How Blockchain And AI Can Assist Master Data Management

Master Data is one of the most important and critical property that a business can possess. With the upcoming fourth industrial revolution, the significance of master data is only increasing. Along with the growing importance of master data, the branches of blockchain are also growing. Today, blockchain has emerged as a technology that has disrupted a number of sectors and fields. But before we go further into the advantages of using blockchain in Master data management, let us learn a bit more about master data. 

What is Master Data?

Master Data can be referred to as the business objects that include the most precious, agreed-upon information which is shared across an organization. This information can include the names of products, people like suppliers, employees, customers, etc. Moreover, information about special tools and equipment and facilities also comes under the Master Data. The purpose of Master Data is less in terms of measuring and more in terms of identifying. Now that you know what is Master Data, let us learn about Master Data Management. 

What is Master Data Management? 

Just like Master Data, Master Data Management is equally important for a business. It is important to curate and manage master data to ensure quality. With Master data management, the organizational members and enterprises get help in making decisions about the business. With effective master data management, the optimization and speeding of organizational processes also improve to a great extent. 

For large companies and firms, master data management has extra importance as it ensures compliance with regulations. This helps them align their processes with the laws set by the regulators. 

Now let us understand why we should involve AI and Blockchain in Master Data Management. 

What is the role of AI and in the field of Master Data Management?

Advantages of Artificial Intelligence (AI) comes in when we wish to make the process more autonomous by using computational capabilities. AI makes information system smarter by making sure that the right type of information is delivered to the right type of people at the right time. In a similar manner, AI can bring autonomy and swiftness in the sector of Master Data Management. 

In its primary stages, AI can be used to make sure that the data storage is kept clean. With AI, we can also ensure that the data stored is accurate and complete. One of the advantages of incorporating artificial intelligence in master data management is that the standards are upheld and followed. This will not only introduce extra accuracy but will also minimize the requirement of human intervention. 

However, AI is not the only evolving technology today. Blockchain has also gained huge popularity with its ability to disrupt a number of industries. No doubt, that blockchain holds the ability to transform the field of Master Data Management. 

How will Blockchain make Master Data Management better? 

Knowing that the security of master data is essential not only for business but also for compliance with regulatory bodies, we cannot leave out blockchain. In today’s technical world, no discussion about security and privacy can be complete without the involvement of blockchain. Blockchain can be counted as a revolutionizing factor for the privacy of master data. 

Businesses and companies can build internal blockchain networks to ensure the security of master data. This will not only protect the data from illegitimate modification but also from its accidental loss. 

Just like the advantages of artificial intelligence and blockchain in master data management cannot be doubted, similarly, the importance of Master Data can’t be denied either. Business and firms leading the race of employing AI and Blockchain technology do not only see the results in the present situation but also have a more secure future.

Top 3 Companies Using Blockchain Technology

Blockchain technology is a brainchild of a person (or group of people) named Satoshi Nakamoto. The technology was introduced to the world in 2009. In just ten years, the technology has shown massive potential for revolutionizing the global business scenario. From our daily lives to governmental operations, blockchain technology has transformed every niche and sector. 

What makes Blockchain Technology so special?

Blockchain technology is emerging as a solution for a number of modern day problems. This is because of the special features that come with this technology. Some of its core features include complete transparency and its property of being immutable. With these qualities in hand, blockchain becomes a hero for the business world. 

However, blockchain technology has also revolutionized other industries like healthcare and law. Today there are more than 80 companies using blockchain. These corporations have gained a faster pace by using blockchain solution. Moreover, the World Economic Forum predicts that blockchain platforms will reserve almost 10% of global GDP within the upcoming decade.

How is the blockchain utilization measured for a company? 

From small businesses to large corporations like IBM come under companies using blockchain. To help calculate how progressively a company is using blockchain solution, Reality Shares came up with a proprietary Blockchain Score. It uses seven quality factors which represent the most important metrics for identification of company’s blockchain potential. The higher this Blockchain Score goes, the higher a company’s blockchain potential. 

Here are the top 3 companies using blockchain solution: 

IBM: Blockchain Score, 92

The leader of this race is IBM with highest blockchain score of 92. In an overall view, IBM comes out as one of the leaders in blockchain technology development. The corporation has been a technological pioneer since the year 1911 and has continuously developed and improved the technical sector. IBM uses blockchain-as-a-service (BaaS) in various aspects. At the present time, the Blockchain solutions of IBM are powered by a team of almost 1500 experts.

Alibaba Group: Blockchain Score, 77

Standing on the second position of this race is the Alibaba Group which has a Blockchain Score of 77. The firm is well recognized as the largest Chinese e-commerce and technology organization. In total, Alibaba has set the path of blockchain ablaze with 90 patents by September 2018. Alibaba Group comes up as one of the leading companies using blockchain solutions. As proof, its subsidiary, Lynx International has implemented blockchain in its logistics department in a successful manner.

Fujitsu: Blockchain Score, 74

With the Blockchain Score of 74, our number three is Fujitsu. It is a Japanese technology firm which is the 7th largest IT service provider. Recently the company inaugurated a special Blockchain Innovation Center in Brussels, Belgium. 

These are just top 3 companies using blockchain solution. The list goes long and is growing day by day. Companies like MasterCard and ING Groep are also pacing fast in the race. These companies are not only accepting the revolutionizing Blockchain Technology but are also fueling its development and advancement. 

The Undeniable Potential of Blockchain Technology in India

Today we breathe in a world where technology is rapidly growing and reshaping our lives. The world is reaching new levels in terms of technology advancements every day. One such revolutionizing and redefining technology taking over the world is the Blockchain Technology. It is said to be limitless and taken as an ultimate solution to a number of modern-day problems. Blockchain holds the potential to change our lives in a number of ways. From the way we buy our groceries to the manner we interact with our government, blockchain can disrupt everything. 

Due to such qualities, blockchain has been accepted and implemented by a number of countries and industries. A number of developed nations like USA and many European countries have integrated blockchain seamlessly in their operations. India is also heading fast in the same direction. Future of blockchain in India appears to be bright and transforming.

Growing number of Blockchain projects in India

While talking about the future of Blockchain technology in India, one cannot ignore the fact that Hyderabad was recently declared as the Blockchain district of India. This shows the number of blockchain projects being taken up in this growing nation. A report says that Indian Public sector has taken up a number of blockchain projects which includes nearly half the Indian states. Furthermore, even the state governments have also taken a positive stance. 

One of the unbeatable and strongest benefits that blockchain technology brings along is its ability to keep data confidential. India’s developing infrastructure has also increased the amount of confidential data massively. With The Personal Data Protection Bill coming in action in 2018, the Indian government has taken data protection seriously. Blockchain can be a saviour in this situation as it can bring in a better and systematic point of view in this scenario. 

India is not only accepting blockchain now but is also pushing further in the field. Blockchain was born in 2008 however, it travelled to India only in 2015. However, since then a number of enterprises have embraced the technology and a number of blockchain projects in India have been initiated. 

Sectors that have shown the highest adoption of Blockchain are the Banking and Financing sector. However, other industries like healthcare, logistics, and retail have also raced behind. India has caught up with other nations with great speed and ranks at sixth position in getting approved patents in the field of blockchain. Within 2018, India has secured a total of 67 patents. 

With blockchain in hand, India can transform itself into a technically advanced nation. This will not only affect the nation and its growth but it will also ease our lives and make it even more efficient.

Revolutionary Use of Blockchain in HR

For quite some time, blockchain has been transforming the financial world and now it has turned its focus on the HR industry. The opportunities of incorporating blockchain technologies in HR sector are endless and HR departments are embracing this technology with open arms. If blockchain technology is used in HR industry, it can completely transform this industry.

Let us examine some of the prominent ways in which blockchain can revolutionise  the way HR sector operates:

  • Easy and Efficient Recruitment Process

Traditional recruitment process usually consists of going through numerous applications, conducting interviews and negotiating salaries. A lot of time goes into verifying the information that candidates provide. Blockchain can help make the recruitment process more streamlined – by creating a “candidate verification system”. The system can help verify education, work history, performance of candidates which could ultimately determine if a candidate is a good fit for an organization or not. This also brings more transparency in the recruiting system.

  1. No more Traditional Resumes

Blockchain technology makes use of digital resumes and career networking websites. Companies can access the database of candidates using their “digital profile” or “digital footprint”.  With the help of Blockchain, one can also map performance of candidates and store various other information, such as- why a candidate was promoted or exit a particular organization.

  1. Easy Matching for Job Profiles

Use of blockchain technology in HR can make predictions about the future job market. With blockchain, searching a job won’t be a tedious process rather it would make matching of job profiles easier for the employee as well as the candidates.

  1. Securing HR Data from Within

Security is one of the biggest advantages that blockchain system provides and which can be put to great use in HR industry. With use of Blockchain, HR departments don’t have to worry about company data being breached from internal or from external sources. No information or data of any employee can be tempered or modified.

  1. Efficient Overseas Payroll Process

Overseas payroll can be a lengthy process because of involvement of multiple banks and third parties. By adopting a decentralized and secure ledger system that blockchain provides, we have a method of validating information more efficiently, therefore cutting out the middleman. Blockchain solutions can effectively reduce the fees for employers and the wait time for employees, which is a win-win situation for both parties.

The above list is just a sample on how blockchain technology can impact and revolutionise the HR industry whereas the possibilities are endless.

The Second Wave vs The First Wave of Fintech

Fintech as a term described in Wikipedia is as follows, “FinTech is the new applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the Internet.”

Financial technology is an industry in itself, offering disruptive alternatives for the delivery of financial services. Over the past years, fintech has been a magnet for investment, and it has changed the way that people and institutions transact and interact with each other. It has provided people with a valid and reliable exchange platform.

The first wave focused on fintech startups, providing new ways of doing existing things more efficiently that aimed to supplement large financial institutions. Initially, the first wave focused on Business-to-Consumer (B2C) interactions in the banking sector, in the areas of payments, banking, lending, and securities. Fintech is aimed to reshape the banking industry. Disruptive entrepreneurs use software to create radical new services so as to lure customers away from the traditional banks. The goal was to reinvent finance.

Whereas the next wave of fintech is going to bring greater collaboration and partnership between technological and institutional companies. It is going to extend its impact into other areas of the fintech industry, such as alternative investments, that did not receive much attention in the first wave.

Why do fintech companies want to collaborate with the companies that they were supposed to destroy? There are various reasons for why collaborating is a huge trend in the fintech industry. Firstly, the partnership model gives fintech companies instant access to customers and secondly, it provides them with the capital and expertise of banks.

Fidor Bank is one such bank, involved in the partnership movement. It was launched in 2009 as an online-only retail bank, offering radical options such as bitcoin banking, whereas today Fidor has almost 30 partnerships with fintech companies.

“The reason we are in the second wave is that people realized that you are not going to own the whole value chain”

– Jennifer Hansen, Saxo Bank

Small Businesses are the Next Focus of Fintech Wave

The war for fintech dominance in the consumer market is still going on, but a new battle line is emerging as they set their sights on small businesses. As of now, the fintech startups are focusing more on the consumer market, changing the way people bank, borrow, invest and pay for purchases, but they are also eyeing the small business markets.

The next wave is focused on helping small businesses manage their cash flow. It is a huge opportunity for the fintech, since many big banks are reticent to lend money to these small and risky enterprises. That presents fintech as an opportunity to fill an unmet list of needs and do it at a lower cost of customer acquisition.

In comparison to the first wave of fintech, the next wave promises to be more cooperative and collaborative, rather than disruptive of traditional ways, and more broad-reaching. As a result, it will be even more impactful and transformative than the first, and use of innovation and technology are already beginning to bear fruit.

Applications of Blockchain in the Field of Cybersecurity

We have got used to hearing about new and innovative projects with blockchain as the underlying technology. Whether it is an online marketplace or green energy blockchain technology is everywhere these days.

Cybersecurity and Blockchain Technology

Cybersecurity is becoming a pressing problem due to the unreliable nature of today’s world wide web. Cybersecurity alone costs approximately $450 billion per year to the global economy. Blockchain has a lot of potential to restructure the way cybersecurity plays out its part.

Nick Bilogorskiy, Cybersecurity Strategist at Juniper Networks, said, “Blockchain has plenty of genuine use cases, for example, decentralized storage, preventing fraud and data theft, and distributed public key infrastructure for user or device authentication.”

Let’s look at what problems in cybersecurity is blockchain technology tackling right now?

Multi-Factor Authentication

Deliberate Denial of Service (DDoS) attacks are quite common threats when it comes to cybersecurity. DDoS attacks are widespread and rampant due to the existing DNS (Domain Name System). If the creator of data holds complete data in just one location which is centralized, then it becomes infinitely easier to hack and manipulate. Data security offered by blockchain’s decentralized structure can help distribute information via nodes, due to which systems will become impossible to hack virtually.

A blockchain Technology based security startup, REMME, is making attempts to prevent cyber attacks such as DDoS on large and small companies. Blockchain ensures that there remains no room for any errors, and the easy to hack into one-step password system which are so widely used is taken down by introducing multi-factor authentication.

Improving Security of IoT

A major threat to device security is a big roadblock in the IoT industry. A research by Gemalto highlights the fact that 96% of companies and 90% of consumers using or working with IoT devices believe that they aren’t secure and they should be better regulated. The main concern for most people is that a hacker can take control of any device and their personal information without the data security of blockchain

IBM is leading with innovations in IoT with blockchain technology. IBM’s Watson IoT Platform allows IoT devices to transmit files to blockchain based ledgers which will ensure that data is shared through records and transactions which are completely tamper-resistant and are validated via smart contracts.

Filling Talent Gaps

There is quite a lot of talent shortage, especially in cybersecurity industry. Unemployment in the cybersecurity industry is almost negligible with constant challenges of the emerging tech and greater threats. Firm, Frost & Sullivan predicts around 1.8 million vacancies in the industry.

PolySwarm, a blockchain based antivirus marketplace, incentivizes cybersecurity experts from across the globe to work towards fighting cybercrime. This gives bright talents an opportunity to shine, despite their location, education, and history, and help detect cybercrime faster.

Which other fields within the cybersecurity industry can blockchain technology be applied to? Comment below and let us know.

Promising Use Cases Of Blockchain In Cyber Security

75% of board members and CEOs have named technology acquisitions and cyber security among top priorities for any company in terms of digital growth. Many blockchain technology-based solutions are coming up to resolve the cybersecurity based issues.

NASA recently implemented blockchain technology to boost its cybersecurity standards and prevent the denial of services and malicious attacks on services such as air traffic. NASA will be implementing the security of blockchain technology to protect individual entities and businesses from cyber attacks. Here are a few use cases of blockchain technology in cybersecurity.

  • Decentralized Storage Solutions

Each business accumulates huge amount of valuable and sensitive data. However, most businesses still store all this data in a centralized storage system which is a golden opportunity for hackers and frauds.

We can prevent this with the security of blockchain technology and its storage solutions which are gaining popularity slowly. For example, The data cloud developed by the Apollo Currency team lets its users archive data on the decentralized ledger and give permission to selected few to access the data. Additionally, the cryptography based access keys can be retracted at any time, which further reduces any risk of a breach. Because of the nature of decentralized blockchain technology, cyber criminals do not have any point of intrusion, they cannot access the repositories of entire data even if they are able to crack one access key.  This is one of the major features of blockchain which is attracting the attention of enterprises for data privacy solution.

  • Safer DNS

DNS or Domain Name System is basically a phonebook for all the websites on the Internet where any individual can access this data online via domain names, such as espn.com or nytimes.com.

DNS is again kept in a centralized way. This data is pretty easy to hack into which can break the connection between IP address and website name and cause havoc. Hackers can scam the subscribers, cash websites, route people, to other sources, or make the website unavailable. In case they pair a DDoS attack with a DNS attack, it would make the website utterly unusable for long periods of time. The most effective solutions to such issues is to enable real-time alerts and tail log files for malicious activities.

The security of blockchain technology system can add security to DNS. Decentralized data, would be difficult to hack into and exploit points of vulnerability.

  • Secure Private Messaging

As chatting is becoming more popular in commerce, huge amount of data is collected from users during these chats on social media. Many messaging systems currently use end-to-end encryption. However, blockchain is starting to gain attention when it comes to keeping information secure. Currently, most apps lack the blockchain security standards which offer a unified API framework and few set security protocols with which one can enable “cross-messenger” communications.

Conclusion

The emerging blockchain ecosystems are secure and can easily tackle beyond cryptocurrency transactions. Blockchain safeguards all information exchanges and enables better connectivity amongst various platforms.

Do you think blockchain can resolve present-day cybersecurity concerns? Let us know in the comments.

Top 3 Blockchain Friendly Countries

The blockchain buzz is spreading across the globe. The adoption and research rate of  ‘blockchain’ has grown vastly in a very short span of time. Blockchain technology will soon reshape the world around us with its outstanding features such as global accessibility, transparency, safety, and security.

Despite the fact that it has been around a decade when blockchain was first brought in the limelight, very few nations have started to investigate its huge potential. However, the adoption rate has encountered a colossal ascent ever since the beginning of 2018.

Utilization of this innovative technology can widely influence the lives of individuals, how they trade and how sectors such as governance, finance, education, etc. function. Its tremendous potential is the reason it is being embraced so rapidly by various nations.

Here are the top 3 blockchain friendly countries that have adopted blockchain till now:

Switzerland

Switzerland is a step ahead of all the other nations when it comes to adoption and implementation of blockchain and cryptocurrency related projects. Various blockchain companies have found Switzerland as one of the most accommodating nations, especially Canton of Zug, which is now renowned as the Crypto Valley. Facebook most recently registered ‘Libra Networks’, its secret digital assets project, in Switzerland (read more about the project here). The country has even made headlines for bringing about a regulatory framework for ICOs (Initial Coin Offerings).

Swiss bank, Hypothekarbank Lenzburg, recently announced that it soon will allow few selected blockchain and crypto asset related businesses to open accounts with the bank, which would make Switzerland even friendlier to the crypto sector. Cryptocurrency have officially earned the label of foreign currency in the country and no taxes related to capital gains are yet levied on most of the crypto traders in the country.

Estonia

Estonia has been a relatively familiar face in the blockchain technology space since 2008. Blockchain has taken a major role in Estonia’s data registries, in fields such as the commercial code systems, judicial, security, legislative and health. The country is planning to extend the use of blockchain technology to other areas such as cybersecurity, data embassies and personal medicine.

Malta

Popularly known as the “blockchain island”, Malta has become the very first country to set up a decentralized bank and stock trade. Cryptocurrency, blockchain, and fintech related adoption has shown exponential growth on the island over the past few years. Malta is now willing to set up a formal regulatory framework for digital currencies, initial coin offerings and firms dealing with blockchain.

Conclusion

There are various other countries that are getting more and more involved in the sector and are themselves making tremendous efforts to grow further in this sphere. Additionally, there are numerous aspects related to blockchain and cryptocurrency adoption, such as regulation of cryptocurrency exchanges, ICOs, and adoption amongst the enterprise level companies and banking consortiums that these countries are working upon. The blockchain technology is currently booming and will soon impact various sectors.

Did you find the blog informative? Your opinion matters! Let us know about them in the comments below.

Top 4 Industries that Blockchain Can Disrupt

Panaesha Capital Pte ltd.

Blockchain’s disruptive technology has incredible potential to revolutionize a huge number of industries which go beyond cryptocurrencies and transfer and storage of values. The immutable and transparent nature of the blockchain technology has multiple use cases that can be applied practically.

The key benefits of blockchain technology include the opportunities it presents to decentralize any system and record it on a distributed ledger. The trustless transactions without any interference of centralized parties offered by blockchain technology will catalyze the growth of a completely new technology-based ecosystem which the crypto-proponents and technologists call as “Web 3.0.”

Web 2.0 saw internet moving from a technical niche to a highly usable, interoperable and collaborative medium, creating social media, web apps and hosted services. The next paradigm shift, Web 3.0 will be fuelled by blockchain-powered decentralization, the movement is set to break down the centralized organizations of Web 2.0, further promoting collaboration across industries and interoperability.

Web 3.0 currently consists of numerous digital currencies, blockchain-based platforms, utility tokens, industry alliances, distributed apps, and trading platforms. Although blockchain technology is currently in an early development stage, it’s market cap is already exceeding billions of dollars. Here are the top 4 industries that blockchain can disrupt.

Voting

Blockchain technology is heavily being looked at for disrupting the process of counting votes and politics. The process of vote counting will become more advanced with blockchain technology in politics. With blockchain in politics, there will be hundreds of viable options available for online voting, these options will increase voters ‘turnout’ during the election season. Blockchain is almost impossible to hack hence identity theft and other such concerns will be eliminated easily and it will protect the personal data of citizens.

Healthcare

Biggest challenges in the healthcare industry could be solved by a blockchain system allowing healthcare providers to access health records easily and securely. Blockchain technology could allow hospitals, payers, and other parties in the healthcare value chain to share access to their networks without compromising data security and integrity.

Legal

Retrieving and storing data as well as ensuring the provenance of data are key functions of the legal industry. With blockchain technology, the legality of wills or other documents could be justified while securely verifying and storing documents. Complex issues pertaining to documents of inheritance can be easily taken care of by using blockchain secured documents.

Infrastructure Security

Data security is a huge concern that we face today, especially with the IOT (Internet of Things).  Sensitive company-related, personal, health and financial information is at risk without any cyber-security strategy.  Blockchain can be the perfect solution for data security improvement since blockchain is impossible to hack. Critical infrastructure protection in blockchain will secure the connected devices by the use of digital signatures for identification and authentication, the IDs of such authorized participants will be added to the blockchain network leading to ring-fencing of critical infrastructure as these IDs will be invisible for any unauthorized access attempts.

What do you think which other industries blockchain will disrupt? Let us know in the comments.

Can Blockchain Protect Smart Cities from Cyber Attacks?

Panaesha Capital Pte Ltd.

Blockchain technology can be used to make smart cities all the more operationally effective, and far more secure.

A distributed ledger based on the blockchain can be implemented to make smart cities become more secure. Securing smart cities using blockchain technology is just one of the many use cases blockchain can find in such an environment.  Blockchain cities can use the technology to conserve energy, enhance healthcare, reduce corruption, simplify employment processes, secure personal information and facilitate smart governance. Blockchain-based cybersecurity will ensure higher and more efficient security standards and models which would improve public welfare.

Here is how we can secure smart cities using the potential of blockchain technology and offer scalable security solutions in large-scale cities’ networks.

Smart cities have several residents (both consumers and enterprises) and various kinds of devices connected to one another and the central systems. Unlike the traditional cities which have limited devices and even those aren’t connected to each other essentially, smart city networks require security solutions that are scalable. This is where blockchain’s cybersecurity comes in.

Digital IDs

Blockchain-based smart IDs can help in identifying, authenticating and authorizing each resident securely. Each device in the smart city network can also be connected and identified using blockchain security as well. These unique IDs are very difficult to tamper with, clone or spoof. These Smart IDs can authenticate identities and give access to various services/places to authorized personnel only. Blockchain’s cryptographical security helps ensure that all data stored and circulated in a network stays protected and encrypted from any hacks or compromises.

Protection against suspicious devices and identities

The software-defined city can maintain a zero-trust model to ensure complete security, which means that all vital utilities remain secure while immediately addressing and isolating any threats. Software-defined smart city architecture can be used to limit device visibility, access, and recognition. This additional layer ensures prevention from any external threats. The model based on zero-trust offers micro-segmentation, which allows infected devices and compromised IDs to be isolated from and acted upon the network quickly and independently.

Tamper-proof activity logs

Being able to record, access and communicate all records and transactions on a blockchain is one of its most powerful characteristics. Tamper-proof logs make it even more useful since it is impossible for hackers to erase or hide any attempt to misuse or access information available on the network. The attribute of making such activity instant guarantees that no unauthorized attempt goes unrecognized, the infected devices once recognized, are taken offline and its access is disabled to any other connected devices on the network which will prevent any further escalation of the attack.

Conclusion

Blockchain’s cybersecurity model and method offer an opportunity of securing smart cities by using the technology in completely new and bold ways. Malta is currently being called the first ‘Blockchain Island.’ The parliament of Malta has already passed various bills to instate a regulatory framework that will attract fintech companies and drive innovations to the island. Numerous other countries like Estonia, Australia, UAE, and China too have recognized blockchain’s potential. They too are using the blockchain technology to build smart cities.