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It seems that the roadmaps from the top 20 crypto projects in terms of capitalization have been unaffected by the coronavirus. This can be explained by the fact that the launch of the main critical updates planned for 2020 is carried out by the blockchain, not by people, and the employees involved are used to working in a decentralized way.
The restrictions and economic problems caused by the coronavirus have left many token sales without investments, while forcing others to postpone their launch. The latest report by ICOBench shows that the investments raised by projects over the period of the last week of January to the first week of February are considerably lower, compared with the same period last year.
Major cryptocurrency exchanges such as Kraken, Gemini, OKEx and Bitstamp seem to remain unaffected by the coronavirus pandemic, reporting a surge in user sign-ups and trading volumes. Binance’s futures monthly trading report revealed an 85% increase in trading volumes across the exchange’s futures perpetual contracts for January 2020.
• Apple Safari just announced it has blocked all third-party cookies as of March 2020, beating Google Chrome’s announcement that it will phase out third-party cookies by 2022.
• Data collection and use as we know it is changing rapidly, and it behooves savvy marketers to get ahead of the inevitable restricted access to third-party data and find other ways to get the data they need.
• Companies still have access to first-party data, which is data collected by a company on its website for its own use. The only restriction here is that the company must follow privacy regulations for ensuring transparency, right to correct, delete, etc.
• Zero-party data is data that a customer voluntarily and knowingly shares with a company. It might include preferences, intent or interest, or self-classification/identification within a particular group.
• The key to zero-party data is that the consumer has total control over what information he/she/they gives a brand. It is completely transparent and therefore there is no confusion over permission.
• A more transparent, helpful approach of asking for information to tailor customer experiences (in a user-friendly, conversational manner) will not only result in more accurate data, but potentially in stronger, more trusting and mutually beneficial relationships with customers.
Fast-food chain KFC recently announced it is adopting blockchain for digital advertising and media buying in the Middle East. Colonel Sanders aims to improve advertising data transparency and reduce the risk of fraud and will be working with Omnicom marketing agency Hearts & Science MENA to roll out the solution.
A common problem is the low conversion rate. But a significant issue is that only a small percent (52%) of advertising clicks can be verified. That’s partly because there are so many intermediaries between the advertiser and the publisher. This lack of clarity about whether a particular campaign is working results in a waste of money. Meanwhile the challenges of tracking advertisements increase the risk of fraud.
Leveraging blockchain, KFC aims to access real-time data from its ad campaigns. This improved transparency would enable the firm to increase brand visibility and monitor ad distribution. On the other hand, a shared database of advertising placement and delivery would reduce the risk of fraud in the digital ad supply chain.
Data Management Platforms have emerged over this past decade as the leading digital segmentation technology for media deployment, audience extension and customer behaviour analysis in near real-time. Using mostly graph-based data collection and marketing AI algorithms, a DMP can collect, match and deploy 1st, 2nd and 3rd party data.
1. Granting the Power of Data to Consumers
2. Authentication and Transparency
3. The Confusing ad-spend Streamlined!
4. Keyword Tracking
5. No Traditional Social Media Surveillance
6. Better leads for Marketers
Blockchain is the latest buzzword around and is being touted as a technology that can bring dramatic transformation to a wide range of industries. Marketing is no different. With blockchain, marketing can address some of its biggest concerns and challenges. Resolving privacy concerns, increasing transparency in terms of identifying bots and building consumer trust are some of the key areas where blockchain’s potential is being evaluated currently. As with any nascent technology, there will be some challenges, pitfalls and learning in adoption. That said, by 2025 expect to see some innovative use cases of blockchain.
With transparency comes trust. Consumers believe they have little to no control over their personal data. According to the same above-mentioned report, technologies like IoT, edge computing, the cloud, and blockchain enable brands to behave in a way that can inspire consumer trust. Trust is a key element in customer experience, and brands that cannot provide a high level of trust cannot provide a high level of customer experience. It’s that simple.
While it does promote the ease of automation, the programmatic supply chain is notoriously riddled with fraud and an abundance of third-parties that eat into buyers’ budgets and sellers’ bottom lines.
Blockchain could be the answer. Though it isn’t yet built to be a cure-all for digital advertising, blockchain technology could clear up the muddied, opaque supply chain.
“From an ambitious viewpoint, blockchain could possibly allow complementary parties to come together to share data in a safe and private manner for mutual benefit,” said Su Lin Tan, vice-president of operations at Carousell. “Standalone publishers could confidentially share their first-party data with each other, forming a formidable force to stand together against the duopoly, which has an unfair advantage due to their unparalleled data sets.”
At its core, blockchain is a kind of ledger that enables transactions between two parties while recording and time-stamp and online interaction without the need for third-party verification.
1. Market transparency
Blockchain, the encrypted, decentralized database of distributed and interlinked nodes, is particularly suited for integration with digital marketing. Blockchain promises to solve many of the issues that come with digital marketing, including data privacy, security and content monetization. The transparent nature of blockchain data also makes consumers feel at ease because companies cannot manipulate their data.
2. Eliminates the digital marketing middleman
Without blockchain, if a company wants to offer banner advertisements on its website it has to do so through Google AdSense so that no sketchy businesses will take over your ad space. Here Google processes the transaction and charges a fee for its part in the deal. Companies won’t have the need to go through a third-party platform such as Google with the blockchain structure. That’s because blockchain users can be verified through their networks. People would know they’re getting what they’re paying for as opposed to potentially paying for clicks that aren’t genuine.
3. Gives the consumer control of their own information
Marketers will no longer be able to extract customer’s information without their permission, rather will have to earn the customer’s consent, blockchain technology also allows consumers to charge for their contact information and attention. Thus giving the consumers full control over their information.
4. Data protection and security benefits
With rigorous data protection regulations like the GDPR coming into effect across all major markets, marketers can also leverage the blockchain technology to store large volumes of customer data securely. Additionally, regulatory agreement to GDPR that will require marketers to take consent from their customers can also be managed through blockchain technology.
With blockchain’s inherent immutability and multi-party credibility, the technology has the potential to help transform traditional industries by linking up valuable assets such as medical receipts, commercial invoices, electronic contracts, warehouse bills, and digital identities.
Blockchain is also able to record the complete process of information flows between parties, significantly eliminate friction and the potential for fraud, and help individuals, companies and all of society become dramatically more efficient than before.
Blockchain technology has already been explored and deployed by many other industries as well. Banking, insurance, investment management, and other financial services providers are using blockchain for digital certification and protection.
The applications of blockchain technologies are significantly enhancing the digital capabilities in our work and everyday life. By fostering greater trust and efficiency, blockchain technologies not only increase productivity but will also surely reshape the relationships between individuals and businesses and lead us to a real digital economy. For the billions of people and tens of billions of smart devices, that could mean hundreds of billions of smart contracts operating automatically and enabling global synergy significantly.
The total value of B2B cross-border payments immutably stored on blockchain will exceed $4.4 trillion by 2024; up from $171 billion in 2019, according to new data from Juniper Research.
Blockchain enables real-time clearing and settlement for B2B transactions, while offering increased transparency and reduced costs.
The new research, Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030 revealed that financial institutions will save $7 billion by 2024, due to the automation of ‘Know Your Customer’ checks, allied to the involvement of blockchain in identifying users via self-sovereign identity.
"Ad frauds have been on a high over the last few years. A 2019 report by Cheq, a cybersecurity firm, claims that ad fraud damages will touch $26 billion in 2020, $29 billion by 2021 and $32 billion the year after that. Increased transparency in programmatic advertising is the only way to tackle these frauds. This is where blockchain and Ads.txt (an Interactive Advertising Bureau initiative - Authorized Digital Sellers), help. BlAdTech (Blockchain+AdTech) is based on the principle of decentralization. Blockchain in programmatic adtech has been able to tackle ad fraud by helping cut down the number of unnecessary middlemen, removing domain spoofing, verifying the legitimacy of publishers and allowing transactions using cryptocurrencies. The ad reselling vendors or unnecessary middlemen are a big menace to the advertising industry. As a solution to this, preventing unauthorized reselling of ad inventory, publishers can now host ads.txt approved files on their servers, listing all the companies allowed to sell the publisher’s inventory. That said, these two pillars of cyber-hygiene in programmatic advertising are here to stay!"
Technology is the future of customer experience. These statistics show the grow of new technology and how it impacts everything about the future of customer experience.
Blockchain is one of the most exciting technologies of our time. It’s a decentralized ledger that, though mostly associated with cryptocurrencies like Bitcoin, it has already surpasses its initial uses.
In fact, Blockchain has spread across various industries and proven useful in a lot of things from signalling systems to coffee makers.
Statista predicts that the industry will grow to “23.3 billion U.S. dollars in size by 2023.” Since it’s still in its growth phase and its full potential has only started to show its face, now is a great opportunity for startups and existing software development companies to come up with Blockchain projects.
Blockchain will continue to influence industries from banking to real estate as it can replace traditional pen-and-paper agreements with smart digital contracts.
Its decentralized and shared nature combined with state of the art cryptography provides an extra layer of security and sophistication that traditional methods lack.
Thus, more and more software will be developed with Blockchain in mind and use Blockchain as the central technology that fuels the whole software development process.
1. More Democratic Marketing
Blockchain gives some power back to consumers that was previously in the hands of social media platforms and other companies that collect consumer data. That means consumers will be directly compensated for viewing ads, and presumably for giving up their data as well.
2. More Reliable Marketing
Blockchain can create transparency surrounding where products were sourced or manufactured. It becomes much more straightforward to audit supply chains, and consumers can be more confident that product labels are accurate.
3. Cheaper Ads
Without the middle man, the cost of digital advertising would be reduced for marketing teams. Going through one or more third parties can make ad tracking difficult, but with blockchain information would be readily accessible by marketers. That means it will also be easier for marketing teams to measure the ROI of their ads.
China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and blockchain services with its new verification system called the Certification of Fintech Products.
The central bank released the first list of fintech products that could be used in both front-end and bank-end development for digital payment services, according to filings dated Oct. 26 from the bank.
The new regulatory system comes at a time when China is accelerating the development of new financial infrastructure, including a digital version of its currency and a push by President Xi Jinping to capitalize on blockchain technology.
The central bank envisions the national digital currency boosting the digital payment industry, touting its own coin’s security features and off-line transaction ability as superior to commercial products offered by China’s Alipay and WeChat Pay.
Nations Will Introduce Their Own Cryptocurrencies
We can expect that all governments will finally accept the blockchain-based currency by 2020. This will be due to potential advantages for public services. In 2018, Venezuela launched its national cryptocurrency petro that is backed by the country’s oil and mineral reserves.
The world will switch to digital currencies because 2020 will be the starting point for the development of national cryptocurrency. Soon, blockchain will lead the world away from payment cards and even more so from cash.
Blockchain Will Protect Content
Cybercrime is a serious issue for all the organizations & agencies all around the world & experts say that in 2021 cybercrime may cost $ 6 trillion. But blockchain can be an antidote against the cybercrime.
Placing content on blockchain can ensure full automation & security of distribution processes, blocking illegal content download, increased protection against hacking, transfer of content only to those users that have paid, & many-many more benefits.
Research has shown that: - 84% of executives say their organizations have at least some involvement with blockchain technology (PWC 2018 Survey)
- 53% of respondents say that blockchain has become a critical priority for their organizations in 2019 (Deloitte’s 2019 Global Blockchain Survey)
- 86% say blockchain technology is broadly scalable and will eventually achieve mainstream adoption (Deloitte’s 2019 Global Blockchain Survey)
- There are over 40 million blockchain wallet users
So what’s holding blockchain back from mainstream adoption? Well, there are many key challenges facing distributed ledger technology that are keeping it out of reach for most business owners. - Reason #1: Cost – blockchain applications are expensive
- Reason #2: scalability and slow transaction speeds
- Reason #3: Understanding – and trust
- Reason #4: regulation
1. More Democratic Marketing
Martin believes blockchain gives some power back to consumers that was previously in the hands of social media platforms and other companies that collect consumer data.
2. More Reliable Marketing
Blockchain can create transparency surrounding where products were sourced or manufactured.
3. Cheaper Ads
Without the middle man, the cost of digital advertising would be reduced for marketing teams.
For a while, blockchain was seen as a panacea, says Andrew Stevens, a Gartner analyst who coauthored the “blockchain fatigue” study. Stevens’ team focused on projects that touted blockchain as a way to identify fraudulent and tainted goods in supply chains. They predicted 90 percent of those projects would eventually stall. Blockchain evangelizers were finding that supply chains more complex than expected, and that blockchain offered no ready-made solutions. When it comes to mission-critical blockchain projects, “there are no deployments across any supply chains,” he says.
But Stevens says the concept of blockchains may yet prove useful as a way to get competitors and other distrustful parties to share data and tools. He compares it to early internet experiments, before anyone knew if the internet would catch on. Even if such projects start as a marketing ploy, they can spark corporate bureaucrats to gamble on initiatives and partnerships they otherwise wouldn’t.
A Brief on China's Forthcoming "Cryptocurrency" - CYDigital
Shortly, China will be launching its own cryptocurrency, which may not be a cryptocurrency. China’s big four state-owned commercial banks (the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China) will be the only issuers of China’s CBDC (Central Bank Digital Currency). It feels more like a digital replacement for the Yuan than a true cryptocurrency, and it will better facilitate the financial lifecycle for many Chinese citizens since they are heavy users of digital payment system like Alipay. Chinese officials have stated they want to strike a balance between anonymous payments and being able to track money flow to prevent money laundering. This may be disingenuous as China has moved away from anonymous transactions (cash exchanges) and to digital payments at a breakneck speed. It is more likely that the goal is deeper tracking of transactions. “It might be more accurate to say that the PBOC (The People's Bank of China) is looking to release digital cash with extra surveillance.”[1] Reporting notes that the CBDC could look akin to Libra, which may be reflected in two ways: (1) as a system capable of handling very high transaction rates, and; (2) it will be on a permissioned blockchain. It may be a fully private blockchain not just in who has the rights to execute the consensus protocol and decide the mining rights and rewards, but also who maintains and can audit the shared ledger. Some additional notes: - China has been dependent on the USD as the global reserve.
- The new CBDC will be backed by the yuan.
- The yuan is dependent on USD and CBDC is backed by yuan.
- Currency manipulation issues are the main worry for other governments.
- China wants to make CBDC a global currency.
- China’s big four state-owned commercial banks, as well as fintech giants Alibaba, Tencent, Union Pay, and an unnamed company, will be the first batch of organizations to receive the CBDC.
- The PBOC’s Digital Currency Research Lab:
- Launched Shenzhen Fintech Research Institute;
- Went on a hiring spree for blockchain architects and cryptography specialists;
- Filed more than 50 patent applications to detail the potential design of the state-backed digital yuan system but will strip off most cryptocurrencies’ anonymity and decentralization features.
[1] Roger Huang, “China's Digital Currency Is Unlikely To Be A Cryptocurrency,” Forbes, 8/14/19, https://www.forbes.com/sites/rogerhuang/2019/08/14/chinas-digital-currency-is-unlikely-to-be-a-cryptocurrency/#4d4a3f8c6a52
Much of what we term AI today results from the application of Machine Learning to extraordinarily large amounts of data. To be precise, it is the application of so-called Deep (Machine) Learning techniques that has enabled the rise of voice search and voice-activated assistants such as Siri, healthcare innovations in areas such as cancer diagnosis and treatment, face recognition such as AWS Rekognition and the broader areas of image and video analysis and recognition, machine translation including tools like Bing Translator, speech recognition tools and the emergence of the so-called self-driving automobiles and more. Technically, we should call this the Deep Learning resurgence, and not the AI resurgence.
Blockchain platforms have led to incredible advances in the design and development of decentralized applications and systems and have been applied to domains ranging from cryptocurrencies to enterprise supply chains. More importantly, there are two capabilities that blockchains enable due to their inherent decentralized implementation.
First, blockchains provide the ability for users to be in control of their data and to decide when, where, to whom, and for how long to provide access to their data i.e. blockchains are the anti-thesis of systems that intrinsically and automatically exploit the user’s private data. Further, with the advent of Zero-knowledge proofs, blockchains now have the ability to reveal nothing about a transaction except that it is valid.
Second, blockchains are designed without a central authority or system. Therefore, in order to achieve agreement on both data and transactions, blockchains use a variety of fault-tolerant consensus algorithms. While there is an assortment of consensus algorithms, all of them share similar characteristics with respect to achieving agreement across a decentralized set of nodes (or systems). In particular, a variant called Byzantine Consensus addresses the Byzantine Fault Tolerance problem referred to earlier. Blockchains enable the development of AI applications that are not reliant on a single-vendor implementation with all of their concomitant risks and faults.
Together, these two critical capabilities have the potential to enable today’s Machine Learning implementations to address their Achilles Heel and to enable AI applications that are both not privacy intrusive and not susceptible to the single-vendor Byzantine Faults.
Self-sovereign identity is the notion that rather than having our information held by third parties (often without us knowing what that information is), individuals and entities instead have the ability to store and ultimately control their own digital identities. They can choose to provide select data points about themselves under conditions that they set when there is a need for such information collection,7 without having to rely on a central repository to store this information.8
"Blockchain is not one thing: It includes a range of technologies from smart contracts to tokens to consensus models. Because these products will continuously mature and become available, CIOs should plan for incremental evolution of their blockchain strategies.
Gartner sees four phases in the evolution of blockchain technology:
- Blockchain enabling technologies
- Blockchain inspired
- Blockchain complete
- Enhanced blockchain
The industry is currently moving out of the second phase--blockchain inspired" and into the third phase--"blockchain complete." Gartner predicts that the final phase will start by 2030."
Gelernter thinks there's a better way: he envisions a social media that's collectively owned by its users, where terms of use are determined democratically and privacy is guaranteed by blockchain-based encryption.
Gelernter has teamed up with Rob Rosenthal, a 19-year veteran of Goldman Sachs, to launch the new social media, dubbed "Revolution Populi."
It may seem far-fetched, but they're counting on the general public becoming so fed up with Facebook — but still craving a social media outlet — that Revolution Populi becomes a global movement. A Facebook spokesperson did not immediately respond to Business Insider's request for comment.
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Blockchain continues to move forward, as it is a natural decentralized application managed within a decentralized process.
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