By Igor Pejic, speaker, banker, and author of Blockchain Babel

The hysteria about cryptocurrencies is ebbing. Their value is down by 85% from its peak and no end of the crypto-winter is in sight. And the public disappointment is rubbing off on the technology powering cryptocurrencies – the blockchain. The trend forecast of Gartner Inc., a steady weather vane in the tech world, is a case in point.

The blockchain has been invented a mere 10 years ago
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In the list of impactful technologies, the blockchain plunged to the bottom last month. Forrester, another research firm, came to a similar conclusion already one year earlier. So did companies implementing it. SWIFT, the network underpinning most of the world’s monetary transactions, said blockchain was not yet ready for mainstream use, despite a successful proof-of-concept test. The reason: operational challenges when scaling.

In Gartner's list of impactful technologies, the blockchain plunged to the bottom last month
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Media and tech vendors alike have fueled a frenzy that gorged on stories of early crypto-millionaires, overblown claims of disruption, and a deep anti-banking sentiment. This mania has been sustained by pernicious myths such as the equalization of cryptocurrencies and blockchain, or the belief the blockchain would rid the world of all institutions of trust. Research and consulting firms kept claiming the technology is closer to its break-out moment every day, while the big bang has stayed away. Is the blockchain just a placebo that made us feel better about the future of finance without actually offering a cure?

SWIFT, the network underpinning most of the world’s monetary transactions, said blockchain was not yet ready for mainstream use
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Innovation patterns, observable from historic example, are the best predictor of a technology’s trajectory. The first lesson is that benefits do not accrue overnight. Only thirty years after the electric motor made its debut in factories did productivity rise. It took a new generation of managers to fully grasp its potential and make not only changes to the machinery, but also to business processes. The blockchain has been invented a mere 10 years ago, as the mechanism enabling bitcoin. Years passed until the technology was isolated from the currency-idea.

Media and tech vendors alike have fueled a frenzy that gorged on stories of early crypto-millionaires
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From there it was long way until the more efficient, centralized models – usually referred to as Distributed Ledger Technology (DLT) – conquered the mainstream. While the public pressure for disruptive results is higher today than in the age of the electric motor, it does not change the fact that each new technology must pass all three stages – fluid, transitional, and specific. An intense phase of search for the right product design is incumbent before embarking on efficiency gains.

Is the blockchain just a placebo that made us feel better about the future of finance without actually offering a cure?
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Yet the introduction of the ATM offers the most striking parallel to blockchain’s path. Technologically, the 1960-ies resembled today’s world. Computers and online were the fuzzy buzz-words rather than blockchain, but the same talk about radical disruption had hijacked public debate, accompanied by the same lack of specificity. Citicorp pioneered the idea that machines for cash withdrawal would change banking.

The introduction of the ATM offers the most striking parallel to blockchain’s path
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The journey to implementation was long and fraught with difficulties. Tech-incumbents refused to cooperate, inertia suffocated in-house initiatives and setting up an independent company flopped. Eventually, Citicorp succeeded only when it partnered with a small IT-firm in Los Angeles. Once the on-line transaction processing network was built, the question was how to give customers access to this new magic machines. When they were eventually installed in the bank’s branches, skepticism did not abate. Managers found ATMs more expensive than human tellers; employees fretted they would be job-killers. Similar arguments echo around the blockchain.

The hysteria about cryptocurrencies is ebbing. Their value is down by 85% from its peak and no end of the crypto-winter is in sight
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It took Citicorp years to develop the first ATM and years to make it more efficient than the legacy system of withdrawing money. Yet, when it unfolded the competition did not draw level with Citicorp until the early 1980-ies. The bank’s market share skyrocketed from 4% to over 13%. In 1988 the customer base had tripled as compared to 1977. And the number of branch employees did not drop. On the contrary: In the 11 years it went from 7.100 to 8.400. Miniscule and repetitive tasks were replaced by customer-facing ones, thus making former tellers happier and more profitable.

Legacy systems might still be more efficient than their blockchain alternatives, but the future is a one-way street
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Blockchain is suffering from public fatigue, but it is already at the stage of working prototypes. The fluid exploration phase is drawing to a close as witnessed by the stark decline in ICOs, the crypto-equivalent of IPOs. The second indication is the avalanche of successful pilots led by incumbents and consortia. From Walmart to Wall Street – an impressive roster of the world’s largest companies have found real-life use cases. Legacy systems might still be more efficient than their blockchain alternatives, but the future is a one-way street. Even SWIFT is opening up again on the blockchain by embracing Corda, a blockchain-protocol preferred by most banks.

Blockchain is suffering from public fatigue, but it is already at the stage of working prototypes
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MIT anticipates that blockchain will become “boring” in 2019. It is a time of reckoning in which the forlorn initiatives die and the right ones are tweaked. Remittances, clearance, settlement – they are all use cases comparable to the cash machines in Citicorp’s branches. It is only a matter of time until they surpass legacy systems’ efficiency.

MIT anticipates that blockchain will become “boring” in 2019
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Blockchain Babel: The Crypto-Craze and the Challenge to Business is available now at £14.99

The post Don’t Quit the Blockchain Just Yet appeared first on Tech Trends.

From environmentally friendly, bright green meal replacement drinks to accessories for your new Oculus Quest, our July 2019 reviews post has it all!

Ambronite Real Food Meal Shakes

These guys from Ambronite have some big goals!

Ambronite’s mission is to transform humans and our planet from surviving to thriving, through a sustainable plant-based lifestyle. We are helping urban professionals to live their life to the fullest by creating delicious, plant-based foods designed for a modern lifestyle. People who dare to transform stay at the heart of our tribe who we want to serve. These are the movers and shakers — leaders, creative professionals and athletes who set new boundaries in human capability.

Ambronite's mission is to transform humans and our planet from surviving to thriving, through a sustainable plant-based lifestyle
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Launched in 2014 Finnish company Ambronite began disrupting the nutrition market and has been getting a lot of media and industry attention
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As a ‘mover and shaker’ myself I thought I had better give these meal replacements a try and do my bit to save the planet if that is possible. Launched in 2014 Finnish company Ambronite began disrupting the nutrition market and has been getting a lot of media and industry attention.

The meal replacement market is, however, still in its infancy and while legacy shake products have fallen out of fashion – nutritionally complete, natural, plant-based and sustainable alternatives are gaining traction. This summer Ambronite is releasing three new products – a bar, a balanced shake, and a green juice, the last two of which Tech Trends has dutifully quaffed. From its inception, Ambronite vowed to never use artificial or synthetic ingredients, or GMOs, unlike the vast majority of competitors.

“Our relationship with food has been dangerously distorted by corporations and many of us are living a life that is unsustainable, for the individual and the planet. Our vision is to provide access to clean, plant-based, sustainable nutrition options 24/7”. Commented co-founder Simo Suoheimo

This summer Ambronite is releasing three new products - a bar, a balanced shake, and a green juice, the last two of which Tech Trends has dutifully quaffed
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There’s a myriad of super greens already on the market but Ambronite’s research found that the majority don’t taste great and as a result consumption is low. To truly change daily nutritional habits Ambronite created a blend of greens that tastes great and contains key superfoods like cranberry, spinach, spirulina, bilberry, and sea buckthorn.

There’s a myriad of super greens already on the market but Ambronite’s research found that the majority don’t taste great and as a result consumption is low
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Juicing and hand-made smoothies are great, but when you add up finding the good stuff, shopping, spinning your blender, cleaning the machines… honestly, most people simply have more important (and fun) things to do in everyday life. With AmbroGreens, you should cover all your bases in just 1 minute every morning! And most importantly, it’s the healthy habit you can enjoy while saving your valuable time from shopping, prepping and cleaning up. Simply scoop one tablespoon of AmbroGreens and enjoy with water or add it to your favourite smoothie.

With AmbroGreens, you should cover all your bases in just 1 minute every morning! And most importantly, it's the healthy habit you can enjoy while saving your valuable time from shopping, prepping and cleaning up
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I found AmbroGreens to be really excellent. It was easy to prepare, not gummy and lumpy, very tasty and not too sweet (as these things often are). I would say it is naturally sweet tasting and a pleasant drink. I did feel that I got my greens boost every morning. Take a look at the video for a bit more info.

I found AmbroGreens to be really excellent. It was easy to prepare, not gummy and lumpy, very tasty and not too sweet
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Each meal is designed to quench hunger for four hours. I had the Ambronite shake for breakfast today and I added a bit more water than stated because it initially felt too thick
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Ambronite Balanced Meal Shake delivers a real food meal that is more affordable, gentle on the stomach and provides 20 grams of protein, plenty of fibre, and food-based vitamins and minerals. Each meal is designed to quench hunger for four hours. I had the Ambronite shake for breakfast today and I added a bit more water than stated because it initially felt too thick.

My first impression was that there was not any one outstanding taste, just a thorough blend of the ingredient tastes. Not too sweet, not too salty (even though there’s a lot of sodium and potassium in it), not too ‘berry-y’, not too ‘other’. Which on a whole made it not unpleasant, but maybe not something I would look forward to every day. It was filling, but not in a heavy way and I can say that I didn’t feel hungry until about 4 hours after I drank the shake.

It was filling, but not in a heavy way and I can say that I didn't feel hungry until about 4 hours after I drank the shake
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Truthfully, I don't know that I felt any more 'focused' than I usually do but am sure the effects would be more obvious with repeated or regular use
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As to the claims of optimized nutrition, it seems they’ve done a good job. I like that it’s high-protein without the use of soy. As to the ‘power-kick that keeps you focused’. Truthfully, I don’t know that I felt any more ‘focused’ than I usually do but am sure the effects would be more obvious with repeated or regular use.

“Most of us succumb to the stresses of modern life and compromise our nutrition as a result. We’re a solution for professionals and health-conscious consumers who demand optimal nutrition in any circumstance”. Concludes Suoheimo

Not bad all around and these were definitely the tastiest and least gunky food in a glass products we have tried here at Tech Trends so check out their products here and see if Ambronite works for you and your gut!

Book: Blockchain Babel

Igor Pejic provides a handy guide to understanding what the flip the Blockchain is about, and what it will really mean for us all. If you ever wondered how a cryptocurrency wallet worked (it functions more like a key than a wallet) or what “hashing” means (it’s where original information is transformed into a code via mathematical scrambling with one-way cryptography) this book explains all of that, alongside the basic principles and workings of the Blockchain and the cryptos that run off it. Read the full review here.

Skross – US Adapters for World Travellers

We have tested and loved the sturdy and almost endlessly flexible power adapters from Skross before so when my summer 2019 schedule shaped up to be an epic American road trip of conferences, tech company visits and tours as well as the usual tech journo shenanigans I thought I’d try out their best solutions for overseas US travellers.

With a satchel creaking under the weight of two MacBooks, five phones (yes five) and various power banks and electronic gadgets I knew I’d put the Skross products through their paces and indeed they were worked hard and even saved my bacon a couple of times.

With a satchel creaking under the weight of two MacBooks, five phones (yes five) and various power banks and electronic gadgets I knew I’d put the Skross products through their paces
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To keep my gadgets juiced up while in the US Skross kindly sent me their Combo World to US a 2 in 1 solution for the USA and Europe combined in a single adapter.

Specs

– Designed in Switzerland
– Suitable for equipment with earthed & unearthed plugs (2- & 3-pole)
– Input plugs: Switzerland, Italy, Brazil, UK, USA/Japan,
– Europe (Schuko & 2-pole Euro), Australia/China
– Output plugs: USA, Europe (Schuko)
– Input voltage: 100 V – 250 V
– Max. load: 15 A
– Power rating: e.g. 100 V – 1500 W / 250 V – 3750 W
– Does not convert voltage
– Adapter: 94 g
– Adapter: W 58 mm H 60 mm D 71 mm

This adapter ensures getting connected is super easy, not just in the USA but also in all other countries with Schuko standard sockets (as predominantly found in Europe). This adapter provides global travellers with a safe, reliable and easy connection in all countries with the US and Schuko standard, making it an ideal solution for business and leisure travellers or, in fact, journos like myself. It lacks a USB-B but does just about everything else.

This Skross adapter provides global travellers with a safe, reliable and easy connection in all countries with the US and Schuko standard, making it an ideal solution for business and leisure travellers or, in fact, journos
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I also tested their Skross Steel Line USB-C Cable which proved very strong and powered up everything from my MacBook Pro to three of my phones and my two power banks
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I also tested their Steel Line USB-C Cable which proved very strong (if a little inflexible, Duh… it is a Steel Line cable) and powered up everything from my MacBook Pro to three of my phones and my two power banks. I have nothing bad to say about this cable, it took everything I threw at it and laughed!

Specs

– Designed in Switzerland
– Input voltage: 5 V
– Output voltage: 5 V
– Output current: max. 3 A
– USB standard: 3.0
– Charges and synchronises all devices with USB Type-C
– Robust aluminium housing is made-to-last
– No more tangled wires
– Cable length: 1 m (3.3 ft)
– Reinforced jacket on Type-C and USB Connector

The Skross US USB-C Charger is perfect if you live in or travel to a country with the US or Japanese socket standard. The two USB ports (Type-C and Type-A) enable a traveller to charge two USB devices at the same time in over 50 countries around the world. This is very slim and probably got the most use during my trip, staying in my bag all the time due to its size while the other adapters mostly stayed in my hotel room for overnight use.

The Skross US USB-C Charger is perfect if you live in or travel to a country with the US or Japanese socket standard
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Specs

– Designed in Switzerland
– Suitable in all countries with US socket standard (more than 50 countries worldwide)
– Input: 100 V – 240 V ~ 50/60 Hz 700 mA (max.)
– Output A: DC 5 V, 2.4 A
– Output C: DC 5 V, 3 A
– Output max.: DC 5 V, 5.4 A total
– The two USB ports (Type-C and Type-A) enable to charge two USB devices at the same time
– Charges smartphones, tablets or any other USB devices in over 50 countries around the world.
– Not only for USB Type-C devices: the Type-A USB port can charge any USB device!

The World to USA USB is perfect whether you’re planning to see the sights of New York, visit Vancouver, trek in US national parks (which I did!) or experience the wonder of Niagara Falls (also did), this country adapter is the ideal charging companion with the added bonus of a USB port.

Specs

– Designed in Switzerland
– Suitable for equipment with earthed & unearthed plugs (2- & 3-pole) and USB devices
– Input plugs: Euro, Australia/China, UK, USA/Japan, Switzerland, Italy, Brazil
– Output plugs: USA
– Input voltage: 100 V – 250 V
– Max. load: 15 A
– Power rating: e.g. 100 V – 1500 W / 250 V – 3750 W
– USB output: 5 V / 2.4 A
– Does not convert voltage
– Suitable even for powerful devices such as laptops and travel hairdryers
– Applicable in many destinations: USA, Canada, Bahamas, Colombia, Costa Rica, Cuba, Mexico and many more.
– The 1 x USB port easily charges smartphone, tablet or other USB devices

It’s small and very lightweight. It is also well constructed, unlike the shoddy cheap products found on Amazon for a few bucks, only the best Swiss manufacturing here!
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The best thing about this adapter (apart from its flexibility) is its size. It’s small and very lightweight. It is also well constructed, unlike the shoddy cheap products found on Amazon for a few bucks, only the best Swiss manufacturing here! All round, the Skross products I have used here and over the last couple of years have been excellent investments. They are not cheap but boy are they reliable and well built, these adapters will last years of international travel and are well worth the outlay.

Check out the huge range of product this excellent Swiss company makes here and trust me, you won’t be disappointed.

Airfree Tulip 1000

Clean the air in your home with the Airfree Tulip 1000 silent air purifier. More and more of us are paying attention to the air we breathe, both in and out of the home. While the UK Government are letting us all down by failing to comply with EU laws on air pollution in our towns and cities, inside our own homes we can at least try to control things. Airfree sent us their elegant Tulip 1000 to test so we read the very simple instructions, chose the fuggiest room in our house and plugged it in. After a day or two, I started to wonder how I could know if it is working as the cleaning supposedly takes place on a microscopic level and apart from giving off faint heat and an array of pretty colours the Tulip 1000 is completely silent and requires no maintenance, not even the occasional replacement of parts. Read the full review here.

VR Covers for your new Oculus Quest

If your HMD is shared around with family or colleagues it’s probably worth getting some changeable and hygienic pads or covers, as no matter how much you love your nearest and dearest or your workmates nobody likes sharing grease! The guys at VR Cover have been making affordable and comfortable solutions for a variety of headsets for a while now and they have quickly produced a few products for the shiny new Oculus Quest.

The guys at VRCover.com have been making affordable and comfortable solutions for a variety of headsets for a while now and they have quickly produced a few products for the shiny new Oculus Quest
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For only $29 they offer an Oculus Quest Foam & Interface Basic Set containing two easy-clean leather-like foam pads – one more padded than the other – to ensure you get the fit you want with your Quest. Both foam paddings prevent light leakage and you can simply switch between them to find the best fit and immersion. I found the comfort version with its thicker, broader pad helped to distribute the weight of the device better.

Effective at reducing pressure and red marks on the face, these ultra-soft foam replacements will make long VR sessions much more comfortable. Cleaning the accessories is easy. Simply use a cloth or anti-bacterial wipes to remove sweat and grime and you will have a fresh and hygienic headset again in no time.

Effective at reducing pressure and red marks on the face, these ultra-soft foam replacements will make long VR sessions much more comfortable
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Get your order in now as this basic set is expected to ship at the end of August 2019 & includes:
1 x Facial Interface (black)
1 x Oculus Quest PU Leather Foam Replacement (standard)
1 x Oculus Quest PU Leather Foam Replacement (comfort)

Make your Quest basic set even more comfortable and add one of their $19 Oculus Quest Cotton VR Covers comprising two, soft, washable cotton covers in one set. Made of quick-absorbing 100% cotton, the covers wick away moisture, so your VR experience feels comfortable and your headset stays protected.

To make your Quest basic set even more comfortable, add one of their $19 Oculus Quest Cotton VR Covers comprising two, soft, washable cotton covers in one set
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Installation is straightforward, thanks to a unique hook and strap system. The in-built elastic straps and hooks fasten onto the back of the interface, assuring a secure fit even during active gaming. This set is expected to ship around the 15 July 2019 so order soon. Each set contains 2 machine-washable covers so just swap one out for the other and get a clean headset every time.

Designed to optimise hygiene and comfort, these VR Covers are perfect whether you are sharing headsets or flying solo. Check out more of their products here.

Tech Energi USB Charger and LED USB Cables

Each USB port intelligently identifies your device to deliver the fastest possible charge at maximum speed (up to 3.1A) or will share the charge when 3 devices are connected simultaneously
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Tom Atkinson is Reviews & Dep. Editor at Tech Trends.

The post July 2019 Product Reviews appeared first on Tech Trends.

If you ever wondered how a cryptocurrency wallet worked (it functions more like a key than a wallet) or what “hashing” means (it’s where original information is transformed into a code via mathematical scrambling with one-way cryptography) this book explains all of that, alongside the basic principles and workings of the Blockchain and the cryptos that run off it.

Blockchain is a platform with applications which relies on distributed ledger technology and is based on peer-to-peer technology
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The decisive battles on the Blockchain front will be fought on three main fronts: facilitating transactions, storing value and providing credit
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“Blockchain has the potential to force the finance industry through a change unseen for centuries.” The ability to move money and assets without a central authority is fundamentally disruptive, and the general consensus seems to be that Blockchain technology will change every industry from the ground up.

This is a list cited in the book of the eight major categories of blockchain applications identified so far:

• General applications
• Cryptocurrencies
• Financial transactions
• Public records
• Identification
• Attestation
• Physical asset keys
• Intangible assets

Yet as much as this broad-ranging disruption is acknowledged, Pejic also encourages us to take it all with a healthy pinch of salt.There is a tendency to apply blockchain as a panacea to every industry, and he writes, “Once you have a hammer in your hand, everything suddenly looks like a nail. Technological determinism assumes that one tool will in itself make the world a better place,” he cautions.

Amazon is one of the main contenders for the global payments market
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The fact is that Blockchain – due to issues such as scalability and energy consumption – might itself become obsolete. We have already in fact seen what the evolution from “Blockchain 1.0” to “Blockchain 2.0” might look like, with the deployment of smart contracts. Ethereum, one of the most Blockchains, is an example of a platform that uses these smart contracts.

There are also other issues that need to be addressed in order to make blockchain interfaces more user-friendly

“Could you tell off the cuff whether 0.2267 bitcoins for a bike is a good deal or not?” he asks “Bitcoin is denominated up to eight decimal points, so even the best mathematicians will need a calculator.”

The blockchain will always demand consensus, regardless of whether you limit or open the number of nodes. This is the very nature of a trust machine, it will render networks rigid and hamper the penetration.

The blockchain might just be the technology to unlock the showdown between two groups of goliaths: banks versus data behemoths
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It is not correct to call Blockchain the ‘internet of money’/ the network is open, but nodes can only act collectively. Even worse: they can only act as a whole. Nodes do not have the creative power they have in the internet, but solely the destructive role of denying or granting consensus. So the Blockchain is by design different to the internet. The implications for network designers are simple: make it as efficient as possible, not as open as possible. Only once companies grasp this, can they unlock Blockchain’s true potential.

With super-computers at hand, minting new bitcoins will be so easy that the entire system might collapse
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In 2014 European banks alone spent £40 billion on IT; a mere £7 billion (17.5 per cent) went into innovation. Fintechs are the ones driving product innovation and this embryonic stage of Blockchain. However, banks could still leverage the trust component of the blockchain to enter the authentication business

The technology will change every industry from the ground up
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At the end of the day, the book reminds us that money and credit are essentially material manifestations of trust – they are the belief that your virtual possessions will correspond to real ones. So the question really becomes whether we are ready to really trust tech as much as we trust traditional financial institutions. The answer so far has been “not quite.”

The hunt for the killer Blockchain application is in full swing
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Overall, however, Pejic strikes a surprisingly optimistic note for the future, saying that competition is always positive for customer service, driving up innovation and driving down prices. Ultimately, banks will have to learn to revolve around their customers rather than regulators and compliance officer. They will have to adapt all their processes – front-and-back-end – to fit their customers’ needs.

“One thing is for sure,” he concludes “you will be on the winning side as the competitive forces of the free market push down the cost of banking services. The more intense the battle gets, the more you will enjoy it.”

Quantum computing could easily break crypto-codes
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Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. You can follow @alicebonasio on Twitter, connect with her on LinkedIn or subscribe to her Inside VR/AR Newletter for all the latest curated immersive news.

The post Review: Blockchain Babel appeared first on Tech Trends.

From mundane activities, such as paying bills online, to the more avant-garde ones, like developing blockchain-based cryptocurrencies, the idea of Fintech encompasses all processes that make handling our finances easier by using digital technologies and algorithms.

77% of fintech firms are expected to adopt blockchain by 2020
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It all started back in 1918 when the US Federal Reserve Banks introduced the Fedwire Funds Service, the first electronic fund transfer system, which relied on now-archaic technologies such as the telegraph and Morse code. Then came the creation of the first Diners Club credit card in 1950, by Frank McNamara, and the launch of the first ATM, by Barclays London branch, in 1967.

The most crucial stepping stone in the Fintech Revolution, however, was the advent of the Internet. It quickly led to a myriad of revolutionary inventions, such as online bank accounts and mobile payments. It also sparked the inception of the first cryptocurrency, Bitcoin, in 2009, which led to 2017’s worldwide Cryptomania, during which Coinbase—an online cryptocurrency exchange—exceeded $1.5 billion in value.

We should witness an introduction of advanced authentication methods, such as iris and fingerprint scanners, which will replace the unreliable and cumbersome passwords
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Today, most experts understand that financial institutions will have to invest in Fintech to avoid becoming obsolete. The consumer banking sector is leading the way when it comes to being the most disrupted industry, at 72%. However, some predictions indicate that in the next 3–5 years 84% of insurance corporations will begin to cooperate with Fintech companies, making them the champion of this digital innovation.

Today, around 46% of large fintech companies are powered by AI
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Some of the most significant disruptions originated with the introduction of Artificial Intelligence (AI), blockchain technology, cloud storage, and crowdfunding. Today, around 46% of large Fintech companies are powered by AI. Nevertheless, estimates show that, in addition to its use in the back-end processes, AI will also take part in customer interactions, driving 95% of all communication with users by 2025. There are already very powerful robots capable of chatting with humans, such as Sofia. It’s estimated that their capacities for human interaction will increase, while their prices will decrease, prompting companies to switch to automated clerks to lower costs and improve customer satisfaction.

It’s possible that voice recognition technology will allow you to order things and pay bills just by saying a few words, while micro-embedded wearables will enable you to shop without ever using a cash register
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Using blockchain technology is another way for big banks to cut costs. It’s projected that by deploying the technology, $12.3 billion can be saved each year, reducing the infrastructure by 30%. Ripple, a cryptocurrency designed specifically to be compatible with the existing financial structure, is leading the way by operating with 15 out of 50 global banks, including UBS, Bank of China, and Santander. Given the benefits the technology brings, it comes as no surprise that 77% of fintech firms are expected to adopt blockchain by 2020.

Ripple, a cryptocurrency designed specifically to be compatible with the existing financial structure, is leading the way by operating with 15 out of 50 global banks
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The outlook of the Fintech industry seems very exciting, and one area where we can expect improvement is security. We should witness an introduction of advanced authentication methods, such as iris and fingerprint scanners, which will replace the unreliable and cumbersome passwords.

However, the major improvements lie in making financial services more user friendly and less resource hungry, while at the same time tailoring them to the individual. As Joy Schoffler, the Executive Chair of FinTech Professionals, says: “At the core of everything is simplification and personalization.” It’s possible that voice recognition technology will allow you to order things and pay bills just by saying a few words, while micro-embedded wearables will enable you to shop without ever using a cash register.

Whatever the future brings, one thing is certain: the more you know, the better equipped you’ll be to ride the wave of disruption and stay oahead of the curve in the digital age.

This handy infographic from carsurance.net charts the growth of Fintech from the first wire transfer to blockchain technology & beyond
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Tech Trends offers a broad range of Digital Consultancy services to guide companies, individuals and brands in effectively leveraging existing and emerging technologies in their business strategy.

Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Infographic: Growth of Fintech appeared first on Tech Trends.

Infosys unveiled new research exploring global business maturity in digital transformation – comparing how businesses have fared over the course of the last year, including success factors and barriers to progress.

Legacy systems predicted as the single biggest barrier to digital transformation in 2019
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From November 3 to 23, 2018, Infosys used a blind format to conduct an online survey that attracted responses from more than 1,000 CXO and other senior-level respondents from companies with revenue upwards of US$1 Billion. Respondents represented multiple industries and hailed from Australia, China, France, Germany, India, U.K. and the U.S. To gain additional qualitative insights, phone interviews were also conducted with a few practitioners and subject matter experts.

“Understanding the distinct practices of visionary businesses is valuable for companies seeking to navigate the next step of their digital transformation journey,” explains Jeff Kavanaugh, Executive Editor at Infosys Knowledge Institute.

What can businesses expect in 2019?

Infosys found businesses can be grouped into three clusters based on their progress along the digital transformation journey, with visionaries the most advanced, followed by explorers and then watchers.

• Visionaries understand the potential of digital to completely transform their business
• Explorers commit to digital programs driven by the need to enhance customer experience
• Watchers see digital through the prism of efficiency

Interviewed executives express confidence in their companies to advance from the watcher to the explorer level without too much difficulty but feel that reaching the visionary level is much harder

What sets visionaries apart?

To more deeply understand what characterizes organizations at different stages of the transformation journey, Infosys identified 22 key digital initiatives and surveyed where companies stood on implementing each one. Companies were then assigned a Digital Maturity Index score from 0 to 100 according to their progress on pursuing and implementing these 22 key initiatives.

The research revealed that as companies advance in their journey, they begin to operate more digital initiatives at scale, with visionaries averaging 12 at scale, and having completed pilots on seven additional initiatives. Explorers average six digital initiatives at scale and have completed pilot projects for seven more. While watchers typically operate at scale on only one or two digital initiatives, with another one or two initiatives in the pilot testing phase.

Infosys Digital Radar 2019 reveals the digital transformation maturity of businesses in 2018, and what it takes to navigate the next stage
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22 digital initiative were categorized under four “buckets”

• Foundation initiatives – implemented to modernize legacy systems
• Mainstay initiatives – focused on core digital transformation elements such as automation and AI
• Customer initiatives – focused on improving the customer experience
• Forefront initiatives – focused on harnessing cutting edge technologies, such as augmented and virtual reality, drones and blockchain.

As companies advance along the digital transformation journey, they tend to focus on different buckets. Watchers concentrate on scaling up foundation initiatives. Explorers focus on a broader range of initiatives including mainstay and customer – yet are sometimes held back by a lack of progress in scaling up foundation initiatives. And visionaries bring many initiatives to scale alongside the foundation, mainstay and customer categories. Visionaries are also the only businesses making substantial progress on scaling up forefront initiatives.

To reach advanced stages of digital transformation, companies must operate key initiatives at scale and focus on a broad range of technologies
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What might hold businesses back in 2019?

When asked about what the biggest barriers to digital transformation will be in 2019, the percentage of respondents citing the ‘inability to experiment quickly’ was 22 percent and ‘insufficient budget’ was 30 percent. However, ‘legacy systems’ was at 41 percent – making it the single biggest barrier predicted for 2019.  Lack of change management capabilities and relevant skills are also seen as key hurdles in 2019. As companies navigate their digital journey, the need to digitize their core and manage change at scale will grow in importance.

Comparing different industry sectors

The highest maturity levels were found in technology, manufacturing, telco and financial services sectors, while industries such as consumer goods, logistics and healthcare ranked near the bottom regarding their digital transformation progress.

Compared to other industries, retail is in the middle of the pack, with many legacy retailers not having made much headway. Perhaps surprisingly, the automotive sector lags other sectors in terms of its digital maturity. While autonomous and connected vehicles grab headlines, much work is needed to modernize legacy systems and integrate the automotive ecosystem.

As companies navigate their digital journey, the need to digitize their core and manage change at scale will grow in importance
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What action to take?

To become more like visionaries, companies should develop and implement a comprehensive strategy for using automation and AI to bolster human capabilities, rather than focusing shortsightedly on cutting costs. They need to put in place a formal digital transformation strategy, and share that plan with employees, customers and partners alike.

“2019 will be the year of ‘how’. The ‘why’ (customer experience, revenue impact, internal alignment) and the ‘what’ (emerging technologies) of transformation are now clear to enterprise leaders, after the intense debate of the last couple of years,” says Phil Fersht, CEO and Chief Analyst, Horses for Sources. “The findings of the Infosys Digital Radar 2019 point to the core need for enterprises to address the ‘how’ and focus on executing their digital transformation. Execution requires integration in every sense of the word – technology, talent, organizational change and leadership to achieve scale and deliver exponential benefits.”

Incumbent companies need to do three things well, and simultaneously: first – establish the technical foundations for digital transformation; second – build technological capabilities and talent; and third – innovate at the speed of agile development. Two ways that companies can enable themselves to do this are by amplifying their existing capabilities, by focusing on high-value projects with the greatest potential impact. And, by partnering with the ecosystem to gain access to complementary skills and resources. The research revealed that companies currently partner for two-thirds of their digital initiatives.

The Infosys Digital Radar 2019 reveals the digital transformation progress that companies have made since The New Champions of Digital Disruption: Incumbent Organizations report in 2018, which clustered companies into three personas: ‘visionaries’ (the most advanced in their digital transformation journey), followed by ‘explorers’ and then ‘watchers’.

• Over two thirds of UK businesses are explorers (69%), compared to the global average of 61%. Nearly a fifth (19%) of UK businesses are visionaries. Fewer UK companies than the global average are at the less advanced watcher stage (12% vs 18%).
• The biggest barriers to transformation in the UK are an inability to experiment quickly (45%), legacy systems (45%), insufficient budget (44%) and risk adverse company culture (41%).
• Overall the UK has a Digital Maturity Index of 60.7, significantly higher than the global average of 57.4. The UK is more digitally mature than the US (55.1) and Germany (54.8), but lags behind France (65.3) and India (77.9).
• The highest digital maturity in UK industries was found in telecommunication businesses (with a Digital Maturity Index of 76.9), followed by insurance (70.5), technology (70.2) and manufacturing (67.3) companies.

You can read the full report here and check out the infographic summarising the findings below:

Tech Trends offers a broad range of Digital Consultancy services to guide companies through their digital transformation journey, helping individuals and brands to effectively leverage existing and emerging technologies in their business strategy.

Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Infographic: Digital Transformation appeared first on Tech Trends.

By now, you have probably heard about Bitcoin or blockchain. At least I hope so!

The media attention these two receive has only increased over the years, and the trend shows no sign of stopping. Thus, the chances are that an article or video about them has found its way to your screen by now. But how much do you actually know about Bitcoin or blockchain?

The aforementioned articles or videos, useful though they may be, do tend to be a little too much to take in for someone not in the loop about Bitcoin or blockchain technology. To be sure, one may learn a thing or two, but, nine times out of ten, an uninitiated individual will not really benefit from them.

Where should a Bitcoin and blockchain novice go to find the information she requires? Well, all you need can be found in the following infographic
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This leaves those wishing to learn about Bitcoin or blockchain in a bit of a spot since the information they need can be difficult to glean from all the various sources and navigating through the complicated jargon that goes on unexplained. What, for example, do abbreviations like ICO and DAO stand for? This happens because content creators sometimes assume that the audience is already familiar with the terminology at hand.

So where should a Bitcoin and blockchain novice go to start building a foundation of basic knowledge about these key technologies? This infographic by Bitcoinfy attempts to do just that.

This infographic, brought to you by Bitcoinfy, holds all the foundational knowledge you can hope to get
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If you’re still worried about how hard it will be for you to understand all of this, have no fear. The way this Bitcoin and blockchain guide is designed makes it easy to absorb all the important facts quickly. So give this infographic a good look. It has everything you need, whether you simply want to be lightly informed about this topic, or you wish to take first steps on the path to Bitcoin and blockchain expertise.

What, for example, do abbreviations like ICO and DAO stand for?
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Tom Atkinson is a Digital Producer & Photographer at R3Digital and Reviews & Dep. Editor at Tech Trends. Connect on LinkedIn and follow him on Twitter @R3Digital

The post Infographic: Everything You Need To Know About Bitcoin appeared first on Tech Trends.

In 2018, millions of people used Pluralsight to learn and update their digital skills, and the site has compiled a list of the most popular ones

“2019 promises to be another year where software dominates the tech and IT landscape, so knowing which languages and programs are coming out on top is useful to both companies trying to keep up with competition as well as developers to stay relevant in a highly competitive jobs market.”

Top 10 most popular software development technologies in 2018:

1. JavaScript
2. Java
3. HTML
4. C
5. Git
6. C++
7. Python
8. CSS
9. Blockchain
10. SQL

The more things change in the world of software, the more they remain the same
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“Pluralsight platform usage in 2018 shows that the more things change in the world of software, the more they stay the same. Java, C++, SQL and HTML are annual staples on our top 10 lists because they are the bedrock of modern business,” says Sean Farrington, SVP EMEA at Pluralsight. “These are the languages that organisations have relied upon from inception and the vast majority of what today’s users experience is this code. These four heavyweights power everything from simple websites to the complex, rich web applications,” he explains.

In 2018, millions of people used Pluralsight to learn and update their digital skills, and the site has compiled a list of the most popular ones
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Highest growth software development technologies:

1. Svelte
2. Apple MDM
3. Jest
4. Kotlin
5. Dart
6. Microsoft Powerapps
7. Microsoft Flow
8. Oracle Cloud Platform
9. Apache Knox Gateway
10. Apache Nifi

Java, C++, SQL and HTML are the languages that organisations have relied upon from inception and the vast majority of what today’s users experience is this code
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“Svelte, Jest and Kotlin’s growing popularity underscores the importance of JavaScript to modern programmers. It goes without saying that the ubiquity, flexibility and extensibility of JavaScript will make it one of the most important programming languages of the century. “What surprised us this year, is that Microsoft Flow and PowerApps feature so highly. They are both fundamental to a growing trend that empowers non-programmers to create automations that often go on to become mission-critical to a business. If you think back on how important Microsoft Access was to business in the 1990s, it’s easy to draw a parallel to these two new technologies that are quietly enabling innovation and self-service at every level of a modern organisation.

These four heavyweights power everything from simple websites to complex, rich web applications
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Pluralsight also allows users to test their knowledge on any given topic and last year over 1 million of these assessments were taken. The top 5 were:

1. Javascript
2. C#
3. Python
4. Java
5. HTML

The ubiquity, flexibility and extensibility of JavaScript will make it one of the most important programming languages of the century
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“If past is prologue, 2019 will follow a similar pattern to 2018. However, enterprises should keep in mind that if you always do what you’ve always done, you’ll always get what you’ve always got. Organisations wanting to stand out from the competition should certainly test the waters with new approaches to software development. It could be the difference between success and failure in the year ahead,” Farrington concludes.

Check out the Infographic below for the highlights!

Microsoft Flow and PowerApps are fundamental to a growing trend that empowers non-programmers to create automations that often go on to become mission-critical to a business
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Organisations wanting to stand out from the competition should certainly test the waters with new approaches to software development
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Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Infographic: Top Coding Languages to learn in 2019 appeared first on Tech Trends.

For Virtual, Augmented and Mixed Reality applications to work as mass market propositions, we need GUP infrastructure. One company is leveraging blockchain to do just that.

When you mention “Pokemon Go,” everyone remembers bumping into walls, people and maybe even cars, trying to catch rare AR characters from their phone, but there is a lot more to Augmented Reality than crossing the road without paying attention as you’re chasing little creatures on your screen.

There is a lot more to Augmented Reality than crossing the road without paying attention as you're chasing little creatures on your screen
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AR has enormous potential for transforming shopping experiences, both online and offline. With Augmented Reality technology, consumers will soon be routinely trying on designer outfits and seeing how they look at home, or in AR pop-up stores. It will help you to virtually decorate your home. Ikea is just one of the major retailers to embrace this tech, but to run smoothly, these applications will require a large amount of processing power.

AR has enormous potential for transforming shopping experiences, both online and offline
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This is not possible with centralized GPUs or even current cloud infrastructure. The Render Network RNDR wants to tackle this issue by creating the world’s largest distributed peer-to-peer network of Graphics Processing Units. Currently in Beta, this is a system built by Otoy on the Ethereum blockchain for the production, distribution and monetization of next-generation holographic media. The company has attracted a range of high profile investors and advisors such as Google/Alphabet Chairman Eric Schmidt, who wrote:

“I predicted that 90% of computing would eventually reside in the web based cloud…Otoy has created a remarkable technology which moves that last 10% – high-end graphics processing – entirely to the cloud. This is a disruptive and important achievement. In my view, it marks the tipping point where the web replaces the PC as the dominant computing platform of the future.”

Once live to the public, anyone with a GPU will be able to sign up and contribute their power to the network, which AR developers can then use to render their latest applications. In return, GPU-owners will earn up to $300 per month worth of Render Tokens that they can redeem for cash or spend to render their own graphics.

As RNDR’s blockchain lead, Kalin Stoyanchev explains:

“Through a peer-to-peer economy which allows anyone to contribute their GPU power to a decentralized network, RNDR achieves orders of magnitude greater scale and more competitive pricing than what centralized GPU cloud providers offer.”

By rewarding users for validated rendering work, RNDR transforms GPU cycles spent on increasingly wasteful Proof-of-Work cryptocurrency mining into more productive high-performance graphics compute. Fully immersive six-degrees-of-freedom Virtual Reality experiences and photorealistic Mixed Reality light field holograms require exponentially more GPU compute power than traditional 2D or 3D media. Through a distributed network of GPUs, RNDR creates a radically more efficient network to meet the emerging needs of the virtual and mixed reality sector – which is projected to become a 692-billion dollar industry by 2025

The key concept behind that is eArtists can contribute their GPUs to the network when they are idle, earning RNDR tokens that can then be redeemed for rendering credits when then need to scale on a deadline or when they need more GPU compute for an intensive VR, MR, 360 render.

Once live to the public, anyone with a GPU will be able to sign up and contribute their power to the network, which AR developers can then use to render their latest applications
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As the RNDR Network advances on its roadmap, the system will evolve into a decentralized marketplace for connected 3D assets. Through Ethereum smart contract and distributed ledger blockchain technology tied to an open RNDR SDK, the network will allow users to create, exchange, and distribute 3D objects, environments, and experiences produced on the platform.

eArtists contribute their GPUs to the network when they are idle, earning RNDR tokens that can then be redeemed for rendering credits
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Using the RNDR SDK, the network will enable the distribution and monetization of fully immersive, interactive mixed reality and light field media on thin client devices like AR glasses, Light Field displays, and mobile untethered VR headsets.

Render engine OctaneRender was used to create the opening title sequence of HBO’s Westworld at lightning speeds, and is now being integrated with game engine Unity as its cinematic render engine.

Using the RNDR SDK, the network will enable the distribution and monetization of fully immersive, interactive mixed reality and light field media on thin client devices like AR glasses
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The reason why these kind of developments are noteworthy and exciting for those watching the immersive tech space is because, if successfully implemented, they will reduce (and eventually eliminate) the relevance of geographical borders. If developers in Europe or Asia can easily, reliably, cheaply and flexibly access GPU from anywhere in the world, this will in turn mean an exponential growth in the development of compelling content. This, in turn, is also likely to accelerate global consumer adoption of Virtual/Augmented/Mixed reality. Quite appropriate considering how immersive tech is all about blending the digital and physical worlds and breaking down borders.

Scaling AR With Blockchain Technologyhttps://t.co/qOaCkV9R9y

— Forbes Tech (@ForbesTech) July 18, 2018

This article first appeared in Forbes

For companies looking to get into Immersive technologies such as VR/AR/MR/XR our Virtual Reality Consultancy services offer guidance and support on how best to incorporate these into your brand strategy.

Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Scaling Up Immersive Tech With Blockchain appeared first on Tech Trends.

Can deep learning and blockchain technology help us slow or even reverse the ravages of the aging process?

Longevity research has momentous implications for our lives, because it goes beyond merely living longer. We’re talking about living better, healthier lives, and potentially also shifting the goalposts where it comes to the “ticking biological clock.” Just think for a second about what that could do for gender equality in levelling the career playing field for women considering whether or not they want to – or can afford to – have children. It quite literally changes the rules of the game.

So it’s no wonder there was such buzz around Insilico Medicine – a Baltimore-based AI company specialized in the application of deep learning for drug discovery and aging research – at the Pioneers Conference in Vienna last month. As Dr. Alex Zhavoronkov, Founder and CEO of Insilico says in the video below:

“Modern artificial intelligence now has the ability to capture some of the most important biological features that change during aging and we can now use it to reverse some of those processes.”

Longevity research has momentous implications for our lives, because it goes beyond merely living longer
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“More than 90% of the molecules discovered the traditional techniques and tested in mice fail in human clinical trials. Our goal at Insilico Medicine is to develop advanced end-to-end AI solutions to discover the optimal pre-clinical candidates,” explains Zhavoronkov. “Our collaboration with WuXi AppTec enables us to focus on artificial intelligence without the need to invest in the expensive laboratory infrastructure. It also enables us to collaborate with some of the world’s brightest medicinal chemists and biologists to optimize the drug development process.”

Now Insilico has just announced a new research collaboration with WuXi AppTec, which will enable the company to perform the rapid experimental validation of the molecules discovered using AI and generate the valuable data to advance its AI research.

“We devised series of experiments to test the capabilities of the novel molecular generators and generate valuable data for the AI-powered drug discovery. The results we saw so far look very promising and provide some confidence that artificial intelligence and deep learning can be helpful for drug discovery,” said Dr. Tao Guo, Vice President, Head of International Discovery Service Unit of WuXi AppTec. “The compounds generated by Insilico’s approaches to artificial intelligence have the potential to shorten cycle times and improve the quality of pre-clinical candidates.”

The amount of their latest investment round (which also included Pavilion Capital, BOLD Capital and longevity therapeutics company Juvenescence) was not disclosed, but the Insilico had previously raised over $14 million according to Crunchbase.

Modern artificial intelligence now has the ability to capture some of the most important biological features that change during aging and we can now use it to reverse some of those processes
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Insilico is headquartered at the Emerging Technology Centers at the Johns Hopkins University Eastern campus in Baltimore, with R&D and management resources in Belgium, Russia, UK, Taiwan and Korea sourced through hackathons and competitions. Their work is dedicated to extending human productive longevity and transforming every step of the drug discovery and drug development process through excellence in biomarker discovery, drug development, digital medicine and aging research.

More than 90% of the molecules discovered the traditional techniques and tested in mice fail in human clinical trials
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Insilico devised experiments to test the capabilities of the novel molecular generators and generate valuable data for the AI-powered drug discovery
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It pioneered the applications of the generative adversarial networks (GANs) and reinforcement learning for generation of novel molecular structures for the diseases with a known target and with no known targets. Since 2016, Insilico Medicine published multiple research papers, demonstrating the capabilities of GANs and RL systems for de novo generation of diverse molecules with the desired molecular properties, and preliminary experimental validation uncovered the most promising research directions.

“What impressed us the most about Insilico Medicine was the breadth of its technological capabilities and applications, ranging from target identification and small molecule generation using next-generation artificial intelligence to expertise in blockchain and aging research,” explained Mr. Edward Hu, Chief Financial Officer and Chief Investment Officer of WuXi AppTec.

In addition to working collaborations with the large pharmaceutical companies, the company is pursuing internal drug discovery programs in cancer, dermatological diseases, fibrosis, Parkinson’s Disease, Alzheimer’s Disease, ALS, diabetes and many others, so needless to say Tech Trends will be monitoring their progress with great interest, watch this space.

Insilico Medicine is pursuing internal drug discovery programs in cancer, dermatological diseases, fibrosis, Parkinson's Disease, Alzheimer's Disease, ALS and diabetes
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For companies looking to get into Immersive technologies such as VR/AR/MR/XR our Virtual Reality Consultancy services offer guidance and support on how best to incorporate these into your brand strategy.

Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Fighting Aging with Artificial Intelligence appeared first on Tech Trends.

The past months have seen scandals emerge that have demonstrated to Brits the value their data holds, and the risks that come with giving it away so freely.

By Gary McKay, Co-founder of APPII

With privacy becoming an increasing concern, but users reluctant to sacrifice the ease of use that Internet freedom allows them, blockchain offers a solution to reconcile data protection with simplicity without the need for regulation.

Until recently, we gave our data away because we either didn’t realise we were doing so, or because we perceive it to be a small price to pay
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Cambridge Analytica demonstrated not only how efficacious harnessing seemingly useless data can be in producing real world results, but also how easily data can be collected unknowingly from online users. Another UK company Carphone Warehouse was fined in January of this year for having historically stored customer data using insufficient security measures, as was discovered when the data was stolen by hackers. This shows that even data that was collected legally and for the direct purpose of buying a phone contract can be used later for nefarious purposes such as identity theft.

Until recently, we have given our data away because we either didn’t realise we were doing so, or because we perceive it to be a small price to pay for an easy transaction. Data that holds value for all sorts of companies can be collected from any manner of online interactions; from a baking video you liked on Facebook, to the tube stop that you tap in at every morning with your contactless card.

We want to have more control over our data and how it is used without sacrificing the ease that sharing it allows us to operate with
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We want to have more control over our data and how it is used, but we don’t want to sacrifice the ease and simplicity that sharing it allows us to operate with. The problem is that actively controlling where your data does and does not exist is a laborious and time-consuming process. It could mean always entering your details manually on a new platform every time you log in rather than just using your Facebook credentials. Alternatively, it could mean exercising your GDPR-given right to manually ask every company you suspect might be storing your data to ‘forget’ you.

Blockchain relies on sophisticated cryptography to ensure that all the data it stores is safely encrypted
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It is clearly time for a shift in the way we view our data, and crucially, the way we secure it. Blockchain technology provides a solution that safeguards data without sacrificing any of the functionality that a free and open Internet provides. Blockchain is essentially a vast, distributed, ledger where data is stored across a web of different devices, rather than in one centralised place that makes it vulnerable to hacking. Most essentially, blockchain relies on sophisticated cryptography to ensure that all the data it stores is safely encrypted.

It is clearly time for a shift in the way we view and secure our data
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As has been well-documented over the last year or so, the real-life applications of blockchain are myriad and diverse and will therefore replace the methods by which we currently share our data in many, many cases. Rather than sharing our information with every online shop or platform, we can store our data on a blockchain. This combats the problem in several ways. Firstly, distributed across many different devices (the data on each of which is futile in itself,) the information is not stored in one centralised place where it is at risk of an external security breach. Secondly, the information is encrypted and can easily be secured by biometric identification, meaning that only you would ever be able to access and share it.

Cambridge Analytica demonstrated not only how efficacious harnessing seemingly useless data can be in producing real world results, but also how easily data can be collected unknowingly from online users
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To put this into context, take the recruitment industry. Candidates share reams of confidential data with recruiters and potential employers during the job-hunting process. This sort of data is extremely valuable in many different ways and, as such, is a target for hackers. Blockchain CVs already exist – candidates can enter their qualification and employment history on to the blockchain. Once it is verified by the institutions where that person enrolled or qualified, the CV is secured immutably.

Candidates share reams of confidential data with recruiters and potential employers during the job-hunting process
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Candidates can then apply for jobs with a CV that is trusted and credible but; moreover, they are safe in the knowledge that their data is securely held. They can use their own biometric data to share the data they want, when they want, and they can employ smart contracts to dictate how long their data is accessible to the people they’ve shared it with, such as recruiters or potential employers.

Blockchain CVs already exist
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This is just one example of the endless possibilities blockchain has in revolutionising the way we view security and data sharing, without compromising on the ease and openness that the Internet is synonymous with. By encrypting data and allowing the owner full control over when and how it is shared, blockchain offers the solution to an increasingly pressing issue.

The post Expert View: Reconciling Privacy and Internet Freedom with Blockchain appeared first on Tech Trends.