“Waste management and recycling companies are utilizing this technology to reward people for recycling, solar energy generation, decentralizing energy and other waste management-related transactions.” Blockchain makes it easy for companies and public agencies to incentivize recycling and to better track waste on the journey from producers to the landfill.
Recycling is an integral part of waste reduction, only about 23% of the recyclable bottles in the U.S. actually get recycled and that percentage is probably much lower (though more difficult to track) in most developing countries. Most citizens know that they should recycle, but they are often confused about what is recyclable, aren’t sure how to recycle their items and are poorly incentivized for doing so. Blockchain waste management technology can help address the financial barrier to recycling by providing immediate currency to the recycler and it can improve transparency and accountability by letting customers trace their waste from their rubbish bin to the recycling facility and beyond.
How Blockchain can overcome deficits
Fraud and manipulation:
With blockchain technology, it is important that the data entered are correct, since it is not possible to change it afterwards. The waste separation station does not have the correct (automated) solutions to ensure that these source data are correct. They are too dependent on another party, which is not confidential enough to use as source data. Blockchain technology is not going to solve this problem and, in fact, a solution has to be found before blockchain can be implemented
2. Wrong or loss of information:
Once something is entered in a blockchain, it is immediately safe. Since the guidance letters and weighing vouchers are digitally entered with a blockchain solution, they cannot be physically lost. Blockchain implementation is the right solution to overcome this problem.
3. Manual processes:
Blockchain technology itself does not directly offer the solution for automating data processing. However, it offers multiple options with the help of other IT solutions.
4. Lack of knowledge about technology:
Blockchain technology is not going to introduce a change in the current maturity of knowledge and expertise in IT.
5. Lack of control:
If organizations save the data using Blockchain and organizations ensure that this is done in the right way, it is possible to use the Blockchain technology as a “trust factor”. The data contained in it cannot be changed and if it is entered correctly you can guarantee that the information is reliable. This offers a solution for inspection services such as ILT, because everything is digital.
Harnessing blockchain technologies to drive sustainable and resilient growth and a new wave of value creation will require decisive action. The opportunities that blockchain offers need to be developed and governed wisely, with upfront and continual management of the unintended consequences and downside risks. This is a responsibility shared by all stakeholders – from the technology community (entrepreneurs, researchers, open-source developers and big tech) and industrial sector through to governments (policy-makers and regulators), international organizations, investors and community organizations. Establishing new global platforms to accelerate the creation of a “responsible blockchain ecosystem”, rather than just to incubate specific projects, would be a valuable and much-needed next step. It could support the development of effective blockchain solutions for environmental challenges, help ensure blockchain technology is sustainable (i.e. good for people and the planet) and play a crucial role in formulating the necessary governance arrangements.
Individuals are becoming more aware of the threats of data breaches and the use of their personal data for commercial purposes. The GDPR (General Data Protection Regulation) seeks to make a harmonized knowledge protection law across the European Union and aims to give back the management of one’s personal knowledge. With GDPR, even organizations without a physical market presence in the EU may still be required to comply with the GDPR if the organization offers paid or unpaid goods or services to individuals located in the EU or if the organization is monitoring the behavior of individuals within the EU. In addition, if an organization works with suppliers or partners that operate in the EU, they will expect the organization to comply with GDPR in order to limit their own risk. Simply put, GDPR compliance will soon be considered a requirement to conduct business with EU data subjects. Blockchain fosters a new generation of transactional applications that help establish accountability and transparency. It also provides an unmatched level of accountability for how data privacy is managed based on its tamper-resistant data store and its consensus mechanism used to modify the data. Basically, blockchain data is protected by design. Blockchain continues to be in its infancy however has notable networks already providing worth like food safety and international trade. The combination of sequential hashing and cryptography along with its decentralized structure makes it very challenging for any party to tamper with it in contrast to a standard database.
Ensuring only interested and authorized parties’ access the correct and appropriate data privacy to them is a common concern for organizations considering using a blockchain today. Protecting blockchain network access is fundamental in securing data access. If an attacker is able to gain access to the blockchain network, they are more likely to gain access to the data, hence authentication and authorization controls need to be implemented, as is the case with other technologies.
Full encryption of blockchain data ensures data won’t be accessible by unauthorized parties whereas this data is in transit. In public blockchain, there is no necessity to control network access as the chain’s protocols allow anyone to access and participate in the network, providing they firstly download the software. In distinction, private blockchains require that appropriate security controls are in place to protect network access.
Blockchain technology will be considered as a secure technology, from the point of view that it enables users to trust that the transactions stored on the tamper-proof ledger are valid. The combination of sequential hashing and cryptography along with its decentralized structure makes it very challenging for any party to tamper with it in contrast to a standard database. This provides organizations using the technology with assurance about the integrity and truthfulness of the data. Blockchain brings a new paradigm to software development and, as such, secure development standards and practices (such as implementing secure coding and security testing) need to be implemented (and updated) to account for a smart contract life cycle (creation, testing, deployment, and management).
The combination of the peer to peer nature and the number of nodes within the network, operating in a distributed and 24/7 manner, make the Blockchain platform operationally resilient. Given that both public and private blockchain consists of multiple nodes, organizations can make a node under attack redundant and continue to operate as business as usual. So, even if a major part of the blockchain network is under attack, it will continue to operate due to the distributed nature of the technology. Blockchain has refuelled a generation of ideas that have the potential to shift the management from centralization to decentralization, once more permitting people the flexibility to require back privacy of their data.
Identity theft has become a great danger nowadays and it has increased at an enormous amount in the last few years. This is despite all financial institutions and bodies giving alarms and alerts to the consumers who could not avoid this theft. This resulted in organizations asking for information and data from individuals to avert identity theft. This resulted in the loss of control of individuals over their personal individual information. Blockchain technology can remove this menace by creating a future where individuals can hold their privacy without risking identity theft. So, here has to be a solution, right? We tell you about all possible web identity thefts and also how can you protect yourself from such frauds. Keep reading!
Birth of Identity Theft
How actually identity theft started? It all needs A claim is a statement made by an individual or entity. Claim, proof, and assertion are required for asserting an individual’s identity. In order to establish an identity claim, an individual requires a form of proof like an ID. Further, if an additional validity is required, a third party can assert this claim by cross-referencing their records. This form of data is, however, unstructured. It is further to be noted that proofs are usually given in the form of images or photocopies and can easily be stolen.
Blockchain ensures that an individual retains greater security regarding their individual personal information without losing their privacy and incurring additional expenses and fees. It is to be noted that distributed ledger containing everyone’s identity distributes trust from a single central point towards the whole system. Thus, personal information is kept under individual control.
Avoiding Synthetic Identity Theft
In case of Synthetic identity theft, where individual leverage pieces of fictional and real personal information to fabricate an entirely new identity, is the reason for the new account origination fraud that banks regularly have to deal with. In assuming these false identities, fraudsters can open, use, and reap benefits from savings and checking accounts, loans or credit cards before banks can detect or be alerted of their duplicity. This often leaves legitimate names with credit card debt, defaulted or credit score hits attached to them.
Averting Card Fraud
This is the most common and rampant of fraud since the issuance of present-day cards having CVV number. Now individuals who have stolen a credit card number, expiration date and maybe even a CVV number can utilize the wide web of e-commerce masquerading as that cardholder, doing online transaction at will, no ID checks required.
Prevention of Tax ID Fraud
During tax season, there’s always a looming threat that fraudsters could intercept, file someone else’s taxes, have the return sent to them, deposit it into an account (potentially even a fraudulently opened one) and withdraw the funds before the original taxpayer even sits down to address their annual filing. If the official was able to lean on a blockchain-based digital identity, which would likely include employer and payment details, the identity of the person filing could be verified upfront and yearly tax returns could be made a part of identity attributes backed by the immutable blockchain. All of us just agree to whatever are the terms and conditions that are required to get that ‘free’ service. In exchange, we are giving away our phone numbers, location, credit card numbers and what not! We do not like to enter our credit card number over and over again so we save it to check out faster.
It is desired to leverage this platform to emphasize on the blockchain technology. Blockchain-enabled identity management not only gives us the ownership of our data but also keeps it very secure. This makes us a sovereign individual. Blockchain technology makes it extremely difficult for fraudsters to gain data illegally.
Many think of Bitcoin or cryptocurrencies in general when speaking about blockchain, but this powerful technology is much more than just that, it has the potential to positively transform many existing business areas. Among the areas designed to take full advantage of the thriving technology, a major one is advertising and marketing, especially influencer marketing.
What is Influencer Marketing?
Influencer marketing is a form of marketing within which the main target is on influential people instead of the target market as an entire. It identifies the people that have influence over potential consumers and orients marketing activities around these influencers. Influencer marketing is used by brands to get their messages to a wider audience, while blockchain technology provides the necessary regulation for transactions between brand and influencer, ensuring transparency and ultimately providing security to all stakeholders. Bloggers are the people with a big number of active, loyal followers on social networks, in the blogosphere and on other media on the Internet. They often recommend products and services and their audience usually responds positively, looking for and buying the same products and services.
It is this, positive response that marketers seek. The right influencer can bring huge dividends to a brand, but the trick for marketers and advertisers is finding just that influencer for their products and services.
The decline of traditional TV and the growth of social media have given rise to influencer marketing, now one of the fastest-growing categories in advertising and projected to be a $5 billion to $10 billion market by 2020. Instagram is one of the largest developing segments of the growing influencer marketing market.
Significant trends that affect growth in the global influencer marketing market:
● Close to a fivefold increase (5X) in monthly influencer marketing interest over last six months. ● Collapsing television viewership in the demographics where marketers are spending heavily. ● Time spent on mobile apps (198 minutes) exceeded time spent watching television for the first time in 2015. ● Accompanying the decline in television viewership is the increase in digital ad spend, forecast to overtake television ad spend in 2016.
Blockchain ecosystem: Scalability approach and workflow
Different from other influencer marketing platforms in that its user base is bottom-up, starting from the very small nano influencers. A typical platform struggles with the sheer range of influencers they have to handle and reward, that’s one among the explanations nano and small influencers have fewer opportunities compared with their bigger competitors. A blockchain-based application with a self-maintained quality verification framework brings an approach that lays the foundation for a highly scalable platform that is able to maintain high-quality standards.
In reality, most influencer marketing companies can’t guarantee demographic targeting or the regular release of electronic communication to strategically insert themselves into the consumer’s expertise. Brand executives might lack direct access to the influencers, instead of having to travel through intermediaries like managers or agents. There’s also the issue of brand safety, how to ensure that an influencer’s background, behavior, and language meet the highest ethical standards. A Blockchain platform provides an opportunity to develop a solution that would leverage technology to add meaningful data and a much-needed structure to the market.
No doubt, India is the fastest-growing economy worldwide. According to stats India has achieved 7th position in global GDP rankings. And yes, saying this won’t be wrong, India is marginally just following the Uk and France, says world bank data.
Blockchainis seeing a great deal of traction in India majorly in Banking, Insurance, and Cards trade. In most of these industries, players square measure coming back along to create a pool to comprehend the advantages of Blockchain at an industry level. However, a number of the business conglomerates have evinced interest to explore Blockchain for rising their business processes across their subsidiaries and business partners in addition.
A lot of Indian players have tested usage of Blockchain within the areas of Trade Finance, Cross- border Payments, Bill Discounting, Supply chain financing, Loyalty and Digital Identity areas. Some of the Indian banks, business corporations, and one stock exchange are among the forerunners for exploring Blockchain in India.
Blockchain Use cases in India
Trade Finance: A private sector bank in India and a leading banking group in the Middle East successfully executed transactions in international trade finance and remittance using blockchain.
Supply chain financing –An Indian conglomerate has designed a cloud-based application to remodel supplier-to-manufacturer trade finance transactions through a permissioned distributed ledger. A lighting instrumentality manufacturer in India experimented with Blockchain to scale back the cycle time of the Bill Discounting method for paying its suppliers from five days to nearly period.
E-KYC Document Management: A leading stock market exchange in India is exploring blockchain for the management of KYC documents in collaboration with some of the leading banks in India.
Cross-border Payments: Stellar has partnered with four monetary establishments to change affordable world cash transfers to the Philippines and cross border payments to and from India, Europe, Kenya, Ghana, and Nigeria.
Two of the private sector banks in India are put together testing Blockchain transactions, centered totally on cross-border remittent and trade settlements.
Advantages of Blockchain in the Indian Economy
Cost-Cutting: A blockchain an enormous range of intermediaries regarding value. For example, the State Bank of India (SBI) approximates a reduction of 7% with the adoption of the blockchain and 15% cost reduction in network and storage requirements.
Speed & Mapping: A blockchain group action, that involves any intermediaries would profit the blockchain. Take for instance the case of a supply chain. A supply chain mechanism is taken into account because it goes through numerous stages of supply. You are not tuned in to whether or not the merchandise has extremely passed onto every stage. However, with the employment of a blockchain, every step of the supply chain can be mapped.
Ecosystem: Whereas the adoption of the blockchain continues to be in its budding stage, most analysts believe that banks can begin embedding blockchain solutions in their entire scheme. Its adoption by a variety of giant companies illustrates a bigger vision of Digital India and therefore the Government’s efforts for conversion. The country has witnessed a dramatic increase in Bitcoin adoption by the financial organization and can thereby facilitate within the growing Indian Bitcoin community.
Blockchain has the potential to create processes additional democratic, secure, clear and efficient. The immutability of a Blockchain makes it nearly not possible for changes to be created once established, which increases confidence in data integrity and reduces opportunities for fraud.
Streamlining the cross-border payments, while the traditional process takes up to three business days in transferring funds across borders, Blockchain expedites the same process within 20 seconds, thanks to its decentralized aspect. Not only the economy but the Blockchain is also now the fastest-growing skill set demanded on job sites, with job growth rates at 2,000-6,000 percent and salaries for Blockchain developers 50-100 percent higher than regular developer jobs, therefore, creating a big contribution towards India’s GDP.
With the introduction of blockchain in the Indian Economy, the operations have become pretty safe and streamlined, transactions have become safe and records are easily accessible. In case, you are looking to understand blockchain’s implications in your business in more detail, drop us an email on [email protected] or schedule a free consultation with our team of blockchain experts who can guide you through the blockchain implementation in a specific use case.