China’s political and economic system is at its worst possible time because of coronavirus. Several Chinese businesses and factories are now struggling to reopen business activities. The majority of businesses’ are operating below their capacity due to the Coronavirus plague. Chinese Government is using every tactic to tackle this virus and to minimize its effect on the populous. Nodoubt, china is the world’s second largest economy and you can see their growth over time.
Breakdown of China’s Economy because of Coronavirus
In today’s date, China is now the 2nd-largest economy in the world, estimating for 16% of global GDP. Whereas in comparison, in the same time period, the U.S GDP never topped 3%. Anyhow, china’s overall GDP is almost 9 times larger than it was during the SARS outbreak in 2002-2003. But due to this deadly plague, it had impacted China’s Economy, along with Japan and Vietnam. As they import material and parts from china. I won’t be wrong if we say they relay on the Chinese supply chain.
But now china grapples due to coronavirus, the economic damage is mounting around the world. Businesses are dealing with great loss in revenues and disrupted supply chains due to china’s factory shutdown. 10 million people remain lockdown in dozens of cities because of the corona.
The pandemic plague has hit a lot of economic activities and transactions in the world. Sadly, several crypto conferences and events have bee postponed or closed because of this outbreak. A devastated economy of China, bring a devastating effect on the world market too. The blockchain technology is easily available to China 2019s beckon to weather the storm.
As the United state-backed away, china had an opportunity to move into high-potential technology by investing in blockchain. China’s most important goal in developing blockchain would be to help create a digital currency. Not any new cryptocurrency like Bitcoin, simply making already – the existing monetary base digital. Blockchain can be fundamental for tracking & recording transactions & creating a new unit controlled and distributed by the regime. It can further enable china’s digital economy where half of all digital transactions Totaling over 9 trillion last year.
The Rise of Emerging Tech in China
China is indeed aiming for technology supremacy, pumping billions into emerging industries from biotech to artificial intelligence. But digital currency would enable China to not only harvest the benefits of digital transactions, but also possibly gain a look at where the money is being used, and by whom, restricting money laundering and following a growing environment of surveillance.
Along with that, blockchain serves as a barrier against international cryptocurrencies. And also helps the government to retain control of the money supply.
Moreover, this would help easily China’s increasingly cashless society.
IN this deadly storm, blockchain might be the closet port to help them to get out of it. Let’s hope they opt for it, because of china’s economy whole world economy is at stake. China is organizing to dispersed technology, requiring that all “nodes” using the blockchain register with the government and provide information on their users. It doesn’t help to achieve blockchain’s goals of privacy and transparency. But In contrast, it has implications for human rights as China traces loyalty through financial transactions. As data is astonishingly complicated to be edited once added to the blockchain, it makes participating in party loyalty apps and purchasing censorship-free materials, becoming more difficult to avoid as China moves towards a more cashless society.
Pharmaceutical supply chains are particularly complex, requiring the input of multiple stakeholders with many important requirements placed upon them, which brings many challenges. Pharma Supply Chain with Blockchain offers a digital ledger system to securely record transactions on a peer to peer network in chronologically ordered and transparent blocks.
Naturally, having so many stakeholders able to input and change data adds complexity to the quality of the data. It is difficult to monitor and validate the correct information and secure against human error and missing documentation. Interactions are often time-sensitive, yet documentation may not always be managed quickly. There is also the overall issue of manufacturers, logistics companies, wholesalers and pharmacists not being able to have complete visibility on the authenticity of a drug and the quality while it is in transit.
Blockchain offers a digital ledger system to securely record transactions on a peer to peer network in chronologically ordered and transparent blocks.
Currently, the medicine verification system and the supply chain must meet the following criteria:
• Updating and Sharing data:
Allow multiple parties to update and share data
Verification ensures that the information can be trusted
Interaction with national and European medicines verification system to allow all parties to have visibility in the drug authenticity.
There are significant issues within the current system however:
• Intermediaries add complexity:
The more parties involved in handling the medication, the higher the risk of interception or damage
• Interactions are time sensitive:
Drugs must be delivered within a good timeframe as pharmacists need to be able to provide a quick service to patients
Manufacturers, logistic companies, wholesale and pharmacies may not be able to offer complete visibility on the authenticity of the drug whilst ensuring quality has remained intact.
Using a blockchain solution has advantages
Pharma Supply Chain with Blockchain can make a substantive difference to the pharmaceutical industry. At every stage of the process, barcodes would be scanned and recorded onto a blockchain ledger system which, in turn, records and creates an audit trail of the drug journey. Sensors can also be incorporated into the supply chain, with temperature or humidity being recorded onto the ledger system. This is particularly important for drugs requiring fridge storage, such as insulin or expensive specially manufactured medicines.
When the drug reaches the pharmacy, the pharmacist can tell through the blockchain audit trail, if the drug has been compromised at any point of the journey. Even atthe time of dispensing the prescription, biometric measures can be used to record the dispenser and pharmacist checking the prescription. This can all be recorded onto the ledger, allowing drugs to be tracked from the moment of creation to the moment the patient takes the drug home.
• Reduced complexity and costs:
– Pharma Supply Chain with Blockchain becomes traceable and drugs are easier to track
– Information systems will hold expiry date details which improves stock control and rotation
• Reduces errors:
– Drugs can be verified and authenticity can be ensured
– Patient harm is reduced as drug checks are improved
• Enhances security:
– Counterfeit drugs are minimised
– Patient harm is reduced
– Data is kept safe
• Proven resilience:
– The system’s data will remain protected
• Shared, trusted transactions:
– All parties are able to access the drug information when needed to ensure the quality of the drug being dispensed
– Parties must be able to trust the data as it determines if a drug can be dispensed
• Creates an audit trail:
– Drugs are easily traced making recalls easier
– Parties can see if the process has become compromised at any point
• Enhances transparency between authorised parties:
– All parties can see every stage of the drug journey to ensure the drug authenticity
– Regulators, such as pharmacy inspectors, can monitor the rate of counterfeit drugs entering the supply chain, with more accuracy
In Europe, the new regulation on serialization was made applicable on the 9th of February 2019. The objective of this system is to enable the identification and authentication of medicines guaranteed by an end-to-end verification of the supply chain of all medication.
However, in Europe, with the new Falsified Medicines Regulation (FMD), pharmaceutical companies will have to send the serial numbers of each medicine to a European hub. Then, these will be sent to the national databases of each country in which the drug is marketed. The hub is therefore the guarantee for the interoperability between all these databases and is a central authority, moving thus away from the principle of decentralization provided by the blockchain.
Through the use of blockchain, the drug journey can become more secure and streamlined. Every delivery can be tracked, with the delivery driver traced through biometric measures. Every checkpoint involving the drug is recorded and traced via biometric measures, 2D barcode scans or sensor technology. As the drug is tracked from creation to patient, the whole of the drug journey becomes seamless, accurate, audited and secure.
The future of technology lies in high speed and increased security. 5G internet and blockchain technology represent both swift speed and foolproof cyber safety. As per a research, the IoT market will reach $1.1 trillion by 2026. More number of “smart” devices need better connectivity and separate identity. In this hyper-connected world, 5G internet and blockchain technology become even more important. Let us find out how these two disruptive technologies will shape our world–
WHAT IS BLOCKCHAIN TECHNOLOGY?
If you keep up with business trends, you must know words like cryptocurrency and bitcoin. Most of us are aware of these terms. But, very few understand their back-end technology – blockchain. However, blockchain is a lot more than a digital currency. In simple terms, blockchain is a distributed database that exists on many systems. Every “block” has a timestamp and certain information. Every block is also linked to the previous one. Thus, a “chain” is formed. Now, you may ask about the security of data? Let us answer your question below. The entire database is independent. One can only add new blocks while the old blocks remain irreversible. This eliminates the risk of manipulation by fake data. Every block has a unique encryption and a special cryptographic key. Only one user can have this key. This ensures that the information remains accessible but cannot be manipulated. If you have the key, only you can add new blocks. Cryptography synchronizes the copies of the blockchain on every node of the network. To learn more about blockchain, you can always refer to our consulting services.
WHERE IS BLOCKCHAIN TECHNOLOGY APPLICABLE?
Blockchain technology is the most disruptive technology of the last two decades. It has revolutionized the business world with its decentralized nature and secure transactions. Studies suggest that the market cap of its application will reach over 30 billion by 2024. This technology keeps track of the entire customer journey; be it a financial transaction or sharing of business intelligence. Contrary to popular belief, blockchain technology has more than 200 cases. It is much more than cryptocurrency. Some of its important uses are:
Use of cryptographic keys help in establishing a strong, unbreakable digital identity. In 2019, everything requires a digital ID. It may be a banking transaction or a simple swipe to enter your office. Traditional systems protect our confidential information with a simple, unsafe password. Whereas cryptography requires a private key and a public key for authentication. Only the owner of the complete digital signature can access the data.
Blockchain technology makes app development a simpler and more reliable process. It is cost-effective and takes lesser time to develop.
The biggest challenge mobile developers face is the threat to cyber-security. Blockchain brings transparency and increased safety to user’s data. The use of blockchain technology is more beneficial for applications related to healthcare, financial services, and supply chain. To learn more about blockchain application development, check out our insights
SUPPLY CHAIN MANAGEMENT:
Supply chain management requires continued cooperation between multiple parties. The centralization of this system leads to confusion and mishaps. Moreover, there’s always a chance of fraud and misrepresentation of data. A centralized distributed ledger system like blockchain helps in streamlining the entire supply chain process. It brings transparency and security. We provide exemplary services in the field of supply chain. Read more about it on our website.
Blockchain the future of technology since it enables security. The number of smart devices is increasing every day. Hence, we require a foolproof technology and high-speed internet to ease it.
5G – THE INTERNET THAT FLIES
5G is the internet of your dreams. You will be able to everything you do online at a much faster rate. It will enable faster downloading, quicker streaming with a more stable connection. If you’re a fan of sci-fi movies, 5G will make most of your fantasies come true.
HOW WILL IT HELP US?
Studies suggest the 65.53% of the entire work population is connected with a cellular device. In fact, the number of mobile connections has exceeded the world population by 1 billion. All of us depend on a smart device for necessities in life. The present internet network is weak and crashes under pressure. The number of IoT is only going to increase. What we need is faster and stable connectivity. 5G internet will address all these problems. It can handle millions of smart devices simultaneously. It can provide more stability and reduce system breakdown.
ROLLOUT OF 5G NETWORK
5G network is soon going to be a reality. A study by Gartner shows that 7% of CSPs worldwide have already deployed 5G network. As per Sylvian Fabre, “5G wireless network infrastructure revenue will nearly double between 2019 and 2020”. The worldwide revenue of 5G network will reach $4.2 billion by 2020.
BLOCKCHAIN TECHNOLOGY AND 5G NETWORK – WHAT TO EXPECT
The rise of 5G network and blockchain technology are highly dependent on each other. 5G network will bring seamless and real-time interaction between smart devices and humans. This faster wireless network will bring down latency rate drastically. Latency is the time lag between instructions for an action and its performance. A lower latency rate will accelerate the speed and performance of smart devices. Here’s what we can expect with the onset of the 5G internet and blockchain technology-
THE TRUE POTENTIAL OF INTERNET OF THINGS:
Internet of Things, or IoT, is a term given to everything connected with a computing device. It could be a machine, a robot or even a human with a computer chip. Your alarm clock, security system, vending machines or a Smart TV are all IoT. They are bound to improve processes and ease social life. But, they cannot function without high speed, low latency and a stable network. 5G network eliminates all these bottlenecks. An increase in number of IoT may also create a security issue. Blockchain technology provides better transparency with decentralized distribution.
THE RISE OF INTERNET OF SKILLS:
Internet of skills (IoS) is a new concept. It enables specialists to provide their services virtually. A dentist could perform a medical procedure with virtual headsets. An electrician could fix an appliance in a similar way. All this could only be possible with low latency and high transparency. 5G and blockchain technology would help establish IoS.
THE INCREASE IN AUTOMATION:
A smart city or world would consist of interdependent cellular devices. Their use would automate human processes and simplify tasks. The process of automation would become useless if the network speed was slow. Too many devices would create chaos without security.
5G network and blockchain together would speed up the automation process.
5G internet and blockchain form a synergetic relationship. Their benefits would revolutionize the use of technology and overall quality of life. Their multifold relation will forever change the way we function. The world will only get smaller and virtual in the years to come. We need faster internet and a secure technology to safeguard data. 5G and blockchain will soon become the pillars of technological advancement. Many companies have realized the benefits of blockchain. As a progressive organization, you must join the bandwagon to a seamless future.
We, at Parangat technologies, have years of expertise in blockchain technology and its application. It is time for you to upgrade to future. Contact us to learn more about blockchain and how we can help you implement it in your business.
In recent years, a set of heterogeneous players has become established along the media value chain: artists as the primary creators of content, aggregators, and platform providers plus (depending on the country and type of media) a collecting body handling royalty payments. In the media value chain, content management is basically the content management bypassing through aggregators and distributors. Blockchain allows everybody to become a marketer as reach of lead generation becomes trackable and can be compensated.
With the advent of blockchain this industry structure could change significantly. Blockchain technology permits bypassing content aggregators, platform providers, and royalty collection associations to a large extent. Thus market power shifts to the copyright owners.
While some applications of blockchain technology may still seem farfetched and require further technological advancements, payment focused use cases have already been proved to work. Parts of the media value chain are therefore already endangered by new blockchain-based content management applications.
Liberalization of advertising market
More precise performance tracking of advertising efforts
Blockchain facilitates customer relationships
Based on the blockchain, everyone from leading media houses to small influencers can easily generate advertising revenues. As blockchains permit an exact tracking of content usage, it also enables a direct allocation of advertising budgets. Together with new, blockchain-enabled micro-payments, content creators are able to establish direct relationships with their customers.
Example: As artists tie up digital copies of their songs or videos in a blockchain they will be able to sell them directly to their fans without any intermediaries such as record labels. Moreover, a fair allocation of revenues from music streaming becomes possible, whether advertising or paid content-based. Artists can market their songs independently of big platform providers wherever they want, since a blockchain permits easy tracking of usage and deduction of the associated payments.
Some of the content management blockchain apps are:
Blockchain acts as an enabler of such a platform play because, unlike the current dominant platforms, it provides transparency, data privacy and trust across the ecosystem: the different parties involved in the platform (advertisers, agencies, ad tech providers, publishers) have access to relevant and certified data. Without blockchains, they are reluctant to share this data for fear of ceding competitive advantage or revealing high-value audiences.
Blockchain offers the ability to encrypt data that machines can see and optimize across, while contributors have access only to what they are permitted to view. Personally identifiable information, such as an IP address, can be masked. The result is that a broad ecosystem of advertisers, publishers and second- and third-party data contributors have gained the performance outcomes of a walled garden without the need to share data that could be used to poach customers. This approach could provide the performance outside the control of dominant intermediaries, which currently impose both burdens and control in exchange for that performance.
The modularity provided by blockchain applications enables various aspects of Media companies’ operations to be streamlined, which helps make them more cost-efficient and faster, as well as more reliable, scalable and transparent.
“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.