Digital disruption is what enterprises and technology companies are looking forward to in this age. It’s a welcome change by many organizations – a major shift in something that’s already working bringing with it a multitude of new opportunities and increased growth potential for businesses. Though the term is overused, its impact is real.

Take Uber for instance.

Uber is a digital service that disrupted the taxi industry and changed the way people operate when it comes to commute. The concept was fresh and the impact was huge.

But like every other technology or trend that garners a lot of attention, the idea of digital disruption is also surrounded by myths. These myths impede innovation by giving enterprises false hopes or deterring them completely from ever attempting to achieve disruption. That’s why it’s important to investigate these myths and understand the reality behind them instead of bluntly dismissing them and leaving digital disruption out of a brand’s growth strategy.

Here are a few of the most serious myths surrounding digital disruption.

Disruption is actually a bad scenario

The word disruption itself carries a negative vibe. When people hear the word, they tend to have negative thoughts. But disruption being a bad scenario is still a myth though. Anything that’s disruptive will have both positive and negative effects. It can be a threat to one enterprise and an opportunity to a different one. The bottom line is that disruption is good for a lot of enterprises. The trick is to figure out how to be one of those enterprises for whom disruption will appear as an opportunity.

If it’s a change, it’s disruption

Many organizations have a misconception that any change in an organization brought forth by technology or a change in culture can be termed as disruption. In reality, digital disruption is a significant, fundamental long-term shift in a system and not simply a change. Disruption may be enabled just by the existence of a technology or a trend. It’s a long-term effect which demands enterprises to devise a strategy to thrive in a post-disruption ecosystem.

The benefits of disruption are only for digital giants

This myth exists partly because of the huge publicity that corporate giants obtain for their contributions to technological advancements. There’s a public perception that companies like Google, Amazon etc. are the only disruptors in the game. These companies are often the first to achieve disruption which sets off a chain reaction of secondary effects that impact thousands of SMBs and large enterprises. They simply don’t get publicized much.

Hyped technologies are the most disruptive

This is probably the most widely believed myth surrounding disruption. Many organizations believe that hyped technologies are the most disruptive. For instance, blockchain and AI have been turning a lot of heads for the last couple of years. Companies have started seeing them as highly disruptive technologies.

Contrary to this, in reality, for a technology to be disruptive it has to be a mainstream favorite; widely adopted across the globe and with a number of secondary effects. AI and blockchain aren’t quite there yet.

Conclusion

Without some form of digital disruption, it won’t be easy for organizations to keep up their pace in the coming times. The digital landscape is undergoing dynamic transformations as more technologies keep popping up every year.

To seize the opportunities that disruptive technologies present, you will need powerful digital solutions tailored to complement your business goals. And when it comes to those kind of solutions, AOT is a proven expert. Drop us a message to see how we can help you leverage disruptive tech effectively.

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For many businesses, the blockchain technology is something that has to do with cryptocurrency. Sure, it’s something backed by the likes of Bitcoin and other IPO-backed cryptocurrencies but that’s just the tip of the iceberg. Blockchain is considered one of the most remarkable technologies in modern times with a potential to revolutionize digital security.

Its capacity to securely combine complex data streams and its general mobile-friendly traits make blockchain ideal for a wide array of mobile apps.

That said, here are three ways how blockchain is positively impacting mobile app development.

Digital ledger system with blockchain

This particular facet of blockchain makes it easier for one to understand the technology better. Blockchain is essentially a digital ledger on a vast, expansive computer network. The machines in the network drive the ledger by collaboratively sending and parsing data. Even the smallest changes are transmitted to the machines on the network holding the same ledger.

Such an approach can be beneficial to mobile technology considering the fact the mobile networks also use a client and server side system. With millions of users flooding various mobile channels to get data wirelessly, it won’t be wrong to assume that there would be loss of data in some form. Blockchain can do something about such data loss with its systematic approach to accommodating changes.

Enhanced security

There is great transparency associated with blockchain technology i.e. users can track information much easier with blockchain. The overall setup makes it impossible to falsify information or generate fake transactions. The system cannot be tampered with in order to benefit one party alone in a transaction.

Users would be able to see everything involved in a process recorded in the ledger. In addition, they can track, verify, secure, and add information. The blockchain’s expansive capabilities and its transparency can enhance mobile security to a great extent.

Encryption capabilities

Blockchain encryptions are arguably more sophisticated than the technology itself. It’s so complex that no one can break or fool the system without a decryption key. This aspect can be particularly useful in a scenario where there are multiple users requesting the system for verification and access.

For example, consider a mobile app designed to handle contracts for the legal or financial sectors. It’s common for contracts or other documents to require multiple signatures. With blockchain technology, these signatures can be added and accessed all at once by multiple users individually without having to communicate with each other. The only verification necessary would be to analyze the blockchain and verify the adjustments made.

Conclusion

The technology is expected to propagate further by itself in the mobile app development industry once it matures and mobile technologies evolve. Its ease of use and minimal resource utilization makes blockchain too good an offer to ignore. At present, enterprises seem to be observing blockchain’s influence on cryptocurrency. But considering its growth, we can expect blockchain to truly make a difference in various other industries as well.

If you want to explore blockchain’s application in mobile apps and the potential of this combination, get in touch with the experts at AOT today.

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Blockchain was originally developed to make cryptocurrency viable in an environment of rapidly advancing technologies and complex security requirements. The technology soon became a hot trend thanks to the emergence and subsequent success of bitcoin, and proceeded to evolve beyond being just a framework for cryptocurrency exchanges.

As a matter of fact, blockchain’s fundamental principles themselves make the technology useful for businesses across a variety of industries. Though many of the proposed potential applications of blockchain are theoretical, many companies have succeeded in leveraging the technology to derive surprising outcomes different from coin exchanges.

Here are a few ways how businesses effectively harness blockchain technology.

Identity verification

When almost every kind of information – personal & professional, of a consumer are being exchanged online, there would obviously be security concerns. Accounts with personal data are increasing in social media channels, and most of said data are stored and secured on cloud. Even so, there’s still a looming threat of identity theft.

Someone with ill intentions need only put in a little effort to get access to personal data of an internet user. The data can then be used to cause irreparable damage. Considering the threat and associated risks, actions that require identity verification generally follow the practice of asking for physical evidence that can’t be instantaneously copied like credit/debit card or some certificates. But the processes involved can take a lot of time.

Businesses have now started to use blockchain to decentralize proof of identity ensuring that there is no single point of failure or weak links in the chain. Cyber-criminals won’t be able to take any action that compromises the data. A good example is Civic, a security company. They implemented a platform that uses biometric data to access blockchain-driven multi factor authentication. This way their users will find it easier to handle even the most secure actions without any complex login formalities or physical evidences.

Cloud storage improvements

Modern businesses generate tremendous amounts of data that also hide many insights that could help businesses improve themselves in terms of productivity and growth. With so much data involved, businesses started relying heavily on cloud technologies. Cloud servers can store all that data and keep them secure. The data can be accessed via any device or platform at any time with valid credentials.

However, cloud servers are still machines that are maintained by singular entities. If the security of the company that provides the cloud storage service is breached, the service itself is considered to be compromised and unsafe.

To avoid such a scenario, Storj – a startup founded in 2014, came forward with the goal of growing or expanding network cloud storage to a point where it won’t rely on governing bodies by using blockchain technology. Users will only need to pay flat fees for storing/downloading data, and can put up their own storage space as a repository to earn money. Traditional cloud storage services use CDNs (Content Delivery Networks) to cache files and hasten delivery. Blockchain-based cloud storage can make things even faster and better.

Clean-up of gem trading industries

The gem trading industry generally has always been questioned for its unethical practices and lack of transparency. Though the buyers and sellers are continents apart, there’s massive amounts of money involved in the industry which occasionally leads to controversies that demand transparency.

Highly unethical practices in the gems trading industry including mistreatment and exploitation of miners, trading of fake gemstones, exaggerated specifications, purity ratings etc. all lack transparency. All these issues can be solved by a blockchain ledger – every transaction becomes accessible to anyone who wants to take a look, which in turn makes it very difficult for traders to get away with their illegal and unethical practices.

The challenge lies in making the use of such a blockchain system implicitly mandatory in the industry. Everledger, a Fintech startup, is currently pursuing this goal by providing a blockchain system that tracks buying and selling of diamonds. They are working on further expanding the technology to cover the rising percentage of diamond trade.

Green energy system

This is probably one of the most unique ways how blockchain is being harnessed. Blockchain grants a lot of benefits, but is resource-intensive. Proof-of-work calculations demand great processing power which deters many businesses from using blockchain.

Now bring solar power into the scene. Though it has never actually gone mainstream, solar power is still the key to renewable energy. Solar panels are just too expensive to install and maintain, and don’t always deliver expected power output efficiently. But, the technology is advancing.

By connecting power meters to blockchain nodes, people with solar panels can sell electricity they don’t use or buy electricity when they need it without the involvement of energy companies. There won’t be confusion regarding reward rates and systems as the entire thing will be community-driven. Consensus algorithms can verify and validate transactions. Solar Bankers, an energy company, is working towards making off-grid, reliable green energy systems.

Provide processing power???

Blockchain can provide processing power?

Technically, yes.

Golem – an open source, decentralized supercomputer is how. The supercomputer doesn’t have any centralized processing, and can be accessed by anyone. It derives power from blockchain mining, and allows its customers to rent its immense aggregated power. Companies and research firms that require great amounts of processing power to calculate complicated things, like for instance weather patterns, no longer need to invest in on-premises computing systems. Power that would’ve gone to waste is thus made highly productive.

Conclusion

Blockchain has already gone mainstream when it comes to cryptocurrencies. Considering the fact that many eCommerce organizations are willing to add bitcoin support and many others have already started experimenting with blockchain for enhancing cyber-security, it’s safe to say that the technology is here to stay for a long time.

Cryptocurrencies are the center of attention at the moment. But meaningful blockchain solutions like the ones mentioned above will soon make blockchain something that future generations will look at with awe.

If you want to learn what new-gen technologies can do for your business, AoT technologies is where you will find answers. Drop us a message now.

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In just a few years, IoT expanded across the world connecting millions through various devices. IoT-powered sensors have now started empowering businesses in new ways, changing how they operate and how they interact with people. And apparently, this is just the beginning.

IHS predicts that there will be over 75 billion IoT devices in the world by 2025.

The phenomenon is thus expected to bring more surprises next year, with new trends that will radically transform businesses and people’s lives in the coming years.

Here are a few IoT trends that may shed some light on the innovations lying dormant at the moment, and could very well come to light next year.

Impact on retail

Obviously, the one sector that IoT is going to impact the most is certainly retail. At present, the arrival of IoT sensors was lucrative not just to businesses but consumers alike. It’s already profitable, and businesses now have innovative ways to market their products.

Many enterprises have started investing in sensor-based analytics not only to get insights on better and more engaging ways to reach out to customers but also to track customer behavior and purchase patterns across their stores. Sensor-driven retail shopping will soon change how people find and buy products they want.

Remolding healthcare services

The growing presence of big data in the healthcare industry and the benefits it brought also lifts hope in what IoT can do once it finds the ground in healthcare. For starters, IoT is expected to change the way people access and pay for healthcare services.

Considering the fact that many wearable gadgets now come with healthcare apps and features, IoT might just open doors to expanding this kind of services further. Imagine a scenario where networked gadgets in hospitals remind patients when it’s time to take prescriptions or alert doctors when a patient’s blood pressure changes. IoT can make this a reality.

Reformed security measures

So far, it’s clear that IoT will bring about changes. And not all changes are positive. Advancements in IoT will certainly end up giving IT experts many challenges to overcome, primarily when it comes to network security. With billions of IoT devices spread across the globe, the security of these devices would be a matter of concern that needs to be addressed as soon as possible.

Though many have already started exploring potential risks and possible security enhancements, we’d most likely see them fall into place only next year. Cyber criminals would be trying to figure out ways to use IoT for all the wrong purposes. This means the good guys will have to go past their limits to learn about the technology and identify its vulnerabilities to preemptively enhance the defenses before IoT devices become too common. Blockchain is expected to play a vital role when it comes to security enhancements.

Blockchain meets IoT

Cryptocurrency built on blockchain was a phenomenal success, thus making blockchain one of the greatest developments in IT at present. It’s now eyed on for its capability to facilitate seamless and secure transactions at a considerably reduced cost allowing businesses to close deals faster, while also turning insights from blockchain’s data into assets.

Combining it with IoT promises great potential where, for instance, the real-time data from IoT channels can be used across transactions in a secure way without affecting the privacy of the parties involved, in any way. Blockchain is also expected to address many security challenges of IoT including data theft. Both technologies combined can be mutually empowering while opening new doors to data transactions and data monetization.

More startup capitalists, more access to capital

IoT already turned the heads of investors, but with many questions on the technology remaining unanswered or disputed, many investors are still reluctant to fund the technology’s expansion. However, things are becoming clearer now and 2018 will come with a catalyst that will boost the confidence of investors to take IoT more seriously.

This is why experts speculate that IoT-based ventures will not be short on startup capital next year. The transportation, mining and manufacturing industries have already started investing on IoT to gain an edge in the soon-to-change market. Despite the fact that we don’t know what IoT is truly capable of and that it’s still in its infancy, IoT ventures will still have priority next year.

Conclusion

A technology that people were skeptical about just a few years ago is now showing itself though not in all its glory. Still, both consumers and enterprises alike have embraced the technology owing to the kind of impact it would have on global commerce and the way people live and interact.

If you have any ideas on tapping into IoT to drive your business, we can be of help. Get in touch with us to learn how we can leverage IoT to future-proof your business and set it to grow more quickly.

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Blockchain – One of the most significant developments in IT in recent years has the potential to turn insights into assets for businesses when combined with analytics, and promises data security and integrity on a different level. It still hasn’t gone mainstream but is on its way there subtly transforming businesses, financial corporations, and even governments.

According to Wikipedia, blockchain is basically a growing list of linked and secured records or ‘blocks’. The World Economic Forum (WEF) defines it in a different way.

A technology that allows parties to transfer assets to each other in a secure way without intermediaries. It enables transparency, immutable records, and autonomous execution of business rules.

“Immutable” is the keyword here. Thanks to blockchain, the information in a network remains in the same state, and impossible to alter, as long as the network exists. The ongoing evolution of blockchain is expected to improve many areas including but not limited to immutable entries, audit trails, timestamping etc.

When Big Data Meets Blockchain

You can’t find a good connection between blockchain and big data in the context of Bitcoin. But in a scenario where blockchain itself is a ledger for financial transactions, things would be different. The prospects are surprising, and this applies to even stock trades and business contracts.

This is also why the financial services industry is keeping watch on blockchain, which can potentially reduce processing time from days to minutes.

In the financial services sector, blockchains will take the form of a grand canyon of blocks that will have full history of every recorded financial transaction. All it lacks is analysis because what blockchain can essentially do is to provide integrity for the ledger.

This is where big data comes into play.

What Big Data Analytics Can Do

This year, a consortium of 47 Japanese banks partnered with Ripple, a blockchain startup, to test a blockchain project that facilitate money transfers between bank accounts. The goal was to reduce the cost of real-time transfers, as real-time transfers are riddled with risk factors like double-spending and other potential transaction failures. Blockchains managed to avoid most of the risks. In this scenario, big data analytics can make a significant difference one of which, for instance, is that it can identify patterns in the way consumers spent. It can also identify risky transactions far quicker and better than through any other current means. This can considerably reduce real-time transaction costs.

For sectors other than banking, blockchain adoption is primarily a security enhancement measure. Healthcare, retail, and government establishments have started leveraging blockchain to prevent hacking and leaks.

In Real-Time Analytics

Real-time fraud detection was practically just a concept till the arrival of blockchain. Organizations relied on using technologies to predict and prevent attacks contemplating past events. With the blockchain’s database record for each transaction available, they can use real-time analytics to mine for patterns if necessary.

This feature, however, can be seen from two different perspectives.

  1. Because it can provide a record of every transaction, there is a concern that this can be exploited for wrong purposes.
  2. Such improved transparency in data analytics granted by blockchains also promises analytics accuracy much better than that achieved with other means.

A Massive Potential to Uncover Data

Blockchain is gradually establishing its presence across multiple sectors. Considering its own growth, the data within the blockchain on banking, microtransactions, remittances etc. will soon be worth trillions of dollars. The blockchain ledger is speculated to be worth at least 20% of the total big data market by 2030. The potential revenue is huge enough to overshadow the combined revenue of Visa and Mastercard.

As big data will be crucial for this, data intelligence services will start popping up everywhere to help organizations uncover social and transactional data, and identify ‘hidden’ patterns.

Simply put, blockchain would most likely be the harbinger of new forms of data monetization by creating new marketplaces where businesses and individuals can share and sell data and insights directly without a middleman. Businesses intending to leverage blockchain will have to use the best AI/ML solutions on top of the blockchain-driven data layers to get a competitive edge in the present market. The wide-scale adoption of Bitcoin and the growth of blockchain in parallel combined can revolutionize conventional data systems to facilitate faster and secure data transactions in a seemingly insecure cyber realm.

It’s high time to start thinking about leveraging blockchain for your business. AoT technologies have the AI/ML capabilities to support just that. Feel free to talk to us to learn more on how blockchain combined with AI/ML can transform your business.

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