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The central bank of South Korea sets up a legal team to research CBDC.

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According to the Korea Herald report, the Bank of Korea has launched a legal team to help launch the central bank digital currency (CBDC), and cryptocurrencies rolled out by central banks. The Bank of Korea had maintained a lukewarm stance toward the CBDC matter until then, even dissolving a special cryptocurrency research team in January 2019, but its global counterparts’ growing interest in cryptocurrency nudged the central bank to revisit the issue. 

Other countries get into central bank digital currencies. 

The central bank of South Korea noted that the US and Japan had no plans to issue CBDCs previously but now have changed their stance. According to the report, central banks in Canada, the UK, Japan, the EU, Sweden, and Switzerland launched their own CBDC research groups earlier this year. China is getting close to launch its national digital currency dubbed as DC/EP. The Bank of Korea’s legal team will operate for the next 12 months until May next year. The launch aims to clarify legal areas concerning the central bank’s issuance of cryptocurrency, which remains unclear. 

Pandemic pushes countries to research CBDCs. 

The coronavirus pandemic is accelerating global CBDC development, with more and more people turning to digital payments. The Bank of Korea is currently reviewing the legal matters around the centralized cryptocurrency. An official from the central bank said that they established the advisory group to discuss legal issues surrounding a CBDC and figure out which laws need to be revised or enacted for smooth progress in the BOK’s possible issuance of digital currency. 

China has been working on its national digital currency from the last five to six years and is now very close to issuing it to the public. The digital currency is being tested in 4 cities in China, and multinational companies like McDonald’s and Alibaba are involved in the pilot project. 

Source: https://coinnounce.com/the-central-bank-of-south-korea-sets-up-a-legal-team-to-research-cbdc/

AI

How 5G Will Impact Customer Experience?

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5G is the breakthrough technology promised to bring new innovations, change the way people are traversing through the Internet with its faster connection speeds, lower latency, high bandwidth, and ability to connect one million devices per square kilometre. Telcos are deploying 5G to enhance our day-to-day lives.

“When clubbed with other technologies like Artificial Intelligence, Internet of Things (IoT), it could mean a lot to a proliferation of other technologies like AR/VR, data analytics.” 

5G can be a boon for businesses with the delivery of increased reliability, efficiency and performance if it can be used to drive more value to the customers as well as the business stakeholders and meet their expectations with the help of digital technologies as mentioned below:

Consumer Expectations are on the Rise

In modern days, customer service teams provide and manage customer support via call centres and digital platforms. The rollout of 5G is expected to unleash more benefits with a positive impact on customer service as they improve their present personalized service offerings to customers and allow it to further create new solutions that could develop their customer engagement to win great deals.

For instance, salespeople in a retail store are being imbibed with layers of information about customers’ behaviour and choices that will help them build a rich and tailored experience for the customers walking down the store.

Video Conferencing/streaming is Just a Few Clicks Away

Video support is considered to be a critical part of Consumer Experience (CX) and will open new avenues for consumer-led enterprises.

“As per a survey conducted by Oracle with 5k people, 75% of people understand the efficiency and value of video chat and voice calls.” 

CX representatives used the video support feature to troubleshoot highly technical situations through video chat and screen sharing options with few clicks, potentially reducing the number of in-house technician visits during critical situations like coronavirus pandemic.

Also, nowadays video conferencing is facilitated with an option to record a quick instant video describing the process/solution and discarding the long process of sending step-by-step emails. Enterprises can develop advanced user guide for troubleshooting issues featuring video teasers for resolving common problems.

However, high-definition video quality is preferable for video conferencing, chat and demands for an uninterrupted network with smooth video streaming. This means operators need to carry out network maintenance activities on regular intervals to check whether there is any kind of 5G PIM formation on these network cell towers that could reduce receive sensitivity and performance, thereby deteriorating network speed, video resolution etc.

Thus, PIM testing becomes critical for delivering enhanced network services without interference, necessary for high-resolution online video conferencing, chats, and many more.

Increased Smart Devices and the Ability to Troubleshoot via Self-Service

The inception of 5G will give a boost to the IoT and smart device market which is already growing.

These smart devices IoT connections are expected to become twice in number between 2019 and 2025 i.e. more than 25Bn as per the GSM association which is an industry organization representing telecom operators across the globe.

With lower latency and improvisation in reliability, 5G has a lot more to offer as it connects a large number of devices. This will ultimately curb the manpower needed for customer support thereby reducing labour costs for the enterprise. Moreover, these IoT connected devices and high-speed network of 5G permit consumers to self-troubleshoot these devices at their own homes.

In order to facilitate these high-resolution networks, telecom operators need to perform 5G network testing and identify issues, take corrective actions that could improve their network and integrate with advanced capabilities, making it more efficient than previous connections with the wider network coverage.

Enhanced Augmented Reality (AR) / Virtual Reality (VR) Capabilities

As these tools are being widely used, customers are provided with virtual stores or immersive experiences using AR to view a sneak peek of the products in their house in real-time.

“‘Augmented Retail: The New Consumer Reality’ study by Nielsen in 2019 suggested that AR/VR has created a lot of interest in people and they are willing to use these technologies to check out products.” 

Analysis of Bulk Data With Big Data Analytics

Enterprises have to deal with a huge volume of data daily. 5G has the ability to collect these data and with its advanced network connectivity across a large number of devices, it delivers faster data analytics too.

Companies will be able to process this vast amount of unstructured data sets combined with Artificial Intelligence (AI) to extract meaningful insights and use them for drafting business strategies like using customer behaviour data sets to study their buying behaviour and targeting such segment with customized service offerings as per their requirement.

As per Ericsson’s AI in networks report, 68% of Communications Service Providers (CSPs) believe improving CX is a business objective while more than half of them already believe AI will be a key technology that will assist in improving the overall CX. Thus, big data analytics will be crucial for harnessing all new data and enhance the customer experience.

Conclusion

Looking from a CX point of view, 5G benefits will far extend beyond the experience of a citizen. Real-time decisions will accelerate with the prevalence of 5G and application of other new-age technologies like AI, ML, IoT, etc. As 5G deployment will continue to grow, so is the transition of each trending processes mentioned above that will ultimately improve your business in terms of productivity, gain a large customer base and bring more revenues.

Source: https://www.aiiottalk.com/technology/5g-impact-on-customer-experience/

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AR/VR

You can now Request the PlayStation VR Camera Adaptor for PS5

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The PlayStation 5 is only a few weeks away from launch and virtual reality (VR) fans who’ve got their pre-orders in can now rest a little easier. Sony Interactive Entertainment (SIE) has released details as to how you can request the PlayStation Camera Adaptor so you can use PlayStation VR on the new console.

PlayStation VR

The process is straight forward enough. Simply go to the Camera Adaptor support website to put your request in. You’ll need the PlayStation VR serial number, which is found on the rear of the Processor Unit (seen above) and once that’s been entered you’ll need to give SIE address and contact details for shipping.

An FAQ page goes into greater detail, saying: “Anyone who owns a PS VR headset qualifies to receive a PlayStation Camera adaptor with a limit of one per household,” so make sure you don’t lose it. As for when they’ll be delivered it can take up to two weeks so get those requests in early.

Timing will vary depending on your region, here’s what SIE has listed currently:

  • Japan: End of October.
  • Americas: Mid-November.
  • Europe, Middle East, Africa, Australia, and New Zealand: Mid-November.
  • Asia: Early December. 

As VRFocus previously reported, if you happen to be in Japan then new PlayStation VR bundles will automatically come with the adaptor. At the time of writing, there’s been no mention of this option being deployed on a worldwide scale.

The PlayStation Camera Adaptor is an essential component if you want to use PlayStation VR with the PlayStation 5. The new HD Camera doesn’t support VR tracking so you have to use the current camera model. And as there’s no native connection on the new console, you’ll need the adaptor, now a crucial piece of kit for those looking to upgrade their gaming hardware.

SIE has already confirmed that thanks to backwards compatibility most PlayStation VR games will work on PlayStation 5. There’s only two that won’t, Crytek’s Robinson: The Journey and DWVR by Mad Triangles.

As for PlayStation VR 2, there have been a few patents hinting at what a new headset might be like but there’s been no official confirmation. Only that a new headset might appear once the new console has launched. For further updates, keep reading VRFocus.

Source: https://www.vrfocus.com/2020/10/you-can-now-request-the-playstation-vr-camera-adaptor-for-ps5/

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Blockchain News

HSBC and Wave Facilitate Blockchain-Powered Trade Between New Zealand and China

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HSBC, a leading British multinational investment bank and financial services holding company, and Wave, a blockchain-based digital courier platform, have facilitated a blockchain trade transaction for the shipment of milk powder from New Zealand dairy processor Fonterra to China’s Sichuan New Hope Trading.

Cryptographic Lading Bills

HSBC gave banking services on both ends, while Wave provided the underlying blockchain technology. Specifically, the milk powder shipment carrier issued Fonterra a cryptographically signed electronic bill of lading through Wave’s platform.

As per the announcement:

“Fonterra added additional trade documents and presented the digital ‘envelope’ to HSBC New Zealand, which in turn verified that the documents and commercial terms matched the letter of credit and eUCP600 rules. It then forwarded this digitally to the issuing bank, HSBC China.”

Later on, HSBC China presented the documentation to Sichuan New Hope Trading. The cargo was released after the latter surrendered the bill of lading back to the carrier.

Less Than 24hrs Process

The bill of lading is an essential document in international trade. It is presented from the origin to the goods’ destination, showing ownership, financing, and customs clearance.

Therefore, under normal paper-enabled circumstances, the bill of lading takes days to weeks for it to change hands from origin to destination.

The blockchain-powered trade transaction averted this hustle because the cryptographic bill of lading was sent from New Zealand to China in less than 24 hours. A surge in electronic bills of lading is being witnessed as the coronavirus pandemic has made financiers, carriers, and exporters to find alternatives because of movement restrictions.

Rob Roughan, the interim CEO of HSBC New Zealand, noted:

“This development supports the digitisation of Fonterra’s supply chain into the key market of China.”

In other news, China’s petrochemical industry recently accomplished the first-ever blockchain-enabled digital warehouse receipt pledge financing transaction to minimize costs for small and medium enterprises (SMEs) in this sector. 

Image source: Shutterstock Source: https://Blockchain.News/news/hsbc-and-wave-facilitate-blockchain-powered-trade-transaction-between-new-zealand-and-china

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