive, the benefits that come with it make it more than worth it for many businesses. As mentioned above, it removes the need for third parties. And because of this, you can work directly with your clients and customers.

This will, in turn, help to reduce your overall costs. With this new automated technology, you also no longer have to review information separately. Helping to save time and therefore save money. You can then reinvest the money that you’ve saved by not having to deal with third parties in other aspects of your business – such as marketing or IT.

  1. Enhanced Traceability 

Traceability is key within many businesses – as without it, you can’t identify transactions. With blockchain technology, you can reap the benefits that come with an enhanced level of traceability. For example, every time that someone purchases a product from your business, it will create a digital audit trail which is recorded within the blockchain. Showcasing who and when they were bought, it can easily be traced if need be.

Helping to prevent fraud (if you have a business that’s involved in exchange), verify the authenticity and improve security, it’s an essential addition for many. In particular, this heightened level of traceability can be ideal if your business traditionally deals with products which are traded through a very complex supply chain – such as within medicine. Tracking exactly who manufactured and distributed each item, it will be easier to recall products if need be.

Final Thoughts

The impact that blockchain technology can have within a business is clear. A type of technology that is ever-developing and growing in popularity, it’s something that’s here to stay. Of course, before you invest in the technology, it’s vital that you thoroughly research the pros and cons and how it could directly affect your business’ operations.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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How Will Roads Change As Logistics Become Automated?

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There have been a lot of big developments to be found inside the automated vehicle space over the last few years. With countless car companies throwing their hats into the ring, it’s only a matter of time until cars that don’t need drivers are able to spend more time on the road. Of course, though, personal transport is only one side of this, and the automated driving scene is much more likely to impact logistics in the short-term. But how exactly will this change the way that transport companies operate, and how will the roads you use be impacted by changes like this?

Increased Safety

Currently, many truck drivers have to push themselves to their limits to be able to get their work done. Long drives can easily be held up, but important deadlines can’t be missed without throwing off an entire schedule, and this leaves drivers having to miss sleep and drive long distances without breaks. A tacho card will usually be used to monitor this, making sure that drivers don’t break the law. Automated transport promises to solve problems like this, with digital machines never tiring and being able to work for days on end without having to take a break.

Greater Efficiency

Many transport companies have to use the roads at the same time as normal drivers to make sure that they can make their deliveries without pushing drivers too hard. This sort of approach wouldn’t need to be taken with automated vehicles, instead giving transport operators the chance to choose the quietest times to have their machines on the road. Alongside this, route planning can be more dynamic, with plans being changed on the fly to make up for things like traffic issues. Of course, though, as a big part of this, normal drivers may experience some strange behavior from the automated trucks that they see, especially when they are first starting to hit the road.

Convoys

While it may be something that changes in the future, transport companies are often more interested in systems that use convoys of trucks rather than simply sending trucks out on their own. This involves having a lead truck that is driven by a normal person, with several other trucks that tail safely behind it. This can make it much easier to have trucks follow specific routes without having to rely on GPS systems can lose signal or be disrupted in other ways. Of course, though, as a big part of this, many transport companies simply can’t afford the technology like this, and it could be a few more years until they start to be spotted when you’re out and about.

With all of this in mind, you should have a much better idea of how the automated logistics market is going to change roads over the next few years. The way that you drive will almost certainly change as time goes by, with more and more automated driving options becoming available all the time.

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Matica’s CEO Sandro Camilleri speaks about security in digital payments

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One thing is for sure: the COVID-19 pandemic accelerated many behaviors and trends that once were holding their pace. A great example can be found in digital payments and online shopping. According to Rakuten Intelligence, from March through mid-April, e-commerce spending in the United States increased more than 30% compared to the same period last year. When it comes to worldwide scores, it reaches the surprising increase of 74%.

Although books and cleaning products led the ranks mapped by Rakuten, specialists argue that digital payments and online shopping are here to stay, as much as it has already been observed in Asian countries. In this sense, securing financial transactions and protecting consumer data became a mandatory issue to be addressed both by companies and the government.

As a leading European company in the processing and printing of cards and identification documents for security systems, Matica Technologies is dedicated to granting safety and technological solutions to businesses dealing with financial transactions online. According to the CEO and founder of Matica, Sandro Camilleri, the advent of digital payments is a revolution similar to that which technology has caused and is currently causing in other areas, such as transports. “It is an inevitable revolution, which citizens will have to get used to, and which must therefore be managed in order not to risk unintended consequences, being the key issue obviously safety,” he argues.

Camilleri stresses that there are two different phases when it comes to digital payment security. A first one is about information and personal data storage, one of the greatest topics of our time and also a potentially enormous market sector. The second, less discussed though equally important, is guaranteeing strength and security for the financial transaction itself — and this is a purely technological issue. “The use of chips that are equipped with incredible memories, high precision lasers and holograms makes it extremely difficult, not to say impossible, for any attacker to clone a card produced by us. Secondly, the transaction must be secure thanks to specific and constantly updated software,” explains Matica’s CEO.

Now, when it comes to privacy, Camilleri states that people must be aware of what is at stake when data is leaked and why such occurrences are so alarming. With more and more appliances being automated and connected to computers and to the internet, such as is the case for cars and home security systems, cyberattacks could lead to consequences that are not only terrible, but tragic. 

In such situations, Matica’s CEO believes that only biometric data could spare individuals from having their systems hacked, though this data must be filed with care and used only for strictly necessary purposes. In any case, Camilleri argues that using biometrics is becoming day by day more inevitable with the increasing rhythm of automation, and this is a feature that can already be found in some of Matica’s available systems, such as is the case of the passport series.

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Are You Aware Of Your Children’s Online Activity?

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There’s a big, wide, scary, often strange world out there, and it’s the task of any individual to grow into an adult and begin to contend with it. However, most responsible parents understand that showing the raw facts of life, or being introduced to bad influences is simply not suitable for a young child. They must learn slowly, with care, and appropriately to the degree we’re able to foster that environment. Parents cater to this by controlling what friends their children make, or what hours they may be allowed to spend time with them.

However, a growing cause for concern is the fact that many parents fail to keep their children safe online. The internet may as well be its own world, and it reflects our reality, both the good and the bad, the trustworthy and the terrible. This means that as a parent, it’s important to stay aware of your child’s online activity. If you can do that, you can better control the content they see, what they’re allowed to access, and the influences they are moved by.

Use Worthwhile Content Filters

It’s important to use the best content filters and parental controls you can. Some offer you access to limit internet time, while others help you block certain websites or content from being seen. With the best cyberbullying safety services, you can also ensure that your children are equipped to handle the unfortunate likelihood of encountering abuse online. The more you can engage in good habits now, and regulate their usage, the less likely they are to come to harm within the wild west that is the online world.

Understand The Trends

Understand the trends that occur and know how to deal with them. For instance, you might block access to certain apps or sites, but your child’s friend’s parents may not have the same philosophy. If you know the trends through paying attention to what they’re saying, you will be able to assess if they’re healthy or not. For instance, TikTok is now seen as a negative influence on many young children due to how poorly they moderate their content, and how limited content filters are in place. When you make decisions to help them stay secure, you are in effect limiting the vulnerable pathways in which they could become less safe.

Stay Alert

It’s important to say, but stay alert. If you notice your child is finding it hard to engage with social media, or they follow a risky YouTuber, you are within your right to restrict access or to observe more closely. It’s a tough job, but ultimately you cannot completely banish your child from the internet for the entirety of their childhood. It’s best to help them build healthy habits now and also know how to stay safe online than to pretend it doesn’t exist. To that end, you’ll be making the right choices.

With this advice, we hope you can better stay aware of your children’s online activity, and manage it as appropriately.

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