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AI Fueled Video Analytics Solution with Applications and Opportunities 1

AI Fueled Video Analytics Solution with Applications and Opportunities

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The arrival of AI has completely changed the view of video analytics providing better security and many applications. In order to save the time the latest Video Analytics utilizes mathematical algorithms. These algorithms work in the way we can manage a large amount of videos that were previously impossible. Thanks to the huge improvement in deep learning and the automation of activities that were previously, an exclusive human responsibility has been enabled by video analysis.

Artificial Intelligence (AI), Machine Learning (ML), Video Analytics and other business terms surrounding the transition that Artificial Intelligence (AI) is bringing to security and video surveillance demonstrate that there are many ways to say the same thing. Maybe the words about video surveillance of Artificial Intelligence are confusing.

Recent improvements to the AI-Assisted Video Analytics Solution have been a game-changer, ranging from applications that count people at malls, retail shops, events to automatic license plate recognition. Such advanced technology allows large amounts of Videos to be analyzed, monitored and handled. This is the reason AI has become a major player in the information analytics market today.

We can also get real-time videos from the cameras already mounted at the site. This video collects data incorporated into an AI Development algorithm. You can then find out about any serious threat happened or with real time technology, we can prevent any mistakes.

In this guide, you will learn about the basic concept of video analytics, how it is used to automate processes and what are its applications with AI based video analysis solutions.

Applications of AI-Fueled Video Analytics

Numerous applications are defined for video surveillance analysis in both the public and private sectors; government, retail, transport, logistics and financial & banking services. These applications protect people and assets ideally before occurrence, from harm and damage. Motion detection and pattern recognition are the two concepts under video analysis system.

  • Occupancy Estimation

Occupancy estimates will assess on average how many employees are present, even at different times of the day. The data will help Event Planer maximize the use of space available, provide planning assistance, decide working hours and even change lighting and temperature conditions, regardless of whether it is a retail shop, concert location, office building or sport venue. Therefore, protection can use the data to connect with first responders when an incident happens and determine the best response.

  • Crime and Theft Detection

Most shops are open when it comes to public access and there are normally some stopping persons. Employees or others–entering or performing theft acts in protected areas. Smart video analysis solutions can handle and overcome this of risks.

Video analysis can identify individuals who walk or enter a safe area and inform safety promptly. The associated security warnings can also be recognized as soon as they enter the store. Alternatively, anyone else would dubiously claim to be and alert real-time warning to shop administrators.

Also Read: How Does Artificial Intelligence (AI) Improve Today’s Video Surveillance?

  • Motion Detection

The video analysis program can pick up even the slightest movement by analyzing every pixel in the frame. It enables safety staff to identify an area and to monitor whether people move or get too close to it. Security can construct an area of any type and size with this application. Any movement in the area selected will cause a warning and any movement outside the area will be ignored.

  • Pattern Recognition

This Ai enabled is capable of assisting in differentiating objects in a frame of a video. You can program specific patterns / objects that are recognized in the frame. If there is a transition, it is relocated, missing, or added new object; the program recognizes it instantly and sends an alert.

  • Facial Recognition

Facial recognition offers the unique ability, by cross-referencing different features against a range of private and public databases and/or watching lists of known individuals in real time.

A good example is the use of facial recognition to detect cheaters entering the casino buildings, in addition to its inherent ability to identify wanted criminals.

  • People Counting

Here with the help of AI the system automatically counts the number of people entering or leaving a given area. It is used in sports, gyms, entertainment venues and more to improve the management of personnel for concession activities, ticket areas and entertainment and exit points. Everything is based on real-time data, so if many people quickly gather at an entry, safety staff is alerted to make adjustments on-site.

  • AI Video Analytics in Retail

Retail is an enterprise sector that enables security to bring additional benefit to the profession through video surveillance. For example, smart video analysis can help manage non-security data, including:

Counting buyers at entries

  1. Video analytics based on AI Recognizing buyer comportment such as the duration of the shopping visit.
  2. Test and monitor the connection between shoppers and product displays and store signage.
  3. Any other information based on strategies
  • Customer Insights

The main benefits of video analytics are security and privacy. This smart software can also help stores by giving growing customer insights to expand their business.

For example, the time in the shop, the preferred areas and products like by customers. Through this, Store-managers can take steps to improve customer their experience and profitability.

Conclusion

There are many sectors that can benefit from this technology, particularly because of the increasing complexity of potential applications in recent years.

Video analysis makes processes, which are at the same time more effective, less repetitive for people, and less expensive for businesses from smart cities to security controls in hospitals and airports, to people monitoring for retail, logistics and shopping centers.

At Fusion Informatics, we have been providing AI based Video Analytics Solutions and machine-learning solutions to all verticals of industries securing there businesses and industries. Partnerships with businesses in different industries allow us to understand their challenges better and how data can be used to achieve business outcomes.

 

How will Artificial Intelligence change the Middle East? 2

How will Artificial Intelligence change the Middle East?

How will Artificial Intelligence change the Middle East? 3

The humongous influence that artificial intelligence would have on the global economy in the next few decades cannot be refuted. The value potential at stake is limitless from the present point of view, and it has persuaded countries to accept the changing economy and grab the opportunities that artificial intelligence presents.

In the wake of the changing economic landscape of the world and the impeding fourth industrial revolution, governments and businesses across the world are gradually embracing artificial intelligence. A great interest of the global markets lay in the decisions that the Middle East would make.

For centuries, Middle East has remained one of those areas that is rich in resources, but committed to maintaining a rather orthodox approach to social development. The two choices that Middle East has are that they either begin to shift to a more embracing stance regarding artificial intelligence, or are left behind by the world. However, taking into account the sheer economic might of the region, leaving them behind is not an option. Many regions of the geo-political area has begun investing in artificial intelligence. By multiple estimates, Middle East is likely to accrue 2 per cent — which would approximately be equal to US$320 billion — of the total global benefits that stem from artificial intelligence by the year 2030.

At the very forefront of these changing landscape in Middle East are Saudi Arabia, and the United Arab Emirates (or UAE). Their position as the countries that would transform the way artificial intelligence is used in the Middle East is also substantiated by the fact that they feature in the top 50 countries of the Global Innovation Index 2017.

Potential of Artificial Intelligence

It has been proven that artificial intelligence in every form has the potential to disrupt existing markets. In most situations, the introduction artificial intelligence would lead to the creation of innovative services, and extreme transformation of business models. The first wave of digitisation across the world have been able to showcase the impact that artificial intelligence is likely to have in various industries. Companies, today, are exploring possibilities that were unimaginable prior to artificial intelligence.

The choice of increasing the involvement artificial intelligence has in industries comes hand in hand with the possibility that the top five or top ten companies of the future are most likely unheard of yet. The free reign and democratisation of industries is a significant impact of artificial intelligence that would be difficult to curb.

It is also to be noted that adopting artificial intelligence would allow companies to move forward more swiftly and gain an important position of a key player on the global stage. The untapped opportunities that can be found upon embracing artificial intelligence are immense. Opening up the space for innovation to breathe, would allow entrepreneurs to find their voice and lead to a more vibrant economy. While it is impossible to gauge the economic impact that artificial intelligence would have on the geo-political region in absolute terms, the transformation in no terms is preventable.

Current State of Affairs in the Middle East

Many parts of this extremely powerful geo-political region have already warmed up to the idea of employing artificial intelligence in various industries. The estimated spending on artificial intelligence and other cognitive systems in the Middle East have only grown over the past decade — with an expected growth rate of close to 32 per cent over the next couple of years. The countries that have particularly exhibited a strong commitment to artificial intelligence include Saudi Arabia, Qatar, and the UAE. Multiple businesses in these countries have been investing heavily in the development of new technology.

The growing interest in developing a strong infrastructure that promotes artificial intelligence is also a reaction to the volatility of the oil prices across the globe. This has taken a definitive toll on the economic prospects of the region, urging governments to pursue and develop alternative sources of growth and revenue to ensure economic and social stability to their citizens. Artificial intelligence and the non-oil industries that develop because of it would play an important role in determining the strategic position that the geo-political would secure on the global power scale over the next few years.

Currently, the industries that have adopted artificial intelligence the most include healthcare, education, logistics and manufacturing sector — and, they are likely to lead the way into the future too. While industries in these sectors have registered the most gains from artificial intelligence so far, it is unlikely that other sectors will lag behind for long. The growing affiliation of governments and consumers to companies that make processes easier through automation would mean that all industries would eventually have to adopt artificial intelligence. However, the complete integration of artificial intelligence into every business that operates in the Middle East would require drastic changes in the legislative policies and practices.

Conclusion

The Middle East is a geo-political region that is fraught with political conflicts, but is largely resourceful in terms of their ability to invest new technology. The world will change, and just how Middle East secured a powerful position through their oil reserves, it is unlikely that they would let go of that power in the increasingly automated world. The impact on the world stemming from the integration of artificial intelligence in Middle East industries is yet to be entirely determined. The foray of Middle East into technology has sped up recently, and the potential impact on industries world over is up for guesses.

About Fusion Informatics

We recognise that our clients are from different geo-political regions and have different approaches to the world of technology. Their priorities are distinct and so are their social history. Team of experts at Fusion Informatics are impeccable in establishing a communication channel that allows them to understand the nuances that make them and their needs unique. We are committed to making artificial intelligence accessible. The world is embracing technology, and we are dedicated to ensure that every entrepreneur — new or established — can unleash the potential of technology.

React Native: The Best Platform to Cut Mobile App Development Cost in 2020 4

React Native: The Best Platform to Cut Mobile App Development Cost in 2020

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In mobile app development, both Android and iOS are the two major platforms. Both platforms need different requirements and mobile app developers have to deal with each other differently. The mobile app development cost of both platforms and even application maintenance costs doubled because each had different requirements. But with React Native the game has changed. With React Native Mobile app developers do not need to develop apps for Android and IOS environments separately with technological progress, however, but can now benefit with WORA (Write Once Run Everywhere).

Mobile app developers have always been working on iOS and Android apps. In terms of cost, commitment and marketing, the production of mobile applications was quite challenging. However, many frameworks have been adopted by developers for cross-platform app development, with the new being React Native platform.

In addition, React Native App Development has used by major companies including Twitter, Facebook, Pinterest, Skype and Uber to help develop and upgrade their apps on a daily basis in the mobile application market.  In the blog we will discuss how react-native can reduce cost of mobile app development?

How does React Native work?

Under react native, there is only one native code that will allow you to build several features so that you can innovate more and more in your projects. You should not always choose this framework because that depends on what you want to develop.

What we can assure you is that many developers have access to the features through this Open Source framework and can as react native mobile app developers one can depend on the react native community for complete support where you will get guidance to finish your project if you got stuck with bugs, doubts or troubles.

The Best Option is Cross-Platform App Development

Cross-platform app development is the solution for multi-platform software flexibility. Mobile applications and software for various platforms can be developed with single coding techniques.

The cost of developing a cross-platform application for a number of platforms using the only method and code for rapid, low-cost app development is cost-effective for your app development. Without a second thought, React Native is definitely a reliable choice among when compared to other different mobile app development frameworks.

In What Way React-Native Reduce Cost of Mobile App Development?

Cost efficiency is key factor among all the advantages provided by React Native. Of course, a developer has to consider multiple platforms for the development of mobile apps using the platform so that a high-performance app can be developed. However, it is always a saver of time! Let us explore how React Native helps to make the application affordable.

  • 70% Code is Shared Between iOS And Android

Android and iOS are two different platforms that support their specific languages for programming. The main plus for using React Native is 90% of the code shared between Android and iOS for cross-platform development, which can save lot of development time. Remote React Native team will ship apps that increase the developer speed faster to both our iOS and Android device.

  • Quick Development Time

With react native, it helps react native app developers to link the codebase or its parts to different platforms. Therefore, it’s also possible to compile and enable for iOS in a short time frame if it’s developed for an android version. The React native development can take 33% less time and can reduce time faster.

  • Set-Up Of One Team Only

To code a native app, the developer needs to know Objective-C and Swift for the iOS platform and Java for Android in general. It means to write native apps, you need separate developers. On the other hand, the remote React Native developer uses React Native to enable application development with JavaScript alone. It creates a rich mobile interface with declarative components such as React. For one app that runs on two platforms, so you only need one team and no need to hire separate platform based developers.

  • Easy Team Management and Easier to Maintain

Mobile apps built with React Native can be managed easier and need less investment. Native apps also need to be regularly updated, resolved and patched, which is difficult to support and takes time. On the other hand, cross platform apps can do without versioning, which makes maintenance much easier.

  • No Additional Resources

Mobile cross-platform applications need only one coding that can then be modified to run on different platforms. This means that mobile app development companies do not have to maintain multiple teams with various skills. Of course, this reduces the cost of developing the mobile app as well.

  • Reusable Components

Mobile app developers using React Native can make reusable native components that, as the name suggests, can be used to compile directly into native apps because both iOS and Android components have a React Native counterpart. Continuing to create a variety of applications is also simpler, quicker and cheaper.

  • Effortless Integration

Cross-platform applications have an impact on the internal programming of devices, whether running on iOS or Android. That, in turn, reduces the effort of developers of mobile apps to integrate and synchronize such apps with other compatible apps.

In other words, a React Native mobile application will work with standard apps such as Camera, GPS and other applications, as a native app would. Since time is money, reduced effort means lower costs definitely.

  • Easy Debugging

React Native allows debugging via DevTools of Chrome, helping to develop the app smoothly. When working on a current application, developers would see a choice’ Debug JS remotely’ in the software development menu.

This is a unique feature, enabling you to tap a new website with quick-to-use debugging tools. It works as well in native Android or iOS environments and saves extra hours. If we follow the last point, that is also a saver of money.

  • Scalability and Availability

Cross-platform mobile apps are easy to push into Apple and Google app stores. This is also the best way for user base to be maximized. The ready availability of software applications can be very useful when monetizing.

Furthermore, because the recycled codes are relatively easier to create such apps, they are extremely scalable and reduce further development costs.

Conclusion

The demand for high-performance applications that easily integrate and work with any mobile device and platform has blossomed over the last decade, and consumers now want an app for everything.

Taking the future demand for moving applications into account a best mobile app developer must be identified and searched, where native app developers can recruit to build react native mobile apps with cross-platform apps to meet the needs of business goals and stand out in the market quicker and faster growth within less time with cost-effective.

 

The Reign of AI Chatbots: Can It Be a Game-Changer for Educational Apps? 5

The Reign of AI Chatbots: Can It Be a Game-Changer for Educational Apps?

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About Chatbots in Education Apps

The implementation of AI and Chatbots in education apps have taken the eLearning and education sector to next level which has provided various benefits across educational sectors like school, colleges, institutions and even boosted the sales of chatbot app development companies providing education app services and solutions. No doubt, that chatbots are becoming incredibly useful learning tools.

The expanded use of this technology in our day-to-day lives has changed the way students learn and absorb information. Today, the educators can give the students a customized learning environment because of artificial intelligence chatbots. Researchers have developed systems, which can detect students ‘ ability to understand that if they are comfortable with the study materials. In these innovative EdTech worlds, both the AI and chatbots are designed to improve student interactions and collaboration.

However, chatbot technology is improving at education though. The more we move get advance, the more technologies you will learn from us. In ordinary people’s lives, artificial intelligence, or AI development is becoming more general. AI based education mobility solutions can be a game changer if they are used correctly. Here is how.

How Will AI ChatBots Personalize our Education System?

There are diverse talents, interests, and skills for students attending the same class. That’s why they need personal tutors who can teach individually. Unfortunately, even some of the most expensive schools or colleges in the world cannot provide this form of service. That is why chatbots are the most reasonable and inexpensive way to learn and adopt.

The project that involved under the Bill and Melissa Gates Foundation, Facebook and public Summit project use simple lectures making use of chatbots. The hope is that chatbots will act as the virtual advisors who adapt their research and curriculum to the abilities of students. Students can thus follow their own pace of learning.

Chatbots act as vertical tutors and participate in dialog with each student to identify the pain points or areas they are lagging behind. Chatbots then use this knowledge to formulate a fully customized learning plan, which focuses on subjects that are troubling to grasp. It is there job to follow the progress of students from first to last, to check and guide them through the curriculum.

Also Read: Impact of NLP and Chatbot App Development on Travel Industry

Advantages of Implementing Chatbots in Mobile Apps for Education

Chatbots will lead you to explore a world, particularly in education sector. You will incorporate these resources into your software or application for teaching, managing employees and supporting your company in various departments.

  • Students can adapt to the pace of learning, depending on their abilities
  • For improvement of teaching experience, custom features can be integrated
  • Unconventional knowledge-building methods
  • Identify areas where students are lagging behind
  • Follow-up on the needs of the students
  • Take advantage and reach maximum number of students
  • Unconventional teaching techniques
  • At any given time, access to lessons
  • Instant assistance is available whenever needed
  • Reach anytime to assist more students
  • Efficiently receive reviews
  • 24/7 Support

Thanks to AI-powered chatbots, the education sector will likely experience a lot more changes in the coming years. Bots made a substantial contribution to the efforts of institutions from increasing sales in the education sector to lead generations and helping the actual education process.

Integration of Chatbots for Various Education Sectors

There is a completely new world that can be discussed while speaking of chatbots apart from just supporting teachers and students. Chatbot production will support different departments to work efficiently ranging from administrative work to service staff.

  • Chatbot for Educating

Although chatbots are already being used for classroom education, a range of intelligent tutoring systems can be opened with Natural Language Processing technology. Teachers are able to convert the lecture into a number of messages quickly to make it seem like a discussion. In addition, bots can respond to module questions, lesson plans, tasks and deadlines after class.

There are also chatbots to help language users understand. Learning is thus no longer confined to schools; instead, by offering 24/7 connectivity, chat development took the learning process to the next level.

  • Chatbots for Teaching Languages in University

Chatbots will facilitate language learning in mainstream institutions. Duolingo being a language learning app has become popular and trusted currently in the education app based  market.

Duolingo contains a bot being a mobile app. In addition, the students will talk live to various characters created by Duolingo. You will develop your grammar and vocabulary in this process.

  • Utilized as a Chabot in Universities

It can be exciting and pain to find the right university, particularly in a different area. In promoting university research and letting them know how to accept students, the university bot plays a key role.

We can therefore make an informed decision if they are committed to it themselves. Such chatbots are designed to improve the process of search. Advanced features such as voice search are also included in these applications. It makes them ideal for students looking for suitable courses.

  • Chatbot For Educational Courses

Nowadays for students choosing there right course often gives them nightmares. Chatbot can help students to enroll in the right course. Chatbot can help.

Oracle provided the University of Adelaide last year with an AI-based bot solution that helps students choose the right course. This chatbot checks the ATAR (Australian Tertiary Admission Rank) score of the students with the aid of profound knowledge.

  • Chatbot for Online Reputation Management

Chatbots can be introduced by education institutions as a PR tool to use the involvement of the user. This medium can improve the general brand image of the institution when the volume of queries is exceptionally high by creating a direct link with prospective students.

Can Chatbots Take Teachers’ Jobs?

This is probably the main concern of teachers and trade union groups when we think about educational chatbots. The response is no, chatbots will not take your job. The reality is that they take on repetitive tasks and increasing the importance of the job of a teacher.

Today, many teachers focus exclusively on memorizing lessons and grading tests. Chatbots will enable teachers to focus on building a stronger relationship with students by accepting these tasks. Students will be provided with personal feedback and will be able to enhance their research interests in the program. In this way, teachers can also provide stronger mentoring. This will therefore be particularly useful for learner-handicapped people.

Choose the Right Chatbot Education App Development Company

Whatever chatbots are being used in the classroom, integration into educational environments is obviously a necessity. We are heading to future very quickly and the time has come to make it as a turning point to improve and change the system completely. One should consider the chatbot as a powerful and flexible tool in this technology-driven competition.

Adopting the Chatbots for education sector can be a biggest ROI for any educational sectors but selecting a Chatbot Education App Development Company is not at all a tricky anymore. We at Fusion Informatics have experienced education app consultants and chatbot developers who are very versed and flexible to implant chatbots to any sector. Deploy Chatbots in your educational business apps today!

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Wearable App Development: Common Challenges Faced by Developers

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Challenges and problems are everywhere! But to overcome these challenges we need to find innovative solutions.

The market of wearable app development is growing quickly and wearable app developers and wearable app development companies constantly strive to experiment with new technologies. They are designing software for all possible apps. Wearable devices are one such gadget we are all using it nowadays. Although the wearable apps first emerged a few years ago, these days it is increasingly getting popular all over the world.

Mobile app development has long been around, and most companies today have understood its importance and are looking to develop an app for further expansion. As these mobile apps are being developed by android and iOS developers and further, they are entered wearable devices landscape. Some famous wearable devices like Apple Watch, Fitbit, Pebble and Google Glass have changed the consumer expectations completely and the developers were motivated to develop wearable gadgets.

Such groundbreaking technology has made various sectors more interested and inspired them to explore its importance and potential. Not only the developers, it has also increased the interest of wearable technology between several sectors and many of them are trying to explore their potential and relevance.  A number of companies have even begun investing in wearable technology to build innovative applications to enhance user experience, improve performance and make these devices consumer-friendly.

What are Wearable Technologies and Wearable Apps?

Let us explore what wearable technology is before we dive in to what wearable apps are.

Wearable technology is typically a category of technology devices used either as an accessory or as part of other content, such as clothes. Such devices can also connect to the web or via a smartphone to share data between the network and your c device for a number of functions.

Wearables Apps provide access to hardware devices such as sensors, speakers, etc. You gather data from your hardware and use them to provide the desired performance via the network to which you are connected. The output is usually supplied or displayed on the screen.

The devices that are running or compatible with those wearable apps rely on how the input is taken and the output appears. If your device accepts and shows the result itself, it can choose any platform, i.e. iOS, Android, Windows, or even a customized platform.

Nevertheless, for the above functions, if the user uses a mobile application, iOS App developers or Android App developers will be needed, depending on the operating system that the device is compatible with.

A big example for this is the, Fitbit Activity Tracker, which displays how many steps a person has taken in one day.

Also Read: How much does it cost to develop a mobile app in Dubai?

Major Challenges Faced by Wearable App Development Company | Developers

Although these small devices offer some great features, developers are challenged to build wearable applications. We will discuss about some of these major challenges what wearable app developers are currently facing.

  • Building the Use Case

The major challenge that every developer face is 3W i.e. what, when and why. After addressing these three W’s, the concept and design process will be easy to begin. You need to understand why the App should be build and when the App should work before you start wearable application development. Indeed these are some tricky questions, which you must ask yourself initially.

  • User Interface

Similar to phones and tablets wearable devices have a smaller screen size. That also means a different user interface. To developers, this is a challenge. The developers will concentrate on easy and quick user interfaces, passive data collection, and voice commands according to the best wearable app development company. They should also avoid thorough navigation and flashy icons, because this kind of devices will have insufficient space.

  • Platform specificity

Another challenge during wearable development is to create a wearable app for wearable devices either for each platform or for all. Therefore, it restricts the target audience if you create an application for a single platform. On the contrary, the coding will be different if you consider creating a custom wearable device.

  • Speed

When competition increases, the creation of applications for all such devices has become important efficiently and rapidly. The faster the device is released on the market, the higher will be the response according the wearable app development experts.

Also Read: Trends to dominate the future of Mobile App Development in 2020

  • Battery Life

Most of the wearable devices in market have battery life because of its portable nature. Therefore, if you use a large battery, the wearable device will dry up sooner. It also increases the chances of an app being uninstalled as nobody wants to update their apps time after time.

  • Functionality

Ease of use and mobility are the two important qualities when it comes to wearable technology. The software designed for these gadgets must be built to take account of these two features. According to our experts at Fusion Informatics, wearable apps should be created keeping the user’s needs in mind.  Just creating a replica of other model does not make any sense and lead to failure.

  • Data Privacy

Another great problem you need to face when developing apps for wearable devices is related to the data breach because safeguarding of your device and data privacy of the owner is essential. The application should be maintained with regular security updates.

  • Updating of Apps

Every other day, experts make rapid, successful, and effective changes in this field. In such a situation, the app should continue to keep the latest technology and trends. Again, the developers have a challenge to stay on the market and to ensure long-term success.

Conclusion

These are also some of the growing challenges faced by each application developer in developing wearable apps. It is crucial that you smartly address and face these challenges when you create an app for your company or plan to develop for your client so you can quickly prepare an app development strategy to give your customers great experiences in this huge competitive world.

We at Fusion Informatics have an experienced wearable app development consulting team who are skilled in adopting latest technologies keeping themselves up to date and provide desired results as per the client goals.

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Role of Internet of Things (IoT) in Transforming Education Sector in 2020

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Technology is everywhere and the way we live, research, learn and work is evolving! Throughout recent decades, we have seen a technological revolution comparable throughout scale to the transition to the modern world from the middle age. The deeper technological development, however, may only have just started; the virtual and physical worlds merge into the internet of Things.

Internet of Things (IoT) in Education has also seen willing entrants in the education sector, be it flipped classrooms, AR and VR based smart boards or access to safe learning spaces. Across fields like education and customer services, the Internet of Things has already had a significant impact. A research by Markets and Markets Research Pt. Ltd has been released and according to it, the IoT is expected to rise from $4.7 billion in 2018 to 11.2 billion by 2023 on the global education IoT market with a CAGR of 18.5%.

Education will also be affected as schools are using connected devices more effectively. The internet of things continues to enter the education sector and the students and educators and administrators collaborate more closely and obtain insights from data.

So, how can IoT affect this field precisely? Let us look closer!

Implications of the Use of IoT in Education

While technology is proliferating, especially in mobile devices, most education institutions still have to actively integrate it in learning. Most institutions have still not reached and interconnected and few teachers share information, except for research projects. Technology must be adopted in a massive way so that the Internet of Things can be fully realized and engaged in a more authentic and relevant education beyond the classroom.

Besides online tutorials and interactive classes, educational technology is advancing with the assistance of the Internet of Things towards greater transformation. The following are a few examples:

  • AI-Powered

The researchers from AI have worked together to speed up the innovation cycle through studying. Artificial intelligence (AI) and machine learning (ML) may be used for linking databases, analyzing research data and for gaining insight or information to further improve the study.

  • Increasing Overall Efficiency

Streamlining schools ‘ day-to-day operations using IoT helps to focus more on actual teaching tasks by reducing the time and effort needed to manually execute these practices. For instance, connected devices that automatically detect students can remove the need for manual attendance and the delivery of information at a central office, including time-consuming tasks. For greater efficiency, RFID technology may track the whereabouts of laboratory equipment, projectors and other such tools. Through closely monitoring energy usage, IoT can also help to reduce energy costs for schools.

  • Improved Global Networking Between Educators And Students

Students can now use connected devices such as digital highlighters and interactive boards to communicate with peers, teachers and educators around the world while sitting in the comfort of their home or classroom. Digital scanners help to know by moving text directly to smartphones. Similarly, interactive panels simplify and speed up learning through information receipt, reception and reciprocation.

Thus, students in class can interact with educators, mentors and peers worldwide using these devices.

  • Improving Campus Safety

Digitized wristbands and identity cards allow schools to track students, staff and visitors. Information from the last known locations are kept on a server which helps to ensure that only the right people are reached in every place on campus. It also makes cashless payments through the use of digital wallets to prevent fraud and theft. Cards and wristbands are also digital wallets which make payment without cash.

The GPS-enabled bus tracking system allows students to go back and forth from school and parents to know where their children are.

  • Smart / Connected Classrooms

In a smart classroom, AR-enabled smart boards show enriched videos on the subjects being discussed.  Students have immersive experience using VR headsets.  All these tools are connected to students and teachers personal gadgets in a linked classroom.

The instructor will load assignments and projects automatically onto the computers of his students as the education progresses, often by simply speaking the word assignment or task or project.

  • Increased Efficiency in School Management

The streamlining of daily operations using the Internet of things helps teachers and school managers to focus more on education. This helps them to automate tasks that take time and effort to be done manually. For example, Connected devices can monitor the presence of students at school and avoid the need to manually attend and provide the information to a central office. RFID technology also tracks school resources including projectors and laboratory equipment. The Internet of Things also helps to reduce energy costs through energy management.

  • Supplementing Enhanced Textbooks

Quick Response (QR) codes have been added to the schoolbooks. In addition to assignment and feedback, students may check these codes on their smartphones.

  • Rich Learning Experience With Data Collection And Analysis

Students are now using Radio Frequency Identification (RFID) chips to tag and track physical objects or even birds and animals around the clock, regardless of weather or other conditions, and schools have begun to initiate automatic data analysis using cloud-based applications.

Students receive a richer education experience because they can learn about the topics they would otherwise know only from their textbooks in real time. The Internet of Things is thus changing the education industry and promoting, speeding up and making learning safer.

  • AI-Powered Research

Successful researchers have always worked together to promote creativity by learning from each other. AI and ML can be used to connect databases, analyze research data and gain insights that further stimulate research. As these integrated systems take over the interconnected systems, scientists can better focus on the research part.

Some Examples in Education Sector Where IoT Has Adopted

Several institutions related to education have already taken advantage of IoT technology, as stated. Technology firms offer customized IoT solutions from content creation, delivery of lessons and a better commitment to classroom administration and content administration.

  • Blackboard

Blackboard offers educational institutions solutions and services to resolve their most important and difficult problems.  The blackboard experts help institutes leverage technology to turn the learning environment from student monitoring, data analytics and management in schools to personalized training, mobile learning and advanced learning management systems.

  • Promethean

Promethean is a world leader in tools for digital presentations and teaching.  The interactive displays allow teachers to create classroom exhibits in which students can use dry erasure writing to bring their own ideas as many times as they want. When the teachers use these presentations, student participation is stated to be very high.  The interactive learning program on a cloud-based basis helps teachers, depending on student’s reaction to adjust their lessons in real time.

  • Kaltura

Kaltura is the leading video platform that allows every company to access videos. This helps teachers and students, through the latest technology, to create and manage video content. These videos are editable and can be distributed to any linked computer.

Conclusion

IoT can have a significant impact in a variety of areas, including logistics, customers, healthcare and many more. The IoT network can cause major disruptions in the field of education, given the projections for IoT development so the future looks even more promising. Around 20 billion things will go together by 2020, which has believed by some experts, while others estimate growth to be around 40-50 billion.

Artificial Intelligence (AI) in 2020:  Future Trends and Predictions of AI 6

Artificial Intelligence (AI) in 2020: Future Trends and Predictions of AI

artificial-intelligence-(ai)-future-trends-and-predictions

Over the last few years, AI has dominated all major industries, with an unprecedented rise in the number of systems, applications and software focused on machine learning and AI technologies. Smart machines have been developed by scientists and engineers that can simulate reasoning and develop knowledge and that imitate like how normal people work. This indicates that we are truly heading towards the future.

There is no doubt that AI automation will soon be part of the future that will bring a new era in the world of technology in 2020. Many things are not always easier to calculate the statistical significance when it comes to AI, like the mathematical problems. However, this is the’ machine learning’ part. If in case of prediction of weather or diagnosing diseases, knowing the amount of product in the supply chain management (SCM) or playing chess for the AI the developers and engineers will have led to do theirs.

Many AI Development Companies designing apps which make use of AI as a mainframe technology to help solve these real-life problems. AI’s outlook for 2020 is promising, since many industries and companies are currently working on this technology, with the aid of Artificial Intelligence, which are growing their productivity.

In 2020, we are expected to see AI bringing radical changes to many areas, be it businesses, business models, technologies and cultures.

So without a delay let us discuss the most promising AI trends in 2020.

How Artificial Intelligence (AI) Beneficial for Human

The domestic and commercial system of the human world is strongly affected by artificial intelligence. Different AI-driven technologies help business owners, educators and marketers.

The idea of making AI part of our daily lives may be an idea that would confuse most of us, but the fact is that AI is already becoming a norm in most corporate and domestic sectors. All we do now is in touch with AI via the Internet of Things. Everything in life plays an important part. AI is also a big deal by providing guidance. The company’s AI development services are the biggest success in coming years for the future of AI.

Even through Artificial Intelligence (AI) Development, it is said that it will increase the number of people employed in the coming year, as the rate of employment will increase, which means that there will be more work, which will indirectly increase the level of development.  According to recent survey, AI is said to remove about 1.9 million employees and replace them with 2.4 million jobs.

List of Top AI trends that will dominate 2020

  • AI Assistants Will Rise

AI assistants can streamline and automate worldwide customer service and sales tasks. We have already addicted and implemented some of the most popular personal assistants like Siri, Alexa, Cortana and Google Assistant. Smart assistants were used by increasing numbers of businesses to perform important tasks. More use of AI assistants will be made in 2020 and beyond.

Also Read: How Much Does it Cost to Develop an AI app like Cortana?

  • Blending of Blockchain, IoT, and AI

In the future, another trend-setting IoT and Blockchain technology will combine with AI technologies. In order to have a positive impact, AI should be combined with other technologies. For example, without IoT working with AI, self-driven vehicles could not make much sense. The IoT activates and monitors the sensors in the car gathering real-time data while the AI interface is the vehicle’s decision-making requirements. Blockchain also works in close collaboration with AI in order to deal with stability, scalability and confidence problems.

  • AI-Enabled Chips

Even the most powerful CPU may not improve the efficiency of the AI model on its own. Organizations need high-performance CPUs to use AI for cases such as computer vision, natural language processing (NLP) or speech recognition. Chips that are AI fueled will be a perfect solution for this challenge. These chips make CPUs “smart” to optimize their tasks. CPUs can therefore work individually for their tasks and increase their performance. In order to solve and perform complicated tasks faster, new technologies for AI require these chips.

Organizations like Facebook, Amazon and Google are expanding their AI-enabled chip investment. Below is a list of worldwide capital funds for start-ups with AI-enabled chips.

  • AI-Fueled Entertainment & Media

While AI has not penetrated or completely utilized under media and entertainment sector but it is surely going to be done by 2020. The economy of the production of games and films is strong. Therefore, it is obvious that the use of AI in this field is inevitable if you know that only one out of ten films is profitable.

AI can be a contributor to story development, production, writing scripts, and even performance like acting.

  • Advances in GPUs

GPUs are one of the most commonly used AI powered processors.

Rendering an image requires simple computer power but must be achieved very quickly on a large scale. For such instances, GPUs are the best choice as they can simultaneously perform thousands of simple tasks. Since they perform these simple tasks much faster, GPU new technologies make better images.

Modern GPUs have become efficient enough to be used in activities beyond image rendering, such as cryptocurrency mining or machine learning. Data science scientists found that these are repeated parallel tasks, whereas CPUs normally do these tasks. GPUs are therefore commonly used for effective learning in AI models.

  • Facial Recognition

A reliable method of biometric authentication is facial recognition. The accuracy and readability of this AI application have improved significantly in recent years because of massive investments and extensive research in this field. With the assistance of AI, the use of facial recognition technology is most likely to expand with precision in 2020.

  • Privacy and Policy

One of the main questions of privacy and policy discussion in 2018 was the adoption of the GDPR, which also extended back to 2019. In 2020, the need to protect individual privacy is likely to raise concern.  The latest development in the AI industry has prompted some of the concerns.

Most people do not know how companies use their data. The prints are sometimes lost. We are not even aware of their use in some situations. The AI laws that are still recent exacerbate this question further.

All has not yet been lost. If you can learn some tips and tricks from Mac and PC, you still can cover yourself. Thankfully, several reputable devices, including Android cleaners, for Mac and PC repair are accessible. The good thing is that most of these resources are protected by privacy.

  • Real-Time Customer Interactions Driven by AI

When we step into 2020, more marketing efforts will become real-time, powered by AI. With AI, companies can manage customer interactions on all channels in real-time. In order to improve customer retention, these companies will employ AI marketing. Customer recovery and first time active defects and other important strategies will all take advantage of AI.

AI will help advertisers reach new audiences through social media and other channels, in addition to its ability to improve customer interactions.

  • Advances in Algorithm Design

Although AI’s capabilities will grow rapidly, the algorithms behind AI models will also evolve. AI will be able to work more efficiently and to reach more people with less technical knowledge through the advances in algorithm design. The influential development in developing the AI algorithm is discussed below.

  • Biased Data

Several organizations have relied on machine learning models for critical decision-making in the last few years, such as the recruiting and acceptance of mortgage loans. This pattern could unfortunately lead to partial data. For example, conventional labor data suggests that women are promoted less frequently than men are and can establish a biased application based on AI.

  • Advancement of Traditional Industries

AI has become an indispensable tool of survival to more and more organizations. Traditional carmakers must adapt or become obsolete as they deploy self-driving vehicles.

Even AI leaders, such as Google and others, find it necessary to become customers or create partnerships with AI startups. The success of businesses will rely directly on their ability to prepare their human resources for change in the post-AI environment.

  • Reinforcement learning (RL)

Reinforcement Learning is machine learning’s subset that allows AI agents to take action to optimize their rewards. RL is not looking for patterns to make predictions, rather than conventional research. This chooses sequentially to optimize its reward and learns by experience.

Today, Google’s DeepMind AlphaGo is the most common example of RL. He has overthrown the world leader Ke Jie in two straight games. RL will also be used in fully automated plants and self-driving cars in the future.

  • AI-Fueled Cyber security Systems

Cyber-attacks are growing in complexity and size more quickly than current security steps. Citizens are not in fact in line with today’s tricks of cybercrime. Cyber-threatened hunting is a constructive way of identifying and stopping malicious attackers. AI systems will therefore continue to play an important role in the control of these attacks. Organizations can easily identify these safety violations using machine learning.

Are You Future-Ready?

Investment and interest in AI will increase over time when large cases of use of AI (for example, autonomous driving or AI diagnosis) of significant economic benefit are achieved. The AI is expected to increase over the long term.

The business opportunities that can arise from AI developments should grow in 2020. If you are running a business and looking to adopt Ai in your business then you may need support from AI Consultants for sure. The top AI Development Company like Fusion Informatics can be your best solution if you pick them as your AI partner. Hire us to allow us to help you grow your business and take it to next dimension.

Blockchain and Cryptocurrency: The Key Differences You Need to Know 7

Blockchain and Cryptocurrency: The Key Differences You Need to Know

blockchain-and-cryptocurrency-the-key-differences-you-need-to-know

The terms cryptocurrency and blockchain are used interchangeably whenever digital assets are listed. Given the technical depth and complexity of this new technology, many terms and concepts surrounding it can often be confusing. Everyone eagerly wants to know whether both blockchain and cryptocurrency are similar or possess some difference. Just as others even, you might be thinking the answer for this could be very simple.

Such two terms are fundamentally different, and most people say that Cryptocurrency is digital money, and Blockchain is the technology that powers it. However, the answer is not that simple as you think. It is good to note the difference between Blockchain and Cryptocurrency and it is important to realize that each one needs to be better at functioning.

In this article, we will look at the differences between these technologies, which are famous as a Cryptocurrency App Development and blockchain app development with the aim of exploring the various different nuances and features of these seemingly interchangeable terms.

Continue reading the article on blockchain and cryptocurrency for a clearer idea.

First of all what is Blockchain and Cryptocurrency?

Blockchain:

The term blockchain is the technology behind the transfer of online assets. It is a distributed public and anonymous ledger on a peer-to-peer network.

The blockchain is a record-keeping storage unit. Thousands of computers will share these documents. If even one record changes, all devices in the network will consent to this change. That is where this technology shines providing clear transparency.

It is a platform that has all the functionalities and qualities virtual money transaction seeks for. It is free, stable, transparent, open, anonymous and unregulated. The Blockchain stores all transactions involved in cryptocurrencies based transaction.

Cryptocurrency:

A cryptocurency  is a purely digital asset whose authoritative root control is preserved by a mechanism in which members implement all rules of the system by their own choice and in which no party has any legal right to force the system to function in a specific manner.

Cryptocurrency system of exchanging money became popular because:

  • There is no third party.
  • There are very low production costs.
  • Transaction pace is fast worldwide.
  • Cryptocurrency provides the added security to do all this.

Blockchain Technology versus Cryptocurrencies with Example

Blockchain technology was previously interchanged with bitcoin and then developed with other virtual currencies to support it. The public record has nevertheless come a long way since then. Much more use found and created in blockchain technology in addition to altcoins. Cryptocurrencies are now only one of several applications for which blockchain can be used.

Let us understand with example:

Imagine that you are in a casino. You enter the house and swap cash with chips. You can use these chips to play in the casino, but they don’t get legal buying power outside the casino.

In this example, a casino chip has considered as a cryptocurrency coins and the casino is the blockchain network that gives participants an ecosystem and allows players to play coins and trade with them.

We hope the above example has given you clear understanding about blockchain and cryptocurrency.

How These Both Technologies Cryptocurrency And Blockchain Technology Work Together?

Blockchain is not an optional technology for cryptocurrency, but a fundamental cryptocurrency feature. Basically, blockchain and cryptocurrency have become a common thing of the past. Nonetheless, they are not similar in nature; blockchain transcends cryptocurrencies if it is one or the other. Not only has the financial sector, blockchain provided multiple solutions that may disrupt various markets in the coming years.

Blockchain was the database on which every bitcoin transaction was stored hence, it became the reason to bring synonymous in these both technologies. The architecture had existed before Bitcoin was created, but it was this innovative and first cryptocurrency, which brought the system to the fore. It’s the first time the transactions had been bundled into blocks of data, and the first way that the system became popular.

Major Similarities between Cryptocurrency & Blockchain

  • Intangible

Both Cryptocurrency & Blockchain are virtual  and intangible.

  • Technology

The newest technological advancements include the blockchains and cryptocurrencies.

  • Interdependence

Cryptocurrencies and block chains are mutually dependent. Blockchains provide the route for transaction data during transfer of cryptocurrencies.

Also Read: How Blockchain Works Through Its Blockchain Consensus Algorithms

Blockchain and Cryptocurrencies: The Difference between the Two Technologies

  • Blockchain Cryptocurrency- Versatility

With several features, Blockchain technology is more scalable. A technology used in almost every area in many applications. Each industry uses this technology to develop better applications from health care to management. While the flexible and non-regulated cryptocurrency is less. This is probably the greatest reason why many countries do not use this digital asset.

  • Value

Cryptocurrencies have a monetary value and can be used as a wealth indicator. Blockchains is not feasible and cannot be used as a measure of wealth.

  • Assets vs. Technology

Cryptocurrency is an asset and only one Blockchain technology application. Whereas Blockchain provide support to bitcoin and has more to give. It is used also for various other diverse items, including homes, luxury goods, food and cars.

Everledger is one example of the use of Blockchain tech in something other than cryptocurrencies. In this procedure, the origin of luxury goods is traced. This eliminates fraud, documents and data manipulation.

  • Use

It is possible to use Cryptocurrencies for payment, savings and asset storage. A blockchain acts as a crypto-monetary transaction-operating vehicle.

  • The Blockchain Preferred And Trusted By Banks

Blockchain is a way ahead of Cryptocurrency when it comes to trust and choice. The explanation is Blockchain’s credibility is cleaner. Many well-known financial institutions such as Goldman Sachs, JP Morgan and Bank of America have sponsored this.

They have used the technology of Blockchain to streamline and improve their transaction process.

  • Similar Nature of Cryptocurrency vs. Block Chain

A blockchain is a decentralized platform that tracks transactions in cryptocurrency. A cryptocurrency is a virtual resource in a network of transactions.

  • what these technologies holds for the for upcoming days?

Blockchain technology will change the world’s economy and future. More businesses are expected to move to this disruptive technology. As the data cannot be altered or updated, companies are also more likely to use it once entered. The preferential solution in the future is more time saving, secure and clear. It has a lot of growth potential and is a forward-looking technology.

While Bitcoin a kind of cryptocurrency that has been developed for the same. However, companies are afraid of it because of its growth and its future is a little dim.

  • Mobility

It is possible to transfer cryptocurrencies such as Bitcoins from one account to another but not possible with Blockchains.

Conclusion

Blockchain and cryptocurrency are distinct but often-confused terms. Blockchain is a technology behind which cryptocurrencies operate as a fundamental infrastructure, while cryptocurrencies represent value that can be transported from one party to another.

If you are curious to know how you can enhance your business using Blockchain Technology then hire Blockchain Consultants from Fusion Informatics and our expert blockchain consultant will get in touch with you within 24 hours.

As a Top Cryptocurrency App Development Company in Bangalore, Dubai and San Francisco, our team is armed with hands-on experience and applied knowledge of developing crypto apps, blockchain app development and decentralized ethereum apps, smart contracts and more.

8 Trends Fintech Startups Should Watch Out for in 2020 8

8 Trends Fintech Startups Should Watch Out for in 2020

8 Trends Fintech Startups Should Watch Out for in 2020 9

In the fluid world of finance, staying current with the trends should be the New Year’s resolution of every tech startup in this space come 2020.

It can be difficult to predict the future of financial technology since markets do not always respond to innovations and new business models as expected. But fintech founders must see the general direction where things are going to be competitive and stay relevant at the turn of the new decade.

Below are the eight trends that will shape the fintech landscape in the upcoming year.

  1. Digital-Only Banking

Online banking is becoming the norm, as evidenced by one estimation that says branch visits are set to fall by 36% between 2017 and 2022. Unsurprisingly, one of the catalysts for this phenomenon has been the advent of digital-only financial institutions.

It is still too early to declare that the days of brick-and-mortar banks and credit unions are numbered, for these so-called “neobanks” have problems of their own. What can’t be denied, however, is the success of the digital model of fintech unicorns like Revolut in terms of simplifying financial transactions and reducing overhead.

Our friends at Fortunly can attest that attractive rates and fees are the primary drivers of fintech adoption. Tech-driven financial services companies can afford not to charge customers so much because they do not worry about many of the usual operating costs, to begin with.

The biggest challenges digital-only banks are facing right now are: problem resolution and cybersecurity. Some things are just hard to iron out online, which is why some people still rely on offline solutions to address their unresolved banking concerns. Hackers and fraudsters are also constant threats, so explore every avenue to prevent data breaches at all times.

  1. Innovative Payment Methods

Cash, as well as debit cards and credit cards, are not going anywhere, but smart devices are quickly replacing them as payment tools.

More and more Gen Zers, in particular, are participating in the economy. As a result, expect more consumers to handle their finances using online bank accounts, mobile apps, digital wallets, and virtual assistants from here on out.

Moreover, the deployment of 5G mobile connectivity will make online banking more doable and convenient. Soon, more Internet-of-Things devices will also be used for financial transactions.

  1. Rising Blockchain-Wallet Adoption

It is only a matter of time before mass crypto adoption finally happens. And tens of millions of consumers worldwide are getting used to blockchain-powered digital wallets. This trend is an indication that blockchain is ready to take off, so you should consider the possible viable applications to take your financial services to the next level.

  1. Widespread Smart-Contract Usage

The use of smart contracts is expected to become more prevalent in the coming months. The growing popularity of blockchain naturally makes these digital contracts reliable and virtually tamperproof. Smart contracts help lay the groundwork for a “trustless” system necessary to pen and execute any financial agreements in the digital age.

  1. AI-Powered Customer Service

Artificial intelligence (AI) is key to scaling not just fintech startups but also traditional financial institutions. When it comes to basic customer service, human agents are now considered placeholders for chat bots. These computer programs are adept at analyzing unstructured data too, so they can be instrumental in combating hacking and fraud.

  1. Intensified Fintech Regulation

Regulation-technology adoption is a must for any financial services organizations looking to build and maintain a reputation for being a trustworthy custodian of treasure troves of sensitive data. Governments around the world could no longer ignore the impact of fintech on the lives of billions of people. That is why regulators have been actively addressing policy decay.

If you have not done so, use innovations like AI to comply with Know Your Customer and Anti-Money-laundering standards and tighten up your cybersecurity measures.

  1. Increased Collaboration

Incumbent financial services companies and fintech disruptors have matured enough to treat each other as friends rather than foes. This trend has been going on for a few years, and it will continue in 2020.

Both parties may not always see eye to eye with one another on business principles and strategies. But they know they have to join forces on some level to achieve strategic goals, and become a well-rounded financial health company.

  1. Elusive VC Funding

Venture capitalist money has been the lifeblood of the fintech boom, but it is no longer the low-hanging fruit that it used to be. Many VCs these days are more selective about which ventures to finance and are more interested in later-stage startups.

If you are planning to raise funds in the next 12 months, your pitch should include a feasible strategy and realistic timeline for revenue generation. Otherwise, you would lose out to other fledgling fintech companies with better vision.

HOW WILL BLOCKCHAIN TRANSFORMING GLOBAL TRANSPORT AND LOGISTICS? 10

HOW WILL BLOCKCHAIN TRANSFORMING GLOBAL TRANSPORT AND LOGISTICS?

BLOCKCHAIN TRANSFORMING TRANSPORT AND LOGISTICS

In a world where online purchases have become the norm from an exception, transport and logistics have grown to play a bigger role than ever. The impact that it has on the general populace has increased to monumental levels. There is no two-ways about the fact that transport and logistics will have to evolve along with every aspect of 21st century lives — accepting the influence of technology in its transformation. The aspect that is largely missing from the present process of transport and logistics is transparency. Most customers are not aware of where their products are coming from and through which route would it reach them. Furthermore, multiple people and authorities can inspect the product before it even reaches you, which increases the cost considerably. In addition, most of these processes are still largely reliant on paper. A generation ago, a major shift in the field of transport and logistics was the shift to third-party shipping companies, and now the industry is moving towards a world that relies on harnessing the power of the cloud. The rise of multiple digital platform based sellers, and consumers buying products from overseas sellers have mandated the upgradation in the process in order to weed out inefficiencies.

Why Blockchain?

There was a time not so long ago that required companies to keep track of just two parties. Most logistics hubs now deal with multiple stakeholders — involving containers, finance, fuel, transport, and regulatory paperwork. Multi-party coordination becomes more challenging that is asset-rich in every form possible. There are three active factors that are forcing transport and logistics firms to adopt technologies such as blockchain — new infrastructure and technology, richer and accessible logistics data, and the constant pressure if reducing overall costs. On the other hand, consumers expect a level of professionalism that is impossible to attain with a long trail of paperwork.

In the sector of cross-border transport and logistics, blockchain will greatly increase the transparency of global supply chains. Blockchain would ease the tracking of international shipments, reduce administration costs through automation of the documentation process, and above all provide a secure channel for transactions across the entire logistic chain.

Proven Benefits of Blockchain

As it works today, transport and logistics chain from a manufacturer to the consumer involves multiple stakeholder — these include exporters, terminal operators, port authorities, freight forwarders, and customs agencies among many other. In most cases, paperwork involved in the process still requires to be handed from one stakeholder to another in person. This can lead to situations where the product might have reached a certain point on the route, but the corresponding paper trail has not come to speed. End receivers, or customers, might not have clear understanding and information of such lags, thus generating a sense of dissatisfaction while also making the entire process costlier than it needs to be.

Employing blockchain would instantly alleviate a number of these apprehensions from the process. Blockchain would be instrumental in minimising or even eliminating the redundancy of information that is inevitable in paperwork. The repetition of information across multiple documents in a largely manual process often leads to confusion, or even worse, errors that can elongate the process.

Blockchain would also allow the registration of digital insignia and signature of each party within the same chain that is accessible to every stakeholder in real time, thus increasing security of the process. In case of any errors that are identified, blockchain would allow for considerably easy tracking of the errors and provide solutions to rectify them with minimum aggravation to the process chain. Additionally, blockchain allows all stakeholders to have continual access to all information about the process on one common platform.

The integration of blockchain into transport and logistics would substantially reduce the monopoly that certain intermediaries have over critical information about the process. Employing blockchain would allow all parties to have complete access to all kinds of information that is integral to the entire process. In a way, this would make the entire industry a level playing field for small and medium enterprises in the supply chain. Blockchain provides a level of security that is unparalled. Algorithms are the basis of every blockchain, and not everyone can get into the system and make changes to the algorithm. This ensures the ultimate security that encourages a sense of security and trust.

The Way Forward From Here

There is no denying that blockchain would become an essential part of every firm across industries. It would be essential that the application of blockchain and its integration into the industry is seamless. If a situation rises where half the industry functions on blockchain, while the other half is stuck to papers, it would be heavily detrimental to the entire industry. In order to ensure that the technology is adopted simultaneously across the industry, it would become necessary to inform and coach players in the industry irrespective of their operational size. Larger organisations can lead by example and motivate the smaller companies to take up blockchain services. A greater boost can come from governments. It the government agencies in the transport and logistics chain shift to blockchain and insist on working only through that singular platform, companies would have to adopt blockchain for their cross-border bill payments, license renewals, and visa applications. This impetus can speed up the integration process manifold.

It is imperative that the potential of blockchain in the transport and logistics sector is enormous to say the least, but its mass adoption is the only way that can guarantee large-scale change and development. Improving cyber security, providing requisite privacy, and increasing the extent of interoperability of the systems would determine the scale to which blockchain would grow and expand within the industry.

About Fusion Informatics

The world in closing in and everyone wishes to live in a world of hyper-connectivity. However, geographical distances remain the same, therefore transport and logistics would continue to take time to scale the world encouraging global trade. Like everything else, technology has a solution for this too. Technology can immensely help in cutting down the time that transport and logistics usually take. Blockchain is meant to ease processes, and it would lend a sense of security and transparency to the entire industry. Nevertheless, blockchain remains an enigma for most. Experts at Fusion Informatics are trained, and dedicated, to ensure that clients are duly informed about the changes that blockchain would bring into their organisation. We are committed to understanding the specific needs that our clients might have, and design technology solutions that are tailor-made for them; and in service of achieving their objectives and improving their business.

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