Article | May 13, 2022
The cloud, robotics, automation, and digital technologies are indispensablefor efficient, adaptable, and dynamic business operations. Artificial intelligence and 5G have evolved to become two of the most revolutionary technologies of the decade. While 5G and AI are capable ofindependently revolutionizing industries and facilitating future experiences, combining the two will be ground-breaking.
The combination of AI with 5G mobile technology has the potential to transform business and society, paving the wayfor new products and services that were previouslyunimaginable.So, let’s check out how AI and 5G can revamp and upgrade businesses.
AI with 5G: Making Network and Devices Better
Using AI on 5G networks and devices will enhance wireless communication and battery, and most importantly, improve the user experience. With the help of machine learning, you can now focus on major wireless issues that are tough to tackle with traditional methods.
The wireless industry has been talking about the ways in which AI can improve 5G networks.AI will significantly impactthe fundamental aspects of 5G network management, including efficiency, deployment, service quality, and security.
One of the less-discussed aspects is how on-device AI will enhance the 5G end-to-end system. Radio frequency awareness (RFA) is at the center of 5G improvements and AI's involvement in the process.Instead of a hand-crafted algorithm, machine learning can decipher the device's RF signals. Improved radio awareness increases device experience, system performance, and radio security.
Embracing 5G for Future Telecom & Business Operations
The fifth generation of mobile technology comes with many use cases that are enough to completely transform almost every industry. As the world gets ready for a substantial transformation, it's important to know what they are and how they can help your business. Presently, 5G is driving three significant global trends.
5G technology will alter connected devices by driving consumer adoption, making them smarter, and making large-scale device integration easier.
Cloud and edge computing depend on accessibility, and 5G will make cloud and edge computing more powerful and accessible than ever before.
As 5G allows algorithms to be much more efficient at collecting and analyzing data at scale, AI becomes more accessible and fundamental for businesses powered by 5G. This can be considered a scientific and ethical endeavor.
Like any new technology, there is indeed a lot of hype around 5G's debut. 5G and AI are two synergistic, necessary components driving future advancements. Those whocombine these technologies will have a competitive edge and the opportunity to build future forward brands.Businesses that adopt 5G will not only witness revenue gain but will also emerge as an influential player in the future.
BLOCKCHAIN AND CRYPTO
Article | May 11, 2022
Blockchain technology has the potential to transform the way businessesoperate.As a result, it has gained tremendous momentum and is no longer the utopian dream of a few crypto enthusiasts. According to a Deloitte report that surveyed more than 1300 senior executives worldwide, 53% said blockchainin businessis a priority. Also, PwC highlights thatblockchain alone can add $407 billion to the GDP of the USA by 2030.
Blockchain is cementing its position in the market and is expected to be worth $163 billion by 2027, according to Statista. The time has come for digital businesses to harness the power of decentralization and incorporate it into their everyday processes.
You simplycan’t lose out on the business opportunities that this technology has tooffer simply because you are living under a rock. In this article, we will discuss how using blockchain for business can make a huge difference in your business process. Let’s first begin by looking at the challenges faced by traditional business models.
Challenges Traditional Business Models Face
A growing business encounters several challenges, and different problems demand different solutions. Mentioned below are some of the challenges that traditional business models often encounter.
In a business operation, all processes function as separate entities. Teams often find themselves looking for, gathering, and analyzing the same data to make decisions.
As a result, the teams must rely on a lot of third-party intermediaries to runtheir business processes smoothly. This adds to the time and complexity of the processes.Use of blockchain technology can help to effectively do away with this challenge.
Lack of Security
Data security is another area of concern that can be taken care ofby storing data on the blockchain. Data that is storedin the cloud or a centralized storage facility, is vulnerable to security breaches. The traditional business ecosystem, data, and stakeholders are unprepared for the considerably more intelligent and ever-changing hackingtechniques. As a result, important and confidential data can get breached and compromised.
Payment transactions are often more complicated, time-consuming, and costly due to the diversity of currencies and parties involved. Blockchain technology promises to make processing payments and other transactions around the world faster, safer, and cheaper by getting rid of the need for mediators like correspondent banks and clearing institutions.
Payment barriers are another problem that the adoption of blockchain business models can ease.
Shoot-up Your Business Growth with Blockchain Technology
Blockchain in business is aiding the transformation of business across industries all around the globe. Blockchain is transforming supply chains, banking and financial services, healthcare, government, retail, and other industries.
Here are some statistics that demonstrate blockchain's significance in strengthening industries:
The financial sector contributes to around 30% of the market value of blockchain. (Statista)
By 2028, the value of blockchain in healthcare will be $1189.8 million. (Vantage Market Research)
By 2026, the value of blockchain in agriculture and food will be $1.48 billion. (BIS Research)
In 2022, the blockchain market in the manufacturing industry will be worth $85.64 billion. (Globe Newswire)
Accelerates Your Business Processes
Blockchain is taking a central role in the ongoing digital transformation process. In digital transformation, time is one of the most critical factors that keeps you ahead of the curve. Moreover, business operations that use a blockchain to store and transfer data provide high levels of security.
On this basis, you can create completely automated transactions in various business domains. This method is not only dependable and safe, but it is also exceedingly fast.
Improves Your Online Security
Encryption and validation are two significant advantages of mainstreaming blockchain technology. Every operation and communication that happens online will be encrypted. It protects against data alteration. Due to its distributed nature, you can verify that no one has altered even a bit by checking signatures across all nodes.
Blockchain in business will be helpful for storage, private messaging (between companies/clients or friends on social media), safer DNS, and IoT security. Blockchain use in business will enhance cybersecurity, but this transformation won’t happen overnight, it will take years before it impacts the ways in which we use the internet.
Eases Online Payments
While online transactions are safer than ever, users' data is still at risk. However, this decentralized platform can make payments transparent and tamper-proof in the financial ecosystem.
Decentralized blockchain technology protects data. Simply put, it allows you to make payments without a payment processor.
Blockchain technology protects financial transactions by removing central points of failure and minimizing errors. This helps in saving time and money. In addition, blockchain technology ensures that transactions remain unaltered and only those involvedcan see the history.
A Game-Changer in the Supply Chain & Logistics
Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency - it doesn’t matter if it’s people, numbers, data, money.”
- GinniRometty, CEO of IBM.
The integration of blockchain simplifies supply chain and logistics work. The blockchain's decentralized nature ensures maximum transparency in every transaction in the supply chain, from raw material purchase and manufacture to distribution and sale of the finished product. At a minimal cost, each transaction can be promptly and readily documented on the blockchain. There are very few risks this way, because the final buyer can track a product's origin along the whole supply chain.
Reduces Operational Cost
Blockchain-based smart contracts are a boon. Businesses can make and receive online payments through some set guidelines. Brokers, escrow agents, and other intermediaries are excluded through smart contracts. Smart contracts are self-executing programs that safeguard the interests ofall parties. These contracts use unbreakable cryptographic code and automatically implement contract terms.
Lastly, smart contracts keep track of all consumer, worker, and stakeholder activities. Many global corporations use smart contracts to perform essential HR and administrative tasks.
What Does Blockchain Mean for Entrepreneurs?
Blockchain technology is so much more than just a technology used for cryptocurrencies. For a commoner, whenever we talk about blockchain, the first thing they think of is bitcoin or cryptocurrency. However, for businesses and entrepreneurs, blockchain is more than just a cryptocurrency. Let's take a look at the ways in which blockchain technology can empower business leaders.
Blockchaintechnology is being rapidly usedin the logistics industry.The main advantages include higher confidence in the system due to greater transparency, improved product traceability, and cost savings by eliminating manual and paper-based administration.
One such example Tradelens, a blockchain-powered open and neutral supply chain network, is one example. It was founded by IBM and Maersk and has expanded to 150 members, including some of the world's largest logistics companies, including CMA CGM, MSC, ONE, and Hapag-Lloyd. In 2020, it claims to have made businesses 15% more efficient by letting them get rid of legacy data systems, manual document processing, and limited visibility. By 2050, it claims to have made them 15% more efficient.
Blockchain technology is theinevitable future, and its use is no longer restricted to crypto transactions. In the coming years, blockchain development solutions will be used ineCommerce marketplace, peer-to-peer financial transactions, content distribution, healthcare data exchanges, supply chain, and customer services.
Blockchain applications are no more the pie-in-the-sky dreams of early adopters. This technology has the potential to revolutionize practically every sector and solve your company's greatest challenges. Smart and strategic use of new technologies, can make your company more secure, transparent, and ready for whatever comes next.
What Is the Impact of BlockchainTechnology on Business Models?
Blockchain implementations can minimize transaction costs such as negotiation and search expenses and eliminate intermediary costs. This means that by 2022, blockchain technology is expectedto cut costs in the financial sector by$15–$20.
What Is the Size of theBlockchainMarket?
The global blockchain market was valued at $1.57 billion in 2018 and is expected to more than triple to 163 billion USD by 2027.
What Does BlockchainMean for Business?
A blockchain is a digital record of who owns what, and it is constantly updated. The time, date, dollar amount, and participants in a transaction are encrypted into a "block" that is connected to other blocks to create a chain.
Article | May 8, 2022
For communications service providers, questions still loom over how 5G will be monetized. Many have voiced the view that the enterprise segment is where 5G will make its money, with potential use cases across a breadth of verticals including the automotive, manufacturing and utilities industries to name a few. However, if service providers focus more on delivering 5G business use cases to small and midsized enterprises (SMEs), this market segment could prove to be a fruitful source of revenue.
As 5G deployments continue to roll-out globally, CSPs are focused on deriving value from projects and partnerships with large multinational enterprises. And they are eager to do so quickly to assure payback from their $1trillion investments in the next generation network. However, are CSPs blinkered in their approach to generating ROI from 5G? Are they limiting themselves by focusing too much on a small segment of the enterprise market, that to date has limited CSPs' involvement in early 5G projects, reducing them to mere providers of connectivity?
Article | May 2, 2022
While many 5G use cases have centered on enterprise opportunities that leverage the speed, responsiveness and capacity of this advanced wireless technology, telecom operators must be careful to not brush off the desires of individual subscribers. They, too, are looking to make the most of their 5G data plans and investments in 5G-enabled mobile devices.
Unfortunately for many subscribers, the technology has not yet lived up to its promise. A recent consumer study from Ericsson shows that 70% of smartphone users are disappointed in the availability of new 5G-powered services and apps. The same study also found that subscribers are willing to pay 20-30% more for a premium 5G plan bundled with digital service use cases.
Taken together, these two data points indicate that the time has come for operators to develop a 5G strategy focused on increasing value-added services for the subscriber. Operators who want to remain competitive as well as recoup their infrastructure investments must think beyond simply providing enhanced connectivity. Today's consumers are savvy, use multiple connected devices and are short on time. And they expect a lot more from their digital service providers.