How Blockchain can Deliver a Better Retail Experience

How Blockchain can Deliver a Better Retail Experience

The blockchain in retail market size is expected to grow from US $80.0 million in 2018 to US $2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period.
The blockchain in retail market is driven by the growing need for increased efficiency and speed in retail and supply chain transactions and focus on preventing fraudulent activities in the retail industry.

Value Drivers for Blockchain in Retail

  1. Provenance/Authenticity
    Blockchain’s initial impact focuses on sanctioning retailers to produce a lot of reliable data to customers, who notably for a few product classes – more and more base their purchase choices on product content, origins, purity, and authenticity. Currently, counterfeit or contaminated product actual an enormous toll within the type of lost sales and whole injury, caused partially by the problem customers have in differentiating fakes from the real thing.
    Recently, retailers have recognized the gravity of this issue. In fact, Amazon has begun taking counterfeit resellers to court. Using blockchain technology, retailers will offer customers with indisputable proof of the birthplace and credibility of their product at each step within the offer chain. One sneaker manufacturer, as an example, is using blockchain and 3D-printed smart tags, scannable by a smartphone, to prove product authenticity.
  2. More Secure Transactions, Faster Settlement
    A second promising application lies in transaction settlements. Today, each player within the retail price chain pays a steep value to make sure the validity of the exchange of products, cash, and knowledge. They must compensate third parties for his or her services and stay up for every to complete its work before receiving payment or a dealings confirmation. Blockchain-based secure transactions will cut back the requirement for such third parties. By guaranteeing business transactions, substantially reducing fraud and increasing the efficiency of business partnerships, blockchain would free significant resources that can be redirected to more innovative and valuable ways of working across the value chain.
  3. Supply Chain Visibility
    Blockchain can also dramatically improve visibility into advanced retail offer chains, like data on product standing and placement. Retailers and distributors these days should reconcile data from multiple systems and use this knowledge to optimize inventory levels.
    In many provide chains, this lack of visibility causes over-ordering upstream, which ends up within the bullwhip effect: demand-supply variability that may inflate prices significantly for upstream provide chain partners. The visibility provided by the ever-present data obtainable on a blockchain will greatly cut back these prices.
    Blockchain-enabled user access management will guarantee proprietary data is protected by limiting permission to look at or modify knowledge to the suitable parties. The level of blockchain’s granular management through permissions is comparable to what’s provided by gift systems these days however at a way lower price.
  4. Networked Loyalty Programs
    Many firms area unit broadening their shopper loyalty programs to hide multiple brands. For instance, airlines provide passengers a chance to earn further points for rental an automotive from the most well-liked venders, or shoppers at a grocery chain get discounts on gasoline at affiliated stations.
    The noncurrent technology that tracks loyalty points imposes high prices and delays on collaborating merchants and customers. Legacy mainframes will take days to method transactions, forcing customers to attend for points to post to their account. The use of blockchain will create following these points quicker, cheaper, safer and far a lot visible to reach the house owners of the points and therefore the firms’ provision to them.

Conclusion:

The rapid pace of improvements in blockchain technology means that within one to two years blockchain could replace processes and provide a solution to many of the challenges faced by the industry today.
Retailers face another such inflection point with blockchain. Its ability to deliver inexpensive, secure sharing of information and value will drive game-changing benefits as discussed above. Early movers might gain the lion’s share of the advantage by not solely availing themselves of those advantages, however additionally mitigating blockchain limitations and characteristic key building blocks for additional value creation.

In case, you are looking to understand blockchain implications in your retail business sector 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.


Stock Market on Blockchain

Stock Market on Blockchain

Introduction

Blockchains are built on a series of innovations in organizing and sharing data. The objective is to make one version of the reality, used by all participants, containing a far richer dataset than exists in any one system these days. This will inturn enable new industry processes to be developed, based on the use of transparent real-time data, and the expansion of auto-executing ‘smart’ contracts, with business logic encoded into the ledger.
If we talk about the Stock market, Blockchain offers huge potential for tracing securities lending, repo and margin financing and monitoring systemic risks.

Beyond using the technology as an operating procedure for an exchange system, the blockchain has also found, through cryptocurrencies, a use as a way of raising capital, in place of traditional stock and equity markets.

stock-market-on-blockchain-blog-parangat-technologies

1. Primary Market activities

Beyond using the technology as an operating procedure for an exchange system, the blockchain has also found, through cryptocurrencies, a use as a way of raising capital, in place of traditional stock and equity markets.

For several months already, a new form of public offering has been flourishing, not only because they deal with start-ups, but mainly because they are in the form of cryptocurrencies, like Bitcoin or Ether, from where comes the initialism ICO – Initial Coin Offering, with reference to IPO – Initial Public Offering. These operations are a quick way of securing financing – capital can be raised in as little as a few hours to a few days – for entrepreneurs in the world of blockchain, allowing them to test their ideas or project on a community of experts.

Taking into account the potential of this technology, these capital raise also attract more and more investors looking for added value, even if they do not always understand the technological specificities of the project.

2. Secondary Market activities and Trading

The blockchain has not only prompted innovation on the primary market, with the appearance of ICOs: it may also have a revolutionary effect on secondary market and trading activities.

The distinctive aspect of this process largely relies on the manner in which an efficient process of order matching and price formation is conceived. Essentially, the ability to use the blockchain, with an added value, for negotiating activities, depends on two factors: First, the nature of the financial instruments traded and second is the nature of the intended
negotiating activity.

Using the blockchain for trading activities is conceivable even before the creation of the transaction for other instruments. This is typically the case for instruments whose trading price is purely bilateral.

The possibility of using a blockchain for trading purposes thus depends on multiple factors. Nevertheless, it can be expected that the application of the advantages provided by this technology to other segments of the value chain will have a major effect on trading activities.
In particular, by streamlining the post-trading phase, blockchain is bound to have as much of an impact on the demand as on the supply of capital, by prompting a growing number of capital issuances on the markets and by increasing investment in and exchanges of instruments in circulation and therefore the volumes traded.

3. Post-trading activities

Blockchain can also simplify the landscape of traditional organisation and operation of post- trading activities.

In the traditional scheme of things, a transaction’s life cycle on the stock market requires the presence of a market intermediary, a trading platform and various post-trading infrastructures and intermediaries, including a clearing-house, a settlement agent, a depository and a central depository.

In the new model, the instruction to buy or sell a financial security on a stock market follows a complex cycle, both in technical and legal terms, due to the presence of these various entities. It is even sometimes difficult to track an order all the way from the investor to the delivery or payment: the clearing house makes it impossible to track an individual instruction due to multilateral settlement methods.

In financial markets, the steady disappearance of paper securities and their replacement with virtual assets has led to the replacement of physical settlement using cash, with digital trades. The need remains however, for a ‘golden record’, a way for market infrastructures and intermediaries to keep their individual databases updated by communicating with the other institutions involved at other levels of post-trading, in order to be able to reflect each transaction in the records for each intermediary/infrastructure. Therefore, golden record in the financial market would be a well innovated blockchain app that caters to the people of Stock market.

In case, you are looking to understand blockchain implications in your business sector 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.

BLOCKCHAIN APPLICATIONS IN MUSIC INDUSTRY

BLOCKCHAIN APPLICATIONS IN MUSIC INDUSTRY

While music lovers have welcomed digitisation as the democracy of the industry, music industry has remained the same. Piracy through illegally downloaded content digs into the artist’s royalties and labels’ revenue. To add to this is the lack of a rights management system, which leads to loss of revenue to the artist and company. The revenue takes abnormally long time to reach the artiste. Area of concern is unpaid royalties, which are often suspended in various stages due to missing information or rights ownership

TRANSPARENCY

Artists are also suffering by a lack of sales transparency where although Digital Service Providers report a huge volume of transactions, they end up receiving payment for only 20 to 40 percent of these transactions. This has led to several artists choosing to keep their music off such on-demand streaming services, causing notable gaps in the libraries of popular 

These very areas are where Blockchain can make a difference. As a publically assessable and decentralised database that is distributed across the internet, Blockchain maintains permanent and undeletable records in cryptographic form. Transactions occur across a peer-to-peer network, and are computed, verified and recorded using an automated consensus method, eliminating the need for an intermediate or third party to manage or control information. The very architecture of Blockchain being distributed and peer-to-peer brings immense potential to deal with the present woes affecting the music industry.

DIGITAL RIGHTS DATABASES

Blockchain can bring Positive Change in Digital Right Databases

A main area in which Blockchain can bring immense and positive change is in the creation of a digital rights database. Digital rights expression is one of the main issues afflicting present day music industry. Identifying copyright of a song and defining how royalties should be split between songwriters, performers, publishers and producers is difficult in digital space. Artists lose out on royalties due to complicated copyright scene. Blockchain’s distributed ledger system, which ensures that no single entity can claim ownership, provides the perfect rightfull solution. Secure files with all relevant information such as composition, lyrics, linear notes, cover art, licensing, etc., can be encoded onto the Blockchain creating a permanent and inerasable record.

PAYMENT OF ROYALTIES

It has been observed that Blockchain technology can also be used to facilitate automatic payment of royalties through ‘smart contracts’. And the ‘smart contract’ encoded in the Blockchain enables the proceeds to directly reach the artists as well as the producers, writers and engineers. Such a system, removes the need for intermediaries and provides a transparent ecosystem that ensures all stakeholders receive their fair share of royalties.

PIRACY

Digitisation of the music and media industry has also left artists and producers to deal with the rampant problem of piracy, with users finding innovative ways to copy, record and distribute content, without compensating the copyright holders. The immutable security that Blockchain technology provides can be utilised to prevent it. By encode tracks on the Blockchain, which ensures that a unique record is created every time a song is played preventing copying of the content.

DISRUPTION

The music industry, disrupted by digitisation, is currently in a grappling due to age-old structures that are unable to cope with the present day digital demands. With this Blockchain technology offers solutions to build a healthy and robust ecosystem that can benefit both artists and producers. While there is still a lot to be explored on how Blockchain can revolutionise the music and media industry, it is clear that Blockchain technology is something that the industry is in dire need of.

The Blockchain Revolution in Banking

The Blockchain Revolution in Banking

Blockchain creates a network through which money is exchanged at the speed at which information moves. The change is the introduction of blockchain, or distributed ledger, technology, which could have broad impacts across banking and trading for both individuals and institutions. Blockchain’s revolution in the Banking Industry could allow for cheaper share trading and quicker settlement providing confidence to various participants in times of stress. Blockchain allows participants in a network to agree that each transaction has taken place and to keep a data of all transactions instead of leaving the record-keeping at one central place.

The industry is also working on increasing the volume of transactions per second that the technology can handle, which is not yet high enough for public equity markets.

Blockchain's - Revolution -  in -  Banking
Blockchain’s Revolution in Banking
Organizing processes

Blockchain puts all relevant parties into a common digitized infrastructure, allowing faster and more efficient execution of transactions and contracts. For example, a standard mortgage application today involves creating a paper trail between the borrower, loan officer, underwriter and lender, among others. Blockchain may connect all actors, updating ledgers immediately, automatically and transparently.

Removal of intermediaries

Payment transactions traditionally rely on a central processing authority or middleman, which often requires time for settlement. Blockchain offers a transparent and immediate way for two parties to pay each other without depending on central infrastructure such as SWIFT or other payment schemes, so funds are received instantaneously.

Initiate transactions in real time

Sending funds across international lines through telegraphic transfer or money orders involves a wide set of processes including anti-fraud checks, foreign exchange and clearing of funds. For international commerce hubs to developing regions that may be underserved by brick-and-mortar banks, blockchain promises to create a cross-border network through which money is exchanged at the speed in which information moves today.

Minimize fraud

All data stored in blockchain is decentralized .This is because information is not located in one single place, all parties with access to the blockchain have complete transparency, so any wrongful fraudulent activity or breach in data would be immediately noticeable and traceable.

Efficient verification

Customer information verification and recording costs financial institutions enormous amount every year. Blockchain allows banks to access all customer information and share with other stakeholder organizations like loan disbursing companies, car rentals, insurance companies, establishing  a high efficiency in compliance process.

Establish efficient record maintenance system

Blockchain allows for the recording, storing and transferring of data across a common platform. A blockchain can be used for business documents such as contracts, land registry transfers of value, mortgage records, and medical records. That means in the future all companies and organizations may be able to validate records seamlessly without you having to lift a finger.

Blockchain-based banking apps are a sound investment

A blockchain-based banking app is a great business opportunity in all regards. It offers enhanced security, speed, monetary benefits, and complete control over financial transactions and data that is sensitive in nature. Investing in such an app reaps returns almost instantly and propels you ahead of competition while inspiring confidence from customers and prospects.

In case, you are looking to understand blockchain implications in detail in the banking sector, 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.

Blockchain and Advertising Transparency

Blockchain and Advertising Transparency

Blockchain is increasing transparency in digital transactions, removing complexity from the ecosystem by reducing the need for multiple stakeholders in advertising purchases and digital content management. With an immutable, shared ledger that records transactions as they occur, companies in media, advertising, entertainment, and others can have complete visibility as content or data is purchased and used.

Blockchain to Transform Digital Advertising

Blockchain presents an opportunity to increase transparency in the digital advertising ecosystem by introducing smart contracts among advertisers and intermediaries.

How does the system work?

First, the advertiser, intermediaries and publishers form a blockchain consortium network. Thereafter, directly connected consortium members can create smart contracts among each other.

Advantages:

1) Eliminates online ad fraud

Each transaction connected to the advertiser’s digital asset will be verified at each of the nodes through smart contracts. The relevant transaction is stored on the blockchain and replicated on all the nodes – only if members form a consensus on the validity of the transaction across all the nodes.

The validated block of transactions is then added to the blockchain in a linear, chronological order, and in a cryptographically protected block. New blocks of validated transactions are connected to older blocks, making a chain of blocks that show every transaction in that blockchain’s history.

The entire chain is regularly synchronized in order that each ledger in the network is the same, giving each member the ability to prove who owns what type of transaction, at any given time.

Using machine learning algorithms for advanced detection mechanisms such as detection by signature patterns, DNS traffic monitoring, or behavioural analysis, patterns of fraudulent transactions can be detected on a blockchain. Each digital asset is allocated an identification tag and advertisers can audit and proactively search each transaction by intermediaries, to avoid fraud.

2) Establishes a direct link between advertiser and ad publisher

In the current digital advertising setup, intermediaries acquire relevance due to better marketing reach, market intelligence of publishers’ network, and channelizing capabilities. However, the transparency provided by intermediaries is limited to their version of truth.

Blockchain provides unprecedented levels of transparency as well as direct visibility into the marketing reach of ad exchanges and publishers. This presents an opportunity to optimize the number of intermediaries and evaluate ways to establish direct partnerships between advertisers and publishers.

By having the right set of platform capabilities based on blockchain and artificial intelligence, publishers can evaluate the possibility of establishing a direct link with advertisers. This leads to asimplified digital advertising ecosystem, newer revenue and operating models, and cost savings for both the parties, while providing advertisers faster feedback for course corrections.

3) Enhancing Transparency in the Digital Advertising Ecosystem

Ad exchanges that provide a programmatic interface for online bidding of advertising content between demand and supply side platforms can popularize the use of blockchain. Blockchain helpsto act as change agents to create a transparent digital advertising ecosystem.

Image-showing-the-advertising-transaction-model-with-blockchain
(Advertising Transaction with Blockchain)
(Image Source: https://www.businessinsider.com/the-blockchain-in-advertising-report-a-2018-10?IR=T)

Blockchain enabled solution helps advertisers to take benefit from a new way of discovering and purchasing inventory and the ability to secure premium inventory in advance as a result of the higher transparency and forecasting capabilities enabled by blockchain.

Blockchain can transform the digital advertising industry by infusing trust, security, and transparency into the entire value chain, to eliminate the inefficiencies in the current digital advertising model and drive higher value for publishers and advertisers. Even if governments or other global bodies are slow to regulate the digital advertising industry, blockchain can
bring clarity with regard to regulations by enabling smart self regulation in the ecosystem.

Wrapping Up:

In case, you are looking to understand Blockchain’s implications in your advertising 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.

Blockchain Applications in Optimizing Energy Distribution

Blockchain Applications in Optimizing Energy Distribution

The Blockchain Technology can ensure open and well-timed exchange of energy for value, restoring trust between consumers and suppliers. These solutions will, in turn, bring about an increase in competition among service providers and drop service costs drastically.

The main purpose of Blockchain Technologies is to remove and replace the requirements for such intermediaries with a distributed digital network users who work in tandem to verify transactions and safeguard the integrity of the ledger. This allows records of financial transactions to be distributed to several other computers that store data locally.

Blockchain in optimising enery - Parangat-technologies-blog

Trading of oil and gas reserves

The purpose is to run independent blockchain oil and gas trades alongside their live trading platforms. This test identified an error in a trading volume quickly, saving time that would have been spent rectifying the error. It is also believed that blockchain technology can ensure trading systems are secure from hacks and fraudulent trades.

Asset Integrity

A noteworthy upcoming application works on data gathered from sensors placed on equipment and other assets. The idea is to use them to identify defects and prevent losses. The system also helps gather data via blockchain IoT to develop a model that predicts events, enabling anticipatory planning. This ensures the promotion of asset integrity and worker safety.

Energy Distribution

The world is steadily shifting from dependence on fossil fuels and other harmful sources of energy. Solar energy is at the forefront, followed by other new alternative industries such as wind and hydrogen systems.People who own solar panels are given the capacity to sell the excess produced electricity to their neighbors. Blockchain creates this first peer-to-peer energy trading  system for electricity assure an accurate record of transactions. It further optimizes accounting and metering through decentralization.

Payment Systems

Another application of blockchain in the energy distribution industry is the design of cryptocurrencies for service payments. Several companies have launched model projects to facilitate such transactions. Some companies have even extended the use case of blockchains beyond just payments. An also notable mention is the development of smart contracts that makes it feasible for individuals to seamlessly trade excess energy. With surplus energy sprouting across the globe from biotech ventures, blockchain will unlock the possibilities. Now the accounting for distribution and consumption no longer must be a matter of heavy software and expensive machinery.

As of now the utilization of blockchain technology in energy distribution industry points to lots of benefits.

It is evident that the wave of blockchain technology is a change that will challenge present service delivery models and the effects have already apparently showing in the energy and power sector and support is building.

If you are looking to learn more about Blockchain Applications in Optimizing Energy Distribution, 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.