SCS Tech India

Tag: #industrystory

  • An introduction to Blockchain Technology and its potential uses

    An introduction to Blockchain Technology and its potential uses

    Even while blockchain technology is still in its nascent stages today, it is finding increasing use in important industries outside of the realm of digital currencies. Through the upkeep of immutable distributed ledgers in thousands of nodes, blockchain is the primary technology utilised to produce the digital currency, Bitcoin. The 21st century will see a huge impact from this disruptive technology on institutional operations, company operations, education, and our daily lives.  It has the power to alter the current Internet from “The Internet of Information Sharing” to “The Internet of Value Exchange.”

    Blockchain technology is anticipated to fundamentally alter how business, industry, and education operate while also accelerating the worldwide transition to a knowledge-based economy. This ground-breaking technology has numerous potential uses because of its immutability, transparency, and integrity for all transactions carried out in a blockchain network.

    The following structure illustrates a sample blockchain transaction flow. A peer-to-peer blockchain network is used by User A to start a transaction with User B. The network uses a cryptographic proof of identification (a set of public and private keys) to specifically identify users A and B. The transaction will then be published to the blockchain network’s memory pool while awaiting transaction validation and verification. Reaching consensus is the process of getting a predetermined number of approved nodes to create a new block. Following a consensus, a brand-new “block” is created across the entire blockchain network, and each node updates its individual copy of the blockchain ledger. All of the transactions that took place during this time are contained in this block.

    Advantages of blockchain technology

    Reliability: because blockchain networks are decentralised, the databases of all transaction records have changed from being closed, centralised ledgers maintained by a small number of recognised institutions to being open, distributed ledgers maintained by tens of thousands of nodes.

    Trust: blockchain network also decentralises trust. With organised ledgers, blockchain networks serve as new trust bearers. A group of tamper-proof nodes form a network that shares these ledgers.

    Security: the one-way hash function, a mathematical operation that transforms a variable-length input text into a fixed-length binary sequence, is used by the blockchain network. There is no obvious connection between the input and the output.

    Efficiency: every piece of data is automatically put through pre-defined processes. Blockchain technology can therefore both dramatically lower labour costs and increase productivity. Blockchain technology may hasten the clearing and settlement of some financial transactions, resulting in a quicker and more effective reconciliation procedure.

    Applications using blockchain technology

    • Blockchain offers a number of advantages in the financial and banking sectors in terms of improved record-keeping, security, and transparency. It makes it the ideal option for banking needs like fraud protection, client onboarding, and anti-money laundering.
    • By 2025, the worldwide blockchain market for healthcare is expected to reach $5.61 billion. Using blockchain technology could help resolve expensive and urgent issues in the healthcare sector. Such as inconsistent records, patient data loss or theft, banking information, and test results.
    • Blockchain can be a great solution for the insurance industry and aid in the reduction of underwriting, the identification of fraud, and the enhancement of cyber insurance plans. By 2023, the global insurance blockchain industry might reach $1.39 billion.
    • Businesses that spend a lot of money protecting themselves against breaches are also concerned about cyber security, not only SMEs. Blockchain system nodes automatically compare the data and warn any information that is falsified.
    • Blockchain technology is being used in education by some colleges and institutions, and the majority of them do so to support academic degree management and assumptive evaluation for learning outcomes.
    • Supply chain management can be challenging and involves a lot of data. Data storage using blockchain-based systems would guarantee quick access and strong security because altering the data would be impossible without reporting it as a result.
  • IoT the next big thing or already is? In perspective of Industry 4.O

    IoT the next big thing or already is? In perspective of Industry 4.O

    One of the key technology foundations of Industry 4.0 is the Internet of Things. The ability of machines to independently communicate with one another allows them to solve issues that would previously require human intervention.

    It is anticipated that the use of industrial IoT for predictive maintenance and a rise in the number of data centres would present sizable market expansion prospects. Additionally, the government’s promotion of industrial automation and the demand for high productivity & efficiency are the main factors propelling the growth of this market.

    The majority of firms have acquired a high degree of IoT maturity, and through 2024, enterprises from all industry sectors intend to invest an average of $2.8 million in IoT. Businesses anticipate spending 10% of their IT budgets on IoT initiatives during the next three years, up from the average 7% of an organization’s IT expenditure between 2017 and 2020.

    However, there are observable differences in the expected IoT investment levels across various business sectors. Over the next three years, oil and gas companies plan to invest the most in IoT ($3.2 million on average), followed by electrical utilities ($3.1 million), transportation and logistics ($3 million), mining operators ($2.7 million), and finally, agricultural industries ($2 million).

    Latest research conducted by Inmarsat Enterprise reveals IoT is now the primary Industry 4.0 technology in which companies are investing over the next three years. IoT is becoming a company investment priority, and businesses expect it to save them an increasing amount of money in the next years. This shows how well-established an industry IoT has become globally. Despite the fact that IoT adoption is already accelerating quickly, Covid-19 has stressed the value of Industry 4.0 technologies like IoT for maintaining business continuity. Companies who create digital twins of their supply chains and share data are reaping the rewards as the world’s manufacturing and supply chains become more integrated and digitalized.

    In the Indian Landscape –

    India is a hive of IoT provider potential, and the nation’s IoT ecosystem is anticipated to keep expanding to generate entirely new sources of income. To stay ahead of the curve and meet the growing demand for IoT solutions, vendors should collaborate with other members of the value ecosystem to take advantage of cutting-edge technologies like Big Data analytics, AI and machine learning, new connectivity protocols, and blockchain.

    Private long-term evolution for improved security: Indian tech organizations should concentrate on promoting the advantages of P-LTE to raise awareness and approach businesses with solutions tailored to specific verticals.

    Real-time operational intelligence for improved risk and compliance management: To deliver brand-neutral IoT solutions, suppliers must create hardware and software that is interoperable and pre-integrated.

    Visual matrix solutions for better CX: IoT providers should collaborate with OEMs of visual surveillance systems to offer in-store, real-time consumer analytics in addition to core security solutions.

    IoT as a Service for Smart Diagnostic Laboratories: By starting with open source IoT solutions, expenses can be significantly cut, which will promote the use of smart laboratories as a service.

    By using our global knowledge and top-class IoT solutions, we can assist your business with our digital transformation and automation services. If you’re looking for understanding partners which can deliver results, contact us now.