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Here are the top 10 technologies that are helpful for your business growth in the year 2023

It is expected that technologies will revolutionize our lives by 2025 which will expand and create more room for business growth. Of course, that prediction was made at the end of 2019, before author Anis Uzzaman realized how heavily we would all rely on communication and collaboration technology tools as workforces scramble to adapt to a new normal in the aftermath of the COVID-19 pandemic, which has sent thousands, if not millions, of employees into home offices. While the consensus is that disruption at the COVID-19 level is a once-in-a-lifetime event, our current predicament serves as a valuable reminder that to remain competitive, organizations must keep on the cutting edge of emerging technology. In this article, we will some of the 10 technologies for business growth. Read to know more about business growth technologies.

According to Adobes CMO, over a third of businesses (31%) aim to adopt AI into their operations. AI is uniquely capable of parsing vast datasets that humans could never hope to analyze, and in the digital age, it provides a powerful tool to transform latent data into actionable data for a competitive advantage. AI may assist with improved personalization, both for staff and customers, in addition to data analysis.

According to iCIMS research, security analysts were among the most difficult professions to fill. By the same token, securing your companys cybersecurity is critical just ask the industry leaders who have lately dealt with data breaches. According to Security First, Equifaxs data hack cost the corporation an estimated $439 million. Any firm that gathers sensitive data from its clients or has sensitive data of its own must guarantee the business network is safe now and in the future.

Today, there are an estimated 3.5 billion smartphone users; by 2021, Statista predicts that number will increase to 3.8 billion and continue to rise. In an increasingly mobile environment, reaching clients requires using apps rather than simply websites. To engage consumers, mobile app development may also incorporate other cutting-edge technology, such as augmented reality.

Cloud computing services (such as Amazon Web Services (AWS) provide content distribution, database storage, networking, and a variety of other functions. Typically, engineers, cloud architects, or system administrators are in charge of deploying and supervising cloud computing. According to Gartner, the public cloud computing industry will be worth US$266.4 billion by the end of this year.

Machine learning, a subset of AI, offers a variety of useful applications such as Siri and Alexa, chatbots, and predictive analytics. While it may appear to be science fiction, these applications have infiltrated daily life and are useful across sectors. Chatbots, for example, can relieve the burden on HR workers by addressing commonly asked front-line queries.

CRM technologies, such as Salesforce, are also essential for organizations aiming to leverage all of their data across the customer lifecycle. While Salesforce is a ready-to-use solution, developers may customize it with apps and company-specific projects.

Although numerous technologies can enable data visualization, the key to making data visualization meaningful is to apply the proper technical tools. When done correctly, data visualization may convert a daunting spreadsheet (or a collection of disparate spreadsheets) into a visually appealing, easy-to-understand graph or chart. Data visualization requires a combination of technical competence and non-technical abilities such as communication and presentation.

Developers can use blockchain to construct smart contracts or decentralized apps, experiment with peer-to-peer payment systems or crowdfunding, or use blockchain for identity management. Despite its origins in the area of Bitcoin, blockchain technology allows data to be shared but not duplicated, and its whole database is dispersed in blocks.

Advanced analytics and big data science are in high demand, with 84% of businesses adopting Big Data efforts. NewVantage Partners claims. Choosing the correct tools for data analysis and prediction is a key step, especially as these insights frequently influence C-Suite decisions.

Behind the scenes, an organization may have the greatest technology, but if the user experience is bad, it may not matter. A good user interface (UI) guarantees that websites and apps are aesthetically appealing to consumers, that they flow organically, and that they are simple to use. The user experience (UX) is concerned with how customers engage with a brand or enterprise. Mobile design is important, but organizations that adopt other technologies, such as artificial intelligence (AI) or virtual reality (VR), must also consider UI/UX design.

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Smart Contracts to Immortality: 10 Technologies for Business Growth - Analytics Insight

Smart contracts on blockchain could help prevent distribution of counterfeit drugs in the pharmaceutical supply chain, a review shows.

A review by Swedish researchers has identified the benefits of smart contracts on blockchain platforms in the pharmaceutical supply chain and its role in combating counterfeit drugs.

While the counterfeit market is estimated to be a market of over $200 billion and despite its benefits, blockchain technology has not been fully implemented in the pharmaceutical supply chain, according to the paper.

Pharmaceutical supply chain issues include long transportation distances, low transparency of inventory levels and cargo theft. These can lead to inventory shortages, the paper noted.

The review stated that therapeutic innovation has resulted in the production of expensive drugs to treat rare diseases, which need to be available on time. For instance, these drugs must be equipped with real-time insights.

Blockchain technology can address these issues in the pharmaceutical supply chain by providing timely data and increase shared datas authenticity, integrity, and invariability. This can reduce the willingness for counterfeit and less accurate data, according to the review.

A benefit of blockchain in the pharmaceutical supply chain is its compatibility with other technologies such as radio frequency identification (RFID) and barcodes, plus its accessibility throughout the supply chain in real time.

Prioritising for a data-driven 2023

An example shared in the paper were paperless mechanisms using blockchain provide an unchangeable and decentralised system for preventing fraud. Smart contracts, which are essential for easing international trade and logistics operations, can enable the user to track fake returns to the producer and supplier using RFID tags.

Blockchain offers the possibility of non-modifiable data uploading with traceability and low-cost data storage.Additionally, real-time access to data is also available to patients to go through their clinical trials, as well as sponsors, which reduces the cost of trials.

While the complexity of distribution networks makes counterfeit detection difficult, the research highlighted a framework for using smart contracts and distributed ledgers to tackle this problem in the drug supply chain.

In conclusion, Kordestani et al. stated: The end-to-end protection and privacy across a blockchain ensures safety for all stakeholders with opportunities such as discovering and reducing the impact of incidents, providing auditing of the chain, and providing transparency to the entire business instead of merely focusing on transactions.

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Benefits of blockchain in limiting counterfeit drug distribution - European Pharmaceutical Review

Paramendra Tiwary, CTO at SIDBI

SIDBI

Small Industries Development Bank of India (SIDBI) is a state-owned institution providing financial assistance to Indias micro, small and medium enterprises (MSMEs). SIDBI plays a vital role in developing the MSME sector in India, providing assistance through a range of financial products and services, including loans, guarantees and venture capital.

SIDBI and Infosys, what I consider a global leader in blockchain services, have now partnered to develop a blockchain-based platform for the MSME sector in India. I recently spoke with Paramendra Tiwary, CTO at SIDBI, to receive an update on the project, which is still in the early stages but can potentially impact the Indian economy significantly.

Duplicate pledging of Collateral has increased dramatically in recent years

Since institutional lenders have a siloed view, a borrower can get away with duplicate pledging of the collateral that results in lender losses and a deterioration of trust. As we have seen in the United States, trust is an asset a bank can ill afford to lose.

The use of blockchain technology in banking, while not a panacea and still in its infancy, can potentially remove vulnerabilities and reduce credit risk.

Blockchain is a distributed ledger in which each transaction is updated simultaneously across all nodes as a new block. All participants see the transactional record simultaneously across the chain. Each block in the chain has a timestamp and other identifying data to prove who made which changes and when. Verified transactions recorded on the chain are irreversible and immutable, making it impossible for anyone to tamper with data without leaving digital fingerprints.

Any new information added on a block can be easily reviewed and confirmed as accurate by all parties when compared to a previously confirmed version. The iterative trail of information on the blockchain, along with the ease of comparability, streamlines data requests and reviews and helps to combat fraud.

Redefining Institutional lending with blockchain

The Infosys blockchain practice has a strong track record, with extensive advisory and implementation experience across multiple industries. In particular, Infosys has a significant presence in the financial services sector, and is an industry leader in Blockchain implementations in Capital Markets. Infosys works with a variety of organizations, including investment banks, market infrastructure providers, custodians and institutional lenders.

The initial use case for SIDBI was the security interest information exchange on blockchain. Security interest is pool of collaterals that secures the lending. The platform is a multi-party platform, where the security interest details flow from the borrower to the lender, and the credit bureau furnishes the credit check details . The project aims to create a gold standard in institutional lending by establishing a single source of truth for collateral information among borrowers like non-banking financial companies (NBFCs), institutional lenders and credit bureaus.

In case a loan between Lender and Borrower turns bad then Lender could recover the dues by liquidating those underlying loans in Security Interest. After storing the security interest information on the blockchain, it becomes tamper-proof and unchangeable. platform Lenders will have a comprehensive view of all loans being pledged by borrowers. Credit Checks details from Credit Bureau will act as an additional layer of due diligence on the pledged loans. When the lender approves collateral information relating to regulatory compliance, it is written to a block and becomes immutable. The record thus becomes the baseline for any future iterations.

Benefits of asset tokenization

The project required Infosys to design a tokenized collateral network (TCN). Tokenization is becoming increasingly popular because it allows for greater liquidity and reduced ownership costs. The tokenization of assets involves the creation of digital tokens representing physical assets issued on the distributed ledger. The tokens carry the rights of the assets represented, acting as a store of value. The tangible assets continue to live in the real world and, in the case of physical assets, are placed in custody to ensure that they constantly back the tokens. In line with this, there is an increasingly important role for the custodianship of assets in tokenization transactions.

Asset tokenization may also bring increased transparency for transactional data, issuer information and asset characteristics thanks to enhanced information recording and sharing.

TCN represents each loan account as a NFT that allows tracking loan accounts across multiple Security interests during its life cycle & also provides proof of ownership of the loans to the lenders.

The blockchain will also increase transparency regarding regulatory compliance and interactions with regulators. Automatic enforcement of programmed regulatory restrictions is possible, and the regulator is automatically notified through smart contracts whenever regulations are modified or turned off.

Outcomes of the SIDBI-Infosys project

The system has resulted in near real-time information exchange among the relevant parties. It has eliminated the possibility of duplicate use of an underlying loan for a security interest, and optimized administrative overheads for managing underlying loans. Reduced operational costs also came thanks to a reduction in manual verification using smart contracts. Smart contracts are self-executing computer codes with embedded transaction rules, such as interest rates, loan amount and contract expiry date, that are automatically executed when certain conditions are met.

Paramendra Tiwary, Chief Technology Officer, SIDBI was optimistic about the new blockchain solution that was jointly developed with Infosys. The implementation has immense potential for the financial ecosystem. This solution will be a step forward in enabling real time security information sharing.

Wrapping up

Could blockchain disrupt the banking industry like Netflix has disrupted cable television, or Airbnb has disrupted hospitality? Probably so, but not anytime soon, as banks are only just beginning to explore its potential. The SIDBI approach has been to conduct a modest pilot, create a basic blockchain infrastructure and generate interest and support from institutions and regulators.

In addition to the platform, SIDBI and Infosys are also planning together on several other blockchain-based initiatives. SIDBI is creating a buzz around the initial phase of the project. Even the regulatory body, the Reserve Bank of India, has shown keen interest in the potential of blockchain for the entire Indian financial ecosystem. For example, in Dec 2022 RBI launched the retail segment of CBDC (Central Bank Digital Currency) pilot that has components of blockchain technology.

I look forward to a future update as SIDBI gets all the stakeholders onto the blockchain, which will then become a single source of truth, eliminating double pledging and other types of incumbent challenges.

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Patrick was ranked the #1 analyst out of 8,000 in the ARInsights Power 100 rankings and the #1 most cited analyst as ranked by Apollo Research. Patrick founded Moor Insights & Strategy based on in his real-world world technology experiences with the understanding of what he wasnt getting from analysts and consultants. Moorhead is also a contributor for both Forbes, CIO, and the Next Platform. He runs MI&S but is a broad-based analyst covering a wide variety of topics including the software-defined datacenter and the Internet of Things (IoT), and Patrick is a deep expert in client computing and semiconductors. He has nearly 30 years of experience including 15 years as an executive at high tech companies leading strategy, product management, product marketing, and corporate marketing, including three industry board appointments.Before Patrick started the firm, he spent over 20 years as a high-tech strategy, product, and marketing executive who has addressed the personal computer, mobile, graphics, and server ecosystems. Unlike other analyst firms, Moorhead held executive positions leading strategy, marketing, and product groups. He is grounded in reality as he has led the planning and execution and had to live with the outcomes.Moorhead also has significant board experience. He served as an executive board member of the Consumer Electronics Association (CEA), the American Electronics Association (AEA) and chaired the board of the St. Davids Medical Center for five years, designated by Thomson Reuters as one of the 100 Top Hospitals in America.

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Small Industries Development Bank Of India Pilots Tokenized Collateral Network On Blockchain - Forbes

Recent layoff turmoil in Silicon Valley has compelled some pundits to ask is tech experiencing a midlife crisis?

Interest rate hikes have had an impact, of course, but the larger question, at least according to many industry watchers, is whether tech has lost the scent for the next big thing. After creating the Uber of nearly everything, what challenges lie on the horizon?

Thankfully, technological innovation is alive and well, creating jobs and boosting local economies. The best news is that some of the most exciting developments are happening right here in Florida.

The driver behind these gains is blockchain, a technology known for making independent cryptocurrencies possible but also an emerging industry with much more to offer.

Dont fall asleep with the mention of blockchain. As with most truly novel inventions, blockchain can be confusing at first but also exciting enough to make its proponents, myself included, run on about its potential.

Just as I dont need to understand how money is transferred electronically by tapping my credit card at Starbucks or when using my banking app, detailed knowledge of how blockchain works under the hood is not required to innovate on where it will go and how it will benefit all of us.

For instance, blockchain can provide fraud-proof traceability for the raw materials that go into the products we buy, from a small cotton farmer in India all the way into the sofa we bring home from High Point Market. If you care about fair wages and environmentally sensitive practices, blockchain will soon help you direct your consumer dollars in accordance with your values.

There are abundant use cases for blockchain. Blockchain can verify the integrity of the pharmaceutical supply chain, improving the safety of our medicines. It can protect our personal and confidential information, reducing identity theft and cybercrimes. It enables smart contracts that are more readily enforceable, a boon for businesses that need partners to abide by agreed-upon terms. There are national security possibilities, substantial economic benefits, and advantages for consumers and families in the blockchain.

Blockchain is also being applied to the financial services realm, securing money transfers, preventing money laundering, and providing the basis for cryptocurrencies. The latter is especially exciting as a means to decentralize financial systems and thereby enhance resilience. Even as leaders in Washington, D.C., play chicken with the debt ceiling, threatening the value of the U.S. dollar, cryptocurrencies are establishing themselves as a viable alternative to traditional, nationally backed (and politician-susceptible) currencies.

As our financial assets turn digital in the 21st century, however, the shifts are challenging legal and regulatory structures built in and for another era. From accounting standards to oversight rules to tax laws, much needs to be modernized to pave the way for blockchain. Clarity and consistency should be the watchwords for policymakers as they strive to foster innovation and protect consumers. Workforce needs, too, must be revisited and updated.

Fortunately, our state is ahead of the pack. We already have a Florida Blockchain Task Force within the Florida Department of Financial Services. This organization was established to explore and define a master plan for the blockchain industry. Theyre crafting a road map to prepare the labor force and deliver economic growth and development opportunities for all Floridians.

Now we need the Joe Biden administration to join the effort. The U.S. prides itself on being the world leader in innovation. With the right policies, we can blaze a trail in the emerging blockchain industry, capturing advantages ahead of the global competition and keeping our economy, jobs, and opportunities pointed toward the future. All with Florida leading the way.

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Heather Rae Doyle is the founder of CoinQueens and a Web3 adviser & investor.

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Heather Rae Doyle: Florida in the lead in emerging blockchain ... - Florida Politics

Chainlink, the industry-standard Web3 services platform, and Arbitrum, the Layer 2 scaling solution suite for Ethereum dApp development, have announced the launch of Chainlink VRF (Verifiable Random Function) on Arbitrum One.

Chainlink VRF is described as the industrys most widely adopted random number generator (RNG), fulfilling more than 15.8 million request transactions and currently providing verifiable randomness to more than 6,300 unique smart contracts across multiple blockchains.

VRF reportedly provides an easy-to-use subscription management app for accessing a secure source of randomness, and empowers smart contract developers to build the next wave of provably fair and scalable NFT and gaming applications.

Johann Eid, VP of Go-To-Market at Chainlink Labs, said:

Ethereum Layer 2s like Arbitrum play a fundamental role in offloading transaction congestion from Ethereum, without sacrificing the security needed to ensure the healthy growth of the blockchain industry. Were excited about the use cases that can now be unlocked by optimizing Chainlink VRF to benefit from the incredible speed enabled by Arbitrum.

Arbitrum One is an optimistic rollup for Ethereum that powers high-throughput, low-cost dApps.

Chainlink VRF provides cryptographically secure randomness for blockchain-based applications, and is now available on the Arbitrum network.

By combining Chainlinks reliable VRF solution with Arbitrum Ones Layer 2 ecosystem, developers now have access to the leading RNG in the blockchain industry.

A.J. Warner, Chief Strategy Officer at Offchain Labs, said:

The implementation of Chainlink VRF on Arbitrum One is a great win for both the Arbitrum and Chainlink communities. Chainlink VRF is a time-tested solution, and its transparency and security is a welcome benefit for Arbitrum users. We look forward to the innovation this sparks with our community and continuing our work with Chainlink Labs in the years to come.

In December 2022, Chainlink Automation went live on Arbitrum One, helping developers build advanced dApps to reliably trigger key smart contract functions.

As covered, Chainlink claims it is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain.

Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications.

Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

As mentioned in the update, the Arbitrum Foundation, founded in March 2023, supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum.

The Foundation oversees the $ARB token and governance structure as well as the Arbitrum Security Council, a 12-member multisig of well regarded community members designed to ensure the security of the chains. Arbitrum One is a leading Ethereum Layer-2 scaling solution developed by Offchain Labs.

An Optimistic Rollup, Arbitrum One provides ultra-fast, low-cost transactions with security derived from Ethereum.

Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 65%+ TVL in the L2 segment. 400+ DeFi and NFT projects are live in the ecosystem to date.

In August 2022, Arbitrum One upgraded to Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.

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Web3 Services: Chainlink And Arbitrum, The L2 Scaling Solution For Ethereum DApps, Announce Launch Of - Crowdfund Insider