user, Author at Chainyard

Hyperledger Global Forum 2021 will offer the opportunity for users and contributors of Hyperledger projects from across the globe to connect, network and collaborate virtually. Social networking for the community to bond, and hacking activities will also be front and center at this annual event.

Join Chainyard throughout Hyperledger Global Forum for sessions that explore governance, interoperability, implementation, and inclusion. Participate in the following Chainyard led sessions:

Hyperledger Global Forum will be the premier virtual enterprise blockchain event of 2021.  Haven’t registered for the event yet?  Register here

This past year was unprecedented in many ways. The global fallout from COVID-19 strained governments, shutdown businesses, closed schools and impacted our population like the world has not experienced in over 100 years. The turmoil created stress and confusion for governments. The healthcare systems around the world, and corresponding readiness for a pandemic, were tested to capacity. Supply chains around the globe were upended. Due to executive orders to quarantine and the closing of businesses, unemployment numbers soared.

While many, even most industries struggled in 2020, the growth in some select industries is unrivaled. The growth was fueled by government stimulus, dovish federal reserve policy, new vaccines, and faith in the future. However, the more prominent actions that accelerated the growth in these industries, but also the shift to a more digital, virtual world. Specifically, the shift in how the workforce is functioning, consumers are spending, and even how services are being delivered. The shift has created a “new norm” where everybody accepts the changes. Many of these changes are here to stay.

As noted, not all industries, nor even all companies within these industries, benefited. The key differentiator between the companies that survived and the companies that accelerated was the depth of their digital footprint. While some companies naturally benefited, such as Zoom Communication due to remote work, others were able to pivot and leverage their previous digital transformation efforts to garner additional market share. Some of these companies have always been digital, while others invested in past strategic initiatives that allowed them to be better prepared. It is clear that companies with a significant digital footprint – Amazon, Grub Hub, Target, Chick-Fil-A, and many others – are the winners. Past digital transformation efforts allowed these companies to pivot more quickly, demonstrating an agility to adapt to the situation.

“The key differentiator between the companies that survived and the companies that accelerated was the depth of their digital footprint.” “Past digital transformation efforts allowed these companies to pivot more quickly, demonstrating an agility to adapt to the situation.”

These observations are readily apparent and are influencing other companies to make similar digital transformation investments. In the 2021 Technology Outlook from Deloitte, the key differentiators for companies are:

These are all strategic activities due to COVID-19. Furthermore, these activities will help companies to adapt, survive, and thrive in the future. With the 100% increase in digital transformation projects across enterprises, now is the right time to consider having maturing emerging technologies as part of your roadmap.

Most specifically, Blockchain, IoT, Cloud, and Artificial Intelligence should all be considered, both independently and together. Independently based on your specific use cases and together because each compliments the other in some way. Blockchain helps secure data and bring trust to transactions, real-time and immediate nature of smart contracts can leverage decisions made by AI bots to automate processes, and IoT can be used to bring large amounts of data into the ecosystem, helping the AI bots to make better decisions using trusted data. The positive impact of deploying these technologies strategically is bringing value to all industries.

“Now is the right time to consider having maturing emerging technologies as part of your roadmap. Most specifically, Blockchain, IoT, Cloud, and Artificial Intelligence should all be considered.”

In Retail, the University of Auburn’s Chain Integration Project (CHIP) has worked with over 20 brands to prove the viability of blockchain as a common platform for supply chain data sharing, using real data provided by some of the brands. Blockchain allows all parties to have control over what data they share and with whom. The research, focused on solving a $181 billion industry problem, leveraged over 200,000 products across 12 different supply chain nodes. The results were positive, and the participants are now focused on economics of making this a new reality for the industry.

Another example of emerging technology, specifically Blockchain and Artificial Intelligence working to improve a cross-industry challenge is Trust Your Supplier. Trust Your Supplier is a global business network focused on digitizing the relationship between Buyers (e.g., Procurement Organizations) and Suppliers (e.g., vendors, partners). This network is focused on facilitating the Supplier On-boarding process, including collection of critical data to help the Buyer evaluate the Supplier in terms of risk to the organization and its supply chain.

The Trust Your Supplier network helps companies to transform this process, which today is still often email, text documents and spreadsheets. Additionally, the deployment of Artificial Intelligence and other tools help to automate evaluation and qualification, focusing efforts where risk is identified instead of on mundane, non-critical information. This network is bringing trusted, secured, and verified data into the transactions between these companies providing significant benefit to all participants.

Today, the Trust Your Supplier network has over three dozen global Buyers and thousands of Suppliers representing over 70 countries and the numbers are growing daily. The benefits of a larger ecosystem are critical in this network. With an increasing number of relationships within Trust Your Supplier, the greater the benefits are across the ecosystem for all participants.

The biggest question for leaders is how can a blockchain-based digital transformation improve your procurement team’s day-to-day operations, increase trust in the quality of your products, strengthen your supply chain, and reduce risk in your organization. Learn more about blockchain’s array of use cases in digital transformation here, or reach out to Chainyard to discuss how it could fit in to your own strategy.

Chainyard, a digital transformation consulting specialist, has deep experience with blockchain consulting, cloud migration consulting, DevOps consulting, artificial intelligence consulting, machine learning consulting, user experience consulting, cybersecurity consulting, web portal development, mobile application development, and IT operations management.

Digital Transformation with IoT: A smart & connected meeting room solution built with a variety of digital technologies.

Our client, as part of various digital transformation solution initiatives, embarked on creating a collaborative and productivity-enhancing workspace solutions with IoT devices, cloud and data which will significantly transform workspaces across different office campuses. The primary challenge that the client wanted to address was “underutilization of meeting rooms and conference halls”. Chainyard, as a development partner, helped the client in developing a hardware-driven IoT and cloud-based meeting rooms management solution that provides a centralized & connected hub device in each meeting room.

The transformation solution maximized the utilization of meeting rooms, optimized the size & number of rooms, and enabled increased collaboration & communication between teams.

Co-developed a transformational PC configuration and management solution for a global PC manufacturer.

Consumers of our client were facing multiple challenges with their on-board PC configuration management interface. The interface was considered to be a legacy model whereas the expectations were to have a modern browser-based interface experience. Besides, multitude of settings were complex to change and lacked clear guidance to manage configurations. Chainyard, as a development partner to the client, built a one-stop native Universal Windows Platform (UWP) application that enables users to easily manage PC settings and preferences.

The new UWP application enhanced customer experience while also increasing individual productivity and maximizing PC longevity. Besides, the new interface helped our client to up-sell & cross-sell related products and services.

After the COVID-19 pandemic, companies will rely on technology and data like never before. However, there’s a caveat to this: Digital transformation is certainly critical for adapting to the new normal, but it has an unfortunate side effect — an increase in cyber risk.

Companies should be excited about digital transformation, of course, but they also need to be on guard. In a 2020 survey, 82% of respondents blamed at least one cybersecurity incident in the last year on their digital transformation efforts. In 55% of the cases, a third party was involved, which highlights another risk created by an expanding digital footprint. Similarly, ransomware attacks are expected to hit companies this year at a pace of one every 11 seconds, and by the end of 2021, ransomware will steal around $20 billion.

All in all, 2020 was the year when attitudes around new technology reached a tipping point, and companies decided to finally commit to widespread digitization. Nevertheless, the last year has also highlighted the chasms between adopting promising technologies and laying the extra groundwork necessary for security.

We can tie these mounting threats back to digital transformation. After all, more technology means more targets for hackers, but many companies are rushing to complete their digital transformation without making a proportional effort to boost their digital defenses.

As companies become increasingly reliant on technology, ransomware has more ways to infect an organization. Even worse, when technology “drives” a company, ransomware attacks that prohibit access to apps and data have devastating consequences that companies will pay almost any sum to stop. In that way, hackers are using digital transformation against companies — and technology becomes an immense vulnerability rather than a strength.

Although cybersecurity concerns might make digital transformation more complicated, they don’t doom it to failure. In fact, blockchain’s many use cases help ensure a company transforms into something more secure than it was before.

Blockchain’s use cases already factor into a significant number of digital transformation plans, but not typically for the purposes of cybersecurity. That oversight could be costly because blockchain fits naturally into enterprise cybersecurity architecture — and it could be fundamental to digital transformation in the process.

Blockchain is a good approach to improve data security due to its decentralized nature, high level of encryption, and ability to ensure data remains private as necessary. However, it’s also

important to note that while blockchain creates another level of security, it does not eliminate or reduce other best practices around security. In other words, it’s an integral building block in your quest toward organizational safety.

We could spend pages highlighting all the ways in which cybersecurity and blockchain intersect. To get a broad sense of how blockchain use cases boost digital protections, however, consider these examples:

Massive numbers of connected devices will start supplying companies with data from different parts of their operations — from the most important to the most opaque. Of course, this broadens the number of potential targets available to nefarious actors.

Among the business use cases for blockchain is using distributed ledgers to authorize and transact with IoT devices at the edge. Because this data can only be amended (and not altered or deleted), it’s much more secure. Blockchains can also apply IoT data to smart contracts and automatically administer the contract details according to the data coming in (think the release of a payment once IoT registers the arrival of a shipment). This demonstrates how blockchain’s use cases can serve as an alternative approach to keeping a company running — even when other aspects of IT might falter because of an accident or attack.

The healthcare industry is extremely vulnerable to cyberattacks because it relies on an extensive number of siloed technologies (many with weak security) and produces highly valuable data (including both medical and financial records). This combination of factors makes it a prime target for hackers.

Blockchain shuts these hackers down by placing sensitive data into a system with asymmetrical encryption, making it nearly impossible to steal. For this reason, the presence of blockchain is enough to deter many hackers who would prefer to chase low-hanging fruit.

In the context of cybersecurity, the business use case for blockchain is highly compelling: It’s effective against numerous attacks and beneficial for other aspects of digital transformation, offensive and defensive factors alike. Put differently, blockchain should be considered in every digital transformation effort, including yours. Now, it’s time to identify some use cases of your own. Visit our services page to learn more, or contact Chainyard here.

Our client, a roads and transport authority of a country in the middle east, had to address the challenges of using a legacy system by the police department that caused delays in reporting rental activities data to the rest of national security authorities. Besides there were multiple systems operating in silos resulting in duplication of data. Chainyard, as a prime partner for blockchain solution implementation, developed a de-centralized repository for every rental activity across cities.

The new blockchain-enabled solution is expected to improve revenue collection, enable & empower agencies, and more importantly increase customer trust significantly.

Exciting news from The Linux Foundation and Hyperledger with the announcement of the openIDL project. This open source project is a collaboration of some of the largest insurance companies to streamline regulatory reporting. Chainyard is proud to be a member of the project and looks forward to contributing to this effort that will improve data, enable insurers and regulators to operate more efficiently, and enable them to make better decisions.

openIDL (open Insurance Data Link) is an open blockchain network that streamlines regulatory reporting and provides new insights for insurers, while enhancing timeliness, accuracy, and value for regulators. openIDL is the first open blockchain platform that enables the efficient, secure, and permissioned-based collection and sharing of statistical data.

Trust Your Supplier is a production Hyperledger Fabric blockchain network, running on the IBM Blockchain Platform, that provides suppliers with a trusted digital passport to streamline on-boarding with their customers. This presentation will provide an overview of the network, discuss the business value to the participants, and highlight why blockchain and the selected governance approach makes this solution better for all the participants (buyers, suppliers, third party validators, and business networks). Please get more details from https://www.trustyoursupplier.com/

Did you hear about the 10-second video clip that sold for $6.6 million despite being free to watch on YouTube? This is just one of many examples of asset tokenization, a trend attracting huge sums of money, attention, and optimism surrounding the future of capital management and creation.

Tokenization involves linking an asset — a piece of art, a baseball card, a commercial property, anything of value — to a digital asset represented as a token. The token can then be bought, sold, or logically divided into pieces (i.e., fractionalized).

Blockchain makes the entire process work by tokenizing the asset (representing the asset as a token on the blockchain, thus embedding ownership, rights, and other property within the system). Tokenization takes something of value and makes it simpler to buy and sell since the transfer can be automated through a smart contract. Yes, it’s really that basic.

It’s also worth noting that blockchain is used to administer the underlying details of tokenization to facilitate business and create trust in these transactions. This might be a novel concept, and it might rely on blockchain use cases that feel too technical and inaccessible. But in reality, asset tokenization is something anyone can take advantage of, whether they’re an owner or investor.

Forward-thinking companies are already using tokenization, and in the process, they’re positioning themselves at the head of the pack to earn an oversized share of the opportunity.

Asset tokenization will factor into more and more business strategies, especially with startups driving innovation across industries. After all, young companies have a mandate to innovate: disrupt industries, raise capital, and operate lean. To that end, tokenization can assist across the board.

For one, asset tokenization will give rise to entirely new business models that will let investors put up small stakes of ownership in larger assets (such as art, commercial properties, sports cards, precious metals, cars, or industrial machines), which helps level the playing field for smaller investors across the world.

A resulting wave of new startups will challenge our assumptions in every industry as they experiment with ways to tokenize assets and employ new business models. Likewise, tokens will also streamline how companies raise capital to fuel growth. Historically, funding has moved slowly because of due diligence, paperwork, and investor uncertainty.

When blockchain is backing up the exchange of private equity, though, the details surrounding deals are completely secure, transparent, and automated. It accelerates raises by issuing security tokens and eliminating the middleman. With private equity (as with all other assets), turning items into asset tokens makes it simpler than ever to exchange value among trusted parties — increasing the liquidity of the underlying assets.

Companies can also rethink how they allocate capital when tokens are an option. For example, if a company needed an excavator, it could purchase tokens to own a percentage of the equipment and pay rent to use it whenever necessary. As an owner, the company would then earn back some of its excavation expenditures through rent money, making this option more economical and flexible than buying or leasing equipment and improving cash flow.

For startups trying to make the most of limited resources, tokens truly maximize the value of every asset and investment.

There’s a lot to love when it comes to tokenized assets, but that doesn’t mean all assets should become tokens or that all investments should go toward tokens. Keep these considerations in mind before diving in:

It’s tempting to say that asset tokenization changes everything. However, it’s more accurate to say it changes very little but improves upon a lot. Imagine if assets could be transacted automatically — without delay, confusion, or unnecessary friction — with a global reach. That’s the future that asset tokenization offers, and everyone should be excited about the possibilities.

The LYT21 event is the meeting point between the reference companies of the logistics industry and the new technologies that are already revolutionizing this sector. In this second edition of 2021, our mission is to accelerate the digital transformation process in the logistics industry, in a time of crisis where the adoption of the most disruptive technologies to achieve more efficient supply chains, can make the difference between surviving or not in the logistics industry of the future. A future that is already here. To this end, we will make available to everyone, and free for 5 hours, four panels of experts in which we will see real cases of application of the latest technologies to logistics processes. On April 21st (2021) we will learn about these success stories from large companies and SMEs that have already implemented them, startups that have developed these solutions, associations and consulting companies that have driven the digital transformation in the logistics industry.