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Blockchain in 2021: Accessibility, Authenticity, and Artificial Intelligence (AI)

With the usher of the New Year 2021, it promises a new age wave for many industries in particular, and blockchain is no different. With several studies and forecasts, the blockchain industry in 2021 offers varied promising benefits and ways more than one. The past year was a year of disruption marked with a number […]

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With the usher of the New Year 2021, it promises a new age wave for many industries in particular, and blockchain is no different. With several studies and forecasts, the blockchain industry in 2021 offers varied promising benefits and ways more than one. The past year was a year of disruption marked with a number of challenges, making it difficult for the boats to sail. Despite the challenges, this pandemic has attained the right push it needs and is creating waves across places.

In this blog, let us focus on the latest trend in the sphere of blockchain and how they are different from the rest.

Global blockchain market size is bound to grow:

Although this was not one of the assumptions made, however, the blockchain industry is going to explode this year. Businesses around the world are seeing a growing interest to adopt the technology and further enhancing the business procedure.

With the pandemic accelerating the digital transformation in areas, global blockchain marks the list too. Hence, the market size is expected to expand from USD 3.0 Billion to USD 39.7 billion by 2025, growing at a rate of 67.3% during these four years.

Utilization of digital health credentials:

The pandemic has largely accelerated the popularity of digital health credentials allowing individuals proof of health status. This proof is offered to employers at the workplace, for travel, or even for recreational activities.

The industry is working towards initiating individuals’ control over managing their health and personal data. Thereby, we can say that Covid 19 has successfully contributed to creating an incentive for the testing providers to all work together and curate the digital infrastructure required to support the credentials. Feel free to contact blockchain development service providers and explore its potential benefits.

AI and Automation

AI and automation are helpful to unlock further value while being integrated with reliable data offered by blockchain. For example, several business modules can recommend products to be recalled from the store shelves due to expiration.

The digital record presents attractive insights into the framework behind AI and thus reduces the distrust and mystery. Several business modules can pair the two prominent technologies, AI and automation, to leverage business solutions’ efficiency. This will be highly beneficial in attaining transparent and secured data.

Increased Accessibility:

Through the passage of time, the timeline and costs to achieve a positive ROI have fallen as blockchain slowly became integrated with distinctive solutions. As a result, enterprises are largely benefitted from choices and specific present in the networks around them. Improved flexibility through hybrid cloud and the greater ability to meet demand has been successful for organizations to view value.

A shortage of staple food during the pandemic has leveraged the need for an increased supply chain visibility and resilience.

Improved Vaccine Distribution:

With the Covid vaccines slowly rolling out, the process is becoming challenging. The technology can be largely beneficial in such a sector and help offer an accurate inventory reflection, further optimizing vaccine allocation. It can further help in maintaining cold chains while aiding to combat fraudulent activities. Simultaneously, it can also bring an improved trust and efficiency to the distribution and supply of vaccines.

The vaccine distributors tend to look for technologies such as crypto anchors, which helps to mitigate the underlying problem. It does so by tying a digital identifier to an object, which is extremely difficult to clone and transfer to another. Get in touch with the right developer for blockchain app development services and curate professional application for your business.

Accelerating Inventory Digitization:

This is being benefitted through tokenization, which can also be referred to as representing the physical assets and digitally. This will offer an additional sense of security, with the next evolution being completely a digitized inventory. These inventories help increase the source of supply chains by logging the working capital while offering an increased understanding of the liquid assets. As a result, this can be beneficial in helping them make informed decisions.

The assets can limit the number of paperwork required by economic participation and effectively address the liquidity concern. With organizations on their way to increase efficiency and eliminate costs, the New Year will witness more efforts to integrate the tokens.

Conclusion:

The past year has been a challenging one; however, technologies like these help keep the boat sailing amidst all difficulties. The challenges have delivered clarity, helping efficient vaccine distribution, supply chain management, and more. Thus, as predicted before, the technology’s impact is on the soar and is expected to grow more in years to come. It is ideal to get in touch with a professional blockchain development company and discover its potential.

Blockchain in 2021: Accessibility, Authenticity, and Artificial Intelligence (AI)

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Aite survey: Financial institutions will invest more to automate loan process

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Financial institutions plan to increase their spend on automations and collections management solutions for their loan processes. Fresh results on consumer lending practice from research and advisory firm Aite Group indicate lenders plan to invest more heavily in their collections processes, said Leslie Parrish, senior analyst for the Aite Group’s consumer lending practice. Parrish shared […]

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Source: https://bankautomationnews.com/allposts/lending/aite-survey-financial-institutions-will-invest-more-to-automate-loan-process/

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Facial recognition, other ‘risky’ AI set for constraints in EU

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Facial recognition and other high-risk artificial intelligence applications will face strict constraints under new rules unveiled by the European Union that threaten hefty fines for companies that don’t comply.

The European Commission, the bloc’s executive body, proposed measures on Wednesday that would ban certain AI applications in the EU, including those that exploit vulnerable groups, deploy subliminal techniques or score people’s social behavior.

The use of facial recognition and other real-time remote biometric identification systems by law enforcement would also be prohibited, unless used to prevent a terror attack, find missing children or tackle other public security emergencies.

Facial recognition is a particularly controversial form of AI. Civil liberties groups warn of the dangers of discrimination or mistaken identities when law enforcement uses the technology, which sometimes misidentifies women and people with darker skin tones. Digital rights group EDRI has warned against loopholes for public security exceptions use of the technology.

Other high-risk applications that could endanger people’s safety or legal status—such as self-driving cars, employment or asylum decisions — would have to undergo checks of their systems before deployment and face other strict obligations.

The measures are the latest attempt by the bloc to leverage the power of its vast, developed market to set global standards that companies around the world are forced to follow, much like with its General Data Protection Regulation.

The U.S. and China are home to the biggest commercial AI companies — Google and Microsoft Corp., Beijing-based Baidu, and Shenzhen-based Tencent — but if they want to sell to Europe’s consumers or businesses, they may be forced to overhaul operations.

Key Points:

  • Fines of 6% of revenue are foreseen for companies that don’t comply with bans or data requirements
  • Smaller fines are foreseen for companies that don’t comply with other requirements spelled out in the new rules
  • Legislation applies both to developers and users of high-risk AI systems
  • Providers of risky AI must subject it to a conformity assessment before deployment
  • Other obligations for high-risk AI includes use of high quality datasets, ensuring traceability of results, and human oversight to minimize risk
  • The criteria for ‘high-risk’ applications includes intended purpose, the number of potentially affected people, and the irreversibility of harm
  • AI applications with minimal risk such as AI-enabled video games or spam filters are not subject to the new rules
  • National market surveillance authorities will enforce the new rules
  • EU to establish European board of regulators to ensure harmonized enforcement of regulation across Europe
  • Rules would still need approval by the European Parliament and the bloc’s member states before becoming law, a process that can take years

—Natalia Drozdiak (Bloomberg Mercury)

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Source: https://bankautomationnews.com/allposts/comp-reg/facial-recognition-other-risky-ai-set-for-constraints-in-eu/

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Prioritizing Artificial Intelligence and Machine Learning in a Pandemic

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AI and ML
Illustration: © IoT For All

Artificial Intelligence (AI) and Machine Learning (ML) give companies the one thing humans can’t – scalability. Over time, humans limit a businesses’ ability to scale; they can only work so many hours at a given efficiency. On the other hand, AI and ML can work around the clock with the sole focus on a given project. As organizations navigate through COVID-19’s impact and the future of a remote workforce, scalability and efficiency can be the key to an organization’s successful recovery.

Implementation Challenges

The benefits of AI and ML don’t come without their own challenges; however, the top challenges are a lack of skills and time for proper implementation. In July, Deloitte found in a survey that 69% of respondents said the skills gap for AI implementation ranged from moderate to major to extreme. Simultaneously, many companies overlook the investment it takes to build the processes and infrastructure needed for successfully training, testing, deploying, and maintaining AI and ML in their enterprise.

Such challenges often cause companies to de-prioritize AI and ML projects, especially in times of uncertainty. That has been increasingly obvious throughout the COVID-19 pandemic. But while some organizations have drawn back on their efforts, the current global state demands the greater need for AI and ML to support critical business processes. This is especially true today given the growing remote workforce, considerations for returning to the workplace and work happening in silos worldwide.

Though challenging, it is not impossible to properly implement AI and ML. In this evolving COVID-influenced business landscape, four steps are key to effectively implementing a strong AI and ML system that helps streamline critical business processes despite uncertainty and limited resources.

Identify the Problem to Be Solved

Some companies mistakenly view AI and ML projects as a ‘silver bullet’ to solve all their problems. This often results in overinflated expectations, an unfocused approach, and unsatisfactory results. Instead, companies should identify those specific problems that will have the biggest impact from implementing AI and ML solutions and be hyper-focused on solving those problems.

Select Your Data

The second step in creating a strong AI and ML algorithm is to select the source data that your algorithm will be training on. There are two main options: training on your own data or training on a larger scale data set. Based on experience, training your algorithm on your own data puts you at a disadvantage. By training on a larger scale data set, the likelihood of success increases because your data is more representative and varied. Through advanced concepts such as transfer learning, companies can use semi-trained models based on larger data sets and then train the “last mile” using their own specific content unique to their business.

Clean House

The standby rules of data management apply here – garbage in, garbage out. Ultimately, the quality and accuracy of machine learning models depend on being representative. AI and ML – fed with the right data – can streamline operations and increase the benefit of companies’ DX and cloud migration journeys.

When you’re kicking off an AI or ML project, the most critical step is to clean up the data that your algorithm will be training on, especially if you’re using your own data or models.

Make Room for Training

AI and ML are all about probability. When you ask it a question, for example, “Is this a cat?,” the results you receive are the algorithm saying, “Out of the three buckets I was trained on, the likelihood of this image being a cat is .91, the likelihood of this image being a dog is .72 and the likelihood of this image being a bird is .32.”

This is why training on varied data is so important. If your training data only includes images of cats, dogs, and birds and you ask the algorithm to analyze the picture of a crocodile, it will only respond based on the buckets it’s been trained on – cats, dogs, and birds.

If you’ve properly selected and cleaned your data, training should be an easy last step, but it’s also an opportunity to go back to the first two steps and further refine based on your training.

The front end of training an AI and ML algorithm can be time-intensive, but following these four steps can make it easier to achieve significant outcomes. Across industries, AI and ML can quickly show ROI. For example, in the insurance industry, AI and ML can help insurers quickly search contracts, so employees aren’t sifting through contracts and repositories around the globe to answer simple questions. This means time efficiencies for an industry that COVID-19 has heavily impacted.

Even better, working with a SaaS provider with experience in your industry can make this process much easier and less costly. SaaS platforms allow companies to take advantage of having all of the infrastructure, security, and pre-trained models in place to reduce the overall effort and time to value. Many platforms allow users to uptrain the predefined models with unique customer data, reducing the training effort needed for model creation. Companies can then focus on integration with their ecosystem and workflows rather than model creation itself.

Bigger Picture

Overall, businesses can soften the impact of COVID by focusing on the bigger picture with AI and ML. Implementing AI and ML projects increase business productivity despite these times of uncertainty. As we continue on the road to recovery, we need tools like AI and ML to stay focused on the bigger picture, mission-critical tasks.

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Source: https://www.iotforall.com/prioritizing-artificial-intelligence-and-machine-learning-in-a-pandemic

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ProGlove promotes worker well-being with human digital twin technology

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Join Transform 2021 this July 12-16. Register for the AI event of the year.


ProGlove, the company behind an ergonomic barcode scanner, has developed new tools for analyzing human processes to build a human digital twin.

“We have always been driven to have our devices narrate the story of what is really happening on the shop floor, so we added process analytics capabilities that allow for time-motion studies, visualization of the shop floor, and more,” ProGlove CEO Andreas Koenig told VentureBeat.

The company’s newest process analytics tools can complement the typical top-down perspective of applications by adding a process-as-seen view to the conventional process-as-wanted view. Most importantly, it can also provide insights that improve well-being.

Koenig said, “We are building an ecosystem that empowers the human worker to make their businesses stronger.”

ProGlove CEO Andreas Koenig

Above: ProGlove CEO Andreas Koenig

Image Credit: ProGlove

The market for barcode scanning is still going strong and is often taken for granted, given how old it is. “You have technologies like RFID that have been celebrated for being the next big thing, and yet their impact thus far hasn’t been anywhere near where most pundits expected it,” Koenig said.

Companies like Zebra, Honeywell, and Datalogic have lasted for decades by building out an ecosystem of tools to address industry needs. “What sets us apart is that we looked beyond the obvious and started with the human worker in mind,” Koenig said.

Not only is the company providing a form factor designed to meet requirements for rugged tools, this shift to analytics could further promote efficiency, quality, and ergonomics on the shop floor.

How a human digital twin works

ProGlove’s cofounders participated in Intel’s Make It Wearable Challenge, with the idea of designing a smart glove for industries. Today, ProGlove’s MARK scanner can collect six-axis motion data, including pitch, yaw, roll, and acceleration, along with timestamps, a step count, and camera data (such as barcode reading speed and the scanner ID).

Koenig’s vision goes beyond selling a product to establish the right balance between businesses’ need for profits and their obligation to ensure worker well-being. Koenig estimates that human hands deliver 70% of added value in factories and on warehouse floors. “There is no doubt that they are your most valuable resource that needs protection. Even more so since we are way more likely to experience a shortage of human workers in the warehouses across the world than having them replaced by robots, automation, or AI.”

ProGlove Insight contextualizes the collected data and lets users compare workstations and measure the workload and effort necessary to complete the tasks. Users can also visualize their shop floor, look at heatmaps, and identify best practices or efficiency blockers. After a recent smart factory lab experiment with users, DPD and Asics realized efficiency gains by as much as 20%, Koenig said.

ProGlove’s vision of the human digital twin is built on three pillars: a digital representation of onsite workers, a visualization of the shop floor, and an industrial process engineer. “The human digital twin is all about striking the right balance between businesses’ needs for profitability, efficiency, and worker well-being,” Koenig said. At the same time, it is important that the human digital twin complies with data privacy regulations and provides transparency to frontline workers around what data is being transmitted.

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Source: https://venturebeat.com/2021/04/21/proglove-promotes-worker-well-being-with-human-digital-twin-technology/

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