The deployment of the first 5G networks across the globe has ushered in a new era of connectivity and innovation. 5G networks empower product engineering services by facilitating machine-to-machine communication with lower prices, reduced battery consumption, and minimal latency compared to 4G. With features like Ultra-Wide Band (UWB) networks, 5G offers astounding bandwidths, enabling massive machine communication and extreme mobile broadband. Its low latency, high reliability, and energy efficiency make it a game-changer for product engineering and IoT. Engineers are at the forefront of designing and optimizing products that leverage the capabilities of 5G, enabling a new era of connectivity that promises to reshape industries and improve our daily lives in ways we have yet to fully comprehend.

The key components of 5G, including a dynamic Radio Access Network (RAN), a flexible Core Network (CN), network slicing, and the use of both high-frequency millimeter wave (mmWave) and lower-frequency sub-6 GHz bands, have together redefined how we communicate and interact within the digital world. Massive MIMO and small cells have hugely improved data speeds and coverage, while Network Function Virtualization (NFV) and Software-Defined Networking (SDN) enhance network flexibility and efficiency. This transformation extends to various sectors, from enabling real-time applications like autonomous vehicles and remote surgery with ultra-low latency to supporting the massive connectivity needs of the Internet of Things (IoT). With improved security, automation, and global standards, 5G has paved the way for innovative services and applications, shaping the future of technology in unimaginable ways.

Meeting the Demands of IoT Applications

IoT applications come with diverse performance requirements, ranging from data rate and latency to reliability and energy efficiency. 5G networks are poised to meet these demands efficiently, enabling the seamless operation of IoT devices across various industries.

The era of IoT brings a massive influx of data, often referred to as ‘Big Data.’ IoT-enabled devices continuously generate vast amounts of data that require storage, tracking, and analysis. They provide the bandwidth and low latency needed to harness the full potential of IoT-generated data.

Ultra-Reliability and Low Latency for Critical IoT

One of the standout features of 5G is its ultra-reliable and low latency communication (URLLC) capabilities. URLLC enables 5G networks to support critical systems, such as autonomous vehicles and industrial automation, with unprecedented reliability and responsiveness. In the near future, self-driving cars will take over our streets. These cars drive themselves using smart technology, and it’s like having extra free time during your commute. You can read, work, or just enjoy the ride while the car does all the work. It’s a new way of getting around that makes life easier and more interesting. This reliability is a cornerstone of 5G’s potential, offering a robust foundation for IoT solutions.

Applications in Smart Cities and Smart Homes

5G can turn our homes and the city we livein into a futuristic hub where everything is instant and interconnected, bringing the future closer than ever. 5G’s URLLC opens up new possibilities for enterprise IoT use cases, particularly in smart cities and smart homes. With 5G, your smart devices can communicate and respond in the blink of an eye, creating a seamless and connected living experience. In smart cities, 5G-powered IoT devices can efficiently manage traffic, reduce congestion, and enhance road safety. Moreover, in smart homes, the low latency and high reliability of 5G enable seamless online gaming and augmented/virtual reality experiences, creating immersive living environments.

Healthcare and Disease Management

The dense urban populations of cities underscore the need for improved healthcare services. 5G-enabled IoT solutions can monitor the health of city populations, providing invaluable data for emergency services and reducing overcrowding in healthcare institutions. This technology can elevate the quality of life for individuals with disabilities and chronic illnesses while also optimizing preventative healthcare measures.

Impact on Download Speeds and Streaming

5G revolutionizes download speeds, enabling lightning-fast data transfer from the internet to devices. This high-speed connectivity enhances user experiences, making it ideal for applications like video streaming, online gaming, and more.

Conclusion

In the future, 5G technology will revolutionize product engineering. With the tremendous speed and low latency of 5G networks, engineers and designers can collaborate in real time from anywhere in the world. This means faster development cycles and more innovative products. Imagine engineers remotely testing and fine-tuning products through augmented reality, or robots in factories instantly receiving updates and optimizing their operations. 5G is set to supercharge the entire product engineering process, making it more efficient, responsive, and dynamic than ever before.

In conclusion, 5G technology stands as a catalyst for innovation and transformation across industries. Its ultra-reliable, low latency capabilities, coupled with vast bandwidth and connectivity, make it the ideal choice for critical IoT applications. As 5G continues to evolve and expand, it promises to shape the future of product engineering and IoT solutions, driving progress and improving the quality of life for people around the world.

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IoB and its contribution

The Internet of Behavior, often known as the Internet of Behaviors or IoB, is a relatively new industry idea that aims to comprehend how customers and companies make decisions based on their digital experiences. The IoB unites three academic disciplines: Internet of Things, edge analytics, and behavioral science (IoT). The IoB’s objective is to record, examine, and react to human behavior in a way that makes it possible to follow and comprehend that behavior utilizing developing machine learning algorithms and upcoming technical breakthroughs. The IoB uses cutting-edge data-driven technology to sway consumer purchase choices in a way that prioritizes the requirements of the customer.

Many users are happy to provide their data as long as it adds value, data-driven value whereas some users are hesitant to do so. For businesses, this includes having the ability to alter their brand, promote their goods to consumers more successfully, or enhance the Customer Experience (CX) of a good or service. It is conceivable that data on every aspect of a user’s life could be gathered with the ultimate aim of enhancing effectiveness and quality.

Applications of IoB in Customer Relationship Management

Every day, the number of IoB applications grows significantly. For businesses, this is currently a crucial marketing strategy. IoB’s “intelligence” can be advantageous to both people and businesses. It appears as a cutting-edge means of transferring and storing data. This examines the opportunities and assesses the hazards. IoB seeks to accurately comprehend and apply data in order to build and market products. It is utilized to put into practice cutting-edge customer experience strategies, enhance the search experience, and create and market goods and services for enterprises. Organizations increase their data collection and mix and use of data from numerous sources. IoB is capable of collecting, combining, and processing data from a range of sources, including social media, consumer data, citizen data gathered by government organizations, and facial recognition and geolocation.

The advantages of IoB in specific are:

• Analyze the buying patterns of customers across all platforms.
• Analyze previously unobtainable information on how consumers utilize items and technologies.
• Learn additional specifics about the stage of the purchasing process that a consumer is at.
• Targeting and real-time POS notifications are provided.
• Quickly resolving issues will help you close sales and keep consumers satisfied.

Conclusion

IoB has quickly evolved into a universal setting that regulates human behavior. To connect people and computers for behavior analysis, a milestone is required. IoB analyses behavioral data before determining its potential. In order to develop methods for producing and selling things to consumers, businesses have examined, tested, and used a variety of methodologies. The information can serve as the foundation for corporate growth, marketing, and sales strategy. Various fresh data and materials may be analyzed by the industry. Additionally, it contributes to greater consumer pleasure and profit. The IoB assists with research by collecting information from many touch points along the way. This results in the creation of more points and new channels of consumer communication. IoB is used for marketing and advertising and will assist business people in enhancing their operations. It boosts market revenue and the use of connected devices that connect to the Internet and use wireless networks to collect and transfer data without the help of humans. The IoB uses the data collected to transform the information into knowledge. It links people to their behaviors and combines behavioral psychology. IoB issues a warning about a bad scenario and provides advice for altering the course of action. It gathers behavioral and user data from devices connected to the Internet and gives consumers perceptions of their needs, interests, and behaviors. Internet of Behavior (IoB) will undoubtedly advance the field of customer relationship management in the upcoming years with all these potential and capabilities.

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Research proves that 95% of companies are investing in IoT since it will help them improve their sustainability practices as well it is also the backbone for many solutions in the present and future. IoT solutions such as real-time tracking, route optimization, predictive asset, and product maintenance can help increase sustainability and productivity. According to Gartner the aviation and transport industry will account for the largest opportunities to increase and generate $64 and $11 billion by 2028 with the help of IoT features. Implementing IoT approaches for different segments of the transport industry such as sensors on railways, highways, roads, bus stops, airports can smoothen the entire operation process as well as increase visibility and transparency.

Air travel
The use of IoT not only provides passengers with real-time information about their baggage and boarding details but also helps reduce excess waste and utilize energy and power in a sustainable manner by switching off lights in empty areas and controlling the temperature.

Public transport
IoT technology not only updates passengers with real-time data about the bus schedule and timings but also reduces wastage of fuel, resources, materials, and cost with its real-time and automation features. IoT sensors are beneficial since they provide data about real-time air pollution as well as reduces pollution. Moreover, the sensors help address issues regarding temperature, fuel, and route optimization.

Road traffic department
The use of IoT helps in managing the road traffic department in an effective manner. The real-time features help in managing traffic, accidents, and roadblocks. It helps with parking issues and also helps individuals in identifying where they parked their cars to avoid wasting time and fuel.

Supply chain
Implementing IoT with supply chain strategies for companies has proved to be effective and efficient since it helps in reducing waste, fuels, and costs. It even smoothens the transport solution process with its real-time features and tracking devices. It even minimizes the usage of electricity.

Logistics
This sector accounts for 1.6 billion of CO2 emissions. IoT technology can be used to improve communication, usage of resources and materials, and navigation. The real-time feature will help drivers to avoid routes where there is a lot of traffic or delay which will reduce wastage of fuel. Better navigation due to real-time data will help minimizing harmful emissions. IoT data can help update owners regarding maintenance issues such as faulty parts which can reduce waste. IoT is a great way to minimize the use of power and electricity due to its smart features, real-time data, and sensors.

Automotive Industry
The connected vehicle technology enables communication among vehicles and infrastructure which can reduce crashes, energy, and gas emissions with the help of real-time and navigation IoT features. It even improves customization and the complete fleet operation becomes much more effective and efficient since it reduces gas emission and fuel.

The advantages of integrating IoT practices with day to day operations

IoT technology is beneficial not only for the present but for the future as well. It helps increase effectiveness for different operational activities at a low cost. Not only does it help with sustainability but also increased the security of different stored information.
PwC states that technologies such as IoT can help reduce environmental challenges and increase sustainability.

Sustainable environment – Real-time data and sensors help in better route optimization, planning, understanding traffic issues as well as reducing fuel, wastage of resources, and energy.

Smooth operational practices – Real time data enhances the entire operational process. It helps reduce cost and improve productivity and monitoring.

Better customer experience – Increases focus on customization as well as with real time data customers can plan better. It increases transparency, communication, and efficiency.

Increased safety and protection – With the use of sensors, important aspects such as temperature, speed of vehicle, issues and accidents can be minimized. It helps improve the safety of various aspects of the transportation industry. Helps understand key issues regarding maintenance.

Cost effective and efficient – IoT sensors and real-time features help improve planning when it comes to resources. Sensors help with sending updates regarding maintenance to avoid any accidents or wastage of resources. It even reduces energy consumption.

In conclusion

Nowadays, both businesses and consumers focus on sustainable practices which is why integrating IoT along with the day-to-day operations and goals of the company can increase sustainability and improve the carbon footprint in a cost-effective manner. The adoption of IoT technology by companies will help reduce emissions, pollution, and fuel, which will indeed make the world a better and greener place for the present and future.

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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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During the pandemic, some of the following digital health trends gained traction and are expected to influence the future of medicine.  

1. Telehealth  

Telehealth delivers healthcare services through digital communication technology such as computers, mobile phones, and tablets. Healthcare providers had to shift rapidly when social distancing diminished in-person visits. By April 2020, telehealth services would account for almost 43% of primary care visits. Telehealth appears to be here to stay, even as the COVID-19 vaccines roll out over the world.  Fortune Business Insights says the telehealth business will be worth more than $185 billion by 2026.  

Telehealth can refer to a variety of different medical services. Teleradiology refers to the practice of a radiologist interpreting medical images while not physically present in the location where the images are generated. Hospitals, mobile imaging companies, urgent care facilities, and even some private practices utilize teleradiology. Tele-pharmacy delivers pharmaceutical care to patients in regions where they may not directly access a pharmacist via telecommunications. It’s an example of the broader telemedicine phenomena in action in the field of pharmacy. Tele-ICU has an off-site command center –  a critical care team (intensivists and critical care nurses) is connected with patients in the distance intensive care units (ICUs) through real-time audio, visual and electronic means, and health information is exchanged. Telerehabilitation refers to information and communication technologies to provide rehabilitation services to people remotely in their homes or other environments. This usually has a vital visual element with video conferences and webcams commonly used to communicate symptoms and clinical progress. Tele-neuropsychology is a type of telemedicine that includes neuropsychological consultation and assessment over the phone with patients who have or are suspected of having a cognitive disorder.  

Telenursing refers to the utilization of communicative technologies to provide remote nursing services.  

In the future, people will demand a smooth digital experience to make appointments, buy medication, and get important health information and advice. Instead of being a transitory fad, telehealth is predicted to become an integral part of a complete healthcare strategy that enhances the patient experience. Clinicians might handle approximately 40% of primary care sessions remotely, and clinicians that offer telehealth services are more likely to see more patients. According to the American Hospital Association, hospitals lost $161.4 billion between March and June 2020 – telehealth services may assist hospitals in recouping some of their losses. According to McKinsey, $250 billion of total US healthcare spending might go virtual in the years following the pandemic.  

Rather than treating digital health trends as a testbed, the industry must fully embrace innovation to improve provider agility and efficiency in the future.  

2. IoT and Medicine  

Medical IoT is a fast-expanding industry in which wearable gadgets, monitoring, and integrated applications are used to meet healthcare demands. Medical IoT can offer better versions of classic medical devices, such as the smart inhaler, which syncs patient usage with a mobile app, thanks to AI and machine learning technology.  

Patients now have more control over their diseases and health demands thanks to the emergence of 5G and smart technology in healthcare. Smart insulin pens and glucose monitoring devices, for example, make it easier for people to maintain track of their health needs with minimal disruption to their daily life. Many IoT devices will become more affordable as technology advances, bringing us closer to health fairness. Hospitals can perform predictive maintenance and avoid costly downtime of complex medical equipment with IoT devices that monitor machinery and warn technicians about concerns. In addition, they can employ sensors to track supply inventory, allowing them to manage gas, chemical, and disposable goods like masks, gloves, and syringe usage and costs.  

Data storage and security are critical in the healthcare industry. Additionally,  IoT devices must be dependable in terms of connections, performance, and real-time data delivery. For example, healthcare workers may overlook important details about a patient’s health if there are any pauses or outages. Healthcare has a lot to gain from the cloud era, but trust in data security and IoT capabilities are still developing. With this in mind, we may anticipate increased investment and funding in IoT technology in the following years.  

3. Behavioral and mental health apps  

As the brutal reality of lockdown life set in, people worldwide faced untold mental health issues in 2020. Mindfulness applications like Headspace, Liberate, and Calm were no longer solely for the fringe meditation crowd, as general usage boosted the wellness app market’s download figures. According to The New York Times, Calm gained 10 million new members, and venture investors pooled their funds.  

Employers increasingly recognize the value of wellness apps for their workers. For decades, corporate wellness trips, office yoga, and team-building events have all been around, but the employer-provided wellness app is a newer notion. According to research by SHRM, 48% of US employees say they would be more confident in digital health tools if their workplace provided them. Furthermore, 26% claimed they would be more likely to stay with their current employer if such apps were available.  

According to projections from 2018, health apps might save the US healthcare system $7 billion every year. In addition, employers should see a decline in employee “sick days” as the mobile age continues to entice more people to health apps, which would enhance productivity. Limeade, which helps firms foster a culture of well-being and inclusion, and Vantage Fit, which lets employers develop simple wellness programs and challenges to help their staff stay fit and healthy, are two examples of apps aimed at the corporate workplace.  

Wellness is expected to be one of the most important digital health trends in the next 20 years, according to Deloitte’s Future of Health report. We may anticipate a significant shift away from treatment-focused medicine by 2040, with 60% of the investment going toward promoting health and well-being.  

4. Virtual and Augmented Reality  

Virtual reality (VR) and augmented reality (AR) technology have many practical applications beyond gaming and entertainment – VR aids surgical planning and training in the medical field, making treatments more comfortable for doctors and patients. There have also been numerous publications on the effectiveness of virtual reality in the treatment of chronic pain and mental health.  

In a study on the expected growth of AR and VR in healthcare, Markets predicted a 30.7 percent annual growth rate between 2017 and 2025. Health experts are already using the benefits of VR and AR to treat several ailments, including anxiety, phobias, and post-traumatic stress disorder. For example, providers can utilize virtual reality and augmented reality to construct simulations of real-life settings in which patients are psychologically challenged, such as dealing with eating disorders, fear of heights, or social anxiety. Although people are aware that the world they are in, whether wearing a VR headset or using an augmented reality application, is artificial, the simulation allows them to face challenges and overcome their fears through practice. According to Oxford VR, this type of immersive therapy can lessen fears and phobias by 68 percent after only two hours of treatment. 

On the provider side, VR aids in the development of medical professionals’ skill sets. According to a study on the influence of virtual reality training in healthcare, students who received VR instruction completed medical operations 20 percent faster than those who received only traditional training. In addition, the VR-trained group correctly completed 38 percent more steps.  

According to a recent estimate from Verified Market Research, the value of AR/VR in healthcare will climb to $34 billion by 2027.  Virtual reality is still a young technology. However, its powers will usher in exciting new advances in preventive healthcare, rehabilitation, and cancer treatment as it develops.  

Conclusion  

Telemedicine, IoT devices, and healthcare apps aren’t new technologies; they’ve been around for a long time. The COVID-19 pandemic, however, was instrumental in propelling healthcare forward and encourage health institutions, clinicians, and patients to embrace digital health trends and new technologies. Thanks to remote services, IoT devices, and rapid research and development methods, providers and patients now recognize the advantages of digital health services.  

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What is Proptech?  

Proptech refers to the practice of incorporating technology into the real estate industry. Proptech players are committed to creating efficient & customized digital solutions for real estate developers, investors, insurance providers, brokers, and property management companies. This cross-industry technology collaboration is set to change the way people research, rent, buy, sell, manage, and invest in real estate.  

Here is a list of Proptech technologies redefining the real estate industry:

Artificial Intelligence & Machine Learning  

AI and machine learning-enabled platforms allow enterprises to make insightful decisions. Processing a huge amount of available data enables companies to personalize and offer properties based on individual customer preferences, personality traits, and values, rather than just geographic location or size. It can also analyze and predict any safety hazard or construction defects, saving time and money. It also helps enterprises foresee future competition concerning any geography by evaluating the probability of occurrence of relevant events such as changes in the demographic pattern of the micro-market, income distribution of individuals in the vicinity, project viability in the future. Furthermore, correctly trained and designed Artificial Intelligence & Machine Learning algorithms are helpful to determine the property valuation and help predict the pricing trends more precisely.  

Augmented Reality and Virtual Reality  

The digital era has changed customer behavior – people now search online before making any purchase. Potential real estate buyers are no exception. Augmented Reality and Virtual Reality technologies open a new arena for real estate providers to make the buying experience more exciting and accessible. Maintaining a demo project has been a pain for real estate developers, costing them time and money. AR/VR enables them to create and conduct virtual tours of properties for their potential customers, which will allow them to experience the final product even before construction begins from the comfort of their own homes. This will also benefit long-distance customers who can’t physically visit the project. Real estate providers can use virtual tours that detail various parameters of the property, such as temperature control, safety precautions, community guidelines and help them get acquainted with the property well in advance. Virtual tours can also provide a realistic view of the project to the prospective customer. Their expectations are set before project initiation and can help deliver the final project by meeting the customer’s expectations.  

Robotic Process Automation  

Real estate and property management involve multiple documents that are data-heavy & rules-based, which reduces the productivity of employees and the business. Real estate companies can now bank on robotic process automation to automate these rule-based tasks and enable valuable human resources to focus on business-critical functions. Real estate operations such as tenant onboarding, portfolio management, payment reminders, NAV calculations, KYC compliances, maintenance scheduling, work orders, listing management, rent management, etc., can be automated leveraging RPA. Focusing on business-critical functions, such as interacting directly with potential buyers and sellers, enhances the probability of more closed deals, resulting in positive revenue growth. RPA improves transparency and visibility into various business processes, thus enabling realtors faster and wiser property management.  

Internet of Things (IoT)  

The Internet of Things (IoT) is helping the real estate industry grow and manage businesses more efficiently than ever before. IoT devices can send alerts and notifications to tenants or property managers in case of a safety hazard or other emergency issues. They can also keep track of maintenance history, identify potential problems and allow for predictive maintenance. IoT devices can also help property managers understand tenant behavior and preferences to improve properties and provide a superior customer experience. Before making a purchase, any prospective customer or tenant can evaluate the property’s history on maintenance, electric works, plumping, fire incidents, etc., through its connected IoT devices. Processing the immense variety of data available from IoT sensors through advanced analytics poses the enormous potential to offer meaningful & valuable insights that will change the way real estate works.  

The Future of Proptech  

The Proptech ecosystem is rising and will undoubtedly continue to grow, with budding start-ups becoming larger, global enterprises. Proptech will redefine the real estate industry, just like FinTech transformed financial services and InsurTech transformed insurance services. For real estate organizations to thrive and prosper in the increasingly digitalized future, understanding and effectively utilizing Proptech solutions is the way ahead.   

But the question is, how can enterprises be prepared to leverage the Proptech revolution? How can you future-align your real estate & construction business? Black Rock IT Solutions can help! Drop a mail to sales@blackrockdxb.com. Our real estate professionals have the in-depth industry knowledge and the technical experience needed to help you achieve your business goals. 

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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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Simply put, edge computing brings computation and data storage closer to the devices which collect the data, rather than relying on a centralized location or on the cloud, both of which risk latency issues. 

Edge Computing was developed to cater to the needs of the exponential growth of IOT devices. And the trend is only going upwards, especially in the healthcare sector. Research shows that IOT in the healthcare market will be worth $534 billion in the next four years alone. 

With the advantages it brings to the table including faster processing time for data, non-reliance on bandwidth availability, and network reliability – all of which can save a life in this field where every second of response time counts, edge computing has proven to have the power to completely transform the way the healthcare industry functions.  

What is driving adoption in the Healthcare Industry? 

Real-time data monitoring to control chronic diseases has proven to be highly effective – combinations of remote monitoring, mobile platforms, and analytics have cut the rate of readmissions of patients suffering from congestive heart failure, diabetes, and blood pressure significantly. This success is propelling the usage of IoT devices and networks in healthcare institutions.  

One of the key benefits of edge computing is that data can be analyzed and collected with the same speed as while on the cloud, but without the latency issues. This decreases the costs, increases the efficiency and makes for a far better patient experience – bringing healthcare closer to autonomous care, as opposed to automated care, which is what the industry has been aiming for until now.  

Other attractive benefits that are driving the industry to invest in edge computing include the ease of burden to health practitioners, who can stop manually collecting and managing patient data; make healthcare affordable and accessible to people who live in rural areas and act as a catalyst for technological advancement in healthcare by making data more accessible than ever before. 

Use cases for edge computing in Healthcare  

1. Uplifting the Rural Healthcare Sector 

While telemedicine has often been seen as the savior of rural areas where healthcare is often inaccessible, poor connectivity usually makes it just as difficult for patients in these areas to receive the care they need. With the right combination of IOT devices and edge computing, this can be overcome. 

Edge computing companies have developed portable IOT healthcare equipment with the ability to gather, store, generate, and analyze critical patient data without needing to be in constant contact with the internet. Thus, patients with wearable IOT devices can be diagnosed quickly, and the data can be fed into the systems at a later point, when connectivity is re-established. 

2. Critical Care  

Wearable IOT devices and edge computing will enhance the level of care available for patients with diabetes or congestive heart failure, as they will allow for them to be monitored constantly in real-time. 

Intensive Care Unit sensors detect changes in a person’s condition that must be acted upon immediately, such as closed-loop systems that maintain physiologic homeostasis – the data generated from these systems requires instant analysis and action, with no time for the data to be transferred to the cloud. 

When handling emergencies too, this instantaneous relay of information becomes crucial and edge computing can help transfer information from the ambulance to the hospital in real-time, saving time and providing healthcare workers with the information they need to save lives. 

3. Supply Chain Management 

Every hospital is a complex web of hardware and software working together to keep people healthy – from the parts of the robots used to perform surgeries to the needles used in immunizing babies, every piece of medical equipment comes down a complicated supply chain, and a disruption in that system would be catastrophic, causing disruption to medical outcomes.  

Sensor-equipped IoT edge devices have the potential to completely change the way this system works to ensure zero errors or glitches. These devices can gather data on usage patterns and use predictive analysis to help determine when the hardware of a certain system might fail, or when stock of a certain crucial medication might run low. Inventory management can become smart RFID tag-based, eliminating time-consuming paperwork and manual ordering. Another example would be the ability to track fleet vehicles equipped with GPS and other sensors so the location of critical shipments can be inferred in real-time.   

4. Cost-Savings for Healthcare Organizations 

The widespread adoption of IoT devices will enable healthcare facilities to significantly cut their costs in several ways. “Applications like Office Security/Video Surveillance, Smart Building Controls and Financial and Healthcare Analytics can help businesses cut costs by 25% to 35% depending on individual use cases and help organizations to derive greater business value from their data assets,” says Laura Didio, Strategy Analytics Director of Enterprise Research and Consulting. 

Challenges to implementation & the way forward  

Some of the key barriers to the implementation of edge computing include the lack of a proper 5G wireless network system, the interoperability of devices with EHRs, the vast amounts of data that need to be stored at the edge and acceptance by healthcare practitioners. One of the hardest problems to address is selecting the appropriate edge computing tools for different healthcare scenarios – thanks to privacy concerns, it is difficult to deploy open-source software directly into healthcare systems. 

Healthcare professionals need to be informed and encouraged to embrace innovation. Organizations need to bring all their stakeholders to the table to work with experts and make sure the systems can actually play out in real life, based on their specific needs and requirements. 

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