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Impact of NFTs and Blockchain on Supply Chain

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Impact of NFTs and Blockchain on Supply Chain


In recent years, utilization of blockchain and NFTs in supply chains has gained popularity, given all the benefits it offers to the industry and how it makes work easier and more efficient in supply chain management.

For supply chain managers to remain competitive and maintain the most effective and modern processes, it is essential to be informed of emerging technology. An idea in particular, which optimizes how data is handled and safeguarded, is generating attention across international industries. Blockchain and non-fungible tokens (NFTs) are now gradually paving their way into the supply chain management industry.

How Implementing NFTs in Supply Chains is Proving to be Useful

NFT, a blockchain-related technology, has tremendous logistics potential because it can guarantee considerably more precise traceability control. NFTs are digital records that allow for the unique identification of objects and their owners as well as the inclusion of specific extra information. The numerous supply chain stakeholders’ trust is enhanced because this information cannot be distorted. We now have access to the metadata for specific products, including information on their current owner, location, and attributes like weight, size, and certifications. As the item moves along the supply chain, the NFT, which is still kept in the blockchain network, receives updates with this information. It is possible to get a credible, thorough history of the product’s overall journey, from its origin until the moment the items reach their destination. Basically, NFTs add value to the supply chain management system in three ways :

1. Accountability

NFTs enable us to identify the person in charge of a certain product at any particular point in time.  Furthermore, the delivery of the product will not take place if the responsible party has not received the NFT, just as it will not be possible to send an NFT if the counterparty refuses to accept it.

2. Security

Information is sent securely among all parties involved in the supply chain. To prevent entered data from being manipulated, erased, or replicated without permission, NFT information is saved on the blockchain network as a smart contract.

3. Transparency

Knowing the logistical and manufacturing procedures the commodities have undergone, as well as where they have been and how long they have been there, is essential when working with perishable goods such as food, pharmaceuticals, chemicals, and/or pharmaceutical products. NFT technology enables complete transparency, making it possible for anyone to get real-time access to complete product traceability information.

How Blockchain Is Beneficial for the Supply Chain

Companies can now track all kinds of transactions more securely and transparently, thanks to blockchain technology. The effect on the supply chain function could be enormous. Diamond tracking, food safety, oil supply chain and pharma supply chain are some of the main use cases of blockchain technology in logistics. The various benefits of blockchain for supply chain management are as follows:

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Increasing Traceability and Visibility


Businesses can use blockchain to track a product’s history from its point of origin to its present location. A secure record of every transaction involving a product is created, providing a complete history from production through a sale.
 
Supply chain networks can be limited to one-up/one-down visibility. Blockchain supply chain solutions allow authorized parties better visibility across all supply chain activities, owing to distributed ledger technology, which offers a shared, single version of the truth.

Reducing Costs


The expense of moving goods can be minimized since blockchain enables real-time tracking of a product across the supply chain without the use of intermediaries. By eliminating these intermediaries, unnecessary costs, frauds, as well as the possibility of product duplication, can be reduced. Payments can be made directly amongst the parties of the supply chain using cryptocurrency, as opposed to relying on financial intermediaries like banks.
 
By integrating with and enhancing electronic data interchange (EDI) systems, blockchain technology could potentially assist various businesses in making enormous savings and minimizing inefficiencies. This will prove to be an incremental step in the supply chain once business partners begin exchanging papers digitally instead of using paper-based processes.

Helping Build Trust


For a product to stay credible and authentic, parties engaged in the supply chain must have mutual trust. Each stakeholder may access any old or new record, thanks to the timestamped data retained consistently in a blockchain-based supply chain solution, which enhances trust in the system.

Offering Reliability


A shared blockchain ledger provides a reliable and impermeable audit record of the transfer of information, stock, and revenue within a supply chain. Using a shared blockchain, businesses may synchronize logistical data, track shipments, and automate transactions. While doing so, they can transmit only the most relevant data without significantly altering their existing systems. Also, businesses can locate the source of fraud wherever it occurs with the help of comprehensive records.

 


For any business to succeed, innovation should be a forever on-going process. Integrating cutting-edge technologies in your organization is bound to give you an upper hand over your competitors. Utilization of technologies like blockchain and NFTs in supply chain management is expected to bring a revolution in the logistics industry like never before and its adoption at the earliest is what can take your supply chain business to another level.




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TEKNOLOGI

Radware launches a spinoff of its cloud security business

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Cloud Computing News

Duncan is an award-winning editor with more than 20 years experience in journalism. Having launched his tech journalism career as editor of Arabian Computer News in Dubai, he has since edited an array of tech and digital marketing publications, including Computer Business Review, TechWeekEurope, Figaro Digital, Digit and Marketing Gazette.


Radware, a provider of cyber security and application delivery solutions, has revealed the spinoff of its Cloud Native Protector (CNP) business to form a new company called SkyHawk Security.

To accelerate Skyhawk Security’s development and growth opportunities, an affiliate of Tiger Global Management will make a $35 million strategic external investment, resulting in a valuation of $180 million. Tiger Global Management is a leading global technology investment firm focused on private and public companies in the internet, software, and financial technology sectors.

Skyhawk Security is a leader in cloud threat detection and protects dozens of the world’s leading organizations using its artificial intelligence and machine learning technologies. Its Cloud Native Protector provides comprehensive protection for workloads and applications hosted in public cloud environments. It uses a multi-layered approach that covers the overall security posture of the cloud and threats to individual workloads. Easy-to-deploy, the agentless solution identifies and prevents compliance violations, cloud security misconfigurations, excessive permissions, and malicious activity in the cloud.

“We recognize the growing opportunities in the public cloud security market and are planning to capitalize on them,” said Roy Zisapel, Radware’s president and CEO. “We look forward to partnering with Tiger Global Management to scale the business, unlock even more security value for customers, and position Skyhawk Security for long-term success.”

The spinoff, which adds to Radware’s recently announced strategic cloud services initiative, further demonstrates the company’s ongoing commitment to innovation. Skyhawk Security will have the ability to operate with even greater sales, marketing, and product focus as well as speed and flexibility. Current and new CNP customers will benefit from future product development efforts, while CNP services for existing customers will continue without interruption.

Radware does not expect the deal to materially affect operating results for the second quarter or full year of 2022.

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TEKNOLOGI

How Sports Organizations Are Using AR, VR and AI to Bring Fans to The Game

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How Sports Organizations Are Using AR, VR and AI to Bring Fans to The Game

AR, VR, and AI in sports are changing how fans experience and engage with their favorite games.

That’s why various organizations in the sports industry are leveraging these technologies to provide more personalized and immersive digital experiences.

How do you get a sports fan’s attention when there are so many other entertainment options? By using emerging technologies to create unforgettable experiences for them! Innovative organizations in the sports industry are integrating AR, VR and AI in sports marketing and fan engagement strategies. Read on to discover how these innovative technologies are being leveraged to enhance the game-day experience for sports fans.  

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AUGMENTED REALITY IN SPORTS

AR is computer-generated imagery (CGI) that superimposes digitally created visuals onto real-world environments. Common examples of AR include heads-up displays in cars, navigation apps and weather forecasts. AR has been around for decades, but only recently has it become widely available to consumers through mobile devices. One of the best ways sports organizations can use AR is to bring historical moments to life. This can help fans connect to the past in new ways, increase brand affinity and encourage them to visit stadiums to see these experiences in person. INDE has done just that, creating an augmented reality experience that lets fans meet their favorite players at the NFL Draft.

VIRTUAL REALITY IN SPORTS

VR is a computer-generated simulation of an artificial environment that lets you interact with that environment. You experience VR by wearing a headset that transports you to a computer-generated environment and lets you see, hear, smell, taste, and touch it as if you were actually there. VR can be especially impactful for sports because it lets fans experience something they would normally not be able to do. Fans can feel what it’s like to be a quarterback on the field, a skier in a race, a trapeze artist, or any other scenario they’d like. The VR experience is fully immersive, and the user is able to interact with the content using hand-held controllers. This enables users to move around and explore their virtual environment as if they were actually present in it.

ARTIFICIAL INTELLIGENCE IN SPORTS

Artificial intelligence is machine intelligence implemented in software or hardware and designed to complete tasks that humans usually do. AI tools can manage large amounts of data, identify patterns and make predictions based on that data. AI is already influencing all aspects of sports, from fan experience to talent management. Organizations are using AI to power better digital experiences for fans. They’re also using it to collect and analyze data about fan behavior and preferences, which helps organizers better understand what their customers want. AI is also changing the game on the field, with organizations using it to make better decisions in real time, improve training and manage player health. Much of this AI is powered by machine learning, which is a type of AI that uses data to train computer systems to learn without being programmed. Machine learning is the reason why AI is able to evolve and get better over time — it allows AI systems to adjust and improve based on new data.

MERGING THE REAL AND VIRTUAL

VR and AR are both incredible technologies that offer unique benefits. VR, for example, is an immersive experience that allows you to fully imagine and explore another virtual space. AR, on the other hand, is a technology that allows you to see and interact with the real world while also being able to see digital content superimposed on top of it. VR and AR are both rapidly evolving and can have a significant impact on sports marketing. By using both technologies, brands and sporting organizations can create experiences that bridge the real and virtual. This can help sports marketers create more engaging experiences that truly immerse their customers in the game.

Technologies like AR, VR and AI in sports are making it possible for fans to enjoy their favorite games in entirely new ways. AR, for example, can help sports lovers experience historical moments, VR lets them immerse themselves in the game, and AI brings them more personalized and immersive digital experiences. The best part is that sports fans can also use these technologies to interact with one another and feel even more connected. 

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The Dark Side of Wearable Technology

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The Dark Side of Wearable Technology

Wearable technology, such as smartwatches, fitness trackers, and other devices, has become increasingly popular in recent years.

These devices can provide a wealth of information about our health and activity levels, and can even help us stay connected with our loved ones. However, there is also a dark side to wearable technology, including issues related to privacy, security, and addiction. In this article, we will explore some of the darker aspects of wearable technology and the potential risks associated with these devices.

1. Privacy Concerns

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Source: Deloitte

Wearable technology can collect and transmit a significant amount of personal data, including location, health information, and more. This data is often shared with third parties, such as app developers and advertisers, and can be used to track and target users with personalized advertising. Additionally, many wearable devices lack robust security measures, making them vulnerable to hacking and data breaches. This can put users’ personal information at risk and expose them to identity theft and other cybercrimes.

2. Security Risks

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Source: MDPI

Wearable technology can also pose security risks, both to the individual user and to organizations. For example, hackers can use wearable devices to gain access to sensitive information, such as financial data or personal contacts, and use this information for malicious purposes. Additionally, wearable technology can be used to gain unauthorized access to secure areas, such as buildings or computer systems, which can be a major concern for organizations and governments.

3. Addiction Issues

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Source: Very Well Mind

The constant connectivity and access to information provided by wearable technology can also lead to addiction. The constant notifications and the ability to check social media, emails and other apps can create a constant need to check the device, leading to addiction-like symptoms such as anxiety, insomnia and depression.

4. Health Risks

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Source: RSSB 

Wearable technology can also pose health risks, such as skin irritation and allergic reactions caused by the materials used in the device. Additionally, the constant use of wearable technology can lead to poor posture and repetitive stress injuries, such as carpal tunnel syndrome. It is important for users to be aware of these risks and to take steps to protect their health, such as taking regular breaks from using the device and practicing good ergonomics.

Slutsats

Wearable technology has the potential to be a powerful tool for improving our health, fitness, and overall well-being. However, it is important to be aware of the darker aspects of wearable technology and the potential risks associated with these devices. By understanding the privacy, security, addiction, and health risks associated with wearable technology, users can take steps to protect themselves and their personal information. Additionally, by being aware of these risks, organizations can take steps to protect their employees and customers from the potential negative effects of wearable technology.

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