Blockchain has left its mark on many industries since its first appearance as a cryptocurrency in the financial sector. From simplification to automatization, blockchain technology offers the ability to record and distribute digital information. When applied to digital currency, blockchain technology comes with versatile characteristics that provide layers of security, transparency, and convenience.
When considering blockchain integration for your business, or introducing new blockchain-based products to your customers, or investing in blockchain application development, there are many factors to keep in mind. This trending technology has the potential to massively impact how your business operates. If you’re considering the benefits of hiring a blockchain developer to design and implement this technology for you, then this article can help you get fully prepared for what to expect, especially if you’re aiming for blockchain mobile app development.
What is Blockchain Technology?
Appropriately titled, “blockchain technology” refers to “blocks” of digital information that are connected as “chains” and stored in a public database. Three important concepts are integral to the blockchain, which are blocks, nodes, and miners.
These blocks, nodes, and miners are mainly used to validate and execute digital payments, smart contracts, and the transactions of virtual wallets. Blockchain offers “smart insurance” because it eliminates the need for a centralized database. Instead, blockchain relies on decentralized databases and therefore can handle real-time activity, different payment scenarios, and smart contracts.
Blockchain Technology – Why Blockchain Mobile App Development is Unique as Compared to Other Technologies?
1. Digital Wallet Apps
With the emergence of cryptocurrency, digital wallet app development has gained enormous popularity. Blockchain plays an essential role in security and fraud and theft prevention when integrated into cryptocurrency-based digital wallets.
2. Digital Blockchain Application Development For Digital Apps
Digital apps support a wide range of industries including hospitals, educational organizations, government agencies, and retailers, and that’s just the start. Digital apps are in high demand because they provide secure methods of personal identification, recording transactional histories, and directly contacting users with important alerts and notifications. When digital apps are developed using blockchain-based technology, they succeed at reliably and securely storing confidential information.
3. Enhanced Advertisement Model
Previously, all mobile app developers had to exercise ingenuity to succeed at reaching the widest audience. This effort took into account the “cost-per-involvement principle”, which assesses the ROI of any given advertising campaign before it’s launched. Thanks to blockchain application development, evaluating “cost-per-attention” associated with the cost-per-involvement principle has never been easier. The data collecting capabilities that come with blockchain work in the background as users spend time using the app. As the app rewards users with digital coins, which further incentivizes users to spend more time on the app, the blockchain technology A.I. is able to collect even more valuable data.
4. Streamlined Google Play and iTunes Approval
Android & iOS are the two major market players who decide whether your mobile app will be approved for sale and distribution on their respective platforms. At present, the submission processes to get into the Android and iOS app stores are cumbersome. However, blockchain mobile app development enables developers to submit and get app approval quicker. This is because blockchain based technology apps are afforded a separate user-ranking method and decentralized public ledger, which makes the process fair and transparent.
How Does Blockchain Application Development Benefit Businesses Across All Industries?
A healthy percentage of government agencies, financial institutions, retailers, and educational organizations use blockchain based technology app solutions, and they have already reported the advantages they’ve been experiencing. These range from post-trade settlement capabilities to digital asset creation. Using the tested architecture of Ethereum and other platforms, blockchain’s unrivaled programmability enables businesses to develop robust, customizable networks and applications at scale.
1. Automatic Execution
Using programmable transactions, blockchain technology streamlines businesses’ processes, which enables real-time clearing and settlement.
2. Digital Asset Management
Blockchain rapidly creates and manages digital assets and instruments.
3. Production Grade
A compliant blockchain platform can be built and launched at scale with zero downtime.
4. Trusted Business Networks
Blockchain technology uses authorized networks only when sharing business logic to provide you with easy and customizable governance.
5. Advanced Security
Blockchain comes with tamper-proof data coordination methods and granular security controls to mitigate risk.
Some Technologies Used to Develop Blockchain-Based Solutions Include:
1. Blockchain Application Development Platform
Hyperledger, Ethereum, Tierion, Solc, Truffle, Etherscan, Remix, Mist, MultiChain, EOS, Stellar, Cosmos, IPFS, Minter, NEO, and Credits.
2. Tech Stack
When and How Should You Use Blockchain Application Development For Your Business?
Many sectors deploy Ethereum blockchain based solutions due to the versatility of how they can be used. Businesses across several industries including retail, manufacturing, healthcare, and financial have launched blockchain for the intents and purposes of addressing recurrent problems that they’ve been struggling with, and once deployed, blockchain has solved these problems. Undoubtedly, blockchain technology offers measurable value compared to other technologies. Blockchain also has the core capabilities to solve enterprise problems seamlessly.
The best advantages that businesses achieve with blockchain application development include:
1. Decentralization in a P2P Network
From compliance to communication, every business operation functions in a centralized way, which isn’t necessarily ideal. By integrating decentralized mechanisms via blockchain technology, your business can bring all communication into a “cook-proof” system so that it’s unhackable.
2. Improved Efficiency and Speed
The traditional method of recording and managing business transactions involves a time-consuming process and is prone to human error that can often require third-party mediation. Automating and streamlining these processes with blockchain-based solutions make recording transactions much more efficient and much less prone to errors. Blockchain uses a single digital ledger for record-keeping which can be shared among participants, and thus, you don’t need to reconcile multiple ledgers.
3. Cost Reduction
Reducing costs is a priority for most businesses. When blockchain-based solutions are incorporated into your business operations, you can eliminate the need to engage mediators and third-parties if disputes arise. Also, you won’t have to oversee redundant operational transactions to fulfill your contracted agreements. It doesn’t matter whether or not you trust your trading partners, because you can trust the blockchain technology you’ve put in place to catch fraud, theft, and breaches of contract for you.
4. Improved Traceability
There are many challenges associated with tracking goods, products, and items through their complex supply chain journeys. But when blockchain technologies are in place, recording these kinds of exchanges becomes easy and error-free. Never lose sight of where an asset came from, where it’s going, and every stop it makes along the way by establishing a blockchain-based audit trail. When blockchain records historical transaction data, you can check and verify asset authenticity in real-time with the click of a button to prevent fraud.
Interested in learning more about how your business can benefit from FTx Infotech’s blockchain application development? Contact us to schedule a 30-minute free consultation with our experts. We have extensive experience in blockchain application development for businesses of all industries. If you would like to discover all of the services and technologies that FTx Global offers, we invite you to visit our website.
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FTx Global (Infotech, AI)
Approximately 37% of organizations use AI (Artificial Intelligence) as part of their business marketing and operations, according to a recent report from Gartner. This means that many companies are using Artificial Intelligence for automation or for equipping their employees with the technological support to achieve complex goals.
AI Business applications are built to evaluate data across multiple functionalities. Better customer relationship management has become possible thanks to AI, and detecting fraud is far easier. Artificial Intelligence also provides additional benefits to businesses, regardless of which industry a company operates within.
AI for Business can assist users with finding solutions to complex business problems, just as a real-life employee would. Adopting human-like logic, AI offers intuitive, intelligent characteristics that have the ability to implement computer-friendly algorithms.
Along with advanced Machine Learning, AI is being applied to the functionality of consumer electronics, robots, and smart cars, among other devices and products such as mobile apps.
Types of Artificial Intelligence
When considering developing AI solutions, it’s recommended that business owners focus on the support capabilities that AI can offer as opposed to the literal technology at work. The three most important business needs that AI can support are:
- Gaining Insight Through Data Analysis
- Automating Business Processes
- Engaging with Customers and Employees
In addition, Robotic Process Automation technologies are another highly useful feature of AI, according to hbr.org. Technology used for the automation of digital and physical tasks, such as financial activities and back-office administration, can greatly improve the overall functioning of a business. With advancements in technology, RPA (R stands for Robotics, i.e. robots –code on a server) performs the same as a human would when inputting and consuming information from multiple IT systems to perform many tasks. RPA further supports:
- Transferring data from email and call center system into systems of record
- Reaching into multiple systems to update records of lost Debit or Credit cards
- Managing customer communications
- Reconciling failures to charge for services across billing systems
- Using natural language processing to “read” legal and contractual documents and extract provisions
Current Capabilities of Artificial Intelligence
Machine learning directs the machine to learn from examples and act on those learned variables without having been explicitly programmed to do so. In ML, large volumes of data can be processed by computers, after which the computer can connect dots for you that are relevant to your needs. ML can achieve this with a high degree of accuracy, no matter how many thousands of variables are involved. This capability enables business owners to gain far more insights than would be possible if AI was not employed.
Natural Language Processing:
NLP powers human-machine interactions. This capability gives machines the ability to read, understand, and derive meaning from human languages. NLP can gather business intelligence from terabytes of data to support your business process management. Apart from this, other capabilities that AI contributes to NLP include information extraction of account numbers and names from forms and text resources; the ability to link digital entities and group forum discussions by topic.
AI’s interactive capability provides natural and seamless human-to-machine conversations. In other words, since no specific requirements and scenarios need to be defined to enable interactions, the AI can handle this for you. One of the best examples of an interactive capability is conversational marketing. On a conversational marketing platform, hundreds of website visitors can interact with chatbots simultaneously. Moreover, it can be integrated with your IT/Telecommunications systems, enterprise analytics platforms, and CRM systems.
Business Benefits of AI for Businesses
Artificial Intelligence has the ability to provide solutions to practically every foreseeable problem your business could face. When this excellent, intuitive technology is utilized, business leaders like you can easily win a competitive edge. AI consists of rapidly developing tech, which means that its practical use will never become outdated. Here are additional ways that businesses can benefit from cloud-based AI.
Automating Customer Communications at Reduced Cost
In 2021, chatbot capabilities are outdoing traditional customer service communications. AI-driven chatbots offer a convenient 24/7-customer-support system for companies who wish to automate their communications with customers while making the customer experience more personal.
Thanks to the latest improvements in natural language processing, we have seen ‘bots’ that have picked up conversational expressions, phrases, and humor in order to provide customers with more human-like interactions. Mimicking human speech nuances and cadence, AI has resulted in improved customer experiences and overall satisfaction.
Recently, the banking sector has implemented chatbots that result in improved back-office efficiency, which has reduced salary and benefits costs. Moreover, businesses with limited budgets and businesses that don’t have a dedicated customer service team can implement AI-enabled chatbot to fill their current customer service gaps.
Strengthen Brand Loyalty with a Personal Touch
Personalization takes time, effort, and money. In order to succeed at delivering personalized customer experiences, businesses need to tailor each individual consumer’s shopping journey. Being able to predict the promotional offers that will yield the most success by increasing engagement and driving sales is critical in this day and age. Delivering personal experiences to every customer requires the ability to anticipate their unique requirements, and this is a task that Artificial Intelligence can handle.
Businesses use data from customers’ social media activity and purchase history to predict the type of products consumers will likely buy if incentives are included. These insights enable the company to generate customized content and personalized messages to customers.
Here, the role of AI is to recognize decision-making patterns by automating this process, creating personas based on this, and then leveraging the information that AI has learned to increase click-through rates. This is one of the examples of how automation technology and AI can enhance a business’s marketing strategy.
Increase Forecasting Accuracy
The reduction in human error is the most substantial business benefit offered by Artificial Intelligence. Forecasting cash flow has always been an area of business that is highly prone to human error. Using Artificial Intelligence technology, businesses can now easily automate objective forecasting without any manual intervention. This provides greater visibility of a business’s future finances, which in turn empowers business owners to make better decisions and achieve their business goals.
Effective Sales Process
When it comes to sales and marketing, businesses are always looking for innovative, effective approaches. Nowadays, integrating AI into CRM is the latest trend to support sales pitches that successfully target the right customer at the right time on the right platform.
A multitask, AI-driven CRM can handle all of your business functionalities. Your sales team can also succeed at generating customized solutions when they use AI to analyze their customers and develop personalized promotional sales campaigns.
This includes campaigns for eCommerce businesses. Once your sales staff have asked customers tailored questions, customer preferences can be recorded and that compiled data can then be leveraged to make more sales. There is no doubt that AI is changing the face of sales by establishing quicker conversion rates.
Do you want to know how your business can benefit from AI capabilities offered by FTx Infotech? Contact us to schedule a 30-minute free consultation with our experts. We have extensive experience in developing AI-based apps designed specifically for cloud-based systems and are easily deployable. If you would like to learn about all of the services and technologies that FTx Global offers, we invite you to visit our website.
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FTx Global (E-commerce Website Development)
Over the past decade, the preferred method of shopping for consumers has evolved with the introduction of new technologies. A trend has emerged. The greater the technological advances, the greater the customers’ expectations. Retailers have struggled to keep up with the ever-changing shifts, but no time in history has been more of a struggle to survive than 2020.
Over the course of this past year, consumers have increased their expectations to include home-based shopping that is convenient, fast, and cost-effective.
If you haven’t added an eCommerce website to your retail business yet, it would be wise for you to do so now. While we can’t predict that brick-and-mortar will one day be obsolete, we can safely say that the benefits of developing an eCommerce website are staggering.
Saving time and money, and reaching a much broader audience has never been more important than it is now in 2021. Let’s take a look at the major benefits your business will see as a result of launching an eCommerce site.
Costs Significantly Less Than An Offline Business
Setting up an eCommerce website is exponentially cheaper than opening a brick-and-mortar retail location. Unlike offline businesses, operating an eCommerce site has virtually zero overhead costs. The entire sales system for your business will be automated online, which will result in you saving money on staff, wages, and other business costs like rent, utilities, and in-store promotional signage. A portion of the money you save can be directed towards digital marketing and advertising if you choose, or you can reinvest it into scaling the functionality of your website as your company grows.
Additional benefits include:
- Maintaining an eCommerce website can cost as little as $20 per month
- Artificial Intelligence can collect visitor information for you to leverage in the future
- Automation can suggest popular products to visitors and make additional suggestions at the virtual checkout
- Free shipping and other discount programs can incentivize increased shopping frequency and higher spending thresholds
- An eCommerce website can introduce your customers to your social media accounts for further engagement
- Running and managing your business solo is possible, which eliminates payroll and bookkeeping costs
Operate Your Business From Anywhere
No longer limited to geography, you can both attract new customers from anywhere in the world and also run your business from wherever you like so long as you are able to connect to the internet. As you do, you will find that your eCommerce website is able to track customer activity and website traffic and compile data regarding your products, customers, and promotions, which you can use to your advantage in the future. Once you gain an understanding of what’s working versus what isn’t, you can make adjustments to improve sales, consumer engagement, and digital awareness of your brand. From the comfort of your own home or from the luxury of lounging poolside while on vacation, you will be able to easily review data analytics when you have an eCommerce website.
When you establish an online presence thanks to your eCommerce website, you have access to multiple channels for direct-to-consumer communication. A branded website that includes your social media accounts can provide visitors with additional platforms to get to know your company. Each social media account is its own content marketing machine. Visitors can interact with your brand, followers can “like”, “hashtag”, and “tag” your content, and customers can post about the products they bought from you on your eCommerce site. Plus, your website itself can prompt visitors to sign up for your email newsletter and your customer loyalty rewards programs, both of which can be powerful content marketing tools.
Providing your customers with the ability to purchase your products on an eCommerce website can lead to a measurable increase in sales. Shoppers can hit the “buy” button and proceed through the checkout process no matter what time of day or night. They can also complete purchases from your Facebook store, Instagram ads, and your mobile app if you develop one in tandem with your website. The possibilities are practically limitless when you have an eCommerce website in place, such as those offered by FTx Global
Are you convinced that you should develop your own eCommerce site and sell it online? Contact FTx Global to learn about the basics of eCommerce and what our services can do for you. Our full suite of digital solutions can handle every aspect of your business operations, marketing, and needs.