Internet for communication - Blockchain for Business

"Blockchain will do for business what the internet did for communication – and it’s already happening with these leading blockchain networks" Leading blockchain networks already making an impact today are as follows: Socially-conscious network Plastic Bank Stopping ocean pollution and reducing poverty by turning plastic waste into currency. Cross-border payments network IBM Blockchain World Wire Clearing and settling of global payments with finality in seconds instead of days. "IBM Blockchain World Wire Presenting the new financial rail that simultaneously clears and settles cross-border payments in near real-time, integrating seamlessly with existing payment systems. How IBM Blockchain World Wire works Using blockchain technology and the Stellar protocol, IBM Blockchain World Wire makes it possible for financial institutions to clear and settle cross-border payments in seconds. Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions.* The institutions use their existing payment systems – seamlessly connected to World Wire’s APIs – to convert the first fiat currency into the digital asset. World Wire then simultaneously converts the digital asset into the second fiat currency, completing the transaction. All transaction details are recorded onto an immutable blockchain for clearing." Luxury goods network Everledger Transforming the jewelry industry by logging the identifying characteristics of over 1.6 million diamonds. European trade finance network we.trade Spreading opportunity to small and medium sized businesses in traditionally underserved markets. Food safety network IBM Food Trust™ Growers, distributors, retailers and others enhancing visibility and accountability in each step of the food supply. Multinational insurance policy network A smart contract policy brings transaction trust, security and certainty to multinational insurance coverage.  AIG Private equity network Real-time insights, increased efficiency, security and transparency for fund managers and investors. Northern Trust Canadian digital identity network SecureKey Helping consumers instantly verify identities for bank accounts, driver’s licenses and more.

Cloud Threat Report 2019

Modern day business has to pay an utmost importance to Cloud Security. Wherever there is a security breach, there is download of unsecured customer files from retailers, theft of intellectual property from tech firms, and complete business disruption, and many others. The number of organisations have reported an increase in the use of business-critical cloud services and a huge increase in the number of enterprises storing their data in the cloud. Resolving Cloud Security issues became more urgent than ever before as the number one task for the business. Oracle and KPMG published “Oracle and KPMG Cloud Threat Report 2019” to get business understand more what the threats are in the ever increasing use of the world of cloud services and cloud applications. "Organisations don’t know what their employees are doing with cloud services and where their corporate data is being placed.” says Greg Jensen, Senior Director at Oracle. "If there are suspicious user activities associated with your portion of the shared responsibility model, you have to be aware of those events, monitor them, and react to them.” says Brian Jensen, Risk-Management Consultant at KPMG. Increasingly, organisations trust the cloud for critical applications and for storing essential data. Security technology is doing a good job of keeping up, but more still needs to be done, as is documented in the “Oracle and KPMG Cloud Threat Report 2019”. Read more at >>

1 million young women coders aimed by iamtheCODE and Alibaba Cloud.

“We are truly honoured and excited for the young women as they will have access to the new technological advancements of Alibaba Cloud. This moment is truly historic. Working with Alibaba Cloud will make a great difference in the lives of millions of young women globally.” These are the words of Mariéme Jamme, Founder of iamtheCODE on the new partnership between iamtheCODE and Alibaba Cloud to enable 1 million young women coders by 2030. Announcement made on February 26, 2019 in the Tech for Change initiative at the Mobile World Congress (MWC). The initiative calls for inspiring ideas and joint efforts from enterprises, start-ups and young entrepreneurs, to tackle global social and humanitarian challenges in areas such as education, economic development and the environment through technologies. "Under the partnership with iamtheCODE, Alibaba Cloud will provide tailored courses on a range of topics including cloud computing, data analysis, machine learning and security. iamtheCODE will also add Alibaba Cloud on their blended curriculum, as certificates will be awarded to young women students who pass the course to help them along with their career path towards engineering and other practical subjects. To date over 13,000 girls have access to the iamtheCODE Curriculum. In addition, each enrolled student will be offered free access to cloud computing resources during their study."

Bitcoin and Insurance Issues

Because there is an uncertainty in regulatory environment and because the currency is so volatile insurers have been reluctant to get involved with the risks of insuring Bitcoin transactions so far. A managing director for Accenture had published a blog post detailing why he believes the insurance industry will move to embrace the blockchain within the “next few years”. Abizer Rangwala, who focused on insurance IT strategy for the professional services firm, wrote

that  “Insurance is gaining momentum in the use of blockchain and slowly figuring out the true business use or to some degree what the use case should be. I have no doubt that within the next few years it will be a major technology in the insurance ecosystem.”

Rangwala went on to say “The effect of blockchain for insurance products is a not as clear-cut and will likely take longer to emerge than for banking,” “The speed and ease with which contracts could be changed and the time-stamping feature of blockchain could, for example, facilitate individualized contracts that reflect actual risk, such as on-demand auto insurance effective only during hours a car is being driven.”

"Bitcoin and Its Possible Impact on Insurance

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"Many technological strides have been made over the last couple of decades. Advancement in technology is becoming faster and faster as each year passes by and many technologies to improve work efficiency, communication, and even financial services are being discovered and used every day. Technology has made the world smaller in a good way; we are now able to talk to family and friends from across the globe without having to spend too much money or wait too long for a reply. International financial transactions have also become more straightforward and hassle-free.

One of the significant technological strides in the financial sector is the invention of bitcoin. Bitcoin is a new type of currency which can be used in financial transactions without the need for a middleman (usually banks). Bitcoin was invented back in 2009 and has been gaining popularity since then, reaching an all-time high worth $ 17,900 on December 15, 2017.

"Here are some of the benefits of using bitcoins:

"1. Anonymity. – Bitcoins can be used to buy merchandise anonymously. In this time and age where privacy has become a critical factor to be considered when you’re connected to the Internet, being able to transact anonymously presents a very inviting option for many people.

"2. Easy international transactions. – Because bitcoin is not tied to any country or is subjected to regulations, global payments and other financial transactions are easier, and a lot more affordable than traditional international banking systems where fees still need to be paid and transactions may take time to be completed.

"3. Cost. – Small businesses may prefer bitcoins since there is no credit card fee that they would have to pay the bank. Online stores from across the world could also gain more profit by using bitcoin instead of other online payment methods like Paypal where there are charges for currency conversion and additional fees.

"4. Investment. – People may also get enticed by the history of bitcoin price. Because of the recent rise in bitcoin prices, a lot of people have begun thinking about investing in bitcoin as a form of long-term investment.

"Bitcoins are stored in a digital wallet which could either be on a cloud or your computer. Digital wallets serve as your bank account which allows you to send or receive bitcoins, pay for bitcoin transactions, and save or store your bitcoins for future use.

"No one can predict how bitcoin can affect world finance and economy in the long run, but judging by its practicality and its current popularity, it may be here to stay for a while. Bitcoin may even revolutionize the way that the insurance industry works. Without the need for banks to act as middlemen, insurance claims would be paid out more efficiently and promptly. There may also come a time when you wouldn’t need to pay for a monthly premium; with the help of GPS technology in conjunction with bitcoin technology, your vehicle’s movement can be tracked, and you would just have to pay for the times when your vehicle is in use. These are just assumptions but very well may be the future with bitcoins..."

Read more from the source >> This article was originally published at Hoganinjury.com.