Month: February 2019

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Blockchain Technology For Small Businesses

When Satoshi Nakamoto published the Bitcoin white paper in 2008, little did the world know that the blockchain, the technology underlying the cryptocurrency, would change everything forever. The blockchain, simply put, is a distributed ledger that stores information (such as financial transaction data) in a transparent, tamper-proof, and secure manner. The blockchain knocked on the door and entered into our lives with a bang. Make no mistake, it’s here to stay.

Blockchain For Small Businesses

However, how does the blockchain benefit small businesses and start-ups or even freelancers and professionals?

Payments Processing

One of the most significant uses of the blockchain for businesses is in revolutionizing the payments processes. The technology allows easy transfer of funds in a near instant. Payroll, for instance, can be handled with simplicity without having to deal with multiple intermediary and banking agencies and losing hefty transaction fees. Everything is done with complete transparency leaving no room for doubt.

It’s all about Data

One of the most significant assets for any organization, big or small, is data. While industry behemoths have easy access to data, small businesses might face problems with data acquisition. On the other hand, the trustworthiness of the information that is available is also questionable.

Big data and blockchain

The blockchain is trustless, meaning there’s no need for businesses to trust any agency to validate data which is secured on the decentralized ledger.

The Power of Smart Contracts

Smart contracts are self-executing pieces of code running atop the blockchain. As soon as the conditions stated in the contract are fulfilled, the smart contract will execute and implement the requisite tasks stated in the agreement, say, the transfer of funds from one of the parties to the other. This is ideal for businesses (and professionals) looking out for secure frameworks such as escrow services.

Conclusion

The blockchain creates a secure and transparent environment for small businesses to simplify operations. From data security and validation to payments processing and smart contract-based applications, the blockchain removes intermediaries out of the equation and brings back power and control where it truly belongs.

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AI and 2019: Here’s What Every Business Needs To Know

AI business trends

Businesses should not miss these AI trends for 2019. Artificial Intelligence (AI) has taken the world by storm— be it our personal life or businesses across the globe, it has marked its presence everywhere. With better customer service and enhanced consumer trust in the brand, AI can help enterprises and startups accomplish their goals. In fact, 72% of business leaders globally believe AI is a “business advantage”.

AI-powered Customer Service

Businesses are now increasingly using AI technology to better understand the voice of the customer (VOC) which is a critical parameter that can keep sales moving ahead. It is evident how AI has revolutionized customer service with powerful chatbots that can take to the customers’ queries on business websites within seconds. The chatbot could answer questions and help create sales leads.

In 2019, businesses can expect their customers to interact with highly sophisticated chatbots with personalization technology. In fact, virtual agents will interact with consumers in the best possible way, delivering optimized responses that will rival the efficiency of their human counterparts.

What’s more, artificial intelligence can help inspire trust and transparency in the customers, helping them make the right decisions.

AI business trends

AI-driven Business Video Communication

It is expected that AI-powered video conferencing will be the new smart way of business communication since the inculcation of AI will lead to automatic voice to text transcription, note-taking, and later, decision making.

Voice recognization technology will provide all meeting participants with the background on the presenter while virtual personal assistants will make sure no important points are left out for deliberation later. AI is bound to make in-person meetings obsolete.

2019: The Year of Technological Convergence

2019 will also be the year when cutting-edge technologies such as AI, IoT (Internet of Things), the blockchain, and cloud computing will work in unison to help businesses work the six sigma way, i.e., with maximal efficiency and customer satisfaction.

The technologies will help gather critical data, say from the IoT sensor network spread across the entire business ecosystem and analyze the same, ultimately leading to powerful data-driven decisions. A MemSQL survey revealed how 61% of companies consider AI as the most important data initiative for the year.

AI business trends

It’s Now Or Never

Experts are of the opinion that 2019 will also witness another major trend, wherein, businesses which fail to incorporate AI in their workflow will miss the path of success. It’s best to jump onto the bandwagon and see the power of artificial intelligence transform businesses worldwide.