What’s an NFT? 

NFTs can be defined as unique, unreplicable digital assets that are stored on a blockchain. Having a specific and unique code that verifies its authenticity and ownership, they can serve as an ideal solution for digital art, music, videos, and other digital assets that were previously difficult to monetize and protect.  

An NFT is given a special identification number when it is made, which is then recorded on a blockchain. This ensures that each NFT is distinct and cannot be copied or duplicated, which increases its value as a collection. This code is used to trace the ownership history of the NFT and confirm its legitimacy. Additionally, it enables the safe ownership and transfer of NFTs between parties without the requirement of a centralized authority, such as a bank or governing body. It also ensures that the ownership of an NFT can be easily verified and transferred without the risk of fraud or double-spending. Thus, blockchain technology plays a crucial role in the creation and management of NFTs. Overall, the use of blockchain technology in NFTs provides a secure, transparent, and decentralized way to create, manage, and trade unique digital assets, which has led to the rise of a new digital economy based on the ownership and exchange of these assets.  

What is the history of NFTs and how did they become popular? 

The development of NFTs represents a major innovation in the world of digital ownership and has opened up new opportunities for creators and collectors alike. The first NFTs as we know them today were created in 2017 with the launch of the CryptoKitties game on the Ethereum blockchain. These were digital cats that could be bought, sold, and traded using Ethereum tokens, and they quickly became a popular trend. Since then, the use of NFTs has expanded to include a wide range of digital assets, including art, music, videos, and even tweets. With the rise of NFTs, creators, and collectors are finding new ways to engage with digital art and assets, and the possibilities for the future of the industry are expanding rapidly.   

Are NFTs a wise investment or a risky gamble? 

As with any new technology, there are always potential benefits as well as drawbacks and negative consequences that must be considered. Here are some of the cons of NFTs and their implications for the creative and financial industries:  

• Proof of ownership and credibility of digital assets: NFTs provide a permanent record of ownership that cannot be altered or erased. This can benefit creators and collectors who want to prove the authenticity of their digital assets and prevent fraud. 

• Convenient pricing, trading, and promotion of digital works: NFTs can be used to put a price on digital items that would otherwise be difficult to sell, like music or artwork. This allows creators to monetize their work in new ways. NFTs can be easily traded between individuals, which makes it convenient for both creators and collectors to promote their works and accumulate collections. This creates a vibrant and active marketplace for digital assets that benefits all participants, from creators to collectors to investors. 
• New income opportunities for artists and other producers: NFTs offer a new way for artists and other producers to monetize their digital works. By creating unique and valuable digital assets that can be bought and sold on the blockchain, creators can earn revenue from their work even after it has been distributed online. 
• Preservation of digital art: NFTs also provide a way for creators to preserve their digital art. Unlike traditional art forms, digital art can be easily copied or duplicated. NFTs provide a way for creators to protect their work and ensure that it remains unique and valuable. 

Following are some of the potential cons of NFTs: 

• Energy consumption and Carbon footprint: The majority of NFTs are created on the Ethereum network, and the transaction is verified by a mining process. The process of creating and trading NFTs requires significant energy use, which can contribute to the carbon footprint of the technology industry. This has raised concerns about the environmental impact of NFTs and their role in contributing to climate change. 

• High costs and exclusivity: The high cost of some NFTs may make them inaccessible to many people, which could create a more exclusive market for digital art and other assets. This may limit the potential audience and impact of digital creators and could further perpetuate existing power imbalances in the art world. 
• Security risks and vulnerabilities: The use of blockchain technology to create and trade NFTs is not foolproof, and there have been cases of hacking and other security breaches that have led to the loss of valuable assets. This highlights the need for better security measures and protocols around NFTs and their use, as well as the potential risks and vulnerabilities associated with blockchain technology more broadly. 

What’s next for NFTs?  

NFTs are predicted to have a broad range of capabilities in the future, including the ability to represent written content, digital images, music, and other forms of creative expression. The integration of AI into NFT can also unlock a world of brand-new possibilities. Despite the growing popularity of NFTs, their future is still uncertain with challenges such as ownership and copyright concerns, environmental impact, and security risks. It is unclear whether they will continue to gain mainstream adoption and attention or remain a niche market.  

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The Benefits and Application of Blockchain Technology

Let us explore the various ways in which blockchain can be applied in education, including student record management, grading and assessment, and credential verification.  

Improved Data Security: 

One of the main benefits of using blockchain in education is the increased security of student records. Since blockchain is a decentralized platform, it is much more difficult for unauthorized parties to access the data. This is especially important in the education sector, where sensitive personal and academic information is often stored. One possible application of blockchain in education is in the area of student record management. Currently, student records are often kept in centralized databases, which can be vulnerable to data breaches. By using blockchain to store student records, the risk of data breaches can be significantly reduced. 

Enhanced Credential Verification: 

The authentication of credentials is another potential use for blockchain in education. Currently, the process of validating school qualifications generally entails getting in touch with numerous institutions and manually scrutinising paperwork, which can be time-consuming and error-prone. Due to the data’s accessibility and immutability, the verification process can be automated and streamlined with blockchain. Employers and educational institutions can both benefit by saving time and costs and ensuring that credentials are correctly validated. 

Increased Transparency: 

The use of blockchain in education can also increase transparency in the grading and assessment process. By storing grades and assessment data on a decentralized platform, students can easily verify the authenticity of their grades. This can help to build trust and confidence in the education system, as students can have confidence that their grades are accurate and have not been tampered with. 

Improved Access to Education: 

Blockchain technology has the potential to improve access to education for individuals in underserved or disadvantaged communities. For example, blockchain-based systems could be used to verify the credentials of individuals who may not have formal documentation or who may have lost their records due to conflict or disaster. This could help to create more equitable opportunities for education and employment. 

Customization of Educational Programs: 

Blockchain technology has the potential to enable the customization of educational programs to better meet the needs and goals of individual students. For example, blockchain-based systems could be used to track and record a student’s progress and learning history, allowing for the creation of personalized learning plans that take into account the student’s unique strengths and challenges. 

Verification of Non-Traditional Education: 

There are many other sorts of education and training available than conventional degree programmes that might be helpful for people wishing to advance their professions. Online courses, workshops for professional growth, and other non-traditional forms of education may be among them. Given that the data is maintained on a safe and decentralized platform using blockchain, it may be simpler to confirm the validity and worth of various sorts of schooling. 

Streamlined Transfer of Credits: 

The procedure of transferring credits between educational institutions can be time-consuming and difficult for students. The transfer of credits can be simplified by storing and verifying educational records on a blockchain since the data is easily accessible and unchangeable. For both students and educational institutions, this can result in time and resource savings. 

Increased Efficiency and Cost-Savings: 

For educational institutions, using blockchain in education can also result in greater efficiency and cost savings. Institutions can spend less time and money on administrative activities by automating the authentication of credentials and expediting the transfer of credits. Additionally, the adoption of blockchain can assist lower the possibility of mistakes and fraud, enhancing efficiency and reducing expenses. 

Conclusion

In conclusion, the use of blockchain technology in education has the potential to bring numerous benefits, including increased data security, transparency, and credential verification. The adoption of blockchain in education can also enable the customization of educational programs, improve access to education for underserved communities, and verify the authenticity of non-traditional forms of education. In addition, the use of blockchain can streamline the transfer of credits and lead to increased efficiency and cost-savings for educational institutions. However, it is important to consider the challenges and limitations of using blockchain in education, including concerns about privacy and potential misuse of data. As more educational institutions begin to adopt blockchain technology, it is likely that we will see further development and innovation in this area. 

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Blockchain is considered to be a breakthrough technology as it has the capability to bring huge benefits to businesses across various sectors. In the insurance space, blockchain offers an acceptable standard format for securing contracts, transactions or any other details that can be maintained in the public domain. Apart from this, it has various other prospects and use cases that make the lives of insurance businesses easier. 

Let us take a deep look at how Blockchain benefits insurance and why businesses should consider it. 

How does Blockchain work?  

Blockchain is a distributed ledger technology that uses peer-to-peer sharing of information in an immutable manner. Also popularly known as Web3, it is a publicly verifiable and shared distributed ledger technology (DLT) used for securely exchanging data within a network and recording the history of transactions.  

As the name suggests, Blockchain is a chain of blocks that contains information inside a block, and each block is connected with a hash of its previous and subsequent blocks to create a chain. The data within each block is shared with multiple peers and each block has the same copy of data. This data once formed cannot be changed. For any change in data values, a new update needs to be made, which is again shared with all peers. It is not easy for any unauthorized parties to make changes to the data since all available copies need to be changed simultaneously, which is not practically possible. This makes the data in the blocks highly immutable, and hence there is an implicit guarantee as to the veracity of the data that is saved in the blocks.  

Why Insurance companies must look at Blockchain?  

The inherent features of blockchain that make it a useful technology for the insurance sector include the following. 

• Immutability and Security: Blockchain is a secure and transparent approach to store and process data using cryptographic functions. Once data is written and stored in the ledger, it cannot be changed or edited, which shelters it from unauthorized amendments and users. 
• Transparency: Blockchain requires validation and acceptance rules to be enforced to enable any parties to initiate and add transactions. Therefore, all transactions within the public blockchain network are made available to all participating nodes, while in private blockchain, all authorized nodes are given access to the transactions. 
• Authenticity: Every transaction that uses smart contracts in blockchain contains the digital signature of the creator and responder. Moreover, every block holds the hashed IDs of the previous and subsequent blocks, making the transactions legitimate. 
• Ownership and Accountability: All participants within the blockchain network know the provenance of a transaction. The immutability of transactions in the block and the connection among blocks empower accountability and ownership control in applications that use blockchain technology. 

On account of these features, blockchain has now come into the mainstream and is being used by insurance companies in multiple ways. 

High-Value Registry

For those in the high-value goods trading business, it is especially important to have proper records of ownership of such goods. From yachts to houses, everything needs to not only be registered to maintain correct records of ownership but also needs to be insured against losses. In this scenario, blockchain has become the go-to solution for keeping an up-to-date and accurate registry – as the data saved in it cannot be disputed and duplicated. As the value of the goods increases, so do the chances of fraud. However, with blockchain, the propensity to commit fraud is reduced to a significant extent due to the huge costs involved in committing such frauds.

Parametric Insurance  

One of the several ways the insurance industry is utilizing blockchain is through parametric insurance- which automatically delivers insurance claim benefits based on pre-defined events as measured by specific parameter or index. The parameters of the event are coded in advance and when the particulars of the event are met, the claim is automatically triggered and paid out. The benefit of this apart from the immutability aspect of blockchain is the huge savings in terms of labor costs as well as cascading litigation costs. 

Benefits for Reinsurance 

Another major user of blockchain is the reinsurer who can benefit from smart contracts. Blockchain helps with automating the storage and distribution of data and contracts among multiple players such as reinsurers, brokers and regulators. Cost benefits accrue from not having a human in the mix. Because the data is immutable, there is truly little chance of litigation and subsequent wastage of time and effort. Insurance companies also benefit from blockchain due to the improved clarity and lack of ambiguity. 

Fraud Detection and Prevention 

One of the major benefits of blockchain is its ability to eliminate the limitations of client-server architecture to prevent fraud. Blockchain also prevents forgery and alterations in the contracts and documents since the distributed ledger is shared with all participants in an unchangeable and append-only manner. The contracts must be canceled, and new ones must be entered, which makes original statements, policies, and contracts difficult to mutate.  

Claim Submission and Processing 

Insurance companies often face several challenges when it comes to creating and processing insurance claims. The entire process can be very time-demanding, tedious, costly, and prone to human errors. Blockchain reduces the complexities of creating, accepting and processing insurance claims using smart contracts. It creates immutable statements that are easily accessible by all participants within the network and makes the process less costly and hassle-free.

Data storage management

With more IoT devices coming to use, the data generated will keep on increasing. This data is extremely crucial for insurers to develop accurate usage-based insurance models for their customers. Blockchain allows insurance companies to effectively manage the enormous amounts of data generated by offering a decentralized platform to store and process it. This saves insurers from investing in expensive data centers and fraud investigation measures. 

Who is it for?  

Blockchain is now widely used by both large and medium-sized insurance companies. The benefits of using blockchain include – improved efficiency of completing paperwork, ensured data security, real-time processing of claims, and use of smart contracts to store confidential information. As the use of blockchain becomes more widespread, the cost of using the technology will come down further. There are new companies coming along every day that are bringing modern technologies and frameworks to use, making it easier for everyone to implement blockchain for everyday business deals. 

How does blackrock help? 

blackrock has a dedicated blockchain team helping our clients design and implement blockchain-based projects quickly and efficiently. We have completed multiple projects as well as Proof-Of-Concepts using blockchain and our purpose is not just to put your business ahead of the curve, but also to maximize value propositions for your customers.  

We not only have technical expertise but also functional depth in the property and casualty (P&C), motor insurance, life and health insurance, and workers’ compensation domains. Whether your choice of blockchain is private (company/industry specific) or public – based on your specific business case, we can set up and implement the most apt blockchain solution for you. To explore opportunities for your business, get in touch with us at sales@blackrockdxb.com. 

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Blockchain:  

While bitcoin has always been a headliner, few recognize its driver technology known as Blockchain. It is an advanced technology utilizing a peer-to-peer ledger of records that is of virtually incorruptible safety. As it is designed to be self-managed, it is highly affordable, barring the initial capital requirement. It can tread great lengths in fixing the apparent intangibility customers feel towards their insurance plans and policies. Due to its unique and secure trademarks, it could increase processing speed, help establish customer trust, and expedite claim processing without falling prey to fraudulence and manipulation.  

Artificial Intelligence: 

While AI needs no introduction, its deployment in InsurTech brings to the table a host of unprecedented gains that can revolutionize the face of the financial domain. Moreover, with personalization now being the norm for everything, AI has much to offer in creating bespoke experiences, helping customers feel discerning, and bolstering their trust.  

With adoption levels and implementation still slow, experts believe that its initial impact will be in the automation of underwriting and claims processes. In tandem with machine learning, it will analyze risks and identify new sources of capital that could lead to new frontiers in checking fraud and money laundering.  

Gamification:  

This is undoubtedly one of the most peculiar and yet promising trends of InsurTech in 2021, showcasing the adoption of video-game-inspired strategies like level clearing and unlocking, performance bonuses, and so on. Although rare, some actuarial companies even deploy their games to promote their insurance-related products. It may also lead to a sense of brand loyalty to the firm.  

Younger clients often duck the insurance business due to its labyrinthine and precarious nature; with this customer category, gamification has yielded the most results. Moreover, firms can utilize the aspects of gamification at every juncture in the customer experience, unlike the other trends that limit themselves to technological aspects.  

Machine Learning: 

Although machine learning is related to AI (while being highly specific), it is only with its integration that InsurTech can achieve total efficiency. While artificial intelligence can improve and speed up claims processing, it is only with machine learning that we can automate it. The power of pre-programmed algorithms will be a great tool in automation using the digital files accessible via the cloud. And its utility is not limited to either P&C firms or their customers; it supports both entities almost equally. In addition, it has numerous other payoffs, like risk calculation, CLV, and PIE computation.  

IoT: 

With the ever-rising number of connected devices around the world, insurers can use these tools to harness data; the open-source data available from smartwatches, homes, and even automobile sensors can help collect pivotal data that can assess the customer psyche. A simple use case is the collection of health data from a client’s fitness smartwatch, which could furnish the P&C insurers with information that would help in policymaking for the said client. Though it has come under the scanner for potential infringements of customer privacy and corporate fraud, this trend continues to thrive and grow with some of the top insurance companies in the US today.   

If you are looking for a Digital Product Engineering Services partner who not only keeps up with emerging trends but takes giant strides in the creation of their own, blackrock is the right partner for you. Browse our website to see more on our FinTech products.  

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The maritime industry has been an unhurried adopter of digital transformation – with digital solutions being deployed in bits and pieces, it is fair to say that the industry has been treading digital waters at quite a slow pace. However, with most players in the industry still following legacy systems and processes, it is essential to understand the changes digital transformation can bring to the sector.   

Digital solutions and advanced automation are slowly becoming the go-to for businesses to enhance operational efficiency and improve their competitive stance. However, digital transformation is not just about using advanced technologies but about changing the business’s adaptability, cultural mindset, and process efficiency. It is about transforming the people, processes, and tools at the core.   

Transforming Legacy Processes of the Maritime Sector   

The maritime industry is struggling to stay afloat due to restricted profit margins and freight rates. It is facing challenges in meeting the immediate delivery demands of customers due to manual activities, cumbersome documentation, and complex protocols. Most of their time and investments go into training and deploying their staff to handle shipments and cargo manually. Moreover, the manual, unplanned slot allocation process on a vessel leads to revenue losses and inefficiencies in capacity management.   

The shipping industry’s future will be characterized by real-time vessel tracking, cargo management, unmanned digital voyages, intelligent capacity management, dynamic freight, digital documentation, and end-to-end port management, thanks to advanced digital technologies such as big data IoT augmented reality, cloud, etc. These technologies and digital strategies will replace the slow, time-consuming, tedious, and error-prone paper-based methods, which will result in secure, sustainable operations and improved speed and efficiency of processes.   

The Impacts of Digital Technologies Across Touchpoints   

Digital transformation will play a significant role in bringing the distributed pieces of maritime logistics under one cohesive umbrella. Connected IoT devices, big data analytics, automation, and AI are gradually becoming a reality in the industry, leading to transparency and visibility in end-to-end supply chain processes and ensuring profits.   

IoT: Enhances fleet operations and eliminates human errors 

Connected IoT devices and onboard sensors will simplify the transmission of information from the ship to the shore and substantially improve fleet and ship operations. Connected IoT will fast-track the collection of critical data, which can be used along with analytics to derive useful insights, prevent costly errors, and thereby improve efficiency.  

Sensor technology will make it convenient for ship owners to get real-time information about their vessels without visiting remote locations. In addition, onboard sensors will improve the maintenance cycles of the ships with condition-based monitoring, which will notify ship owners when a piece of equipment requires maintenance. This will benefit all the aspects of operations by optimizing maintenance, reducing service costs, enhancing route planning and cargo handling, and saving fuel consumption.   

Autonomous vehicles powered by IoT have emerged in the automotive and airline sectors, and the maritime industry will soon widely adopt them. Implementing autonomous, crewless vessels will mitigate the excessive costs of training and deploying skilled labor and drastically reduce difficulties caused due to manual errors. The remote and autonomous ships will change the maritime industry’s functions by eliminating the dependencies on manual resources and improving cost efficiency, accuracy, and speed.  

A digitally connected supply chain with end-to-end logistics and port management will improve communication with terminals, freight stations, and intermodal companies and enable optimized and effective cost structures for the shipping company, leading to smooth operations and cargo movement.   

These emerging technologies will create an interconnected digital ecosystem, eliminating the probability of manual errors, lowering the risks associated with the non-traceability of shipments and cargo, and reducing inefficiencies in the maritime industry.   

 
Artificial Intelligence and Machine Learning: Improves data analysis and decision-making   

With more data being collected from various sources, big data analytics is widely used across industries to analyze the data, deduce correlations, and optimize operations. For example, in the maritime sector, big data analytics will allow marine operators to predict and infer logical allocation of slots while making the most use of available capacity and space and minimizing losses.   

Artificial intelligence and machine learning can offer the shipping and maritime sector a competitive edge and lead to effective vessel maintenance, voyage planning, and optimized business processes. AI-based predictions and diagnostics will allow the crew and shipmasters to monitor and predict their vessels’ movements, maneuvers, and positions, leading to real-time decision-making in ship management, situational awareness, and safety.   

Blockchain Technology: Enables secure transactions  

Transactions in the maritime sector rely heavily on paper documents such as bills of lading, sales agreements, customs clearance documents, letters of credit, etc. These documents pass through a chain of approvals and workflows and are prone to delays, fraud, and human errors.   

Blockchain technology can make the entire process paperless and tamper-proof. As a result, stakeholders can use private and public keys to communicate safely, transfer documents, carry out payments, and perform transactions fully transparently. Moreover, blockchain can mitigate the risk of internal fraud by eliminating central parties and enabling secure peer-to-peer communication through cryptography. This will provide better security for data transmission and storage and allow updating information in real-time.  

The Cyber Security Threat  

The global supply chain, terminals, and seaports are critically interlinked infrastructures and are most subject to cyberattacks. A cyber-attack on a single terminal can spread through the entire supply chain and impact many other players. The greater the number of connected devices, sensors, systems, and agents in the smart ports, the higher the cyber risks.   

Hence, maritime companies, terminals, and ports have started investing heavily in cybersecurity. Maritime players must conduct regular operating system updates, secure satellite connections and information sharing, invest in employee education programs, use stronger passwords, and conduct regular resilience exercises to prevent cyberattacks. 

Final words   

The digital transformation wave will undoubtedly take the maritime sector towards the port of quality and efficiency. Creating a holistic digital ecosystem with sophisticated digital tools, adaptable people, and automated processes will need technology and digital transformation service providers.   

Black Rock IT Solutions has in-depth domain expertise and experience in delivering Maritime digital solutions across various sector areas. Being a technology service provider, our experts have helped envision solutions for the Maritime world and helped customers solve problems and achieve their most important goals effectively.   

To learn more about our offerings and explore potential growth opportunities, get in touch with us at sales@blackrockdxb.com.   

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Like many other industries, supply chains, which are the backbone of national economies, also had to change their strategies to stay efficient and meet the new market requirements. As a result, they have embraced digital solutions to cope with our current times’ uncertainties, challenges, and restrictions.  

The supply chain ecosystem became all the more critical once the vaccines for COVID-19 were developed – it was the need of the hour to get the vaccines to the public quickly and in the right quantities.    

Challenges and roadblocks in the COVID-19 vaccine supply chain    

The biggest problem in any supply chain management is matching demand & supply efficiently.  

Supply chain management companies are currently facing issues due to the disparity in demand and supply for COVID-19 vaccines from region to region. In addition, the lack of raw material and human resources has caused delays in the supply of COVID-19 vaccines.  

Inequalities regarding vaccine distribution have become a global problem, as well. For example, reports show that financially stable countries are getting vaccinated 30 times more than those with lower incomes.   

Vaccine management issues such as storage capacity, handling management, effective distribution between supply chain levels, and shipment procedure are also of rising concern as two doses are required for most vaccines.    

Security issues such as theft and mishandling are other grave concerns, especially considering the demand for COVID-19 vaccines is higher than the supply. Time delay and lack of visibility into supply are also issues researchers have noted.   

Digital solutions reshaping Supply Chain Management  

Digital solutions have played a crucial role in helping retailers, suppliers, and distributors drive the transformational changes required to address the challenges posed. Therefore, the accelerated adoption of these solutions in supply chain models is essential not only for the present but also for the future.  

Here are some of the ways digital solutions have made an impact on supply chain ecosystems:   

Machine Learning: 

Shifting supply chain dynamics, changing ways of working, and increasingly volatile demand has been a concern for suppliers, distributors, manufacturers, and retailers globally when it came to an efficient distribution of Covid-19 vaccines.  

McKinsey predicts that machine learning’s most significant contributions will be providing supply chain operators with significant prescriptive insights into how supply chain performance can be improved by anticipating anomalies in logistics costs and performances before they occur. In addition, machine learning models and techniques can ensure streamlined production planning, inventory management, and anomaly detection and can offer an exceptional customer experience.  

Artificial Intelligence: 

AI-based tools can help understand which geographic regions to target for vaccine supply to flatten the curve of the pandemic sooner, provide insights in customizing the supply chain management system to ensure maximum vaccination in the least amount of time, and ensure the processes are being followed as designed.  

Artificial intelligence tools can also be leveraged for capacity planning, predicting the demand for raw materials, work-in-progress components, and post-vaccination surveillance. With AI, supply chain management companies can improve responsiveness to vaccine demand, minimize risk, and increase visibility & transparency across the supply chain.  

Data Analytics: 

The race to vaccinate the global population is a daunting task and needs data-driven strategies and action plans to optimize the supply chain. Data analytics tools capture inventory, demand, capacity, and other related data across the distribution chain, to create a strong distribution strategy to help supply chain management companies handle the fluctuating demand and supply.  

Data analytics tools like predictive analytics have also helped distribution companies predict vaccine demand in any geography and streamline production and distribution accordingly. In addition, using advanced data analytics technologies, governments can identify and create priority populations in different geographic locations and formulate a vaccination policy that maximizes vaccination rates and minimizes wasted dosages.  

IoT: 

IoT sensors are used to keep track of the temperature in storage facilities and vehicles during transportation. Armed with real-time alerts, IoT solutions let stakeholders be aware of any system failures & let them monitor and optimize the vehicle routes. IoT systems can also track vaccine stocks in financially stable countries to ensure a smoother redistribution of any surplus vaccines to developing countries across the globe.  

Blockchain: 

Blockchain-based solutions have been recognized as the backbone in developing a reliable and transparent supply chain management system to manage COVID-19 vaccine rollouts.  

With its unique capabilities, Blockchain technology can help supply chain companies to track the transportation and storage of vaccine batches in real-time, verify vaccines’ provenance and authenticity, quick detection and identification of faulty products, and identifying and blocking counterfeit vaccines from entering the supply chain. Blockchain-based solutions ensure accurate traceability, enhanced security, and greater transparency in vaccine distribution. 

In Conclusion   
COVID-19 has revealed the fragility of existing supply chain management systems and has proved the potential of digital solutions to cope with unprecedented disruption effectively and efficiently. Advancements in digital technologies such as machine learning, the internet of things (IoT), blockchain, artificial intelligence (AI), and data analytics will pave the way for agile, reliable, and efficient supply chain management systems capable of handling dynamic supply and demand.  

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From governments closing the borders and enforcing lockdowns to businesses struggling to meet the supply and demand, the novel coronavirus is changing the way businesses operate, collaborate and compete. Traditional business models are on the verge of being wiped out by their digital counterparts. Digital Transformation is something that has been predicted by leading analyst firms as the way forward for years now, and certain organizations have already implemented it, with a fast-tracked future now becoming a reality.  In this current scenario, the first movers will have the upper hand in the long journey ahead, and unfortunately, the laggards will struggle to tackle the situation. 

This article takes a predictive look at how various industries will flourish post COVID-19.

Healthcare

Unlike any other industry, COVID-19 has affected the healthcare industry the most. The current situation is an opportunity for healthcare stakeholders to utilize the available tools, software, and technologies such as AI, ML, IoT, Data Analytics, etc to offer better solutions.

Mobile healthcare, IoT, Virtual Assistants, and Robotics are some of the leading areas that healthcare providers can look into. Mobile apps to get in touch with doctors at your convenience, sensors/IoT devices to monitor real-time patient data, virtual assistants to guide healthcare professionals with complex procedures remotely, machine-learned robots to assist doctors in patient examination, etc. are some of the areas where digital transformation is going to make its mark.

Ultimately, new business models will emerge, as all healthcare providers need to rethink their current business strategies and pave the way for the vast opportunities that will come along with this pandemic. 

Retail 

With people staying inside their homes and practicing social distancing, the impact of COVID-19 on retailers will be severe. Leading retailers have started adopting omnichannel digital transformation strategies rapidly to win the customer pie. Most traditional retail customers, who once swore by the in-store experience, have now been forced to experience the convenience of digital purchasing, and are likely to continue with the trend even once this phase of being locked in is over.  

Brick and mortar stores have noted reduced footfall during this situation.  In order to stay afloat, they must now look into newer and more innovative ways to do business – be it through online platforms or even just becoming available on social media platforms to take orders. We are yet to see how the retail industry will evolve post-pandemic but surely, COVID-19 has dramatically accelerated the digital transformation in the retail industry too. 

InsurTech

The insurance industry thrives on predictability and the uncertainty that COVID-19 has caused is unprecedented. Most of their customers will be devastated with the fear of losing their jobs, their businesses and even their lives and they will rely on the insurance industry to be a ray of hope. 

Collaboration with various governments and other industry players to collect data from all possible sources should be the priority. Be it in the form of sensors, IoT devices, weather reports, and drones, they must generate meaningful insights in real-time to offer pro-active and personalized solutions. Coupled with advanced data analysis, they can come up with data models that predict possible future outcomes like this. 

InsurTech players must lead the digital transformation journey in terms of leveraging the latest technologies, optimizing the processes, personalizing the solutions, and bringing in automation to reduce costs and improve efficiency and effectiveness. All the players in the ecosystem must embrace digital transformation at the heart of their strategy to be the front-runners in the new insurance era. 

FinTech

With people being asked to remain indoors and governments and central banks announcing economic relief packages, everyone is looking at FinTech to help implement their ideas.  The current situation brings a new sense of urgency to the need to examine ‘going digital’ by accelerating the rush to digitization. Digital payments have become an integral part of everyday life across the globe, opening up new avenues of innovation and business opportunities in the coming future. 

Digital onboarding, omnichannel retailing and eWallets will likely grow to new heights. Financial institutions must utilize these opportunities and go digital in their offerings. Technologies such as Artificial Intelligence, Blockchain and big-data analytics will play a crucial role in formulating FinTech strategies in the digital-only era. 

EduTech

The global learning population has been keenly impacted by the spread of the C0VID-19 virus. Though the infrastructure in terms of internet access, data costs, etc are yet to catch up with the rising requirements, the time is ripe for EduTech companies to make their mark. This will be the point of transition in the adoption of the online medium against the traditional educational model. 

Instead of focusing on replacing mundane administrative and managerial roles, which unfortunately most providers are doing right now, they must embrace and accelerate the digital transformation of education itself. EduTech companies need to collaborate with traditional universities and schools and offer an online-offline system. They must leverage the latest technologies such as online video-based learning, artificial intelligence, machine learning, advanced analytics to personalize the learning experience and ensure a more engaging and valuable offering to the user.

The change here must come from the educational institutes as well, as they need to take the step towards embracing this change – but the current pandemic has only proven that it is high time they understand that this is the future of education. 

Transportation & Logistics

Transportation and logistics players globally are trying to fix things with whatever resources they have because they are the lifelines that make sure the logistics of essentials stay in place. With limited manpower and severe restrictions, they must leverage technologies to overcome this hurdle. 

This is an opportunity for them to rethink their business practices. Instead of working and relying on outdated legacy software systems, they should embrace digitization and automation to stay competitive within the industry. They must accelerate their digital transformation process and partner with technology companies to develop tech-driven solutions to offer streamlined and personalized end-to-end services. They must harness the power of “digital” to handle any unforeseen events in the future. 

The challenges that COVID-19 poses cannot be generalized as it varies from industry to industry. Post epidemic, organizations should revisit and reinvent their business strategies with more focus and weightage on innovation, research and development. Inevitably across industries, digitization shall be embraced with an urgency more than ever before. 

Survival and recovery of core operations should be what organizations focus on post COVID-19. Collaborating with digital technology consultants like Black Rock IT Solutions can help you get the kick-start you need to successfully restart your businesses.

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Here are the top 5 trends which will revolutionize healthcare

AI and Deep Learning

AI and Deep learning (often used interchangeably) will bring some of the biggest innovations in the healthcare industry. AI systems are being actively pursued for drug development, early diagnosis, treatment protocol, personalized medicine and patient monitoring and care. AI has been extensively used in the field of Radiology as evidenced from the New York Times story. Some of the notable industry leaders who are developing AI/ Deep learning-based healthcare solution include:

• IBM’s Watson:- It can diagnose, analyze scientific papers and even help in drug discovery
• Microsoft’s Hanover project:- It analyses medical research and predicts cancer drug treatment approaches for patients
• Google’s DeepMind:- Image analysis for cancer recognition and early health risk detection

The use of AI will help decrease the overall healthcare cost, as accurate diagnosis and preventive medical intervention using technological solutions become mainstream. Countries with very little access to experts can use similar technologies to democratize healthcare for the masses.

IoT/ Wearables

The tech industry has seen many devices being launched to satisfy even the most diverse of consumer needs. Devices now are so sophisticated, that it is almost as accurate as a professional ECG machine. Interestingly, IoT devices in the future will have much more potential than the off the shelf wearable tech available today.

Future devices could enable remote patient monitoring using smart sensors and integrate the data generated with the larger healthcare infrastructure wirelessly. 5G technology will certainly be a great boost to the infrastructure needs needed for the IoT ecosystem. When 5G becomes more common, IoT devices will get a lot more common and mainstream.

Let’s look at some of the examples of how IoT can influence the future of healthcare.

• For Patients: – Preventive medicine enabled by wearables will be the big buzz of the future. Wearable devices would be able to monitor blood pressure, heart rate and glucose levels with very high accuracy that it would be classified as a healthcare device.
• For Physicians: – Physicians can monitor and intervene more effectively by analyzing the data from wearable devices. Data collected can also be used to identify the best treatment approach for patients.
• For Hospitals: – Hospitals can use IoT enabled systems for monitoring equipment, tracking pharma inventory among other things. Post-operative monitoring of patients is also a new area of research.
• For Insurance companies: – Insurance companies are piloting programs which reduced health insurance premiums for people sharing data from their wearables and health apps. This will become common. Data from multiple devices can be used to calculate individualized risk profile and then corresponding premiums will be calculated according to a person’s risk profile.

Cloud Innovation

Even though the advantages of moving to cloud ecosystem are many, healthcare systems have been the slowest to transition due to the sensitivity of data and more importantly privacy legislations. As cloud becomes more and more acceptable in our day to day life, it is but natural that healthcare data would also transition to the cloud.

As HIPAA/ GDPR compatible cloud solutions become more common, it will become an essential part of the healthcare landscape.  Some of the use cases of Cloud solutions in healthcare are:

• Data Visualization tools would represent health parameters of an individual into usable forms for self & professional evaluation. Data for this can be collected from various sources including medical devices, wearables and even connected weighing machine.
• Counterfeit protection of drugs, medical equipment, and other consumables.
• EHR or Electronic Health Record could be used to track a patient history between physicians, hospitals and insurance companies.
• Mobile apps can be used extensively in the healthcare industry for pre, during and post hospital care.

 Blockchain

Blockchain’s main advantage is that applications built using blockchain algorithms will have very high data privacy and security. Blockchain technology will primarily be used in healthcare to store and transfer data securely.

If blockchain technologies are introduced to pharma supply chain, it could effectively reduce instances of fake and counterfeit drugs within the system. Areas which will see blockchain technology implemented are:

• Medical data management
• Supply chain management

AR/VR

Telemedicine has been one of the greatest successes of technology in the healthcare sector. With solutions available now, patients can access the services of a physician from anywhere in the world. This means that patients can get access to doctors who are otherwise not available to them. These technologies, even though great, has its limitations. AR and VR technologies can greatly augment these capabilities and improve the final user experience.

With the advent of AR (Augmented Reality), VR (Virtual Reality) and related technologies, Physicians can touch, diagnose and even conduct surgeries remotely using these technologies. AR and VR will enable the doctor to see the patient without being present near the patient. Some of the application of AR/ VR technology in healthcare include:

• Telemedicine
• Robotics and remote surgery
• Training Physicians

 Conclusion

The focus of the healthcare industry is slowly shifting from treatment to preventive care. This means the industry also is moving from products and services model to solutions model. To make this transition, it is important to adopt and implement technologies such as AI and AR. The advantage of using technology is that while it improves the quality of care for patients, it also reduces the overall healthcare cost. Using technology is a big win for all the stakeholders. Healthcare industry as a whole must rethink and transform their strategies to stay ahead of the curve.

blackrock has extensive experience working with partners and clients to implement AR/ VR, mobile, IoT and cloud technologies in the healthcare domain. We have worked with hospitals, ISVs and insurance companies to transform and aid their digital transformation strategies.

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What exactly is a Smart contract?

Smart contracts are self-executing contracts that eliminate the need for intermediaries in the contracting system. They are able to do this because they run in a decentralized and conflict–free ecosystem, saving on time, money and manual effort. Smart contracts also ensure safety and prevent loss of documentation as everything is backed up. This explanation may seem to be a little too generic, as it will not convey specific details apart from highlighting a few keywords used for searching online.

As per experts, there is no universally accepted definition for Smart contracts. Most people involved with blockchain would expect at least the following three elements to be included in order to consider a transaction to be a Smart contract:

1. transaction must involve more than a transfer of a virtual currency from one person to another
2. transaction involves two or more parties (as every contract must)   &
3. implementation of contract requires no direct human involvement after the Smart contract has been made a part of the blockchain. This last element that makes these contracts “smart,” and therefore, merits a more detailed discussion

(Source: Bloomberg)

For a better understanding, we will focus on some of the keywords highlighted in the explanation.

• Contracts: Contract in this context implies a set of terms/agreements and their corresponding action plan, converted to code. This code is then deployed in the nodes of the blockchain.  Nodes are computers spread across the blockchain. Each node belongs to a participant part of the contract. Thus, the contract will be distributed across individual participant databases
• Self-executing Contracts: These are a set of code/contract terms programmed to be automatically executed when certain specific criteria related to the contract/agreement are fulfilled/ unfulfilled. The key point is that, whenever the set terms are auto-executed, involved parties can validate the outcome without any intermediaries
• De-centralized: The term indicates that the Smart contract is deployed on a blockchain platform on multiple nodes (shared database). By placing the contract on multiple nodes working in co-ordination with each other, the control of execution will not reside on a single entity. Since the code resides on individual nodes, whenever a code is executed, changing status of the code will be reflected on all nodes, and all parties involved can verify the transaction. Thus, any third-party involvement does not come into the picture

Whenever a contract agreement is met; for example, a consignment is delivered, and its verification acknowledged by a specific party, payment will be released to the other party. Thus, monetary transaction will occur between parties instantly without the involvement of an intermediary such as a bank.

• Conflict–free, saves time, money and effort: These are self-explanatory terms, since unwanted interference of third parties in the network is not present. A legal contract is monitored and executed without manual intervention. The process becomes conflict-free and saves on time, money as well as effort.

Having explained the basic concept of Smart contracts, let us now go into some of the few in-depth details related to the technology.

Ethereum –The platform for creating Smart contracts

Smart contracts can be coded on multiple blockchain platforms, Ethereum being the most popular one. This could lead to the question of why a bitcoin protocol is not the choice here. The answer is simple. The foremost objective of introducing an Ethereum platform was to support Smart contracts. The bitcoin protocol is in a constantly evolving state and it offers fewer functionalities as opposed to the Ethereum platform.

However, it has to be noted that Ethereum’s protocol is built to allow for flexibility and functionality that provides the capability to program different types of Smart contracts within the system. Ethereum is written in Turing complete language, which includes seven different programming languages. This is quite different from bitcoin, which is written in C++. (Source: The Economist)

Ether, the Ethereum-specific cryptographic token

Ether is the cryptographic token offering from the Ethereum platform and acts as a payment exchange for executing the terms or more precisely for running a line of code. Thus, for executing a Smart contract or for a transaction, Ether will be consumed, and the value will be based on how process-intensive the line of code is.

Applications of Smart contracts

Conventional methods of contracting consume effort in terms of having to deal with complexity, resources, time, effort and administrative cost.  In a digitized environment, enterprises are opting for smart and reliable digital agreements, which is a good indicator of how far the Smart contract technology can find application in future.

Some of the applications of Smart contracts are as follows:

Internet of Things (IoT): Smart contracts find application in the IoT world where IoT devices are equipped with the ability to connect to the internet. The application can be implemented in the logistics domain where packages/consignments can be tracked through sensors at various stages right from the warehouse, on transit till the delivery location. Individual sensors act as nodes on a blockchain and record the position of the consignment at various stages. The position of the consignment will be read by the participating sensor, which will be agreed upon by the contributing nodes.

Healthcare: Smart contracts can make significant changes in the way the healthcare sector works. Changes can be made across data storage, sharing and security, drug prescription and supply, as well as insurance claims. A key advantage is patient data protection, where data can be accessed by the participating parties using the patient’s private key, thus restricting access to certain user sets with the privilege.

Insurance Claims: Another use case is insurance claim management. Insurance claim will be linked to the patient account and stored within the blockchain. Whenever a medical procedure is initiated, the contract will be executed automatically, triggering a payment by the insurance service provider.

Supply Chain: Implementation of Smart contracts in Supply Chain Management can eliminate the role of freight brokers which in turn can reduce the downstream price to the customer. Also, a bulk of the paperwork involved can be eliminated and the entire process will become transparent and actors at each phase be held responsible for their services.

Protecting Copyright: Smart contracts can be used to direct payments to original artists/ writers/ creators by means of recording copyrights within a blockchain system. This practice can be applied to any piece of original content that can be potentially pirated or could be susceptible to disputes over ownership.

International Trade: Smart contracts can streamline global trade through speedy processing of related documents and payments. It can improve the efficiency of cross-border payments and automate complex contractual agreements, thus saving time and effort greatly. Disputes related to payments and shipping of goods can also be solved much more efficiently using Smart contracts.

Smart contracts technology is evolving and poised to disrupt an array of domains and corresponding business processes as is evident from the above list of applications.

blackrock has recently worked on some interesting projects involving Smart contracts. One of these projects involved working with a major forestry business in the US & Oceania region, by having their supply chain run on blockchain. It helps to reduce the cost of transportation, while ensuring 100% trust among all players in the chain.

Would you like to know more about our work on Smart contracts? Write to us today: sales@blackrockdxb.com

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Blockchain as a technology (BCT)/software protocol has a lot to offer to the financial services realm. A major attraction for BCT within financial services is its ability for disintermediation, a cost-saving mechanism for most sector players. Blockchain trims down a need for costly infrastructure requirements that aid in transaction processing.

Before we begin, let us look at what is meant by Blockchain technology.

As per industry definitions, Blockchain is a distributed digital ledger (DLT) that allows transactions of value to be recorded and verified electronically over a network of computers (called nodes/blocks) without being managed by a central ledger. Data is encrypted inside each block to protect it from fraud /hackers. All data/transactions within the blocks are cryptographically encrypted.

Blockchains are more trustworthy than conventional centralized systems because each transaction on the chain is verified/validated by the participating nodes/blocks and also encrypted cryptographically. Any change/duplication of data in one of the nodes is synced with the other nodes and this leads to transparency. As per a recent article published in the Medium, Blockchain’s decentralized, open & cryptographic nature allow people to trust each other and transact peer to peer, making the need for intermediaries obsolete. (*Source:Medium)

So how will Blockchain prove to be a transformational force for the financial services domain? Let us check out a few scenarios:

1. International Payments: Global payment volumes have been rising with the passing years. Along with this rise is the increase in infrastructure and processing requirements along with the need for quick settlements. Security, of course, is important as it always has been. Transaction costs are another challenge. Competition from non-banking players is seen as a forceful change in the payments scenario.

Blockchain technology has great hopes pinned to it in the form of savings in transaction costs involving intermediaries as well as the time lags associated with the transactions. Real time payments with reduced settlement risks are another possible outcome of Blockchain implementation. This is in addition to lessening the threats to data safety, privacy and similar limitations.

2. Asset Management: Global asset management is cumbersome when it comes to clearance and settlement practices. Blockchain promises to simplify processes, bring down costs and delays. Blockchain implementation can speed up decision making, protect data sensitivity and provide much-needed transparency to transactions. This is in addition to simplification in the KYC, client onboarding, trading processes.

3. Trade Finance: Trade is an area that is largely prone to theft and fraud dangers. Documents involved in a trade process such as invoices, Letter of Credit, Bank Guarantees and Bills of Lading are not free from the dangers of forging. This is what Blockchain adoption can eliminate. Since it is a peer to peer network, middlemen are cut off, bringing down instances of cost and time savings. Asset tracking can be made simple as each asset is linked to a generated serial number within the chain. Another instance of the technology making trade finance simpler is in the execution and maintenance of Smart Contracts.

4. Investment Banking: It is said that Blockchain technology could save millions of dollars for investment banks. This includes a huge savings in office infrastructure in addition to savings involved in reconciliation processes, enhancement of data accuracy, transparency in dealings and auditability (Source: Accenture Report on Investment Banking 2017)

5. Capital Markets: Capital markets include a global network of financial institutions that act as trusted intermediaries. Such intermediaries possess volumes of isolated data, leading to challenges in the form of data inaccuracies, processing delays and resultant errors. What the Blockchain can do is to bring down the number of intermediaries and in the process, eliminate many of the earlier roadblocks. Capital markets also gain a number of benefits such as faster clearance and settlements, easier compliance requirements, and the operational efficiencies resulting from a mix of all these benefits.

6. Financial Inclusion: For the many nameless people on the planet, Blockchain can be a way to financial inclusion and creation of own identity. This way they could make more money by selling their wares directly to people who matter, without ever having to go through meddlesome intermediaries. An example is the Blockchain connecting several mobile wallet providers for quick services to people who are in need for money transfers and payments, yet not in a financial network.

7. Insurance Claims: A trusted technology such as Blockchain is the most suited for transformation of the insurance industry. The onus would be on increasing transparency to the entire process. The end-to-end process of insurance starting from customer evaluation down to claims processing is now covered by a haze of mistrust and formidable costs, which prevents even the most eligible parties from reaching out for cover. This is true globally, and is what Blockchain technology can correct. Smart contracts linked to Blockchain can enable a dynamic pricing policy for premiums.

8. KYC Process: Blockchain creates an internal identity process that is aided by storing data in the form of blocks and making this data tamper-proof using a hash format. This ensures greater data security, identity management and fraud prevention in transactions. Banks can be a beneficiary of such automation of KYC, leading to customer experience and loyalty.

9. Banking in general: Though banking as a whole cannot be overthrown by disruptive technologies including Blockchain, there is a greater chance for the industry to undergo a sea change as a result. More transparency, faster processing, cost reduction, bringing down cyber risks plus mediation and central controls will change banking scenarios for the better. Since Blockchain operates with blocks/nodes that are tamper-proof, all transactions that take place in the peer-to-peer network are relayed throughout the blocks and verified. A way forward for banks is to start testing the waters internally by automating back office functions, and gradually extend it to outside operations.

Challenges to Implementation
Blockchain technology needs agreement between the different parties/functionaries as well as regulatory approvals before it can be fully adopted into the various financial service realms. Infrastructural expenses can be another hurdle to adoption as legacy systems can be costly or even suicidal to interrupt, even for a few minutes or hours. Process and people changes are also an essential part of implementation, and this is not often an easy thing to accomplish.

Conclusion
Blockchain will definitely bring about a big wave of transformation into the financial services sector, with focus falling on Payments, Trade Finance and Banking. It may not eliminate intermediaries and banking altogether, but is poised to make the scenario much more customer-friendly and trustworthy.

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