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Should we mute politicians in election debates?

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TV election debates are still a bit of a novelty in the UK.

Each time an election is called, there’s the question of whether any will take place, how they will be organised and who will take part. Broadcasters are still experimenting – this time putting on two-way debates, seven-way debates, a climate change debate and a special youth audience debate, among other permutations.

So is there room for improvement? And, if so, what might that look and sound like? Here are some expert suggestions.

1. Turn off the microphones

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Image caption Then Home Secretary Amber Rudd and Ukip leader Paul Nuttall took part in the 2017 debates

No-one likes it when leaders interrupt and talk over each other. It puts the focus on confrontation rather than discussion and does little to showcase anyone’s qualities as a potential prime minister. As US academic Bryan Van Norden puts it, writing for the Hipporeads website, “There is absolutely no professional or political context in which elegantly interrupting others or being interrupted by others is a useful skill.”

He suggests simply switching off leaders’ microphones when it’s not their turn to speak. As soon as each person has finished talking, off it goes and the next one turns on.

Knowing they will go silent could also stop them “filibustering”, or trying to run down the clock by refusing to stop talking.

2. Go old-school – force politicians to just… debate

Image caption Tony Benn and Roy Jenkins debated each other in 1975, with David Dimbleby moderating

UK televised debates tend to feature glitzy sets, rows of podiums and heavy intervention from moderators. They are also often quite short by international standards. Time can therefore be tight and the result heavy on soundbites and low on substance.

It wasn’t always like this. One of the UK’s earliest televised political debates was between rival Labour frontbenchers Roy Jenkins and Tony Benn during the 1975 European referendum campaign. They debated the single issue for 50 minutes, with no studio audience, no fancy set and very little intervention. Its often viewed now as a model of “proper” debate – two intellectual heavyweights tussling with serious issues, listening to each other’s points and responding reasonably.

The French presidential debates have run on a similar no-frills model since the 1970s. Candidates sit across a table and there’s no studio audience. The most recent, between Emmanuel Macron and Marine Le Pen, lasted two-and-a-half hours and drew an audience of 16.5 million. It was brutal, with the pair trading bitter insults, “but it didn’t half make for riveting viewing,” said BBC Paris correspondent Hugh Schofield. “[A]nd at the end of the day, the debate did its job.” No one who watched was left in any doubt who stood for what.

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Media captionWhat they’re afraid of – a misjudged debate remark haunted Dan Quayle for the rest of his career

3. Robot fact-checkers

If we can’t trust politicians to get facts right and tell the truth, then having debates at all is pointless.

Much effort already goes into fact-checking, with the likes of independent fact-checking charity Full Fact and the BBC’s Reality Check deploying journalists to scour statistics and consult experts in order to verify politicians’ claims. Viewers can get updates online during debates or read the verdicts afterwards. But of course not everyone does this, meaning politicians might not be adequately held to account.

So the race is on to speed up fact-checking and put it at the heart of the debates themselves.

The BBC News channel already uses on-screen Reality Check “push-backs” – or text boxes – during its live debate broadcasts. And Full Fact has started live checking for other broadcasters, such as LBC.

But as Will Moy, Full Fact’s chief executive, says, “It’s something audiences really want but it’s hard to do it fast enough to make it matter.”

The game-changer looks likely to be the use of artificial intelligence. Full Fact is developing software that can check facts far faster than humans, training machines to spot claims and trawl for data which can prove them right or wrong, So the day when we see automated fact-checks appearing on TV screens in real time during debates may not be far off.

4. Ban cheering and clapping

Back in 2010 the UK’s first modern TV election debate took place in front of a respectful and hushed studio audience, There was no jeering or cheering and they were banned from clapping. Since then, audiences have become more vocal, with spectators cheering, clapping and even booing. It can feel a bit like Punch and Judy.

Dr Nick Anstead, associate professor at the London School of Economics’ media and communications department, thinks we should go back to silence – and aim for an audience of genuinely undecided voters. “It would at the very least remove the distortion of the audiences we now tend to have. It would change the atmosphere in the studio and make it less of a bear pit.”

5. Make the audience more real

Image caption “Politicians have yet to connect emotionally with audiences,” says one expert

Debates routinely involve ordinary members of the public – often by asking them to submit questions for politicians to answer. But this could be taken further. Stephen Coleman, professor of political communication at the University of Leeds, suggests asking people to send in video clips about their lives and problems, which could be sprung on the leaders mid-debate. “What specifically will you do to help this person?” they could be asked.

Or could broadcasters rip up the debate formula altogether and task politicians with convincing a real voter, while the cameras roll?

Matthew Flinders, professor of politics at the University of Sheffield would like to see “not a debate but a conversation with someone picked out from the public, who would sit down and get to know the politician, understand about their life, where they’re coming from and how that flows into their their policies and beliefs.”

It could make it harder for politicians to wriggle out of questions and expose them to intense scrutiny – but it would also give them the chance to come across as “normal”.

This could be electoral gold dust: “It’s an element that’s been missing so far, No politician has really made an emotional connection with voters,” Prof Flinders says.

6. Regulate them

Image copyright Getty Images

Since the UK has never settled on rules for debates, broadcasters and politicians must thrash them out each time. This year the Lib Dems and SNP went to the court to challenge ITV’s decision not to include Jo Swinson and Nicola Sturgeon in its prime ministerial debate – though the challenge was rejected.

Dr Anstead says there are three conflicting dynamics surrounding debates: the politicians, who want to get their messages across and “will do anything to avoid generating a negative clip that could go viral”; the broadcasters “who just want to make good TV”; and “the democratic need to actually inform voters”.

Although politicians and broadcasters would dispute this characterisation, the absence of proper rules means the “first two are dominating at the moment”, says Dr Anstead.

Like the US, Canada has an independent commission tasked with organising official election debates. There are clear rules, consistent formulas for deciding who gets to be in which debates and they are the same from year to year. In the UK, Sky News has been pressing for something similar, with its Make Debates Happen campaign. This year its petition received more than 140,000 signatures and was debated in Parliament.

The government’s response? “Televised election debates are a matter for political parties. The government has no plans to change electoral law to make the debates mandatory.”

Interactive content: Upgrade your browser for the full experience. Alternatively, click here for a list of election terms and what they mean.

Election translator

What do all the terms mean?

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  • Backbencher

    Term for an MP who is not a minister. They sit behind the front benches in the House of commons.

  • Ballot

    Another term for vote.

  • Ballot box

    A sealed box with a slit in the lid. Voters place their ballot papers through the slit into the box. When polls close the boxes are opened and counting begins.

  • Ballot paper

    Paper containing a list of all candidates standing in a constituency. Voters mark their choice with a cross.

  • By-election

    An election held between general elections, usually because the sitting MP has died or resigned.

  • Candidate

    Someone putting themselves up for election. Once Parliament has been dissolved, there are no MPs, only candidates.

  • Canvassing

    During a campaign, active supporters of a party ask voters who they will vote for and try to drum up support for their own candidates.

  • Close of nominations

    The deadline for candidates standing to send in the officials forms confirming their place in the election. This is usually __ days before polling day.

  • Coalition

    When two or more parties govern together, when neither has an overall majority. After the 2010 election, the Conservatives and Lib Dems formed a coalition, which lasted for five years.

  • Confidence and supply

    A agreement between two political parties where the smaller party agrees to support a larger one without enough MPs to have a majority in parliament.

  • Conservative

    The Conservative party is

  • Constituency

    The geographical unit which elects a single MP. There are 650 in the UK.

  • Dead cat

    In politics, a 'dead cat' strategy is when a dramatic or sensational story is disclosed to divert attention away from something more damaging. The term comes from the concept of an imaginary dead cat being flung onto a dining table, causing the diners to become distracted by it.

  • Declaration

    The announcement of the election result in each constituency.

  • Deposit

    A sum of £500 paid by candidates or their parties to be allowed to stand. It is returned if the candidate wins 5% or more of the votes cast.

  • Devolution

    The delegation of powers to other parliaments within the UK, specifically the Scottish Parliament and Welsh and Northern Ireland Assemblies.

  • Devolved parliament

    The Scottish Parliament and Welsh and Northern Ireland assemblies are elected by voters in those nations of the UK. They make laws on policy areas controlled by those nations such as health, environment and education.

  • Dissolution of Parliament

    The act of ending a Parliament before an election. When parliament is dissolved there are no MPs, but the prime minister and other senior ministers remain in their roles.

  • Electoral register / roll

    A list of everyone in a constituency entitled to vote. Also known as electoral roll.

  • Exit poll

    An exit poll is a poll of voters leaving a voting station. They are asked how they have voted, and the results are used to forecast what the overall result of the election may be.

  • First past the post

    Term used to describe the UK's parliamentary election system. It means a candidate only needs to win the most votes in their constituency to win the seat.

  • Gain

    When a party wins a constituency from another party, it is said to have "gained" it from the other.

  • General election

    Election at which all seats in the House of Commons are contested.

  • Hung parliament

    If after an election no party has an overall majority, then parliament is said to be "hung". The main parties will then try to form a coalition with one or more of the minor parties. Opinion polls have suggested that a hung parliament is a strong possibility after the 2015 general election.

  • Hustings

    A meeting a which candidates address potential voters. The word comes from an old Norse word meaning "house of assembly".

  • Independent

    A candidate who is not a member of any political party and is standing on their own personal platform. To qualify as an official political party, a party must be registered with the Electoral Commission, the organisation which administers elections in the UK.

  • Landslide

    The name given to an election which one party wins by a very large margin. Famous landslides in UK elections include Labour's victory in 1945, the Conservative win in 1983 and the election which brought Tony Blair to power in 1997.

  • Left wing

    A person or party with strong socialist policies or beliefs.

  • Liberal Democrat

    The name of the party occupying the centre ground of British politics. They were formed from the former Liberal party and Social Democrats, a Labour splinter group, and combine support for traditional liberalism such as religious tolerance and individual freedom, with support for social justice.

  • Majority

    A majority in Parliament means one side has at least one more vote than all the other parties combined and is therefore more likely to be able to push through any legislative plans.

  • Majority government

    When one party wins more than half of the seats in the Commons, they can rule alone in a majority government

  • Mandate

    Politicians say they have a mandate, or authority, to carry out a policy when they have the backing of the electorate.

  • Manifesto

    A public declaration of a party's ideas and policies, usually printed during the campaign. Once in power, a government is often judged by how many of its manifesto promises it manages to deliver.

  • Marginal

    Seats where the gap between the two or more leading parties is relatively small. Often regarded as less than a 10% margin or requiring a swing (see below) of 5% or less, though very dependent on prevailing political conditions.

  • Minority government

    A minority government is one that does not have a majority of the seats in Parliament. It means the government is less likely to be able to push through any legislative programme. Boris Johnson has suffered a number of defeats in Parliament over a no-deal Brexit because he does not have a majority.

  • MP

    Strictly this includes members of the House of Lords, but in practice means only members of the House of Commons. When an election is called Parliament is dissolved and there are no more MPs until it assembles again.

  • Nomination papers

    A candidate must be nominated on these documents by 10 voters living in the constituency.

  • Opinion poll

    A survey asking people's opinion on one or more issues. In an election campaign, the key question is usually about which party people will vote for.

  • Opposition

    The largest party not in government is known as the official opposition. It receives extra parliamentary funding in recognition of its status.

  • Party Election Broadcast

    Broadcasts made by the parties and transmitted on TV or radio. By agreement with the broadcasters, each party is allowed a certain number according to its election strength and number of candidates fielded.

  • Percentage swing

    The swing shows how far voter support for a party has changed between elections. It is calculated by comparing the percentage of the vote won in a particular election to the figure obtained in the previous election.

  • Polling day

    Election day

  • Polling station

    Place where people go to cast their votes

  • Postal vote

    People unable to get to a polling station are allowed to vote by post if they apply in advance.

  • Proportional representation (PR)

    Any voting system where the share of seats represents the share of votes is described as proportional representation. The UK currently has a first past the post system.

  • Prorogation

    Parliament is usually prorogued, or suspended, ahead of an election or Queen's Speech to allow for preparations. In September 2019 Boris Johnson attempted to prorogue Parliament for five weeks, but the Supreme Court later ruled the prorogation unlawful and MPs returned to Parliament.

  • Psephologist

    A person who studies voting and voting patterns.

  • Purdah

    This is the time between the announcement of an election and the final election results. During this period media organisations have to ensure any political reporting is balanced and is not likely to influence the outcome of the election.

  • Recount

    If a result is close, any candidate may ask for a recount. The process can be repeated several times if necessary until the candidates are satisfied. The returning officer has the final say on whether a recount takes place.

  • Returning officer

    The official in charge of elections in each of the constituencies. On election night they read out the results for each candidate in alphabetical order by surname.

  • Right wing

    Someone who is right wing in politics usually supports tradition and authority, as well as capitalism. The Conservative party is regarded as the main centre-right party in the UK.

  • Safe seat

    A safe seat is a constituency where an MP has a sufficiently large majority to be considered unwinnable by the opposition.

  • Spin room

    The attempt to place a favourable interpretation on an event so that people or the media will interpret it in that way. Those performing this act are known as spin doctors.

  • Spoiled ballot

    Any ballot paper that is not marked clearly, eg with more than one box ticked or with writing scrawled across it, is described as a spoiled ballot and does not count towards the result.

  • Tactical voting

    This is when people vote not for the party they really support, but for another party in order to keep out a more disliked rival.

  • Target seat

    In theory, any seat that a party contests and held by a rival is one of its targets. In practice, a target seat is one that a party believes it can win and puts a lot of effort into doing so.

  • Turnout

    Turnout is the percentage of eligible voters who cast a ballot on polling day.

  • Vote of no confidence

    It is usually the leader of the opposition, currently Jeremy Corby, who calls for a vote of no confidence, in an attempt to topple the government. If more MPs vote for the motion than against it, then the government has 14 days to try to win back the confidence of MPs through another vote – while the opposition parties try to form an alternative government. If nothing is resolved, then a general election is triggered.

  • Westminster

    The UK Parliament is located in the Palace of Westminster in the centre of London and the term is often used as an alternative to Parliament.

  • Working majority

    A working majority in Parliament is what a government needs to carry out its legislative programme without risk of defeat. It means the government can rely on at least one more vote than the opposition parties. However, in the current Parliament, the government no longer has a majority and MPs from a range of opposition parties have joined forces to form a parliamentary majority big enough to defeat the government over plans for a no-deal Brexit.

Main story continues below.

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Read more: https://www.bbc.co.uk/news/election-2019-50574247

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Overview and Market Trends of Crypto Games in 2021

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The number of gamers worldwide is estimated at around 2.6 billion in 2020. The upward trend will add another 125 million by the end of 2021. About half of them hail from the Asia-Pacific region. The crypto gaming scene is representing an increasingly large portion of that number. Crypto games are still a relatively unknown term, at least to the general public, but in 2021 they are expected to explode due to various trends detected in this year. The potential is just too great to be ignored. Ability to reward players and let them trade for real money their in-game items is something a lot of games have tried – mostly unsuccessfully – to achieve in the past. Thanks to blockchain technology, that goal is possible now.

What Is Crypto Gaming?

Crypto games are a relatively new addition to the gaming world. The first games appeared just a few years ago. The main aspect of crypto games is collecting items that rise or fall in value and that can be sold at any time, provided you can find a buyer. One of the first popular crypto games was CryptoKitties. In the game, you can buy a cat and groom it. You can even buy two and breed new kittens. The price goes up and down and you can sell your cats or buy new ones. The most expensive cat ever sold on CryptoKitties reached an astonishing price of $117,000. It was to be expected that the first crypto games would be about cats, but they came in all shapes and flavors. You can collect heroes, monsters, fish, even hamsters. Considering the choice of genres, it is easy to find a game that suits your preferences.

Crypto and iGaming

The iGaming industry is one of the fastest-growing segments of gaming. It is expected to reach a value of 300 billion by 2025. It is no wonder then that a lot of crypto developers are pivoting to it, making their coins iGaming-friendly. 2021 will be huge in terms of using bitcoin for iGaming, judging by some indicators. There is even talk of creating digital coins exclusively for online gambling, although that is far-fetched at the moment. Already established coins, like Bitcoin, Tether, and Ethereum are functioning just fine and are being adopted by more and more online casinos. At this rate, there won’t be an online gambling platform that doesn’t accept them by the end of 2021.

The Trending Platform in 2021

Most crypto games available today are based on the Ethereum blockchain and we don’t see that changing in 2021. Simply put, the Ethereum blockchain is an extremely convenient platform for this kind of apps. IT is readily available, easily modified, and has great tech support to bail out developers when they hit a snag. All these attributes make Ethereum perfect for crypto gaming since the majority of the studios developing games are independent. As such, they can’t afford the muscle power large developers have at their disposal, and having friendly tech support and a platform that can be easily adapted to their needs is crucial. However, this too can change in the upcoming year, but more on that later.

The Developers

As we mentioned earlier, there is only a handful of big names in crypto gaming. Most developers are small indie companies and startups. For the last two or three years, they have been working diligently to create games and in 2021, they are poised to reap the benefits of their hard work. Some of the games, like My Crypto Heroes or Blockchain Cuties, already boast thousands of players and are ready to blow. This will allow their creators to emerge as the first crypto gaming powerhouses on the market. On the other hand, a lot of established studios are eyeing crypto gaming and making plans to join in the fray. They will bring to bear a massive amount of money, influence, and talent, which will affect the segment in a considerable way.

The Benefits of Crypto Gaming

Blockchain technology is on the verge of transforming the Internet. The benefits it offers are huge, but one thing that is slowing its implementation is that most people don’t know enough about it. Crypto games can help with that. By presenting this newfangled technology in a familiar manner – and what is more familiar than gaming – crypto games will allow people to get acquainted with it. This familiarity will make the adoption of all other applications of blockchain that much easier. Even casual gamers, who spend just a few hours weekly playing crypto games will be familiar enough with it that blockchain won’t sound so alien to them. Crypto games will help the world adjust to blockchain in preparation for its wide application.

Crypto Games That Will Mark 2021

Predicting which games will be huge in 2021 can be ungrateful, but we will give it a try. One of our favorites is Forgotten Artifacts. It appeals to our Dr. Indiana Jones fantasies, as it lets you collect various items and artifacts around the game world. The game is still in beta and one limitation is that it can only be played with an Enjin wallet. My Crypto Heroes is another game that shows tremendous potential. Based on Japanese mythology, it allows you to collect various heroes and train them to add new characteristics and increase their value. For our final recommendation, we have chosen Blockchain Cuties. Think of it as Tamagotchi, but with cute monsters instead. You can collect them, breed them, and train them to increase their skill in battle.

 

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Zumo launches smart portfolio feature to view and manage overall crypto assets

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  • Zumo Smartfolio allows users to clearly access the current and historical value of their digital currencies

 

  • The feature, included in the app’s 2.13 version, also provides insights into possible exchange opportunities to make a profit

 

Edinburgh, UK – 21 December 2020.- Zumo, the digital wallet and payments platform, has launched Zumo Smartfolio, the latest of the app’s innovative features enabling users to view and manage their overall crypto assets and track the relative position of each of their exchanges in a simple and intuitive way.

The introduction of Zumo Smartfolio in the 2.13 version of the app allows users to access the current and historical value of their exchanges, as well as to see how much gain, or loss, they have made on them over time. The new feature includes a smart portfolio score calculated by matching a user’s buying positions with their sales, providing insights into possible exchange opportunities that could make them profit.

In addition, Zumo Smartfolio has been designed to ensure users can view their data in an intuitive way through interactive pie and line graphs. Users can set the time frame of their Smartfolio to see how their asset values have changed with one day, one week, one month, three months, and all-inclusive timeframes.

Paul Roach, chief product officer of Zumo, said: “By offering Zumo users this feature, we make it even easier for them to take control of their own funds and become responsible smart money-savers, investors or traders. Or even all three.

“Zumo Smartfolio is the latest of a series of innovative features we are launching in the next few months. Users will soon be able to view and download their entire exchange history, as well as their associated Smartfolio data, and spend cryptocurrency alongside traditional money in everyday situations with the upcoming Zumo convertible debit card.”

Zumo App was launched in the UK to make the benefits of blockchain and cryptocurrencies more accessible to everyone by offering users the chance to buy, sell, spend, and send both fiat and cryptocurrencies. The launch of Zumo version 2.12 in November introduced Exchange Price Alerts, a feature that allows users to set up price alerts, notifying them when the price of Bitcoin or Ether reaches a certain level.

 

NOTES TO EDITORS

 

About Zumo

Founded in Edinburgh in 2018 by experienced entrepreneurs Paul Roach and Nick Jones, Zumo’s fully decentralized, patent-pending, HD wallet infrastructure is available direct to consumers through Zumo App and to businesses through ZumoKit (our SDK) and enterprise partnership solutions in the developing world.

 

Zumo is a purpose-driven fintech business with transparency and financial inclusion at the core of our values. We’re on a mission to bring the benefits of decentralization, digital assets, and blockchain technology to ordinary people, everywhere. Our platform enables users to safely store, send, spend, and exchange digital money anywhere in the world easily and cheaply from a mobile device. We do this in the fastest, most transparent, and secure way possible. Our core technology is patent-pending and massively differentiated, giving us the potential to create a world-leading position for a British company, whilst making a big contribution to financial inclusion at a time of the global crisis caused by Covid-19.

 

For more information

Scott Reid

Scott.reid@charlottestpartners.co.uk

Mob +44 7912 483423

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Beyond Limits to Expand Industrial AI in Energy with Nvidia

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LOS ANGELES, CA – December 16, 2020 – Beyond Limits, an industrial and enterprise-grade AI technology company built for the most demanding sectors, today announced it is working with NVIDIA to advance its initiative for bringing digital transformation to the energy sector.

Beyond Limits will collaborate with NVIDIA experts on joint go-to-market strategies for Beyond Limits’ products and solutions in the energy sector. The company will also take advantage of NVIDIA technical support and GPU-optimized AI software such as containers, models, and application frameworks from the NVIDIA NGC catalog to improve the performance and efficiency of its software development cycle.

“AI has the potential to make a major impact on problems facing the heart of the global energy business, but the technology requires high levels of computing power to operate on the level and scale required by many of today’s global producers,” said AJ Abdallat, CEO of Beyond Limits. “That’s why we’re so excited to collaborate with NVIDIA, a leading provider of AI computing platforms. With NVIDIA technology support and expertise, Beyond Limits is better positioned to offer faster, more intelligent, and efficient AI-based solutions for maximizing energy production and profitability.”

Breakthroughs in novel high-performance AI solutions are projected to have significant impacts throughout the energy industry. One key challenge facing the upstream oil and gas sector includes the resource requirement for optimizing well deployments, especially when data on a region’s geological properties is highly uncertain. To overcome this problem, Beyond Limits developed a novel deep reinforcement learning (DRL) framework trained using NVIDIA A100 Tensor Core GPUs, capable of running 167,000 complex scenario simulations in 36 hours. Following initial tests, the DRL framework yielded a 208% increase in NPV value by predicting and recommending well placements, based on the number of actions explored and the expected financial return from reservoir production over time.

“The NVIDIA A100 offers the performance and reliability required to meet the demands of the modern-day energy sector,” said Marc Spieler, Global Energy Director at NVIDIA. “The ability to process hundreds of thousands of AI simulations in real-time provides the insight required for Beyond Limits to develop scalable applications that advance energy technologies.”

Beyond Limits Cognitive AI applies human-like reasoning to solve problems, combining encoded human knowledge with machine learning techniques and allowing systems to adapt and continue to operate even when data is in short supply or uncertain. As a result, Beyond Limits’ customers are able to elevate operational insights, improve operating conditions, enhance performance at every level, and ultimately increase profits. For more information, please visit https://www.beyond.ai/solutions/beyond-energy.

About Beyond Limits

Beyond Limits is an industrial and enterprise-grade artificial intelligence company built for the most demanding sectors including energy, utilities, and healthcare.

Beyond traditional artificial intelligence, Beyond Limits’ unique Cognitive AI technology combines numeric techniques like machine learning with knowledge-based reasoning to produce actionable intelligence. Customers implement Beyond Limits AI to boost operational insights, improve operating conditions, enhance performance at every level, and ultimately increase profits as a result.

Founded in 2014, Beyond Limits leverages a significant investment portfolio of advanced technology developed at Caltech’s Jet Propulsion Laboratory for NASA space missions. The company was recently honored by CB Insights on their 2020 List of Top AI 100 most innovative artificial intelligence startups and by Frost & Sullivan for their North American Technology Innovation Award.


For more information, please visit www.beyond.ai.

Contact Information:
Ed Cruz

LEWIS for Beyond Limits

619-308-5245

beyondlimitspr@teamlewis.com

 

 

 

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7 Ways to Skyrocket Business Growth Using Blockchain

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Every business owner is looking for ways to expand their market reach and boost their revenue generation. Luckily, technological advancements are providing new strategies that can set them apart from competitors in the market.

Blockchain technology is one of those fresh strategies that is quickly transforming the business realm. This technology stores transaction in an electronic register (database) in the form of blocks, where they cannot be altered in any shape or form. People only associate Blockchain technology with cryptocurrencies, misunderstanding that it is just a branch. This article highlights how your business can benefit by adopting the path of Blockchain technology.

Here are 7 ways to skyrocket your business growth using Blockchain:

1.    Helps Build Trust with Customers

Many businesses fear that changing up strategies can be detrimental to their success. But the truth is that if businesses want to stay relevant in the long-run, then they need to embrace new trends and technologies.

This fear is often associated with Blockchain technology as it is relatively new compared to more traditional systems. But leveraging Blockchain can help companies unlock unearthed potential and improve their audience reach. The best way to get started is by showing existing customers how this technology can offer a lot of advantages, the most important being increased confidentiality.

Businesses that aren’t ready to accept this change will get left behind, so now’s your chance to make the shift.

2.    Adds Ease In Employing Reliable Staff

Businesses need to have a cooperative and committing staff to be able to increase their business’s development because “team-work makes the dream work.”

However, it requires a lot of time and research to be able to recruit employees that are dedicated enough. Blockchain can ease that burden and does the job quickly.

Most candidates will add information in their CVs that might not be accurate; Blockchain can allow you to legally have access to all their personal records, like academic and past employment. This way, you can check the legitimacy of their aptitude and be able to recruit the most talented.

Hence, this method can help you hire the staff that will help you reach your goals in your business and gain success.

3.    Prevents Irrelevant Ads

Online advertisement has been around for a very long time. They can’t be taken down or get removed as a lot of money has been spent on them. How many times have we been interrupted by ads while browsing the web for something? Too many! Blockchain can play a major part in eliminating the amount of spammy content we’re subjected to while browsing. Since ads cannot be removed from the internet, Blockchain gives clients the liberty to choose what kind of ads they would like to see while surfing the net. This way, the person who creates those ads can also benefit from this by gaining qualified traffic and having more exposure.

4.    Makes Online Transactions Secure And Confidential

Most people worry about their personal information being compromised or getting hacked when performing online transactions. However, the Blockchain prevents that from happening.

It makes sure that all the weak points are fixed so that it cannot be tampered with or hacked. It allows you to perform online transactions on the internet without needing to use payment processors like PayPal, Bank, Credit Card, etc.

It also ensures that a customer’s previous transactions can’t be viewed unless it’s someone who is a relative or involved with the customer. For example, a carpet cleaning company leverages Blockchain technology to aid customers in conducting anonymous online transactions, eliminating all kinds of additional charges which are involved when using traditional payment methods. This will definitely act as a draw to those tech-savvy audiences that are keen to shop online without leaving any traceable tracks behind.

5.    Improved Auditing

The Blockchain serves as a balance sheet to document transactions and check if they are efficient and authentic. The process of evaluating recorded transactions to check if it is precise, applicable, and dependable is known as an audit.

For example, instead of asking third parties to send confirmation statements, auditors can easily validate transactions by using free Blockchain ledgers online.

6.    Easy to Raise Funds

There used to be a time where you would need to request a loan from a bank to be able to fund your business, but now the times have changed drastically. Now you can find multiple ways to fund your business.

ICO (Initial Coin Offering) has become the most well-known and admired way to raise capital for your business venture. It can also be known as a token sale. Investors are offered a token in the form of cryptocurrency in exchange for real money or any other digital currency. This new methodology helps to raise funds as it offers some form of value to the investor.

7.    Successful Marketing Campaign

Companies depend on data related to consumer interest’s drive better marketing. Market research is another area where Blockchain technology can help third-party companies to obtain actionable insights. There have been some notable use cases of Blockchain that are empowering digital marketers to build better relationships with customers. This is known as Blockchain Marketing.

Since Blockchain requires no middleman, there is an emphasis on consumer data confidentiality. And the data is owned by the customer, so they’re able to share it willingly with the advertising platform. Once the data is provided, marketers can direct more personalized campaigns towards specified audiences, so there are higher conversions. Moving forward, we are more likely to see this form of digital advertising being leveraged by companies.

Conclusion – Using Blockchain the Smart Way

If you are planning to upgrade your business through the implementation of Blockchain, it is advised to keep in touch with a legitimate Blockchain development firm. This technology has just entered the phase of implementation, with research being conducted to discover its range of applications. With little knowledge available about its hidden challenges, it will be tough to navigate obstacles due to lack of experience. But with its immense potential, it would be foolish not to harness the power of this technology.


Source: Shaheryar Sadiq. Shaheryar provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing.

 

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