Blockchain can solve numerous business problems by providing security, trust and transparency.
Solving business problems with blockchain ensures efficient functioning of an enterprise.
When an organization suffers a loss or a specific problem that manages to disrupt its rhythmic flow , authorities frantically search for options that can help them solve the problem. Blockchain is a technology that focuses on increasing transparency and introducing decentralization that will allow the technology to enable everyone on the network to view information stored on ledgers. Blockchain has many applications that contribute to its popularity amongst people. Here are four common business problems:
1. Smart Contracts Help in Maintaining The Deal
When an organization makes a deal with another company, it affirms to stick to the guidelines laid down mutually. Apart from adhering to the instructions, they also finalize on an amount and mode of payment during the tenure of the partnership. Even after having the paperwork in place, companies face problems when their partner organization fails to keep up with the guidelines or changes the amount of money they had agreed to pay to each other. In such a situation, there is not much for an organization to do rather than negotiate the other company to stick to the deal or quit the venture then and there.
2. Supply Chain Management Gets Transformed With Increased Transparency
When a company is into production or manufacturing they lay heavy emphasis on maintaining the flow of production. Furthermore, manufacturers also need to ensure that their products reach the distributors and end retailers on time. Even after keeping track of products and trying to transport the product to the retailer’s store safely, companies face problems in maintaining a record of products and issues in supply chain management occur. When a product gets lost midway, it becomes nearly impossible to find it again. This misplacement of products often leads a company into enormous losses.
3. Data Can Be Stored Securely On The Blockchain Network Empowered With Encryption Feature
Information is considered to be one of the most crucial assets that a company holds. Every organization nowadays contains a plethora of data at their disposal that requires maintenance. This information is essential as the same can help firms in increasing sales and managing the usual flow of operations. Even after trying to protect information, a single drawback in the security system of a central network can lead a hacker into gaining access to the information that can pose a devastating blow to the company.
4. Advertisements Can Be Assured Of Viewing Only By Humans With the Help of the Blockchain Network
In the age where technology is almost everywhere, businesses try to reach a broader audience base to increase sales. With the internet improving every day, companies are now posting advertisements on several websites and social media platforms for people to view and interact with their organization. Advertisements are vital as they focus on displaying brief information about a company. Even after trying to reach a global audience, companies face the problem of their ads subjected to fraud bot traffic and not being viewed by its target audience. This lack of transparency causes a loss of trust between companies and digital advertising platforms, eventually lowering the sales for their business.
Solving Business Problems Using Blockchain
Even though blockchain’s introduction was with bitcoins, it is a disruptive technology that holds the potential to deliver transformations across several industries.
Smart contracts are one of the applications of blockchain that can vastly help companies in securing a deal. By using smart contracts, companies can form an electrical code that assists organizations to develop a venture in a conflict-free manner. Unlike traditionally, if a company tries to change the terms of the contract or denies to release a payment, everybody on the network can leverage the technology’s transparency to view the same, and the contract’s code automatically freezes the deal. The agreement would not continue further until the company pays the due or goes back to keeping up with the guidelines. This smart management of contracts helps businesses to maintain operations functioning without any friction.
As blockchain is a technology that increases transparency, keeping track of the incoming and outgoing products from the site can be managed efficiently by everyone on the network. Every time a product halts at a specific gateway, the same gets documented and inserted into the blockchain ledger. This documentation increases transparency on cargo status and ensures they reach retailers on time and intact in condition.
Because of its cryptography feature, storing information on a blockchain network is secure. As the ledgers and blocks are secured with private cryptographic keys, hacking into a blockchain network is extremely difficult. For a hacker to gain unauthorized access to the network, he has to hack every system connected to the network, which is extremely difficult to accomplish.
As blockchain focuses on increasing transparency, companies posting online ads can benefit massively from this technology. When using blockchain, authorities can view who has clicked on their ads and get the power to gain all the information about the viewer from her single click on the viewer’s agreement.
Blockchain is a disruptive technology . CTOs and CIOs can search for ways to implement and execute a blockchain network in their business. Companies that do not wish to implement their private blockchain network can turn to vendors through whom they can use Blockchain-as-a-Service (BaaS).
How Virtual Reality is Revolutionizing Motion Pictures
Immersive VR filmmaking promises to fundamentally change a few existing cinematic concepts—audience involvement and how directors will visualize each scene in motion pictures.
Great cinema, at the end of the day, is all about escapism for the audience. Individuals, couples, families, and friend groups flock to movie theatres to set aside their lives’ trials and tribulations for a good two to three hours. Regardless of which genre a film belongs to, the audience loves watching a gripping story whilst chomping on a bucketful of popcorn. Chasing greater audience engagement at all times, filmmakers have switched from 2D to 3D and even 4D to “bring their films to their audience.” Now, VR promises to flip that scenario, “bringing audiences inside the film” instead. After all, there is no more engaging movie experience than literally immersing the viewers into a motion picture.
Conceptually, VR already has applications in employee safety training in workplaces, paralysis treatment and several other areas. The almost lifelike simulation-creating capabilities of VR in such application areas are ideally suited for cinematic usage. To optimize the movie-going experience, VR filmmaking seeks to exploit the technology to break down the fourth wall standing between audiences and movie characters.
Placing the Audience in the Middle of the Action
VR involves the usage of devices such as specialized headsets and handheld controllers to let audiences experience tactile, visual, auditory and other sensory feelings while watching a film. VR films will be similar to several games, such as Fortnite, which can be played in VR with a headset and handheld controllers. Such games and films let users “roam” and get a full 360-degree view of the location in which each scene takes place in a VR movie. As a result, audiences, in their virtual avatar, can view arguments between characters, action scenes and other film moments closely. This increases the engagement between films and audiences by adding breadth and realism to each scene. Several major blockbusters—Dunkirk, Alien: Covenant, and many more—have dabbled with VR in recent times, and the trend is set to continue in the future as well.
Creating Interactive Films
The next evolution of VR filmmaking could involve the possibility of audiences interacting with the movie characters. While that is somewhat far fetched, the closest VR filmmaking has got to that is in the 2017 VR film Dear Angelica. In the movie, viewers can use VR to access the thoughts of each character. The possibilities are tantalizing—imagine a film where users could discuss war strategies with movie generals or provide suggestions to characters who are unsure about their decisions. Whether everybody would enjoy such a movie is debatable.
VR filmmaking provides yet another example of the diverse and interesting ways in which the technology could be used.
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