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 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.
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.
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.
India is now the largest user of mobile data in the world and smartphone ownership is rapidly rising. This has enabled the mass adoption of digital technologies.
India provides a unique opportunity for Fintech entrepreneurs to begin operations as the largest under-served population in banking and other financial sectors. India’s deep talent pool for software engineers and developers also makes it a ready base from which to develop fintech applications. Government support, especially in the payment segment has been significant with the financial incentives being provided to individuals and merchants to adopt digital payments.
The Reserve Bank of India (RBI) on April 18, 2019, published the terms of its fintech-focused regulatory sandbox. The RBI advocates a regulatory sandbox approach to test the pros and cons of emerging trends in fintech including blockchain technology, machine learning and artificial intelligence (AI).
Following in the footsteps of its global counterparts, RBI, in a collaborative effort with IDRBT, has recommended the creation of a regulatory sandbox.
Initial introduction to a regulatory sandbox will ensure that the services offered by the Fintech companies are truly tried and tested before it is rolled out to the masses. This will help mitigate any unwarranted risks and ensure that the regulator has absolute authority to inspect the product from all angles before mass introduction. The regulatory bodies must take a hands-on approach and keenly supervise the operations of bodies which are a part of the sandbox for quick identification of any loopholes/risks and facilitate speedy implementation.
Regulators obtain first-hand empirical evidence on the benefits and risks of emerging technologies and their implications, enabling them to take a considered view on the regulatory changes or new regulations that may be needed to support useful innovation, while containing the attendant risks.
Users of a Regulatory Sandbox can test the product’s viability without the need for a larger and more expensive roll-out. If the product appears to have the potential to be successful, the product might then be authorized and brought to the broader market more quickly.
Fintechs provide solutions that can further financial inclusion in a significant way. The Regulatory Sandbox can go a long way in not only improving the pace of innovation and technology absorption but also in financial inclusion and in improving financial reach.
Provides a structured and institutionalized environment for evidence-based regulatory decision-making, the dependence of the regulator on industry/stakeholder consultations only is correspondingly reduced.
The Regulatory Sandbox could lead to better outcomes for consumers through an increased range of products and services, reduced costs and improved access to financial services.
Risks and Limitations
Innovators may lose some flexibility and time in going through the Regulatory Sandbox process (but running the sandbox program in a time-bound manner at each of its stages can mitigate this risk).
In different cases the authorizations and regulatory relaxations can involve time and discretional judgements.
RBI or its Regulatory Sandbox cannot provide any legal waivers.
A successful experimenter may still require regulatory approvals before the product/services/technology can be permitted for wider application.
Regulators can potentially face some legal issues, such as those relating to consumer losses in case of failed experimentation or from competitors who are outside the Regulatory Sandbox, especially those whose applications have been/may be rejected.
One of the proposals which have been repeatedly stressed upon is that co-operation among the financial entities of the country, especially already established banking institutions is of paramount importance for the survival and growth of a digital India. Rather than competing, Banks should aim at integrating and/or co-ordinating with such entities and look for application of their technology into the day-to-day workings. This will not only supplement the growth of both parties, but the general public would benefit from the onset of such time and cost efficient services as well.
Parangat Technologies hold the experience and expertise in developing FinTech applications for our customers. One such being RevFin (an NBFC company). Optimum business model, smooth UX, instinctual workflow and cutting-edge security features for information channels make for an integral part of our FinTech solutions.
‘GO’ programming language or often referred to as ‘GOLANG’, is a programming language created by Google. Around 2009, Robert Griesemer, Rob Pike and Ken Thompson announced the language and started developing it. The Golang originated as an experiment by Griesemer, Pike, and Thompson in an attempt to design a programming language that would overcome the common criticisms of other languages while retaining their positive features. The logo of Golang appears as in the image. GO is a statically typed compiled language following the tradition of C, with the better features of Java and other languages. The examples of this feature include memory safety, garbage collection (as in Java), structural typing, concurrency and a lot more.
The language was officially announced in 2009, and its first version was released in 2012. The language geeks and those who are always seeking for new opportunities to learn to programme in different languages. Google opened a whole new dimension for such techies, by making the Golang an open source programming language. Anyone can freely contribute to the GO language by creating new codes, proposals, fixing the existing bugs, making it smarter, faster and easier. It won’t be wrong to describe it as a baby growing in front of you. Learning, developing, and evolving with every next step and being a better version of its own self.
The best that can be said about GO is, in words of Robert Griesemer “Go wouldn’t be possible without the rest of the Go team and certainly not without the open source community.” He described the evolution of GO in his own words in GopherCon 2015. For all those who want to learn advanced computer programming can move to GO as it is a boom and is the new coming technology giant. Nothing turns on a developer or programmer the way a new programming language does, right?
So here is all about the Golang one might need to know or need to learn Go language from scratch. For those who are a good language learner, can directly begin with trying codes in the open source and join the community of millions of learners that are using GO as of today using either of the GO language compilers. There are three known compilers of Golang, viz., Google’s GO Toolchain, GCCGO, and the GopherJS. And for all those aspiring to learn GO language can visit the Udemy website with all available lectures and organized content.
To learn Go language, one must keep in mind, “The simpler the code, the easier is debugging and maintaining.” Just because it allows the coder to make simpler, faster and parallel codes to run with ease, one must not end up making every line of code or module run in a parallel thread. Concurrent processes are hard to maintain and difficult to debug which may make you wonder whether your shared objects are really synchronized or not and many such issues may surface. Though Goroutines solves most of these problems, yet complexity and logic are something that one needs to code on his own. Keeping that in mind, one must try to keep his code simple and efficient.
Daisuke Maki, a GO/Perl/C programmer, and an author has put forward a simple seven stages flow to learn the go language which can motivate and guide any language learner so as for how to approach learning Go. In his article, he defines seven stages of how to walk the path of enlightenment to the language Go. These stages not only provide a clear guidance on how to approach learning the language GO but also clear the simple myths that the language fundamentals give.
The GO language fundamentals include:
GO language is concise, simple and safe.
Its compilation time is very fast.
It provides environment based adaptive patterns quite similar to dynamic language.
It supports embedded and the interface type.
It doesn’t require any external dependencies for statically linked native binaries.
Considering these features, all the questions that might arise or the confusion that can surface. All such queries are answered in brief in this article (Link). However, for basics, one can say that Go is a language with all the positive and beneficial features of the mother language C, the robustness of Java and dynamicity of Ruby and Python. For better help to learn go language, you can visit the following links given on the official site for Golang:
For basic and to begin with Golang Site
For frequent queries: FAQ’s
For docs on web applications: Docs
More such link and content can be browsed on the Golang site and any Golang language learner can use this to go through all the content. One must have a clear understanding of the basics and how to structure the code properly.
The GO language was not brought just to implement robustness or such features, but it came as a result of frustration from the existing languages and features these languages could offer. One had to learn programming in multiple languages to fulfil any project demanding robustness, complexity and efficiency. Any programmer had to choose either safety or ease of coding and efficiency. And the choice of human’s was but obvious. That’s why Google came up with GO to remove all the anomalies and provide an overall solution to such issues. Go tries to resolve these issues by attempting to provide a combination of ease of dynamic language and efficiency and safety of a statically typed language.
The main issues Google faced in making such a language were an expressive yet light weighted system, rigid dependency and concurrency with garbage collection for memory usage and so on. The article GO at Google provides an understanding and complete overview of the motivation and background behind the Go language.
However, as any other language GO also has its limitations. The major criticism that Golang faces are:
Lack of compile-time generics.
No static checks for metaprogramming.
No generic algorithm in the standard library.
Lack of exceptions making some error handling difficult.
Garbage Collection overhead limits use in systems programming.
Dave Astels at Engine Yard wrote: “Go is extremely easy to dive into. There are a minimal number of fundamental language concepts and the syntax is clean and designed to be clear and unambiguous. Go is still experimental and still a little rough around the edges.”
Though Go programming language has come a long way since the time of its first version release, the Golang has a long way to develop through offering a lot of opportunities to dwell in. As the statement goes for the programmers “Learn each day and implement in each minute”.
So, you have built a mobile app and you are assuming that it will be successful in the app marketplace. But how do you validate that your product will be successful in the marketplace? Before entering into the app marketplace, you need to ensure that your app is a battle-tested product. Why it’s important to have battle-tested product? – It will result in higher acquisition rates as well as high retention rates. By choosing a soft launch approach, you will be able to isolate your app’s success factors and its pain points. Ultimately, it can help you in gathering crucial data on how to enhance your app’s performance and will help you in taking appropriate steps for the same.
In this blog post, we will be discussing the key points that are required to follow for crafting a soft launch strategy so that you can rightly prepare for the official launch of your app.
Here’re a few advantages of Soft launch
By having the soft launch of your mobile app, you will be getting many benefits in addition to reducing costs, resources, and time:
Increasing User Retention Rates
77% of mobile apps get deleted just 3 days after the initial download. And, only 15% of mobile apps last more than a month. To cut-down this 15%, you are required to add a lot of value for your users. By having a soft launch, you will be able to gather quick feedbacks about your app and you’ll be able to understand the key reasons why users are losing interest in your app so that you can adjust your app accordingly.
Insights on User Experience
Your app should be optimized for getting the amazing user experience and this should be the priority for all app developers. If you are overlooking this, your mobile app deletion rates will skyrocket. During the soft launch of your app, you need to leverage the feedback given by the real users. This in turn, will improve the overall user experience of your mobile app. Only users can help you in knowing what they like and what they dislike about your app. By understanding their likes and dislikes, you can easily solve their pain points. It has become important to have open communications with your users to get their genuine feedback.
A soft launch will either validate your app idea or will show that your mobile app is not ready yet for the market. If you are releasing your product just to receive poor reception, you must be having the knowledge of how to improve your product moving forward. By having the product validation, you could better understand the commitment towards your product. It will help in understanding the time and resources required to become successful.
Product validation done through a controlled release will provide you the following benefits so that you can get ready for the hard launch:
It will help in identifying bugs and pain points
You will get viable User feedback for improvements
Your app will be ready for Market acceptance
You can have better preparation for the official hard launch
Boost User Acquisition With ASO
Soft launch is an amazing opportunity to see if your app store page is optimized or not. Over the time interval of one month, Google Play alone has the capability to process over 6 million unique search phrases. And, App store optimization is a key part of your user acquisition strategy. So it has become important to get this done in a right manner before releasing your app to the primary market. By having a soft launch of your app, you can easily accumulate reviews, which in turn, will encourage potential users to download the app.
Approach towards a Soft Launch
Your app towards Soft launch should be right. And, you are required to ensure that you earn as much benefit as you can from the soft launch because it will help you in launching a successful product. To get the most out of a soft launch, you are required to test both – App functionality and App store performance. Both these elements are crucial for the survival of your mobile app.
Testing App Functionality
There are a varied number of methods that you can leverage to soft launch your mobile app including releasing it to the people you know one-to-one or scaling up and releasing it on social platforms like Facebook, Twitter or Reddit. Soft launch majorly depends on your contacts and follower base. So, testing app functionality in a soft launch is crucial for learning more about the app experience for users apart from your development team.
Part2 of this post will be shared in our next post.
Since a few years, Mobile Backend-as-a-Service providers have been around. Initially, MBaaS started out as a leading infrastructure for mobile apps, which offers back end cloud storage and APIs, thus catering to the needs of the growing mobile app revolution.
Since then, lot of players have abandoned indie users for big enterprises and many of them have also moved on, thus offering cross platform development, with a variety of other leading and best-in-class features including push notifications, app analytics, monetization and many more. By next year or so it’s expected that this trend will continue and the line between MBaaS, development and marketing platforms will become blur. .
Being an entrepreneur, are you looking for an MBaaS right now? – If yes, what does the landscape will look like and have you ever thought who’s offering what? Let’s take a look at the following list to find out:
Kinvey being one of the initial players emerged solely focusing on offering a well-versed MBaaS solution. It was founded in 2010. And, since then it had focused its business on catering to enterprises and big business brands. Recently, it has rolled out as a secured and private cloud offerings and a leading enterprise development platform. Recently, the company also launched an enterprise-centric tool that helps companies and brands in managing their external and internal app development teams. It also facilitates the iterative agile development process. The company recently has raised $10.8 million in Series B funding.
To entice users, Kinvey has offered a free limited version of its platform for trial. Its prices start at the “Indie” level at $200 per month including support for 5,000 active users. Its next tier is “Business,” which includes 50,000 active users, which is priced at $1500 per month. For exact pricing details, you can contact Kinvey directly.
Kii is one of the few MBaaS solutions that have been pushing an Internet of Things. It has been focused by enterprises and brands, over the last few months, thus hoping to reap the rewards of what’s expected to become a huge market. Kii supports deployment, testing and user acquisition and that too in a single environment. The company is quite marketing twisted too, offering push notifications, analytics, geo-location and monetization. It’s headquartered in Asia, precisely in Japan. Kii also promotes itself as a channel in China, which offers app localization and other marketing services in one of the fastest growing app markets.
Built.io is an MBaaS and app development solution. It is created by Raw Engineering, a software development company based in San Francisco and India. Unlike other MBaaS platforms, Built.io was created from the ground-up for enterprise use and allows users to deploy mobile apps for private, public or hybrid cloud environments. Recently, the company partnered with app creation platform AppGyver, which allows users to build prototypes with a quick and easy drag-and-drop interface. In 2012 it got $600 Seed round funding.
It’s pricing in three categories namely: Standard, Dedicated (for private cloud deployments) and Students. ‘Standard’ category offers developers to try out a free version including up to 50 users. Then pricing starts at the ‘business’ level for 5,000 users at $99 per month, thus, moving up to $399 per month for the same number of users but with the added enterprise features including analytics.
“What Makes Parangat the Top Mobile Backend-as-a-Service (MBaaS) Providers?”- Part2 will be shared in next post
India is one of the few marketplaces where e-commerce is operated more through CoD as compared to online payments. Today China’s booming e-commerce market is ruled by Alibaba’s payment wallet named Alipay and Tencent’s WeChat Payment. Even Chinese consumers are using these mechanisms to pay at offline stores for taxis and other services. Recently, Alibaba has invested in Paytm and Snapdeal in India. So, it would not be a surprise if a similar system will be introduced here. Popularity of CoD can be seen – in 15 years, China went to 30-40 percent, whereas in just 5 years, in India it became 60 percent.
CoD declined in China because mobile wallets have started offering interests. In India, too if wallets will start offering interest on the amount deposited on Wallets, then it can increase the usage of online payment as compared to COD. He further added that shoppers that are using online payments are exponentially growing at 50-60 percent annually.
Finding the way out
Most of the experts agree that only mobile wallet can challenge the CoD in a revolutionary way. And, it makes sense too as Snapdeal bought FreeCharge; Amazon and Flipkart brought mobile wallet businesses and other uses third-party wallets. However, Paytm, sets itself apart with a COD contribution of less than 3% – thanks to its wallet. Recently, Paytm has claimed that it have lesser cancellations and returns, along-with the faster payment cycles for sellers. And, it finds no difference between metros and Tier II cities, if we talk in terms of CoD.
Local marketplace Askmebazaar has launched its own payment gateway Askmepay for the local deals, which will be combined with the geo-search. It will be used to extend the e-commerce to the offline world. According to Kiran Murthi, CEO, AskmeBazaar – “With the deliveries gone, this world will be born without COD.” He also believes that – out of total, two-thirds will be the home delivery and half of the payment will be done at the time of delivery. So, it’s expected that COD would drop to around 30-35 percent in the next couple of years.
Wrapping it Up
However, we can say that CoD may not be going anywhere, but there will be definitely a wind of change in the way shoppers spend their money. According to Neeraj of Flipkart, “The government’s vision of making India a cashless economy in the next 10-12 years may have a crucial impact on the way customers are doing transactions online.
However, that will entirely depend on the changes and steps that government will impose.” In few years, the government seems to be aware of this fact. It will have the cut off surcharges on making digital payments for any government service.
So, we can definitely say that the rise of payment banks and mobile wallets will be prove to be a game changer especially for Indian e-commerce market in the years to come. With the each passing day, mobile wallets and online transactions have become so popular that with the better infrastructure and use of right technology, user will be surely buying a cup of coffee too from a roadside shop by using online payment soon.