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Why Businesses Should Invest in AI in Mobile App Development?

Posted on by Shipra

AI in mobile app development

Artificial Intelligence (AI) is integrating into every sector, from education and healthcare to e-commerce and beyond. From smart chatbots to intuitive voice assistants, we’ve already seen how AI simplifies our lives with voice searches and personalized recommendations. 

However, one of the industries most impacted is AI and ML in mobile app development.

Mobile apps have become the ultimate go-to tool for users. Everyone nowadays first checks their mobile for shopping, learning, connecting, and entertaining themselves. For businesses, building a mobile app is no longer optional; it’s a critical step to stay relevant and competitive.

In this blog, we’ll explore why mobile app development is important, its applications, and more.

AI in mobile app market

Why AI is Important in Mobile App Development?

AI is changing the mobile app development process and making apps smarter, faster, and user-oriented. Whether it is enhanced security or personalization, AI provides users with the most engaging experiences.

1. Stronger Security: AI enhances the security of apps, eliminates fraud, and identifies threats in real time. It allows biometric authentications, such as fingerprint and facial recognition, which make transactions and data safer.

2. Voice & Image Recognition: Mobile applications have built-in voice and image recognition with AI. This is available in voice assistants, visual search, and other apps, making these devices more accessible, easy to navigate, and more engaging to customers.

3. Personalization: The use of AI enhances the intelligence of apps through learning the behavior and preferences of the user. It personalizes the content, product recommendations, and notifications, assisting businesses in providing more relevant experiences, which create greater customer satisfaction and long-term loyalty.

4. Increasing Productivity: AI-based tools can be used to automate repetitive coding, test apps effectively, and propose design improvements. This shortens the development cycles, minimizes human errors, and enables developers to spend more time on innovation and creativity.

5. Improved Predictive Analytics: Predictive analytics is one way by which AI predicts user needs and behavior. Applications have the power to propose actions, predict demand, and enhance the process of decision making; they can help a business stay on top of things by providing a smarter, data-driven user experience.

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AI Technologies Behind Smarter Mobile Apps

Artificial Intelligence is transforming mobile apps into powerful, personalized tools. From understanding language to recognizing images and creating content, AI makes apps smarter, more intuitive, and tailored to users’ needs.

  • Machine Learning (ML): Machine Learning helps apps learn from user behavior and improve over time. For example, shopping apps recommend products based on past purchases, while fitness apps suggest personalized workout plans that evolve with your progress.
  • Natural Language Processing (NLP): NLP enables machines to understand and respond to human language, powering voice assistants and translation apps. This makes communication seamless, whether through chat, speech recognition, or multilingual conversations.
  • Computer Vision: Computer vision allows apps to “see” and interpret images or videos. It drives features like facial recognition in security apps, AR filters in social apps, and object detection in shopping platforms.
  • Chatbots & Virtual Assistants: These AI tools provide instant customer support and guidance. They answer queries, handle bookings, and assist with daily tasks, making apps more interactive and reducing the need for human support.
  • Generative AI: Generative AI creates new content, like images, music, or text, within apps. It enables features such as AI photo editing, personalized marketing messages, and content generation, enhancing creativity and user engagement.

Applications of AI in Mobile App Development

Here are a few applications of AI in mobile app development in industries like education, entertainment, automobile, and more: 

1. Siri and Google Assistant

siri

You can talk with an assistant like we talk with others in real life. You ask them to play songs, set alarms, or respond to questions. They can interpret your voice through AI to respond to you with the correct answer, just as you would do with a real person.

2. Spotify

Spotify

Spotify has an AI that captures what music you listen to more or your history. It analyzes the songs that you listen to the most and then recommends new songs or playlists. The more you listen, the better it gets in search of music that suits you.

3. FaceApp

Face App

FaceApp utilizes neural networks based on AI to study facial patterns and filter them, which is more precise. It is capable of aging your face, altering hairstyles, or swapping genders through learning patterns using datasets. The app operates by scanning important points of your face, and within a few seconds, a more than realistic image has been created.

4. Tesla App

Teasla

The Tesla application uses AI to offer remote monitoring and intelligent control of Tesla cars. Users can lock/ unlock doors, monitor the health of the battery, and even call cars. Back-office AI systems are used to analyze real-time data on every vehicle. 

5. Duolingo

Duolingo

Duolingo is an app that relies on AI and machine learning to personalize language learning. The app is tracking your performance, what you do right or wrong when you give answers to questions. On that basis, it changes the challenge of the lesson. It also employs repeated learning, whereby you see difficult words and grammar rules many times until you have mastered them.

Popular Tools for Mobile App Development in 2025

AI-powered mobile app development is on the rise in 2025. The AI in the Mobile App development market is expected to reach 103.29 billion in 2029.  

Advanced technologies help developers make apps smarter, faster, and more user-friendly. Here are some tools for mobile app development you should know:

1. TensorFlow

Mobile devices use Google’s lightweight machine learning framework TensorFlow Lite. Developers may run on-device AI models with low latency and storage to do real-time image recognition, speech processing, and predictive analytics without cloud servers.

2. ML core

Core ML lets iOS developers add machine learning to iPhone and iPad apps. Natural language processing, image analysis, and customized experiences are supported by Apple hardware optimization. Apple ecosystem apps work smoothly with energy economy due to Core ML.

3. Dialogflow

Google-powered Dialogflow is a top conversational interface technology. It lets developers add smart chatbots and voice assistants to mobile apps. It supports many languages, natural language comprehension, and Google Assistant integration. 

4. PyTorch Mobile

The popular PyTorch framework is optimized for mobile devices with PyTorch Mobile. It makes Android and iOS deep learning model deployment easy. PyTorch Mobile is flexible and fast, supporting fluid computation graphs, real-time predictions, and AI-driven apps that need constant updates.

5. The Firebase ML Kit

Mobile developers can use Firebase ML Kit machine learning APIs. Text recognition, face identification, and image labeling are easy to add without ML experience. ML Kit is ideal for practical app innovation due to its accuracy and performance from on-device and cloud processing.

Conclusion

Businesses have countless potential uses when it comes to using artificial intelligence in mobile app development. Artificial intelligence (AI) is a game-changing technology that enhances mobile apps with innovative features and creative potential.

SoluLab, an AI-powered mobile app development company in USA, can help you develop AI apps using the best tools and technologies. Whether you need AI chatbots, predictive analytics, recommendation engines, or voice recognition features, our expert team ensures seamless integration of AI technologies into your apps.

Ready to future-proof your business with AI-driven mobile apps? Get in touch with us today!

FAQs

1. Which industries are the most served by AI-based mobile apps?

In particular, health care, retail, fintech, and education are the most beneficial, with the assistance of AI-based apps that help with personalization, automation, more effective decision-making, and enhanced customer interaction.

2. What is the future of app development with collaboration between developers and AI copilots?

AI copilots are useful to help developers code and debug more quickly, generate ideas, and increase productivity, creativity, and accelerate the development timeline of mobile apps.

3. What are other factors that developers should take into consideration when creating or incorporating AI-powered applications within an enterprise?

When developing enterprise AI applications, developers should take into account data privacy, scalability, ethical AI use, compliance, and smooth integration and maintenance in the long term.

4. Will AI displace the mobile app developers?

Artificial intelligence will not outperform developers but will increase their potential, automating the routine and giving them the chance to concentrate on innovation.

5. What is SoluLab doing in terms of developing mobile apps using AI?

SoluLab is using AI to predict, personalize, automate, and generate AI to develop mobile applications, which shape intelligent and scalable user experiences.

 

How Blockchain can help in smoothing the hiring process?

Posted on by Shipra

Introduction

Blockchain technology has proven to be one of the best uses of technology. It has great potential for revolutionizing different industries. Blockchain was seen to make a big revolution and finance industry but now it is not limited to it and has opened up different opportunities for different industries. Blockchain technology is a decentralized ledger, uses several multichain protocols, the Blockchain technology stores information in a more secure way and gives rise to different new business models built on the bases of such technology. Hence it has become the most valuable tool in the recruitment industry. With the use of smart contracts, an industry can automate the process of hiring and building contracts.

What is Blockchain technology?

Blockchain technology is a distributed ledger available in a decentralized network. Blocks in Blockchain store data in an encrypted way using cryptographic hashes using algorithms. All blocks in the blockchain are immutable and stored in chronological order. Hence it only adds blocks and such blocks cannot be edited.

What are smart contracts?

The best use case of blockchain technology is a smart contract. Different smart contracts could automate different transactions when several conditions are fulfilled. Many times online transactions do give a lot of information. Such information would lead to honesty and clarity. Smart contracts are advantageous for different businesses because it lets users make sure that all the terms are fulfilled. Smart contracts would ensure all the needs. If a company is hiring W2 employers, all the terms would be made clear and reassure different employees.

Why you should adopt Blockchain for hiring? 

  •  Blockchain would protect digital Identity

The identification of an individual is really important in the hiring process. Such would obligate several needs to determine the people you hire. Many times, job seekers do malicious activities and fabricate forge documents. Such could lead to the conduct of misinformation. Blockchain can automate identity verification and make sure all the information is correct and original. Blockchain is able to do so because blockchain stores data in an immutable way, it means that once the data is stored all the information is immutable and cannot be tampered.

Hence blockchain technology would help employers to verify the identity of the users and skills. All the processes would be self-executable. Different candidates who struggle to get a job would be able to keep track of all the references and information. When several websites are available such as dribble and Github, blockchain technology would streamline all the verification process on such websites. Such technology would be able to validate and secure information easily and without any intervention.

  • Cost Saving Process 

Any individual going through the hiring process is really difficult. Many employers do need to hire different recruitment agencies for getting employees. time-consuming, very costly, and time-consuming. Many times it just wastes time and sometimes it doesn’t time-consuming

With the use of blockchain technology, most of the information about an individual would be available on the blockchain network. Such information would be accessible to all different employers in a blockchain network. Blockchain has great potential to change the recruitment process. Different startups are working on leveraging blockchain technology for building a hiring process, and similar innovations are transforming global hiring through platforms that simplify compliance, payroll, and onboarding for companies expanding internationally.

Blockchain in the hiring process would assist different employers to authenticate information about future employers. Blockchain would be useful for revolutionizing the hiring process of building contracts. Instead of the old financial ways using pen and paper, all would be done using smart contracts. Such contracts would be useful and automate the process of hiring.

Different startups have to build a huge amount of funding in order to bring smart contracts in the mainstream. It would not be a surprise if different industries begin using such technologies. Different companies are doing the hiring in the old process but in the long run, such methods won’t work out. Also, it would become necessary for businesses to build contracts using smart contracts as it would generate a secure long term arrangement. 

With blockchain technology, companies can set up a public or private blockchain network for both employers and job seekers. Such a network would give chance to job seekers to give all the information. Different employers would be easily able to validate such information, without any need for third-party sources. Hence it would save a huge amount of time and money.

  • Blockchain helps in hiring a good team

Several things are needed to build a great company. A company should make sure that they have hired a good team for their business. A team should have different qualities to build a great team. Such as all the employees should have great skills. Very less would agree with this since an employee gains more skills while working on projects. 

Without any new technology, the company would face several challenges while hiring someone. It might not be easy to verify all the credentials and qualifications of individuals. Many times companies have gone through big losses due to such hiring. Several mistakes do let companies slip from the efficient hiring process in companies. If you want to build a great team and make sure all employees are genuine, you should use technologies like blockchain. Because such technology would make sure that you are hiring a suitable candidate.

  • Blockchain eliminates human errors

Many times people do try to impersonate different people to get a job. You must have read recent news on how someone impersonates a teacher and used her documents to get a job. It is not the only issue, many times people do forge different certificates and experience letters and try to get a job. Such cannot be identified manually and it would be really hectic. Blockchain technology can prevent such cases from happening.

  • Blockchain keep you ahead with the technology

It is really difficult for companies to survive if business owners and managers are not able to adopt different changes. In several companies, various stakeholders are outsourcing different projects to different third parties such that they do not need to learn about technology.  But it is really a waste of long term investment, Sometimes the outsourcing process could be really costly and complicated.  Small learning of new technology would be really useful in the long run and you would not need to outsource projects to any company.

Several industries that use blockchain technology spend very less time to recruit employees. Also, employers do not need to pay anything to recruiters. Blockchain technology has diverse applications and is beneficial for different companies. Using such technologies would make the hiring process much easier and easier. And it will boost the reputation of your brand. Blockchain technology would assure that all the people you hired are reliable and skilled. It would build a safer environment for different employees.

How to create Blockchain technology?

In order to use blockchain technology, it is really important to have some experts that would help to build a blockchain-based product of the hiring process. Also, it would assist companies to gain some commercially. The blockchain revolution will take the marketplace with a huge storm. Different businesses need to struggle and due to global talent shortage, a huge demand is for blockchain services.it is really important to have information about different technologies and how does it work as it is completely a new process. Different companies and several startups do rely on several recruiting agencies for many years. It is the reason why most of the companies need to spend a huge amount of money on the recruiting process. Several reasons would make blockchain technology to cut down cost by a huge moment. 

Blockchain technologies would remove different intermediaries in the recruiting process and would bring a notable way that would fundamentally disrupt the recruitment process. It is really important for companies to take cost-effective measures to make huge profits. With blockchain in the hiring process, an employer would be able to invest in different areas for companies’ progress.

Conclusion

Blockchain technology is really useful in the hiring process. If you would like to implement blockchain technology in the hiring process for your company. Our experts and consultants would guide you and will build a great blockchain-based hiring tool. Such a tool would be easy to use. If you want to reduce the workload for the hiring process, blockchain technology would be really great in the long run. Blockchain is useful and adds value to any industry. It makes the hiring process easier and reduces the time and money spent on identity and employment verification. 

How to launch a successful Initial Exchange Offering (IEO) ?

Posted on by Shipra

What is an IEO? 

IEO or an Initial Exchange Offering is a method of raising funds for a startup administered by an exchange. To break it down, it is quite similar to an IPO (Initial Public Offering) of shares in the stock market. Like an IPO, there is a company involved, an exchange that scrutinizes the authenticity of the company/project, and the necessity for raising funds. In an IEO, tokens are raised through a cryptocurrency exchange. IEO covers a global market with fewer constraints and timeframes. Binance, the largest cryptocurrency exchange organized the first-ever IEO in December 2017. Investment in cryptocurrencies is gaining importance these days, owing to the fact that it provides huge returns on investments.

Initially, the public offering of tokens was made through ICOs or Initial Coin Offering. It is similar to an IEO, but the only difference is the platform through which they are conducted. ICOs are essentially organized by the developers or the holding company on their own platform, whereas IEOs are conducted on a cryptocurrency exchange. ITOs (Initial Token Offering) and STO ( Security Token Offering) also came up as alternatives to ICOs. However, IEOs have earned greater popularity than any other alternative. This is mainly because of the drawbacks that eventually led to the unpopularity of ICOs. This was mainly because of the increasing fraudulent practices that discouraged investments.

The biggest ICO scam, Pincoin, and iFan stole $660 million, with an estimated 32,000 investors falling prey to the money-making plot from Modern Tech. Pertaining to this factor, a lot of alternatives like ITO, STO, and IEO have been launched to avoid the same. However, IEO has proven to be the best alternative as the exchange guarantees basic standards of security. 

Benefits of an IEO 

Now naturally, there has got to be a reason why an IEO holds the upper hand when it comes to raising funds through cryptocurrencies. A lot of these benefits revolve around the platform on which it is conducted i.e. the exchange. To elaborate a little more about these benefits, take a look at the following points:

  • More secure:

    IEOs are conducted on a third party exchange and not the holding company, which builds up the trust amongst investors. The platforms already have an established payment structure that is more reliable and trustworthy. The investors do not have to worry about the security of their funds, the exchange takes care of it for them. Since IEOs are conducted on a credible exchange, the probability of a scam/fraud is negligible.

  • Investors get a wider set of alternatives: 

    Since the exchange offers the platform to more projects and startups, the investors have a wider set of options that they can research on and invest accordingly. Being informed about the alternatives and then investing boosts the confidence of the investors.

  • KYC/AML:

    The exchange already completes KYC ( Know your customer) of the investors, so the investors do not have to go through the trouble of repeating the same set of actions every time they want to invest. This also provides assurance and saves time for the providers of the tokens.

  • Heavy Scrutiny:

    Registering for an IEO is much more difficult than registering for an ICO. To register for an IEO, you first have to go through the rigid process of the exchange registration. This ensures investors the credibility of the project/startup that they are investing in. The tedious registration process of the exchange ensures the listing of authentic companies. This adds to the advantages of an IEo, because ICOs are organized by the holding company on their platform which makes the investors doubtful about its reliability.

  • Engages a larger investor base:

    The exchange has a built-up reputation which gauges more investors. Since a larger number of investors are listed on the exchange, it benefits the startups as they can raise more funds due to this increased investor base. The ICOs have to do rigorous advertising to make people aware of the investment opportunity, on the other hand reaching a larger audience becomes easier for an IEO, as exchanges have an established user base.

  • Bridges the gap between investors and issuers:

    The investor makes the payment to an escrow account first to get the payment verified and process it when the purchased token is delivered to the investor’s account. It ensures that the token is added to the investor’s account if the payment has been made. In other words, it works as a depository.

How to launch an IEO?

  • The Preparation Stage

The preparation stage will naturally start with the development of an idea. This idea should be structured as per the market requirements and demand. You need to check the economical, financial, and social feasibility of the idea. 

To do this and put your idea to life, it is best to have a team of experts, who know blockchain space and crowdfunding mechanisms, to evaluate and develop the various aspects of the execution. You should have a road map depicting the stages and growth of your startup in the future and minimize the risks associated with it.

Understand the stake of your competitors in the industry. Your project should look legitimate, and unlike an ICO,  you should have an MVP ( Minimum Viable Product) or some progress under development to get listed on the exchange.

  • Selection of the Exchange and Drafting the Whitepaper

Before getting yourself listed on the exchange, you need to draft a whitepaper meeting the aforementioned requirements. This process is very crucial as the exchanges approve your request depending on the clarity and scope of the whitepaper. This also helps the investors to make an informed decision.

The next step is to select the right cryptocurrency exchange for IEO. There are a number of exchanges that you can choose from according to your requirements and feasibility. Make sure to read the exchange specific terms and conditions before making a decision. Some of the popular and trusted cryptocurrency exchanges are 

  • Binance Launchpad 
  • KuCoin Spotlight 
  • Huobi Prime
  • Bitmax Launchpad
  • ProBit 
  • Bittrex IEO
  • OK Jumpstart.

Choose the exchange for your IEO wisely after researching well about these exchanges.

  • Registering and Getting Approved on the Exchange.

Registering on an exchange:

After you have successfully decided which exchange is most suitable for you, you have to fill the application of the exchange which is generally 8-10 pages long. This form is available on the page of the exchange. This evidently is a complex job, and it is recommended to hire a SAG IPL for the job. Once you have carefully filled the form, you can submit it to get reviewed by the exchange.

Review of your application:

After you submit your application, it becomes available to the exchange team for scrutiny and verification.they will review your application based on a lot of factors like product development, market readiness, token readiness for sale, the authenticity of the project, etc. In order to avoid rejection, make sure you provide transparency and comply with the guidelines provided by the exchange.

Listing Payment:

There is no such thing as free lunch’, it goes without saying that the exchanges charge upfront and recurring fees (as applicable) to list your project or startup on its platform. An exchange will usually also help you decide the offering price of your token to attract more investors. Once this structure has been established, your project is ready to be listed on the exchange.

  • IEO

After completing the tedious and rigorous procedure of getting listed, create an appropriate hard cap to encourage reliability and trust amongst investors. Once it is listed on the platform, there has to be strong marketing and promotion to draw attention to your token. You need to offer higher returns to convince the investors, why is it worth investing in your token.

Some key points to make IEO finer 

  • Having a prototype or an MVP always works in favor of your product as investors rest assured of the development of your product. In the absence of a prototype, you should at least be able to provide some progress report about your project to get better funding. This builds trust among investors.
  • Remember when we talked about the importance of the whitepaper, it is a crucial document that helps the investors to make an informed decision and it also works as an ambassador of your product.
  • Market your product well. This you can do by Social Media Marketing, Blog Writing, SEO, Press Release, and Commenting on related forums. However, don’t make it purely promotional but informative.
  • Be careful about setting your caps in order to maximize your profits and enhance investor’s interest.
  • Have a reputable team at your disposal. The qualification, experience, and reputation of the team directly influence the confidence of investors. Along with technical and business expertise, it is always an advantage to have legal experts within the core team of a project so that investors know that professional opinions will be present in case of any legal troubles.

CONCLUSION

 The market for cryptocurrency is increasing as investors are becoming more and more aware of the investment opportunities. Owing to lesser restrictions and time constraints, this is the fastest-growing market, offering its services around the globe. BitTorrent launched its IEO on the Binance Exchange Platform and reached the cap in less than 15minutes. One of the IEO projects, Fetch.AI could sell their tokens during IEO within only 22 seconds. This indicates the plausible potential of the industry. Cryptocurrency exchanges can bring a revolution in the financial markets.

Quick Read: What are blockchain node providers? How do they work?

What transformations Blockchain can bring in charities and donations?

Posted on by Shipra

Introduction

Blockchain technology is another emerging technology, which has revolutionized several other industries. Several digital currencies based on the blockchain are new forms of digital money which is not linked to any authority. It is one of the revolutionary things since all the transactions are maintained and owned by the nodes or users of the blockchain network rather than being controlled by a single authority.

Blockchain technology and Cryptocurrencies, yes, digital currencies are also known as cryptocurrencies. Some of the fascinating industries where it can be used are charitable giving and charities.

How smart contracts can be useful for charities and donations?

Smart contracts are the autonomous contracts which are self executable when all the conditions are met in the contract. Hence smart contracts, transactions can be only done but not deleted or modified which is a great advantage. Once the transaction takes place it is stored in the blockchain and timestamped, also the ownership of the sender and receiver remains anonymous since they are given public and private addresses. Since the transactions are anonymous, decentralised, distributed, tamper proof, and immutable you can use it four building crowdfunding applications.

How do digital currencies such as Bitcoin can bring more opportunities for charities and donations?

Various cryptocurrencies like bitcoin can be a two edged sword when it comes to opportunities and challenges. Blockchain has huge potential to bring radical transparency in the donation. A major benefit is it would make it easier for NGOs to get donations when needed. And the challenges would be anonymous cryptocurrencies donation.

Blockchain technology is decentralised technology and it is a shared public ledger. Several advantages of blockchain have led to transformation in several industries. A blockchain could play a significant role in boosting up the trust and transparency in charities. Also, it will impact the new assets that will become available for giving.  Also, it has led to the idea of AI philanthropists.

Blockchain technology can be used to transform the whole idea of donation if created in a regulated way. It will let users register and monitor charities since every single charity would be transparent. Also with the use of smart contracts, A whole new set of rules can be enforced in an automated way.

What are some advantages of Involving Blockchain technology in charities and donations?

  • Improves efficiency and workflow.

In today’s era, everyone is moving to the digital world, and charitable organisations do need a platform that people can trust. Since old times there has been a privacy issue, in several companies that collect the information. For example, Cambridge Analytic and Facebook, how it impacted when digital accounts of people were stolen. Hence here comes the need for a platform where trust and privacy are not an issue. 

Several NGOs and charitable organizations do face similar kinds of issues several NGOs and charitable organizations are looking for some efficient way that is reliable and efficient, which will manage all the donations and seamless workflow. With the use of blockchain 2.0 or smart contracts, several organisations do not need to rely on intermediaries in order to confirm all the transactions. Also, smart contracts make the process much faster since they do not need to rely on any traditional workflow. Several organisations have been implementing blockchain technology in order to improve the workflow and internal processes. Technology Giants like IBM are working on Blockchain technology to bring more efficiency in the workflow in the industries like supply chain management. A huge set of industries would incorporate blockchain technology as several case studies have come up that talks about the advantage of blockchain technology.

  • Innovation and advancement can be a huge risk for Non Profits

As several businesses have benefited from the innovation, and they have continued to offer a large number of projects which will lead to huge progress. A huge set of organisations can be benefited from the innovations, but many times it is riskier for nonprofits to sacrifice all their resources and make an innovation. Since most of the NGOs rely on third party funds hence, it does not allow them to go for innovation at a large scale, unlike traditional companies.

It is believed that several charitable organisations and non profit organisations do need to rely on funds. And since the cryptocurrency community is new and several investors are there to invest, it brings huge benefits in the non-profit sector.

  • A bright future in there for all nonprofit organisations.

Blockchain will bring a huge revolution in the charitable industry, it is no doubt. Many communities are working in collaboration with several other blockchain projects, to build all the use cases for blockchain solution seekers. 

In Ethereum blockchain, A nonfungible token ERC-721 is developed which represents the physical and digital goods. Ethereum Blockchain is one of the promising technologies for non profit organisations. And it is considered to be a leading platform for deploying all the self executable contracts also known as smart contracts. It brings a huge number of projects and many more.

What all charities should know about blockchain technology?

As you have seen there are several advantages of blockchain technology. Digital currencies are incredible technology and it has a huge potential to bring a difference in the world. Also, there is a huge opportunity for charities which would lead them to generate new revenue. 

Also, many charities are under financial pressure. Since the financial pressure from the government has been reduced and it has become a huge challenge for them to get money. Charities do need to engage several new supporters even after this, they are able to get only a few pennies.

How cryptocurrencies can be good for charities?

Cryptocurrencies allow several users to accumulate wealth by solving a complex problem i.e. verification for transactions. Several users have come up to solve this compels problem. If you own any cryptocurrency, it can be held or sold based on the need.  Cryptocurrencies are a transparent and secure way of fundraising and there can be no fraud with mining. here the situation is much more clear, either you own funds or not. 

How NGOs can select ways to stay safe for getting funds?

Some of the several steps which NGOs must take are the following.

  • It is really important to use a well-known platform for accepting the donation. For example, BItpay has built a platform for getting funds for nonprofits. 
  • It is necessary to have a financial advisor in order to know more about cryptocurrencies. 
  • NGOs should do research and try to find other NGOs that are taking cryptocurrencies for funds.
  • Also, you need to save all your funds and treat it as security. Many times, the cryptocurrency market brings several advantages for ngos. 

With the use of blockchain technology, it will be made sure that all the transactions are secure and you don’t need to wait for a long time to receive money unlike now. All the transactions are done at a fast pace hence, you don’t need to depend on any third party company for validating and transferring funds. Blockchain technology would change the whole way of transactions. Also, it would be more trustable than any other medium for collecting the funds.

Conclusion

Blockchain technology is one of the advantageous technologies and several industries are making use of it. From the perspective of the donor, it gives some reliability since they know that the amount is used for a good cause. Unlike now, people know where the money goes and for what it is used. If we look at the current scenario, several third parties are involved and it is not sure whether the money is used by them or sent to the NGO. hence, with the help of blockchain, every transaction would be transparent and genuine. 

If you want to get a crowdfunding application for your charities or NGO, then you should go for it because it will be more trustable and genuine. Hence, you may find companies like Solulabs that provide the best services in the field of blockchain development. All developers have worked on several projects in different domains. You will find different NGOs and charities that have already implemented blockchain technology for collecting funds. In case you are not sure and would like to know more about it you can contact our consultants and developers or several NGOs that are using Blockchain. Our consultants would guide you in a better way.

How Blockchain Automotive solutions can assist drivers?

Posted on by Shipra

Blockchain Automotive solutions can assist drivers

What uses does blockchain have in the automotive industry and how will this technology improve drivers’ everyday lives? Find out how blockchain works and discover potential applications that could improve the mobility of the future.

When they hear the term “blockchain”, most people think of bitcoin. While cryptocurrency is the best-known example of how this technology is used, blockchain offers a solution to a variety of future issues and can also make life easier for motorists, for example when they’re buying a used car.

“Blockchain technology itself is not the end-all solution,” explains Chintan Thakkar, Head of Distributed Ledger and Emerging Technologies at the SoluLab Inc. “What it does is give us the technical foundation we need to create helpful and effective solutions.”Chintan leads the IT team in the SoluLab Inc that works with the specialist departments to develop potential blockchain use cases that could shape the mobility of the future. Read on to find out about three of them. 

What is Blockchain?

Blockchains are a new form of a database. They store transactions (such as transfers, deliveries, or purchases) in blocks. Their advantages arise primarily from two principles: A blockchain works decentrally. All participants first determine what information should go into the blockchain – they agree, so to speak, on certain rules of cooperation. Then they store all transactions on the blockchain as equals and monitor each other. There is no central server that could fail or be manipulated. Anyone who tries to change data, later on, would have to do so with more than half of all participants.

Each block receives a digital fingerprint known as a “hash”. And each block contains the hash of the previous block and thus its encoded content. This means that all blocks are linked together (hence the word “chain”). So if someone were to change a block of data, the manipulation would immediately attract attention because the content and fingerprint would no longer match.

USE CASE #1: A DIGITAL VEHICLE PASSPORT THROUGH BLOCKCHAIN

At the very latest when the car is being resold, questions like “What’s the mileage of this car? Has it been in an accident? Did the previous owner regularly take it to check up on?” will come up. Until now, buyers couldn’t be completely certain of the answers.

Blockchain-based solutions like VerifyCar offer a cure for this problem. This app, currently being piloted, could enable users to track and verify the complete vehicle history, and share data – like the mileage – with third parties. It could even be used in conversation with the seller: “As a potential buyer, I could use the VerifyCar app on my phone to scan the QR code in the seller’s app,” Chintan explains. “A green check mark then tells me that the used vehicle’s data is plausible and has been verified.”

Blockchain automotive solutions: more secure than a workshop stamp in a logbook digital blockchain method would, therefore, be more secure against forgery than conventional proofs of a vehicle’s mileage. “Theoretically, you can forge a stamp for checkbooks with a color printer,” says Chintan. “A data record on a blockchain, on the other hand, cannot be manipulated with current technology.” Occurrences like accidents or the number of previous owners could also be stored in the VerifyCar app without risk of subsequent falsification.

However, the blockchain doesn’t only facilitate data transfer between private individuals. Car owners could, for example, also send verified data on the mileage of their car to a car insurance company in order to receive a discount for infrequent drivers. For security reasons, this has so far only been possible by accessing an isolated database. The decentralized blockchain could facilitate access to this information without compromising security.

USE CASE #2: SAFE RAW MATERIAL SOURCES THANKS TO BLOCKCHAIN TECHNOLOGY

The key term here is “supply chain verification” – the tracking and documentation of supply chains. Both tasks are important not only for construction and spare parts but also for materials. Some raw materials like cobalt or wolframite come from sources that are difficult to monitor, like mines in developing countries. Many supply chains run through dozens of stations and middlemen. Such broad and diverging paths are susceptible to manipulation. That’s why SoluLab Inc is pursuing blockchain-based pilot projects that make the path of minerals traceable.

The first question is: How can we physically prevent material from being replaced or mixed? This is done using traditional methods such as barcodes and seals – but also with innovative techniques like chemical tracers. These are chemical additives that are added to a batch of material to make it individually identifiable and machine-readable with a scanner.

A supply chain with blockchain

What follows is the connection between the physical and the digital world – each step of the supply chain is documented in a blockchain, meaning it is decentralized, always visible, and forgery-proof. This would enable a refinery, for example, to prove that the raw material it supplies actually comes from a specific mine and not from questionable sources.

The blockchain-based method offers many advantages to everyday business, such as easier certification and shorter customs procedures. For end-users, the advantages of a blockchain-verified supply chain are obvious: better protection against counterfeit spare parts, for example, or a clear conscience regarding the raw materials used in a car.

USE CASE #3: CHARGE E-CARS MORE EASILY WITH BLOCKCHAIN AUTOMOTIVE SOLUTIONS

Drivers of electric cars and plug-in hybrids (➜ Types of e-cars) will be familiar with this problem: You drive your vehicle to a charging station only to find that you don’t have the right kind of customer card because you’re not signed up to the right provider.

Blockchain promises to remedy this situation through a decentralized charging network and so-called smart contracts with electricity providers. Smart contracts are virtual contracts whose execution and compliance are guaranteed via a blockchain.

That’s why the “Charge Chain” blockchain model project supported by the SoluLab aims for the most comfortable scenario possible. Customers simply plug their vehicle into a charging station and don’t need to worry about anything else – not the provider, not identification (which currently requires a customer card), not the cheapest available charging tariff at that particular station. All of this is taken care of behind the scenes by a blockchain.

This pilot project allows blockchain technology to demonstrate one of its biggest strengths: the verification and secure settlement of transactions, machine-based, and without a middleman. For example, the electricity companies or the charging station providers do not need a bank to handle money transactions. They can do this themselves with the help of blockchain technology.

Autonomous cars that charge themselves

The full potential of blockchain in the automotive industry will be maximized by autonomous cars (➜ The road to autonomous driving) when they will drive themselves to charging stations. At that point, there will no longer be any need for a human being to plug the vehicle in or hold a card to the device. All the transactions that a driver triggers today can then be triggered by the vehicle itself. And blockchain will be the technology in the background making all of this possible.

Blockchain in the automotive industry – a technology with potential

It is not yet possible to say whether and when the applications of blockchain automotive solutions described above will be implemented. In any event, for experts like Chintan Thakkar, they are just the beginning. “At this point, we can’t even foresee what possibilities blockchain will bring in the future. That makes it all the more important for us to play an active role in developing this potential.”

How Blockchain provides the opportunities for healthcare?

Posted on by Shipra

Blockchain Opportunities for healthcare: A new model for health information exchanges

​Blockchain technology has the potential to transform health care, placing the patient at the center of the healthcare ecosystem and increasing the security, privacy, and interoperability of health data. This technology could provide a new model for health information exchanges (HIE) by making electronic medical records more efficient, disintermediated, and secure. While it is not a panacea, this new, rapidly evolving field provides fertile ground for experimentation, investment, and proof-of-concept testing.​

What is Blockchain?

At its core, blockchain is a distributed system recording and storing transaction records. More specifically, blockchain is a shared, immutable record of peer-to-peer transactions built from linked transaction blocks and stored in a digital ledger. Blockchain relies on established cryptographic techniques to allow each participant in a network to interact (e.g. store, exchange, and view information), without preexisting trust between the parties. In a blockchain system, there is no central authority; instead, transaction records are stored and distributed across all network participants. Interactions with the blockchain become known to all participants and require verification by the network before information is added, enabling trustless collaboration between network participants while recording an immutable audit trail of all interactions.

How Blockchain provides opportunities for healthcare?

​A blockchain powered health information exchange could unlock the true value of interoperability. Blockchain-based systems have the potential to reduce or eliminate the friction and costs of current intermediaries.

The promise of blockchain has widespread implications for stakeholders in the healthcare ecosystem. Capitalizing on this technology has the potential to connect fragmented systems to generate insights and to better assess the value of care. In the long term, a nationwide blockchain network for electronic medical records may improve efficiencies and support better health outcomes for patients.

Blockchain as an enabler of nationwide interoperability

The Office of the National Coordinator for Health Information Technology issued a shared nationwide interoperability roadmap, which defines critical policy and technical components needed for nationwide interoperability, including:

  1. Ubiquitous, secure network infrastructure
  2. Verifiable identity and authentication of all participants
  3. Consistent representation of authorization to access electronic health information, and several other requirements.

However, current technologies do not fully address these requirements, because they face limitations related to security, privacy, and full ecosystem interoperability.

Key potential blockchain use cases

  • Medical records and interoperability

A patient’s medical history that is spread across providers, payers, etc., could be centralized in a blockchain, where the patient has visibility and control over their medical record. Providers, patients, insurers could see the relevant health information needed for enhanced patient care and experience.

  • Prescription sharing

A patient could provide consent to have personal prescriptions tracked and operated on the blockchain to improve transparency and data validation.

  • Patient wearables

A connected device that broadcasts patient information could offer a real-time, scalable solution for monitoring and treating patient outcomes.

  • Supply chain

Blockchain supply chain recording could begin at the manufacturer, undergo updates by intermediaries, and be authenticated by the buyer.

  • Clinical trials

The tracking and reporting of results could be directed to a blockchain to improve the efficiency of drug development.

  • Provider credentialing

Credentialing organizations could accrue data to the blockchain ledger and make it available to other organizations, potentially expediting the provider credentialing process.

  • Value-based care

Tracking a patient’s episode of care and related medical events on a blockchain could be used to determine quality of care over time.

  • Discounts, rebates, and refund tracking

Blockchain could be used to help clear and settle transactions between drug manufacturers and intermediaries to track financial rebates and other incentives tied to drugs.

  • Study protocol management

The complete history of changes could be immutably tracked through blockchain to enforce controls and streamline adherence.

  • Adverse events

A blockchain solution could enable an incubation group of companies to securely share adverse events data, permissioned such that only contributing members could view others’ data.

  • Consent management

A blockchain solution could manage and track informed consent across multiple sites, systems, and protocols. The consent and use could be tracked forward in research.

Implementation challenges and considerations

Blockchain technology presents numerous opportunities for health care; however, it is not fully mature today nor a panacea that can be immediately applied. Several technical, organizational, and behavioral economics challenges must be addressed before a healthcare blockchain can be adopted by organizations nationwide.

Shaping the Blockchain future

Blockchain technology creates unique opportunities to reduce complexity, enable trustless collaboration, and create secure and immutable information. HHS is right to track this rapidly evolving field to identify trends and sense areas where government support may be needed for the technology to realize its full potential in health care. To shape blockchain’s future, HHS should consider mapping and convening the blockchain ecosystem, establishing a blockchain framework to coordinate early-adopters, and supporting a consortium for dialogue and discovery.​

Accelerating technology disruption in the Automotive market

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Accelerating technology disruption in the automotive market – Blockchain in the automotive industry

The automotive market of the future will be starkly different from that of today. It will need to be more integrated and offer on-demand and personalized services that will include autonomous, shared, and connected cars. Blockchain has the potential to play a major role in underpinning the industry transformation that is coming. We expect that interest will grow over the next two to three years as more businesses explore blockchain opportunities, which will develop into detailed enterprise strategies.

The rationale and value of investing in blockchain will depend on a company’s overarching strategic objectives as well as its capacity and capabilities. However, enterprises that do not consider the impact are at risk of falling behind. Those who are more proactive will have the ability to take an earlier advantage in generating value for their business. With an analysis of the value and practical applications of blockchain in the automobile industry, this report explores the blockchain opportunities and helps shape the understanding so businesses can develop the most appropriate approach.

Viewpoints / Key findings

  • Understanding of blockchain –  The level of knowledge among the majority of executives relates to the concept and benefits at a broad level, rather than a specific and detailed understanding of which applications would be most relevant and valuable to their business.

Figure 1. Overview of blockchain

  • Blockchain opportunities across the value chain –  The rationale for blockchain across the automotive industry is considerable. Opportunities exist across the industry, including for Original Equipment Manufacturers (OEMs), suppliers, dealers, financers and end-consumers among others. Thinking about the business operating model, blockchain can be applied in different ways, which can be used to make existing processes more efficient, support the move into adjacent services and markets, and help the development of new transformative services. While blockchain can be used in isolation, it is likely to have a bigger impact when combined with other technologies such as big data, Internet of Things, and Artificial Intelligence.
  • Practical applications of blockchain –  From an initial analysis of over 40 use cases which were short-listed and combined by ‘use case purpose’, we developed three case groups to cover the breadth of the automotive market and blockchain application:
    • Verification and process improvements: To improve process efficiencies across the supply chain and back office, including knowing our supplier (KYS), provenance/trace and verify parts, connected supply chain, and targeted recall.
    • Vehicle management and incentives: To improve vehicle information and usage data across the industry, including dealer and customer incentives, extended vehicle ledger, odometer fraud, ride-sharing, and on-demand mobility services (MaaS).
    • Finance, payments and insurance: To improve transaction processes and information relating to this, including insurance contracts, auto leasing and finance, connected services, and electric vehicle payments.
  • Four opportunities of assessing blockchain –  Depending on the strategic objectives of the business, we divide the impacts of blockchain cases into four segments.
  • Trial projects –  These opportunities are attractive as they are less complex to implement, while the immediate value is lower relative to others due to a narrower focus of the application. Businesses could consider these as a starting point, if relevant to their organization, and expand them to obtain more value in the future.
    • Investigate: These opportunities are more attractive in terms of value yet have similar levels of complexity, offering greater value relative to investment in the short-term.
    • Wait and see: These opportunities currently offer a lower value and are more complex to implement. Although they will provide value for businesses and have the potential to generate further benefit, at the most basic level they may not be worth investing heavily yet. Businesses, where these opportunities may be relevant, should keep a close eye on how these evolve in future and consider combining these with other opportunities.
    • Transformative:  These opportunities are the most attractive in terms of the value they offer. However, they are heavily influenced by external factors and also considered the highest risk option. Businesses that pursue these opportunities are likely to form part of a consortium in order to deliver these projects.

The rapid pace of improvements in blockchain technology mean that, within one to two years, blockchain could provide a solution to many of the challenges faced by the industry today. We expect the tipping point to be within the next five years, with a wholesale adoption across the industry. In order to realize potential benefits, organizations need to evaluate their strategic objectives, assess which blockchain capabilities are most suitable for them, as well as how to invest. 

Businesses should also consider their organization’s readiness to adopt blockchain, understand what technology is needed and develop their blockchain strategy to iterate and scale up on this basis. Businesses that do not consider how blockchain may impact their operations are at risk of falling behind and losing out on potential growth opportunities offered by blockchain.

Blockchain: For Life Science and Healthcare Industry

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Blockchain: For life sciences and healthcare  - What broader integration is making possible today

Blockchain is essentially a living list of linked digital records—a distributed ledger—that permanently stores updates via a consensus among those who share it. A record of every transaction is embedded in the information itself, without the need for a central repository. While information can be added, it cannot be copied or deleted. As a result, multiple groups—life sciences companies, health plans, physicians, hospital systems, and even patients for e.g. can add to and share information through a secure system. Today, blockchain is garnering headlines once again, this time for the vast ecosystem of cross-industry use cases emerging around it. For e.g.
  • Europe’s largest shipping port has launched a research lab to explore the technology’s applications in logistics
  • Utilities in North America and Europe are using blockchain to trade energy futures and manage billing at electric vehicle charging stations
  • Blockchain is disrupting social media by giving users an opportunity to own and control their images and content.
The shift from blockchain to blockchains—to networks of networks—is particularly compelling in life sciences and health care where the distinct sectors work together in one broadly interdependent ecosystem.

So what are the possibilities within life sciences and health care?

For life sciences and health care, blockchain has the potential to enhance collaboration, trust, interoperability, traceability, and auditability across a range of functions such as clinical trials, supply chain management, financial transactions, credentialing, and claims processing. The shift from blockchain to blockchains—to networks of networks—is particularly compelling in life sciences and health care where the distinct sectors work together in one broadly interdependent ecosystem A number of working groups are examining blockchain’s potential in areas such as counterfeit drugs, licensure, and technical knowledge sharing. As the technology unfolds, it could help in below areas of healthcare to solve problems:
  • Address legacy technology debt
  • Shorten negotiation cycles
  • Improve medical record centralization
  • Improve network coordination
  • Clarify drug traceability
  • Make clinical trial processes more consistent.

Prospects by sector

A shared network that links medtech and pharma, patients and providers, and plans and payers on the same standard could touch every part of the industry from drug trials to claims adjudication to clinical outcomes. For now, however, the challenges and the opportunities are worth exploring sector by sector.

Blockchain for Health Care Service Providers:

  • Blockchain offers the potential to address poor network communication and a scattered view of transactions in the provider arena. 
  • It can also provide a bulwark against fraud and abuse. 
  • With fluent collaboration not only within but across networks, and visibility into patient transactions and measurable outcomes, blockchain may be a key element in the implementation of value-based care. 
  • For providers, who rely on insurance-related transactions but don’t own the processes behind them, blockchain may help reduce cost and inefficiency.
A shared network that links medtech and pharma, patients and providers, and plans and payers on the same standard could touch every part of the industry from drug trials to claims adjudication to clinical outcomes.

Blockchain in Life Sciences 

  • As in other sectors, blockchain in life sciences is in a nascent form. But storing and tracking critical data on a blockchain could reshape the sector. 
  • In clinical trials, blockchain could be a common frame of reference for an entire ecosystem of solutions that may improve participation and processes and ultimately lead to better health outcomes, with patients, investigators, managers, and doctors all touching different parts of the same ledger. 
  • A person’s cloud-based “health passport” could use blockchain to carry consistent information securely across the entire process of searching for relevant trials, matching criteria and registering, documenting consent, and participation. 
  • The same unbroken information chain could then support trial functions such as sample collection, tracking, and analysis. 
  • Many of the current systems used to track clinical trial samples and document proper storage, transport, and handling leverage spreadsheets that are hard to read or automate. 
  • Blockchain could help the data follow the samples, promoting more efficiency in the process and greater confidence in the results. 

Blockchain for Healthcare Data Security

  • For payers, blockchain could be used to help ensure the control, integrity, and traceability of data and serve as an essential tool for creating trust and reliability when sharing data across multiple parties. 
  • More specifically, blockchain could have a significant impact in areas such as medical records, claims processing, payments, provider data management, insurance design, and consent management. 
  • Broadly shared, consistent data on a blockchain might help health plans streamline administrative processes and combat fraud, waste, and abuse. 
  • Blockchain-based medical records and interoperability have been a focal point in streamlining patient-centric care management and delivery. 
  • Members want control of personal medical data and often are frustrated with the need to repeat data entry processes. 
  • This could be addressed by a customer-controlled blockchain for identity verification. While there is consensus around the longitudinal medical records use case, there has been some disagreement on how quickly this would happen. Challenges still exist around data protection and consumer incentives.  

Challenges to overcome

  • Scalability

    Many of the processes for blockchain would require more scalability and balance between permissionless blockchains (which offer more computing power) and permissioned ones (which offer faster processing). 

  • Standardization

    To foster greater efficiency and performance, organizations can consider implementing governance to control what type of data may be written into a blockchain. 

  • Incentives

    Blockchain participants should determine technical, financial, and business incentives that could encourage organizations to adopt the technology and lend their computing power. 

  • Cost

    Organizations need to determine their costs for operating a blockchain. 

  • Regulatory

    While a blockchain solution could address the Health Insurance Portability and Accountability Act (HIPAA) privacy rule in part by separating and encrypting PHI/PII data, regulatory bodies should consider deep collaboration with the industry to facilitate adoption.
Blockchain’s broad implementation in the life sciences and health care ecosystem will require a “tipping point” of trust and adoption among stakeholders, including patients.

Conclusion 

Companies should look to standardize the technology, talent, and platforms that will drive future initiatives—and, after that, look to coordinate and integrate multiple blockchains working together across a value chain. An effective way to get started is by getting to know blockchain— the reality, not the hype: 
  • Dive deep into workshops and proofs of technology. 
  • When it’s time to launch the first pilot, define the use case in detail, and plan an iterative, agile way to deliver a measurable solution to an identified business challenge. 
  • Focus blockchain development resources on use cases with a clear path to commercialization. 
  • Support standardization in technology, business processes, and talent skill sets. 
  • Work to integrate and coordinate multiple blockchains within a value chain. 
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Do you need assistance to run your business successfully in a pandemic situation and want to outsource?

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In today’s time, the whole world is suffering, and it has become challenging for us to get back to our daily routine. But still many of us are trying to stick to our work by doing remote work. SoluLab is a group of developers, programmers, engineers, consultants, and many more. If you are looking to outsource work, you can hire from our time.

Our team will provide you with the best product, and 100% tested. Also, it will allow you to access high performed developers, multi-skilled and experienced resources at your convenience. Also, you can quickly scale up and down your resources according to your need.

Various big tech companies such as Google, Amazon, and many more have brought several policies regarding remote work and working hard to avoid the spread of the novel coronavirus. It could be an issue, such as a pandemic, event preparation of over urbanization, the news is getting flooded with several ways for remote work.

You might be a sole proprietor of some tech company or any employee who would be giving or had given a choice to everyone to work remotely. For any industry, employees are of utmost importance. And during times like this, several employees find it challenging to work from home.

To make all departments function correctly, we do need to have all hardware and software to assist them in working correctly and staying safe at home.  For building the best project, one needs to follow some preliminary goals.

  • Best quality services
  • Delivery on time with accuracy
  • Clients should be satisfied

Applications that you can use to run your business hassle free

Several IT experts have taken care of all the security measures and worked on privacy. If you want to run smooth communication with your clients, you can use the following tools.

  • Skype
  • Slack
  • Google Hangout 

For time management you may use

  • Hubstaff

For code development and management

  • Github

Project management

  • Jira

SoluLab would take care of everything when it comes to the safety of the team. In any case, your business would not suffer if you outsource projects to us.

What is it like to outsource IT projects?

Outsourcing is an agreement held between companies when a company hires another company to do projects and several activities. Outsourcing does occur in several IT teams, which work on tasks like web development, IT support, and social media management. Outsourcing makes companies earn revenue.

Being an entrepreneur, you need to consider several things before you choose an outsourcing agency or remote staff. Also, you need to build a strategy wisely before you make any call. 

Several factors are considered before outsourcing a project, and below section, we will discuss some of the factors.

  • It is essential to know if outsourcing a project would still benefit your business.
  • The outsourcing project would make some spare time for you to grow your business.
  • If outsourcing, staff can do your task with more efficiency as compared to other staff members.
  • Is it a rare project or nonrecurring work

What are the benefits of outsourcing any IT project?

It keeps a seamless workflow

Once you outsource a project to any other company or developer, then you will be surely benefited from it since they would be working round the clock with all your permanent employees.

It would upscale your work

If you are working with any experienced outsourcing agency, then your work would be leveraged, and it would upscale, revenue, profit, and work.

It would be time efficient

A huge amount of time would be saved, and several resources for advertising, hiring, inhouse staff, and interviewing won’t be needed since you will be outsourcing a project to an agency.

A diverse talent

In case you hire any outsource agency, then you would be enabled to get access to some of the best professionals who might not be located in your location.

It is really cost efficient to outsource a project

As you will outsource a project, you would need to hire fewer employees who will cut costs in production. Also, you can pay lower salaries to all remote workers, and several operational expenses and infrastructure would be saved

Do you need a big team

Are you looking for developers, as your project is large. You don’t need to worry, as SoluLab would provide you with the best solution. You can hire a developer or team. We should be happy to set up a team with you.

According to you, we will conduct all the interviews. And we will hire the best developer for you. You need to give us your requirement. Also, all the rights would be given to you to manage all resources. We will take care of all issues, like administrative, developer retention, and infrastructure. If you need us to assign a project manager, we will also do that. We make sure that there is no leak of information. Hence you will sign an NDA to make sure all your details  Are secure with us.

What are the several advantages of having an augmentation model?

Several advantages are there for augmentation. Some of the advantages are discussed below

  • Now hire while you work.
  • Access to a vast pool of talent
  • A cost-effective solution and a competitive edge.
  • It makes operations more efficient.
  • Lets you expand the business and work in a new environment.
  • You get access to several diversified opinions.
  • It leads to sustainable management

Summary

You must have understood how outsourcing works and is required, especially in situations like these. It is a wise decision to make your business more profitable. If you are looking to outsource any project or looking to hire developers, you can contact us from our website.

How Smart contracts can help in mergers and acquisitions?

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Introduction

Blockchain technology is one of the emerging technologies which enables users to store data in distributed ledger and decentralised networks. Blockchain technology has an application called smart contracts. Blockchain technology is limitless. Also, it helps people to imagine a world where all transactions take place digitally. Several nations are working on blockchain-based solutions.

With the use of digital currency on the blockchain, one would be able to track all the transactions, and further, it can be stored on the distributed ledger. A distributed ledger can be shared among different users in a blockchain network. 

Blockchain has transformed several industries, and the legal sector is one of them in which it can make massive transformations. Merger and Acquisitions is one of the essential tasks, and it involves several legal works. Blockchain and smart contracts can make mergers and acquisitions hassle-free and straightforward. 

With the use of smart contracts, several tasks in mergers and acquisitions would be automated.  Blockchain would make the process of M&A faster, confidential and more straightforward. Also, it won’t be needing much validation, and even when a particular set of conditions would be fulfilled, the transaction will be done. Hence blockchain can be really advantageous for merger and Acquisition. In the below section, more emphasis is laid on the working of smart contracts.

How do smart contracts work?

A smart contract is analogous to the legal contract, it is a self-executing contract, in which several terms of agreements are hardcoded. A smart contract can be defined as the digital version of the standard paper, which automatically verifies when the conditions are fulfilled. Smart Contracts were invented by Nick Szabo, who is an American computer scientist and digital currencies researchers.

Every smart contract is executed in the blockchain network, and the same code of the smart contract can be founded in different nodes of the network. Also, it ensures transparency and facilitation and improves contractual terms’ performance.

An advantage of smart contracts is that it does not require any middlemen. Since every code of the smart contract is self-executable and verified by the nodes available in the network. Also, the removal of middlemen contracts helps to reduce the cost of counterparties.

Blockchain and Smart Contracts

Smart contracts are based on the blockchain technology and also known as the blockchain 2.0 version. A blockchain is a record or collection of blocks that are linked together with the use of cryptography. Blockchain technology is entirely different from the conventional database, as it does not have any centralized authority. All the data in blockchain stored is shared among all the nodes of the network. Also, the main advantage of blockchain is to control failures and attacks. 

In the blockchain, data cannot be altered since if any alteration is needed to be done, it needs to happen in each node of the blockchain. All the transactions are stored in a block, and that block is linked with the chain. A new Block is formed when a hash of the previous block is created. A block is added to the blockchain in chronological order, and every block contains the cryptographic hash of the last block.

How do smart contracts operate?

For building any smart contract, one needs to determine the terms of contracts, like different terms of the contract. Once the contractual terms become fixed or finalized, all these conditions are written in the form of code. Every code in a smart contract would have several conditional statements that describe the legal terms of the contracts.

How can we make use of smart contracts for Mergers and Acquisitions?

For every big business, Mergers and Acquisitions play an essential role. All these significant transitions happen in incredible amounts of stress. During Mergers and Acquisitions, several concerns for employees as well as for company culture arise. Also, there are large numbers of technical concerns that arise with mergers and acquisitions. 

In the current scenario, due diligence is a huge task during Merger and Acquisitions deals. But with the use of blockchain, several legal advisors and financial advisors won’t be needing a considerable time spent on recording data. Also, it will save a significant amount of money. With the use of self-driving blockchain-based contracts, merger parties would save huge time, and further improvement can be done, which needs a human touch.

Advantages of smart contract in Mergers and Acquisitions

  • It reduces the cost – Several processes enabled using smart contracts require fewer intermediaries and interventions.
  • Less number of Intermediaries – Smart contracts would be able to reduce reliance on other party intermediaries. 
  • It reduces execution risk – Smart contract reduces the manipulation, non-performance, and errors during execution. Also, it can be managed automatically on the network instead of an individual party
  • Smart contracts increase accuracy – All the automated transactions are not only fast but also less prone to errors.

Importance of Blockchain

Distributed ledgers and several databases, does not require full trust in each other. Also, it maintains the consensus.  Blockchain is a category or another form of distributed ledger technology. Several ways in which Blockchain can improve mergers and acquisitions.

It increases integrity and transparency

  1. It would be tough to alter data or delete any transactions.
  2. No intervention of any third party.
  3. One could be able to trace activities and transactions.
  4. Automates the auditing

Blockchain could be useful and preconstitute evidence for the agreement that takes place between two different parties. All several variables are taken in consideration such as price, timestamp, and fixed content.

Blockchain increases efficiency and interoperability

Blockchain prevents several issues like double spending, overwritten duplicate files. Since there is no middle man, one does not need to have a central administrator for maintenance of files. Also, blockchain is the best solution for interoperability.

Blockchain leads to privacy and flexibility

With the use of blockchain, one would be able to modulate powers and accesses. In Merger and Acquisition, several parties are involved, such as lawyers, investment bankers, mediators, tax and several accounting experts, guarantors, and appraisers. Every different role has its rights. 

Blockchain makes networks more secure

In blockchain several nodes are there in the network, hence if anyone node fails, the network will still work.

It brings more understanding

With the use of machine learning and APIs, one can make calls to different data sources.

How you can use SPA as a smart contract

Smart contract as SPA would map the individual transaction, which makes tax considerations and due diligence. Contracts used for acquisitions would make the mechanism simpler. Also, it will help to avoid all the misunderstandings. 

In M&A transactions, smart contracts would be able to replace earnouts, and it will present an example of how blockchain can revolute infrastructure. Earnouts are considered to be essential. Smart contracts used for M&A will reduce the risk in a huge amount. Also, during the intervals, all the earnings would be automated. Once the conditions would be satisfied, the payment would be made automatically. 

Also, smart contracts would be quite complex, if more details and conditions would be established. However, the underlying work would be the same; underlying agreement and enforcement are systematic.

With the use of smart contracts, one can build algorithms that would be automatically indexed, and every transaction would be modeled. In order to make things easier, one can store information on a distributed ledger. In a distributed ledger, an individual would be able to make a review of the transaction efficiently, and it would also bring more clarification on several complicated transactions.

What kind of Blockchain would be useful for mergers and acquisitions?

A consortium blockchain would bring more confidentiality in the infrastructure; also, a confidential shareholder vote would be necessary. With the use of blockchain, once, can have complete transparency, and it will make work more hassle-free. 

Also, with the use of a distributed ledger of transactions, it will reduce the work of reviewers like accountants, CFOs and lenders. 

Conclusion

Blockchain technology is fascinating, and it still needs to experiment in the M&A deal. Also, it faces several obstacles, like cultural resistance. Also, very fewer people have shown interest in blockchain technology and use cases. It would require several test cases to run to make authorities more comfortable with the blockchain.

Also, with the use of smart contracts, several transactions would be automated when the conditions will be completed. Also, a basic structure would be there that will automatically pay buyers and sellers once the deal is made. Also, with the use of blockchain contracts, one would be able to trigger the payment. 

Smart contracts would also be able to reduce the potential burden on administrators and would make it more appealing for both parties involved in the deal. With the use of blockchain and smart contracts, you can make M&A easier. Also, for more information, you can contact companies like SoluLab for more information. Also, several developers would assist you in building it for your firm. You can make work automated with the use of blockchain.

Quick Read: Underlying Problems of Smart Contracts And How To Deal With Them

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