The technology which started with cryptocurrencies like Bitcoin has emerged and gained full potential and is spreading immensely in the other industries too.
Yes, you are right “Blockchain Technology” is what we are talking about. Blockchain is the distributed, decentralized, and virtual ledger, which is capable of logging all digital transactions like verifying and recording without the requirement for the financial intermediary. In simple terms, it’s a new way of logging information and/or transmitting funds.
Many firms have adopted blockchain tech to drive the get better transparency across the digital information ecosystem. The popularity of Bitcoin gave rise to this technology application in various other industries. Let’s look at the innovative ways where the firms are using the power of blockchain.
The Blockchain Technology comes in particularly handy and also has great potential to monitor supply chains. By eliminating the paper-based trials, the business could easily point out the inefficiencies within their supply chains more effectively and quickly. They can also locate the items in real-time. Not just this, this technology also enables businesses as well as consumers to view how the products performed in terms of quality. This decreases the fraud and also increases the transparency and authentication among the transactions.
The blockchain tech is best used for transferring funds from one party to another. The role of banks will be eliminated here and there will ongoing 24/7 validation of transactions. This technology offers transactions to be processed at high speed i.e., within seconds the transactions take place and are totally secured too.
This technology has helped retailers highly to revolutionize the retail experience by offering gift cards and other loyalty rewards. By making a token-based system, which rewards consumers, and storing those tokens within a blockchain, will incentivize the customers to return to the specific store for their shopping needs. There are only fewer middlemen are required to process the issuing of cards and sales transactions, this will result in fraud prevention as well as the wastage that is caused by cards and papers. This also a cheaper, efficient, and secured way for the loyalty rewards programs.
The enhanced levels of this technology will also offer unique verification capability and eliminates illegitimate users from getting stolen accounts.
The blockchain tech applications can enhance the track, record, transfer the land or property titles, liens, and more, and supports to ensure that all the documents are accurate and verifiable. Another major benefit is to remove paper completely out of the equation. Instead, of using paper this technology will store the titles in its network, this results in the transparency of any kind of transfers. One can expect that the legal ownership is totally crystal-clear.
Globally, the medical sector has already shifted from using paper, especially for recordkeeping needs. The Blockchain Technology gives the best convenience and extra safety. Not just storing the patient records, the patient will have the key access to these digital records and will be in control of who to give access to that information. This is the best way to safeguard the patient’s privacy.
The cloud computing services need huge computational resources as well as data storage capacity that can be inefficient while launching IoT products. With the help of the blockchain, they can get more decentralized cloud services, better security, enhanced connectivity, and better computational power. The blockchain cloud storage solutions enable wide protection so there will be no data loss, less prone to attacks, which causes damage.
The blockchain offers complete potential when it is combined with other technologies and applied in the real world.
Image Credit: https://www.enterpriseedges.com/wp-content/uploads/2018/12/Blockchain1.jpg
SoftBank-backed Dingdong targets over $6 billion valuation in U.S. IPO
(Reuters) -Chinese unicorn Dingdong, backed by SoftBank Vision Fund II, is aiming for a more than $6 billion valuation in its New York debut as the grocery app joins Asian tech startups seeking to tap into the IPO boom in the United States.
The valuation represents a jump of over 20% from the $5.1 billion the company was worth after the Japanese conglomerate invested in it last month.
Dingdong said it aims to raise up to $357 million in its IPO as it seeks to navigate a crowded sector that has seen established players including Alibaba Group and Pinduoduo compete aggressively.
The company, which is also backed by Tiger Global Management and Sequoia Capital, will sell 14 million American Depositary Shares (ADSs) priced between $23.50 and $25.50 each, according to its filing.
Established in 2017, Dingdong operates mainly in China’s first-tier cities such as Shanghai, Beijing, Shenzhen and Hangzhou.
The COVID-19 pandemic has fueled online demand for fresh produce in China. Tencent Holdings Ltd-backed Missfresh, another Chinese online grocery startup, also set its IPO terms earlier on Tuesday, targeting a valuation of nearly $3.8 billion.
Dingdong and Tencent Holdings Ltd-backed rival Missfresh’s IPOs are among a spate of upcoming Chinese listings on U.S. stock exchanges this year.
Didi Chuxing, China’s biggest ride-hailing firm, has also filed for a long-anticipated U.S. stock market listing, setting the stage for what is expected to be the world’s biggest IPO this year.
Last year, Chinese companies raised $12 billion from U.S. listings, more than triple the funds raised in 2019, according to Refinitiv data. This year is expected to comfortably surpass last year’s tally.
Dingdong plans to list its shares on the New York Stock Exchange under the symbol “DDL”. Morgan Stanley, BofA Securities and Credit Suisse are the IPO’s lead underwriters.
(Reporting by Niket Nishant in Bengaluru;Editing by Vinay Dwivedi)
Image Credit: Reuters
Teamsters union steps up efforts to organize Amazon workers
(Reuters) -The International Brotherhood of Teamsters, a labor union in the United States and Canada, is stepping up efforts to unionize workers at Amazon.com Inc by creating a company-specific division to aid workers, it said on Tuesday.
Representatives from 500 unions, which together account for 1.4 million workers in the United States, have come together at the 30th international convention of Teamsters to support and help improve the livelihoods of Amazon workers.
The union tweeted that delegates will vote on a resolution to make the campaign at Amazon a ‘top priority’.
It is also planning pressure campaigns involving work stoppages, petitions and other collective action to push Amazon to bargain over working conditions and meet workers’ demands.
Amazon did not immediately respond to Reuters request for comment.
The e-commerce giant and one of the largest private employers in America has for decades discouraged attempts among its over 800,000 U.S. employees to organize, showing managers how to identify union activity, raising wages and warning that union dues would cut into pay.
In April, Amazon Alabama workers voted against forming a union, owing to factors including the company’s fierce resistance to unionization, workers’ skepticism that organizing would get them a better deal and decisions on election parameters. (https://reut.rs/3d3UxV7)
(Reporting by Chavi Mehta and Eva Mathews in Bengaluru; Editing by Krishna Chandra Eluri and Arun Koyyur)
Image Credit: Reuters
Amid big hacks, U.S. spy agency touts collaboration center with private industry
By Christopher Bing
FORT MEADE, Md. (Reuters) – The U.S. National Security Agency, in a rare move, on Tuesday showcased a new office aimed at greater collaboration with U.S. private sector defense, technology and telecommunications companies.
The Cybersecurity Collaboration Center is part of a plan to help the agency develop deeper ties and learn about active hacking campaigns from U.S. companies that are continuously targeted by hacking groups long-tracked by the spy agency, said NSA Director of Cybersecurity Rob Joyce.
“I think it is really important for NSA to take a stance where we are engaging and figuring out how to make the environment more secure and everyone is learning from the lessons of the past,” he said at a media roundtable.
Tuesday’s event comes after a series of high-profile hacks over the last year, including a massive cyberattack that penetrated numerous federal agencies and another that crippled a major U.S. gas pipeline.
U.S. officials have said they lack total visibility on the cyberthreat due to legal restrictions that prevent the NSA and other federal spy agencies from collecting data on domestic computer networks.
Foreign hackers know about the controls, former U.S. officials say, so they often stage attacks on U.S.-based servers.
While the agency has said publicly it is not seeking new legal authority to bridge the gap, initiatives like the Collaboration Center could help it get an early warning on cyberattacks against the private sector, said Joyce.
Partners will benefit from the NSA’s vast experience and analytical capability, said Morgan Adamski, chief of the center.
“Cybersecurity is a team sport and NSA is really just stepping up to play its position,” said Adamski.
The center is unique in the NSA’s history because it is located off-campus, beyond the “fence line” of the spy agency’s main headquarters and is largely an unclassified space.
There is no security checkpoint before the entrance and office staff can bring their personal devices into the building, a stark difference from NSA headquarters. The glass-encapsulated, open-office space looks more like a Silicon Valley campus than a 68-year-old national security establishment.
Industry partners for the office, which first opened in January, include defense contractors, cloud computing firms, cybersecurity companies and internet service providers.
“Providing services to the defense industrial base and national security systems and a large U.S. market share is what we focus on from a selection criteria,” said Adamski.
A virtual chat room connects NSA staff and industry partners at the center with analysts on the main campus who can share advice based on the NSA’s foreign intelligence collection.
The agency declined to identify companies participating in the center and did not commit to naming them in the future.
(Reporting by Christopher Bing; Editing by Dan Grebler)
Image Credit: Reuters
People want trusted news, Reuters Institute says
By Guy Faulconbridge
LONDON (Reuters) – The coronavirus pandemic stoked hunger for trusted news in a time of global crisis and a clear majority of people want media organisations to be impartial and objective, The Reuters Institute for the Study of Journalism said on Wednesday.
Trust in news grew during the pandemic, especially in Western Europe, helping brands with a reputation for reliable reporting, though mistrust was particularly apparent in the polarised media of the United States.
A clear majority of people across countries believed news outlets should reflect a range of views and try to be neutral, the institute said in its annual Digital News Report (https://reutersinstitute.politics.ox.ac.uk/digital-news-report/2021).
“We’ve been through a very dark time and much of the public recognise that news organisations have often been the ones shining light in that darkness,” said Rasmus Nielsen, director of the Reuters Institute.
“There has been a greater appreciation of trustworthy news overall,” he told Reuters. “It’s very clear in our research, in country after country, in age group after age group, that large majorities want journalism to try to be neutral.”
The report is based on surveys covering 46 markets and more than half the world’s population.
The accelerating technological revolution means 73% of people now access news via a smartphone, up from 69% in 2020, while many use social media networks or messaging apps to consume or discuss news. TikTok now reaches 24% of under 35s, with higher penetration rates in Asia and Latin America.
Facebook is seen as the main artery for spreading false information, though messaging apps such as WhatsApp also play a role.
But the tech giants also served as an avenue for dissent, The Reuters Institute said, citing protests in Peru, Indonesia, Thailand, Myanmar and the United States.
More people distrusted the news than trusted it in the United States, where Donald Trump’s defeat in the 2020 U.S. presidential election reduced demand for news.
Broadly, those who felt the media has been unfair were those with a right-leaning political outlook. Young people aged 18-24, Black and Hispanic Americans, East Germans and certain British socio-economic classes felt they were covered unfairly.
But the overall message was that most people want fair and balanced news, and despite deepening problems for the business model of print news, many will pay for it.
“While impartial or objective journalism is increasingly questioned by some, overall people strongly support the ideal of impartial news,” Craig T. Robertson, a postdoctoral research fellow at the Institute, wrote in the report.
“People want the right to decide for themselves.”
The Reuters Institute for the Study of Journalism is a research centre at the University of Oxford that tracks media trends. The Thomson Reuters Foundation, the philanthropic arm of Thomson Reuters, funds the Reuters Institute.
(Reporting by Guy Faulconbridge; Editing by Catherine Evans)
Image Credit: Reuters
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