Blockchain technology has found its big utility in trade and finance and there have been a substantial increase in the number of trials. However many pilots and trials have failed also. There is an increased awareness among parties and certain well-known names have come up in this blockchain in trade & finance.
As on date, the trade finance has bottlenecks and factors such as–
Manual contract documentation The bank manually reviews the financial agreement provided by the importer and sends financials to the correspondent bank
Invoice factoring Exporters use invoices to achieve short-term financing from multiple banks, adding additional risk in the event the delivery of goods fails
Delayed deliveries The shipment of goods is delayed due to multiple checks by intermediaries and numerous communication points
Manual review The export bank must manually conduct AML checks using the financials provided by the import bank
Platforms Since each party across countries operates on different platforms, miscommunication is common and the propensity for fraud is high
Duplicative bills Bills of lading are financed multiple times due to the inability of banks to verify their authenticity
Multiple versions As financials are sent from one entity to another, significant version control challenges exist as changes are made
Delayed payment Multiple intermediaries must verify that funds have been delivered to the importer as agreed prior to the disbursement of payments to the exporting bank.
Advantages of Blockchain technology
In view of the factors listed above, it has been found the blockchain in trade finance brings about following added advantages-
Review and appraisal in real lime
Financial documents linked and accessible through Blockchain are reviewed and approved in real time, reducing the time it takes to initiate shipment.All bills and invoices are easily accessible on the blockchain giving real time transparent viewing
Removal of intermediaries
Banks facilitating trade finance through Blockchain do not require a trusted intermediary to assume risk, eliminating the need for correspondent banks financial institutions and banks which are in trade and finances through blockchain do not require intermediaries resulting in faster transactions
Elimination of double spending
Bills of lading are tracked through Blockchain and are thus eliminating the problem for double spending All invoices and bills which are being tracked through blockchain remove the requirement of double spending.
Simpler contract execution
In view of contract terms being established and met the final status is there on the blockchain in real-time. This results in a reduction of time. As contract terms are met, status is updated on Blockchain in real time, reducing the time and headcount required to monitor the delivery of goods
Authentication of ownership
The blockchain provides the clarity of the location and ownership of the items as it is well established.The title available within Blockchain provides this transparency .
Settlement and fee reduction
As there is the removal of intermediaries there is substantial reduction in fee. All contract terms executed through Smart Contract remove the need for correspondent banks and added transaction feesRegulators are provided with a real-time view of essential documents to assist in enforcement and AML activities
It is hereby seen that with the introduction of blockchain the business clarity and hurdles have been removed, there is authentication of ownership, simpler contract execution, review and appraisal in real time etc
Payment ecosystems are evolving at an accelerating pace to embrace new transaction processing methods and technologies. Let us understand how we can use blockchain use in simplifying payments.
The payment verticals of retail banking, merchant retail, transaction banking, billers, and digital banking that have traditionally operated in isolation are evolving toward a consolidated, real-time, any-to-any ecosystem.
Payment ecosystems square measure evolving toward a period of time, any-to-any payments experience for consumers; blockchain is a fundamentally disruptive technology that will play a role in the evolution toward real time.
Blockchain has the flexibility to modernize a payment’s elementary imperative of transferring price between multiple parties, securely and with minimal operational or technical friction. Modernizing the fundamental imperative delivers substantial benefits in the future use of computing for banks, businesses and governments.
Recent rapid growth of peer-to-peer market exchanges for lending (Zopa, Lending Club and Funding Circle, etc.), accommodation (AirBnB) and taxi services (Uber) has demonstrated the potential of peer-to-peer architectures. Blockchain has the potential to accelerate and change such models in each new and existing markets.
The areas of application for blockchain stretch so much on the far side pure payments. Across the banking system, uses include post-trade settlement, asset management, securities, and trade finance. Beyond banking, blockchain interest includes insurance, government, identity management, and accounting services. Not only is this likely to generate new opportunities for payment providers, but also new entrants with disruptive business models, as new market areas become more practically addressable.
Blockchain technologies are immature and their ability to support the challenging non-functional requirements of payment services has yet to be proven.
Current blockchain proof-of-work algorithms require seven seconds on average to gain consensus; further technical maturity is required in this area to support consensus in under 25 milliseconds. Recent advancements leveraging a proof-of-stake approach hold promise to improve consensus performance. Technical advancements are being made toward maturity; technical maturity has accelerated over the past year, fuelled by increasing blockchain investments worldwide that exceed $1.5 billion.
Different types of uses in payment system:
Value Transfer: The use case for transferring funds between parties is the major focus. Blockchain 2.0 technologies could be applied to a variety of different payment sceneries.
In single currency domestic payment the impact could be to reduce or remove the need for central counterparty and the delays in setting transaction net or gross in real-time. Transfers in multiple currencies between countries cross border payments.
Trade Finance: The use case for trade finance covers a single common record of the liabilities and obligations of parties in trade finance. Possible users of blockchain 2.0 include: invoice fraud prevention, process efficiency, service improvement.
Reference Data: Enable the rapid, auditable and secure updating of records by any authorized participant and sharing the change across the network of users. Potential areas where these technologies could be used to streamline the update process and simplify integration into existing payments processing include hot card files, sanctions lists, routing records etc.
As real-time, open-source and trusted platforms that securely transmit data and value, they can help banks not only reduce the cost of processing payments, but also create new products and services that can generate important new revenue streams.
The biggest key to turning the potential of blockchain’s use in simplifying payments into reality is a collaborative effort among banks to create the network necessary to support global payments. Blockchain technology itself works—there’s no debate about that. Now it’s time for banks to seem at the larger image and work along and with non-banks—to facilitate outline the backbone which will underpin a universally accepted, ubiquitous global payment system which will remodel however banks execute transactions.
There are many factors involved when considering the development of dating apps like Tinder App. There are various different aspects to the development of online dating apps that can beat Tinder dating app at its own game or at least present some competition.
Now when you start developing a dating app, it’s hard to ignore Tinder. Since it entered the market, it has created a niche out of nothing virtually on its own. There were a couple things mainly that stood out from the rest in making Tinder App a hit amongst youngsters and teenagers alike.
Though it has great interactive design and a lot of functional features, it was its swipe gesture, geolocation feature and match on chat option that made it a hit. Now, it was as inventive as it was user-centered and practical. These are the things that you need to keep in mind as you go along the development of an app like tinder and will decide cost accordingly.
Below is the list of factors that affect the development of your Android app especially one such like tinder and this invariably your costing estimate for the same.
1- App development Platform 2- Backend Development 3- Web Portal Development 4- Q/A testing
When you take into account the above various factors, you get a rough estimate of the cost that would be required to develop an app like Tinder. Further, based on your geolocation and the workforce that you hire and expertise that you require, you can zero in on the total amount.
App Development Platform
There are mainly two app platforms being used worldwide i.e. Android and iOS. Both very popular amongst its users for their own qualities and specifications. When it comes to launching an app like this, it becomes hard how to decide between choosing two platforms.
Ideally, iOS users generate more revenue but that’s compensated by a large number of Android users worldwide. When choosing between one platform or other, you can always choose to go with cross-platform/hybrid apps as compared to native apps to each platform.
Now, native apps take somewhat 200+ hours for android app development and around 250+ hours for an iOS app development. Hybrid apps need approx 350 hours of development time and require more technical expertise which means higher developer cost as well.
With heavy traffic and the database that an app like tinder requires, you must have a fully equipped admin backend technical panel if you are hoping to compete with tinder app on some level. It usually takes around 180-200 hours for an efficient developer to create it.
This backend panel will not help you track down analytics of app users, it will also help you analyze user behavior and latest trends. You will have to keep yourself upgraded constantly if you want to last in a long time.
Note: To make the best out your backend panel, make sure that it has feasible integration with several other tools such as google analytics etc.
Web Portal Development
If you’re aiming big then you need to have some source of your entire database or information repository to which users can refer to via some extension. The cost for developing such an extension depends upon the features that you choose to go with. Generally, it can take 100-150 hours of development time.
Quality analysis for debugging purposes is one of the most important phases in which any flaws left whatsoever are detected and resolved before final release. Due to this stage being highly technical and through, it can take anything between 150-200 hours to be completed. That all is including the app deployment on the app store.
All the above things considered apart, there is also the matter of technical expertise required and resources needed. Most of all, everything can depend upon whether you outsource or hire a team to build your app.
These 4 are the general team members that you will need for a basic dating app:
1 Graphic Designer for about 50+ hours with charges ranging from $25 per hour and above.
1 UX designer for approx 100+ hours with the price per hour starting from $25 same as above.
1/2 programmers depending upon your choice between native and hybrid apps costing $25 per hour and above for native developers and $35 and above for hybrid ones.
1 Quality Analyst for about more than 100 hours with per hour cost starting from $15.
Note: Above is just a rough estimate for the cost of the team members and depends highly upon their technical expertise, experience and the country you are in. Hiring members in developed countries such as America can cost twice or thrice as much as hiring them from a country like India.
Calculating all the above hiring costs and number of hours required from initial development to app deployment, we can put an estimate between $30k-$50k for an average dating app with your basic features. Needless to say, the higher you go in terms of UI, UX, technical features etc, pricing increases with the same.
The journey from the drawing board to converting each click in your app into money involves thought. It is no mumbo-jumbo game. For your app design to reach the mark of success and generate success both from UX and sales perspectives, it needs to have a well thought and developed app design. A good mobile app design ties back to the designing of a user interface and how easily an individual can access and use it making him/her return to your app.
Right from the moment a person opens your app to the moment of clicking ‘BUY,’ everything has to be thought of! Especially when it comes to e-commerce apps, you have a roller coaster of sales involved which is directly affected by your app’ design practices. Less effective buttons and a poor user interface is a massive cause in poor sales or conversion in most mobile apps. Designers need to put yourself in the shoes of the user and think like them. The very fact that they choose your mobile app over the physical store over any day is simple! You get them what they need without complications which in turn boosts your sales through your mobile app.
Some of the best e-commerce app design has boosted their sales with unbelievably simple tactics like the simplicity of their apps or adding a visible Call-to-Action button or enhanced flow of navigation. It is irrefutably vital for you to adhere to some pillars that lets you build the best mobile app design for e-commerce. According to jmango360, Amazon has got one of the best e-commerce app design because of its intelligent use of simplicity and one-click navigation. It is difficult for Amazon as a giant in retail to mark this position in app design, but somehow they seem to play the game well! Let’s see some of those pillars that you should induce to your app design to make it user-worthy.
Before we move on to that, let’s see some examples of UX design/redesign that helped them increase sales.
Walmart (Retail Shopping) – A tremendous upswing of 214% in traffic after it redesigned the user interface for better functioning and easy navigation.
Anthropologie (Clothing retail) – Saw a boost in sales by 24% by redesigning an easier and faster checkout process.
Bank of America – Marked a rise of 45% after the same.
All of them followed this-
Cohere to their journey
It is essential for mobile app designs to be thoughtful and maintain flow in users app journey. The flow of the journey should be so smoothly inclined with users that even a click on button or link should not feel different from them. Now that is significant to give any user an excellent reason to come back to the app.
Make it Easy for them
Minimalism is the key! Bombarding your app with too many options and things would work against UX. A vast amount of sales rests with how easy your in-app journey is. Keep your content minimum and make the journey effortless so that they can proceed to the payment checkout process faster in your app. With many of the food delivery app design that we see today, the problem lies in a single aspect. And that is offers and discounts. Before a user can proceed by adding food to their cart, they are bombarded with more offers to consume more. It creates obstacles to faster checkouts. The more balanced apps out there drive their users to payment shores without adding layers to it.
Fast, but not furious!
This point throws the dart to how fast and robust your app design should be. To provide a positive UX, your mobile design for e-commerce app should be quick in response with the support of robust servers. Failing to do so will clonk you with an app design that is fast but prone to crashes. You also need to bring in the art of keeping it minimal here as cluttering your app would further bog down the pace. Right from the drawing board, determine what is needed! Then hop on to designing it for much visual clarity and pleasure of using the app.
Play visually and keep it attractive
The best part about food app designs is the visual attraction. Apart from the fact that the content of food naturally makes it attractive, the designers of these apps incorporate impressive color schemes that compliment the food. If you want to find some food app design inspiration, you should probably check the Healthy Food App designed by Ernest Asanov. The success of this app revolves around the visual color schemes it uses to compliment the delicacy or recipe of any particular food item it talks about.
There has been a tremendous rise in food apps as more and more restaurants are plunging into new and easier ways of selling food. With more brilliant restaurant app UI designs, the world is seeing several food apps like Tasty Burger App, Food Parlour, Kitchen Stories, NomNom and many more.
The mobile app design for e-commerce has also seen a fantastic rise as app designs have belly flopped into the digital dimension with new found ways to improve their UI and UX. And as more and more apps are being resurrected to see a new dawn in e-commerce, we also see a rise in developing and UX designing ideas which, is going to see a new height soon.
Everyone is looking for the Blockchain implementation without knowing the Understanding Blockchain Priorities and the technology preferences. Now we not only have a single Blockchain where we start implementing our project. There are a variety of the Blockchain flavors available in the market and every flavur has its own feature and function.
Public Blockchain: There are a variety of Public Blockchain available in the market but few of them are open for you as a developer. Bitcoin is the most popular cryptocurrency who used the Blockchain platform to provide the 1st cryptocurrency to the world. But as developer bitcoin is not open to deploy your data on it. To overcome and provide additional benefit Ethereum came into the market, Ethereum launched on 30 July 2015, which has 72 million coins.
It is the 1st ever platform who provided the smart contract deployment.
Now the next question in your mind is “What is the Smart contract?”
Smart contract is “a computerized transaction protocol that executes the terms of a contract“. It means that you can write your own code which will get store and perform action on Ethereum.
Yes you’re correct that ethereum is that platform where you can deploy, run and Save your data. And building these application are known as DAPPS ( decentralized applications).
As technology is developing day by day and world is gaining attention towards the Blockchain.
Many of you will think that why Ethereum will save our data, what’s the benefit of this.
The 1st main benefit of Ethereum is gaining the Audience attention. As you all know that who so get popular the demand of that thing will go up.
So indirectly Ethereum prices are going up. By deploying and running your Dapps.
We all know that there is no free lunches in the world, in case of Deploying your Smart contract you need to pay the Execution cost of Smart contract. The cost is entirely depend on your Smart contract , the Logical Approach you choose for Writing the smart contract.
But as the prices of ethereum going up there are several other Coins are giving same benefits as the ethereum providing like TOMOCHAIN. These are very cheap in comparison of Ethereum and proving the same benefits as Ethereum providing it to you.
Public Blockchain mainly provides benefits when you need to have the audience attention in terms of Security, Transparency and immutability.
You can also create your own currency like ethereum. They have open there technology and you can have your own currency in less than 30 minutes.
Apart for this you can also have the Private Blockchain. Private is completely opposite with the Public Blockchain.
This is because of the Functionality of Private Blockchain used to develop the complete system.
In private Blockchain you can’t write, read and audit the data unless you are authorized for it.
Private Blockchains have it’s own owner’s. Owner of the Blockchain is a single entity or an enterprise which can override/delete commands on a Blockchain if needed. That’s why in its true sense it is not decentralized and hence can just be called a distributed ledger or database with cryptography to secure it.
The famous private Blockchain is hyperledger. Hyperledger is an umbrella project of open source Blockchains and related tools, started in December 2015 by the Linux Foundation and supported by big industry players like IBM, Intel, and SAP to support the collaborative development of the Blockchain-based distributed ledgers.
There are several different framework of Hyperledger are:
Age of mere e-Commerce is over, and now is the time for m-Commerce. mCommerce or mobile commerce is – basically the searching, buying and selling of products and services on smartphones or tablets or/I.E we can say that it provides a complete online shopping experience by using smart devices like smartphones and tablets. Despite of being fragmented, complex and full of challenges, mCommerce is growing rapidly, globally. And due to its increasing popularity and adoption rate, which in turn, has a crucial impact on some businesses, including Amazon, eBay and flash sales sites like Gilt. According to a recent report published by the International Business Times, annual mobile commerce has increased by more than 80 percent between 2011 and 2012 and surged 56% in 2013, reaching an estimated turnover of $38 billion. A recent report forecasted that Global mobile transactions are averaging 42% annual growth in volume and value between 2011 and 2016, and a market worth of $617 billion with 448 million users by 2016. Infact, by 2017, worldwide mobile payments are predicted to reach $1 trillion. The increase of mobile devices and the rise of mCommerce is inspiring many organizations to outsource the development of new apps so as to capture the major chunk of the market in terms of share.
mCommerce to surpass eCommerce Market
mCommerce is booming and is expected to surpass e-commerce by 2015. Why? – Because online store, when integrated to smartphone gives an amazing experience and rapid growth in business. Easy to access, rapid connectivity, convenient to operate, expansive target customers, personalization, time saving and increasing productivity are some of the benefits of Mobile Commerce and are the key reasons to enjoy a competitive edge over e-commerce. Increased popularity of m-Commerce has led business entities to get a mobile app developed which considerably optimizes their business on various platforms that includes Android, iPhone, iPad and Windows. This ever growing m-Commerce technology has given a platform to the service providers to grab the opportunity to the extent that customers look for a customized mobile apps for every need they come across. Let’s take a look on some features that need to be considered while developing for mCommerce Platform:
• Responsive Design, as it enhances the look and increases productivity no matter which device your shoppers are using.
• Should load quickly because shoppers are usually in hurry when they’re on the go.
• Best-in class user experience or UX, as it has the ability to convert visitors to customers.
• User-friendly and customized User Interface (UI) increase customer retention and help in marketing of the app
• Quick and serving customer support helps in improving the retention and fixing the bugs in your app.
• Consider native app programming for maximum ease at use.
• One-click checkout to let shoppers make fast and easy purchases.
As of now, apps that offer mobile banking, news, location maps, mobile shopping, deals, ticketing and mobile file sharing are highly demanded. Whether to DEVELOPE/get developed an app to capture bigger markets of smart phone users or develop a user-friendly, kink-free and attention grabbing app, the development team at Parangat is here to assist you with all your mCommerce requirements. To view our mCommerce case studies and clients, visit here