Inability to manage your fleet may result in poor vehicle conditions and endanger the drivers’ safety. That’s why taking good care of your vehicles is a must.

However, many decide to ignore regular check-ups. This alone can end with consequences and hinder the company in the long run. Remember Albert Einstein’s words: ‘’Intellectuals solve problems, geniuses prevent them’’.

While effective, fleet preventive maintenance requires a lot of work and attention to detail. Luckily, we live in a tech-driven world where blockchain technology is considered to be the future. 

77% of executives are aware that not using blockchain technology will put their company at a competitive disadvantage. Nowadays, blockchain technology has a lot of use cases for a number of industries, but how can it actually improve fleet preventive maintenance?

Let’s dive in and find out!

Benefits of fleet preventive maintenance

Running a fleet business is not a joke. Fleet managers should really take timely precautions and detections seriously. The most effective way to do this is to implement fleet preventive maintenance, which is hugely beneficial for fleet businesses, meaning it can:

1. Reduce repair costs

We, humans, tend to procrastinate tasks and we all know how it usually turns out – – we drown in last-minute responsibilities. When it comes to vehicle maintenance, postponing it will only result in costly repairs. 

How many times have you had setbacks because of an unexpected vehicle breakdown? 

With a proper fleet preventive maintenance plan unexpected road stops are a thing of the past. You`ll never have to worry about clogged engines or hiring expensive tow vehicles. This will directly impact capital savings and can create more revenue for your company.

2. Increase the safety of your drivers

Keep in mind that vehicle malfunctions pose a threat to your drivers` safety and safety should always come first! Drivers are already facing dangers, so they should at least feel comfortable in the vehicle they’re driving. 

Did you know that 130.000 people are injured in truck accidents every year? These numbers are indeed concerning, which is why safety should not be overlooked. With the fleet preventive maintenance program, vehicle check-ups will become a routine, resulting in a significant increase in safety for both drivers and vehicles.

3. Enhance customer experience

Customer satisfaction plays a key role in the success of your company. If you`re dealing with constant vehicle breakdowns, there’s a huge chance your business performance will suffer, due to deliveries not reaching customers on time. You want to avoid this at all costs and preventive maintenance is the best method to do so.

Fleet vehicles will always be in top condition and the probability of vehicle issues arising will be reduced to a minimum.

4. Reduce fuel consumption 

Regular oil changes and tire maintenance can maximise your vehicles’ uptime. These timely precautions are the key to increasing fuel efficiency. Your vehicles will never spend more fuel than needed, which adds to fuel costs being significantly reduced.

How to streamline fleet preventive maintenance with blockchain technology

Blockchain is a decentralised ledger with a list of highly secured records. The term blockchain is usually associated with bitcoin, but it actually has various application areas. In the past few years, it found its use in fleet businesses. 

The below listed points will explain how blockchain technology can help you streamline fleet preventive maintenance.

1. Connect blockchain to a vehicle’s telematics system

Fleet telematics is highly beneficial on its own, but when combined with blockchain it’s even more efficient. In the past, communication between fleet drivers on the road and fleet managers was almost impossible. A lot of time was needed for a vehicle issue to be addressed.

Nowadays, it’s a totally different situation. With access to blockchain technology, fleet managers are aware of the overall vehicle condition before it hits the road and are timely informed about every malfunction. Moreover, repair centres can quickly determine vehicle faults and help you schedule preventive maintenance check-ups.

Blockchain is mostly known for storing data. What does this mean for your fleets?

The whole performance and maintenance history of a vehicle will be securely stored. This can help you make the right decisions when buying a truck or a trailer because every piece of information needed will be at your fingertips. 

2. Combine blockchain with IoT (Internet of things)

All of the sensors placed in fleet vehicles are helping fleet managers track vehicles’ location, the opening, and closing of doors, and cargo volume in real-time. However, what happens if this information is later needed for preventive maintenance? 

That’s when blockchain technology comes into the picture. The information can be transmitted to a blockchain, where it will be stored and available to you at all times. 

You might wonder why blockchain is needed for tracking when we already have GPS and RFID tags. The answer is simple, these methods are error-prone and can be subject to fraud. Blockchain, on the other hand, has many built-in security features, which makes it almost impossible to be hacked. 

3. Purchase blockchain-based load-matching app

Load-matching app helps connect truck drivers with shipping companies. However, blockchain technology expands its uses. You can use it to your advantage to identify and coordinate efficient load distribution and transportation across distribution networks. It makes it easier for fleet management to cope with driver shortages and can also help you maximise fuel efficiency.

Blockchain is not only beneficial for fleet preventive maintenance but can help fleet management in two more areas as well:

• Effective payment methods. The most widely known use of blockchain technology is smart contracts. Basically, smart contracts are computer programs, which automatically run when predetermined conditions are met. This means that third parties aren’t involved in the process and there’s no need for going through a pile of documents. 

    The time has come for fleet management to also benefit from the use of smart     contracts. Once the driver has completed the shipment contract, funds will           immediately be transferred to the driver’s account, without additional time loss. You         can rest assured that the transaction has been secure. 

• Transparent shipping.  You can now monitor all the loads a vehicle is carrying and all thanks to blockchain technology. You can even upload this information on a blockchain, which means it’ll be available to everybody. Every change will also be immediately updated. 

            This is a great way for customers to track their order until it arrives at their doorstep. Not only is this an effective shipping strategy, but it also establishes trust between the customer and the fleet business. 

The drawbacks of blockchain technology

While blockchain has proven to be effective and doesn’t stop to amaze us, it has some drawbacks worth mentioning. 

We’ve been familiar with blockchain for a while now, but it’s still relatively new, so there’s still a lack of adoption. For it to be able to achieve its full potential, it has to be accepted by a wide network of users. For example, a customer has to be familiar with this technology first before being able to track their orders. 

Blockchain technology can also be expensive to implement, which is another major setback for businesses. Besides that, it consumes a lot of energy, which means huge amounts of server power are needed in order to run it. 

While blockchain is all about transparency, not everyone agrees for their data to be available to the public. Obviously, it cannot be tampered with, but some transactions require more privacy. 

It is indeed amazing and while it has its disadvantages, its acceptance is just growing with time. Blockchain technology is extremely helpful for the financial industry, but only time will tell if it’ll reach its trucking potential as well. 

Can blockchain technology help the fleet industry?

Blockchain technology is still in its infancy. It’s too early to come to a conclusion, but for now, the feedback is positive. From tracking drivers and vehicles to reducing costs and improving customer experience, blockchain has proven to be a worthy investment for trucking industries. 

Most importantly, blockchain can help develop a fleet preventive maintenance plan, which is of utmost importance for fleet performance. 

Blockchain technology definitely has the potential of transforming the automotive industry. Prolonged vehicle life span, on-time deliveries, effective fleet preventive maintenance plan, and satisfied customers – – these are the things that make up a successful fleet business. 

Obviously, blockchain can help your fleet business grow. It’s up to you to decide the future of your fleets, so what do you say, are you ready for future improvement?

Author bio

Makedonka Micajkova is a freelance content writer and translator, always bringing creativity and originality to the table. Being multilingual with professional proficiency in English, German and Spanish, it’s needless to say that languages are her biggest passion in life. She is also a skilled communicator, as a result of having three years of experience as a sales representative. You can find her on Linkedin.

The post How to Streamline Fleet Preventive Maintenance With Blockchain Technology appeared first on Fintech News.

Is cryptocurrency legal in international trade?

Cryptocurrencies are not legal tender, nor can they be used as currency. They’re also not commodities and therefore cannot be used as financial products. Cryptocurrencies do not have an intrinsic value, such as gold or silver; they simply represent a digital ledger of transactions that are stored on blockchains known as “coins.” While there may be some similarities between cryptocurrencies and other assets like stocks or bonds, the two categories differ greatly in how they function within the global economy.

Cryptocurrency exchanges provide users with access to cryptocurrencies for trading purposes only—they don’t provide any fiat currencies (such as USD) for deposits/withdrawals from their platform; this would require converting fiat back into cryptocurrency before depositing money into an exchange account so users could then purchase crypto tokens directly from them (or vice versa).

How is cryptocurrency used in international trade and cross-border transactions?

Cryptocurrency is an alternative to traditional payment methods. It can be used for international trade and cross-border transactions. The cryptocurrency itself is not regulated by any central bank or government, which means that it’s not tied to any country’s economy.

Cryptocurrency has become popular among investors who want to diversify their investments beyond stocks and bonds, but they also want to keep their money safe from hackers or thieves who might try stealing your digital holdings from you if left with nothing else except cash on hand (which could make you vulnerable).

The value of bitcoin fluctuates based on supply and demand among investors as well as technological advances in its underlying technology behind blockchain technology—a public ledger system used for recording transactions between users across multiple computers connected via internet protocols such as HTTP/HTTPS; SMTP; IMAP4; POP3S etc., where each participant keeps a copy of all past transactions made within this network so long as they’re willing to participate in maintaining said record!

What are the benefits of using cryptocurrency for international trade?

The benefits of using cryptocurrency for international trade are many and varied. Here are some of the most important ones:

• Lower transaction costs. With crypto, you can avoid paying any kind of fees or commissions on your transactions—which means you will save money in the long run. In addition, there is no need for a bank or other intermediary when sending funds from one country to another since cryptocurrencies aren’t limited by borders or jurisdictions; this means that no additional charges will be required when sending money abroad (such as foreign exchange rates).
• No need for conversion between currencies before sending them overseas because cryptocurrencies don’t require any kind of conversion process before being sent out into the world at large! This also means that there won’t be any delays involved either which could lead to lost business opportunities because customers would rather wait longer than buy something cheaper elsewhere – especially if they don’t trust us enough yet.”

What are some potential challenges of using cryptocurrency for international trade?

There are several risks associated with using cryptocurrency for international trade. These include:

• Fraud. The risk of fraud is high when you’re dealing with an unfamiliar currency and its value is volatile. If a merchant accepts cryptocurrency, they may not be able to see all of your transactions in real-time, which could lead them to steal your money or give it away without your knowledge.
• Losing Your Cryptocurrency. If someone hacks into the blockchain network where you store your assets on an online exchange or wallet service provider (like Coinbase), then they’ll be able to access them and sell them for their own purposes—or use them for other nefarious activities as well! This is why it’s important not only to keep track of which wallets hold what amount of funds but also to make sure that those wallets aren’t connected because this would allow hackers access too

How can I protect my company from the potential risks of cryptocurrency transactions?

In order to protect your company from the risks of cryptocurrency transactions, you should consider using a regulated cryptocurrency exchange. If your country does not have an official regulatory body for cryptocurrency exchanges, then it is best to use one that has been deemed trustworthy by other users.

It is also important to use a wallet that is regulated in your country and insured against loss or theft. A good wallet will have a reputation for security as well as a good customer service record—both factors which make them more likely to be trusted by users who are unfamiliar with crypto assets (such as yourself).

Are there any companies already using cryptocurrency in cross-border transactions and international trade?

There are many companies that have started using cryptocurrency in international trade. Some examples include:

• OpenBazaar is an open-source marketplace that uses bitcoin to facilitate peer-to-peer trading of goods and services.
• BitGo is a company that offers wallet services for bitcoin, ether, and other cryptocurrencies.

Using cryptocurrency offers benefits and poses certain risks.

When you look at cryptocurrency as a whole, it offers benefits and poses certain risks. Some of these benefits include:

• Transactions can be made more quickly. In many cases, transactions are processed in minutes instead of days or weeks. This is especially important when dealing with cross-border businesses that want to move money from one country to another quickly and efficiently.
• Cryptocurrencies allow for anonymous transactions between parties who may not know each other well enough to trust their identity or intentions (e.g., when purchasing goods with Bitcoin). This lowers the risk of fraud; however, if two parties do not agree on the terms of use before making any purchase then there could be problems down the road due to mistrust between them once they receive their products back home (or even worse).

These are just some examples but there are many more reasons why using cryptocurrency makes sense for international trade today!

Conclusion

The use of cryptocurrency in international trade and cross-border transactions can be a useful tool to increase transparency and security, while also offering significant benefits. However, there are still several challenges that need to be addressed in order for crypto to become more widely accepted by companies and consumers as a method of payment. The first step is educating yourself on the risks involved with using cryptocurrency for international trade transactions: do your research with bitqt before diving in!

The post The use of cryptocurrency in international trade and cross-border transactions appeared first on Fintech News.

While there is still a lot of red tape surrounding cannabis usage, the figurative (and real) Pandora’s box of weed has opened up dramatically for visitors hoping for a sativa-infused getaway. Can you see yourself sipping a cannabis drink at your next “high”-end dinner party? On a girls’ weekend away, why not visit the “Napa Valley of Weed”? By the way, you can always go to https://hometownherocbd.com/collections/delta-8-thc-edibles to get a pack of different interesting products for purchase. We’ve researched the best weed vacations and compiled a handy dandy dank list of locations that will satisfy even the “highest-end high.”

 #1 – CBD-Infused Cocktails at Madison on Park (San Diego, California)

Head to Madison on Park for a high-end night out. Mr. Nice Guy, which costs $18, is manufactured with cannabidiol oil. CBD oil, which is cold-pressed from the cannabis plant, has minimal to no psychoactive effects (meaning it won’t get you high) and is claimed to have medicinal advantages, which range from anxiety alleviation to pain treatment. Mr. Nice Guy, created by the bar manager, is a concoction of mezcal, CBD oil, matcha, coconut milk, pineapple, and lime. If this isn’t your favorite CBD ingredient combination, you can add a $5 CBD oil add-on to any of the drinks on the Build Your Own Old Fashioned menu.

#2 – Serra Dispensary (Portland, Oregon)

Do you still associate a trip to a dispensary with a long, dark corridor, beaded curtains, and neon mushroom posters? Say welcome to Serra, a greenhouse-inspired dispensary that is hands-down one of the most beautiful we’ve ever witnessed. The brand’s flagship location is in an 1889 historic building in Portland’s Old Town neighborhood. The people who run it say that it is “an experienced and curated CBD retail location that rethinks, redefines, and sets the standard for progressive pot culture.”

#3 – Legendary Cannabis Coffeehouse Culture (Amsterdam, Holland)

Amsterdam is and will always be a hotspot for marijuana pilgrims. Since 1976, when Dutch legislators pioneered a new approach to soft drugs, down-to-earth tolerance has been the norm in the Netherlands. In Amsterdam, approximately 250 coffee shops are authorized to offer the sticky icky. Over 2 million visitors visit Amsterdam and these famed cannabis coffee houses each year, only to (legally) sit streetside and smoke a delectable delicacy.

#4 – Jupiter Hotel: First Cannabis-Friendly Package Deal (Portland, Oregon)

The Jupiter Hotel is a boutique hotel in the heart of Southeast Portland, Oregon. Even Architectural Digest has taken note of the high design appeal at a reasonable price. In conjunction with Dope Magazine, it is also the first hotel in Oregon to provide a cannabis-friendly package to visitors. It contains a Munchie kit, a vape pen, a copy of Dope Magazine, and a discount to local dispensaries. While there is no smoking in the rooms or CBD in the packages, they make it a breeze to enjoy the squeezy.

#5 – First In-House Hotel Dispensary: Lord Jones (West Hollywood, California)

Hollywood, as usual, is at the vanguard of cannabis cultural change. Book a stay at The Standard in Hollywood for the ultimate experience and enjoy the first ever hotel dispensary in cooperation with Lord Jones’ famed edible elegance. We’ve heard that this includes weed-infused travel-size shampoo bottles and CBD chocolates placed on guest pillows.

#5 – Weed Bars at Weddings (Alaska, California, etc.)

If you want Sativa at your wedding, you’ll have to fly to Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, and Washington, where marijuana bars are legal. Wedding planners that specialize in cannabis planning, bow tie-clad “budtenders” to handle the open pot bar, and even high-end transportation companies with a joint-rolling concierge are available to couples. There are entire websites dedicated to the art of planning a classy, CBD-infused event for people who only need a little inspiration.

#6 – My 420 Tours: Completely Curated Cannabis Experiences (Denver, Colorado)

While this information may not be available on the Colorado State Board of Tourism’s website, cannabis tour providers have popped up in the Mile High City. My 420 Tours offers workshops ranging from “Cannabasics Sommelier” to “Sushi & Joint Rolling,” or you may gather your friends for a weekend and go further into a totally catered CBD experience. This includes 420-friendly hotel accommodations, Grow & Dispensary tours, the aforementioned workshops, and cannabis cooking lessons.

#7 – Nipton, CA: First Town Owned by a Cannabis Firm (Nipton, California)

American Green, the largest publicly listed cannabis firm in the United States, purchased the village of Nipton for $5 million in 2016, only 60 miles south of Las Vegas. The startup intends to begin by bottling water laced with CBD, a cannabis component associated with pain and inflammation relief. From there, American Green intends to attract similar businesses, such as CBD and mineral spas, dispensaries, artist-in-residence programs, gourmet events, and bed-and-breakfasts, to “complete the delightful small town experience.”

The post 7 Cannabis Travel Experiences to Start the Year on a High Note appeared first on Fintech News.

Based on their analysis of 100 high-volume credit card-related keywords, there has been a post-pandemic surge in consumer interest for credit cards with travel benefits.

According to Finty:

1. Credit card searches with a travel theme have rebounded to pre-pandemic levels, having plummeted during the pandemic years, indicating the consumer’s desire to travel.
2. Searches for the “best Aeroplan credit card” has experienced 700% YoY growth. Aeroplan credit cards are popular in Canada since they let consumers earn points in the Aeroplan rewards program.
3. Search volume for general money-saving keywords included in the report increased 20-30% in 2022 compared to 2021, coinciding with the increased cost of living.

“After two years of travel restrictions, the revenge travel trend is well and truly alive in Canada. Consumers want to make up for the lost time and travel credit cards are helping to fast-track that,” said David Boyd, MD at Finty.

Revenge travel speaks to the trend for consumers to binge travel, having been confined to their own homes for much of the pandemic. With international borders reopening, consumers can now travel, visit family and friends, and attend events.

Although their report paints a clear image of travel’s resurgence, it hints at a worrying trend: consumers may be using credit cards to close the gap as the cost of living rises.

Canada’s inflation rate reached 8.1% in June 2022 due to the well-documented global supply chain crisis.

Boyd thinks Canadian consumers might be using their credit cards more or considering getting one, so they have some extra padding should the cost of living keep going up: “Our analysis shows that cost-conscious consumers are using cash back credit cards and interest-free deals to cut the cost of living.”

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Imagine that you are planning a trip. A few decades ago, it would take you a lot of time and effort to research destination and accommodation options, book a flight, make a hotel reservation, rent a car, and do a bunch of other trip-related activities. Today, with the help of machine learning and AI, you can use a one-stop travel platform to plan and book everything you need. And the best thing is, you don’t have to leave your home or even your bed.

This convenience wouldn’t be possible without machine learning and artificial intelligence technologies actively adopted by the travel, tourism, and hospitality industries in recent years. Here, you will learn about the uses of ML and AI in travel and the changes they bring to domain businesses.

Read the full article

Related stories: 

–Payments orchestration smooths out travel’s turbulence

-Three Reasons Why Tech And Travel Go Hand In Hand In 2021 And Beyond

The post Machine learning and AI in travel: 5 essential industry use cases appeared first on Fintech News.

The COVID-19 pandemic has prompted the expansion and accelerated development of various touchless technologies, with facial recognition being one among them. We spoke with CEO Rob Watts, of cutting-edge facial recognition software company Corsight, about facial recognition tech’s expanding role within the travel space, and how it stands to benefit both consumers and industry stakeholders amid COVID-19, and beyond.

Corsight maintains offices in the U.S. and U.K., is headquartered in Israel and conducts operations all around the globe. Prior to the pandemic and the urgent need that it created for contactless solutions, the bulk of Corsight’s business was conducted in support of security, surveillance and counterterror work.

Read the full article

Related stories: – Three Reasons Why Tech And Travel Go Hand In Hand In 2021 And Beyond              (Forbes)

– Machine learning and AI in travel: 5 essential industry use cases (FintechNews)

The post What role will facial recognition tech play in post-pandemic travel? appeared first on Fintech News.

The post How to Google your way to a greener trip appeared first on Fintech News.

BY MICHAEL B. GREENWALD

It is 2026, and Canada, the United States and Mexico are co-hosting the World Cup. Nolan lands in Mexico City from Denver, excited to watch the upcoming soccer match at Estadio Azteca. Prior to taking off, she’d already filled her digital wallet with digital Mexican pesos (PesoCoin) to supplement her usual stash of her USD in the form of a central bank digital currency (FedCoin), Ether and Bitcoin. She commonly keeps FedCoin for general transactions and because it’s her native currency, Ether for “gas” when she has to use decentralized applications (dApps) on the Ethereum blockchain, and Bitcoin for general cryptocurrency liquidity.

Nolan calls a car on one of her rideshare apps to take her to her hotel. The rideshare app she uses recently switched to a decentralized blockchain after countless cyberattacks and the subsequent demands from users for more robust data protections. Ironically, Nolan’s digital wallet and the rideshare app use the same borderless cybersecurity technology to protect from hackers.

The multinational rideshare company that Nolan decides to use accepts payment in a variety of digital currencies and CBDCs — a concept that still raises hackles in many countries concerned about their financial sovereignty — so she can choose how she pays for her ride. However, local Mexican small businesses generally only accept PesoCoin, so Nolan came prepared. Of course, she could have waited until landing in Mexico to shift around her assets and make sure she had enough PesoCoin, but she prefers to take care of it in advance. 

Nolan’s rideshare arrives at her hotel, and she decides to pay in PesoCoin. She thinks to herself: Our world becomes more connected every day, but why not act local when given the chance? Besides, her time in Mexico City will grant her plenty of opportunity to use the full capabilities of her digital wallet and the currencies within it.

Present-day digital transition

In the past year, we have seen a widespread push for credibility in the digital currency space from more decentralized tokens like Bitcoin and Ethereum, to central bank digital currencies (CBDCs) that are being explored by governments around the world. While it would be difficult for anyone to accurately predict which currencies will become most popular once the regulatory hurdles of digital currencies are overcome, one thing is for sure: digitalized money and financial systems are here to stay.

Though people tend to think about conducting day-to-day transactions in a single currency, the financial landscape of the future is likely going to require ownership (and literacy) across several different types of money. Just as there is technology that is more useful for executing certain types of functions and performing tasks, these digital currencies of the modern world will each have their own unique benefits for a user.

As a result, we can imagine a virtual wallet that will be commonplace among all consumers, requiring each person to select from a basket of currencies for each one of their transactions. This wallet could “live” in a variety of places and could take a variety of forms as we will see below, though the primary idea will stay the same: decentralized and centralized digital currencies alongside one another for use in a variety of exchange situations.

Different types of digital currency wallets

When we are so used to buying and selling things in a single denomination of money, it can seem overwhelming, overcomplicated, and unnecessary to have a virtual wallet that holds more than 10 balances from Bitcoin to Ethereum, from digital yuan to digital dollars.

However, when thinking about the strengths and weaknesses of each currency in more depth, it becomes understandable why this will be the preferred method of holding monetary value. At the end of the day, modern capitalist consumers value choice, efficiency and optionality over anything else — and it is no different when it comes to methods of payment. Understanding the format of digital wallets and holding digital currencies is the first step to grasping the larger picture of an evolving financial landscape.

Virtual “hot” wallets are a purely digital method of holding assets connected to the internet. They are considered “hot” because the assets can be readily accessed, and value subsequently exchanged. This type of wallet is often directly connected to a personal bank account from which an individual can transfer funds. Hardware “cold wallets” are physical devices that hold digital asset accounts offline. They are considered “cold” because they must be connected to the internet in order to become “hot” or for value to be exchanged. By taking a wallet offline, users can further protect their digital assets from malicious actors that could compromise a system or platform through Internet-enabled services.

What will your wallet hold?

In the next few years, we are going to see a rapid shift to the use of digital currencies for a variety of uses from business-to-business (B2B), simple consumer transactions, and banking. Since different currencies are preferred for certain types of transactions, it should be expected that individuals will have their own unique sets of digital currencies for their primary methods of exchange. Your virtual wallet will have whichever currencies you primarily transact in, with the ability to exchange, add, or subtract value depending on your evolving demands.

Virtual wallet NFT

Virtual wallets will have a graphic user interface that displays all the different currencies side-by-side, with each of their individual values. The non-fungible token that is being auctioned with this piece is an artistic vision of what will be possible in the future use of digital currencies. This user interface displays many different currencies that an owner would be faced with upon opening their virtual wallet application or software. The first of its kind, this NFT highlights a new type of digital wallet that will be popularized and necessary for the modern consumer or business owner.

Digital finance will continue to change the world in ways impossible to predict. The evolution of the digital wallet will be a crucial aspect of this “brave new world.” It is important for us to ask ourselves some broad questions: Are we presumptuously projecting the future of digital finance onto our existing financial world instead of re-imagining a completely new architecture?

When Nikolaus Otto invented the internal combustion engine in the mid-19th century, did he appreciate the revolutionary impact it would have? Could he imagine the vast American Interstate Highway System constructed nearly one century later to accommodate the automobiles that his invention had begotten? If digital currencies and wallets are revolutionary technologies akin to the combustion engine, are we imaginative enough to foresee the digital equivalent of the interstate highway system and the radical change it will bring? 

What if liquidity in digital currency markets is so great that individuals never have to “carry” more than one digital currency in their mobile wallet?

If the digital world advances to where financial settlement is near-instant, will anyone choose to carry multiple currencies instead of picking the one with the most utility and liquidity for him and then swapping as needed? How will this impact global foreign exchange markets, and the weaker currencies traded on these markets?

U.S. innovation and next steps

As 2026 approaches and this concept becomes more tangible, the United States must innovate rapidly while representing American values of privacy, financial inclusions, ethics and morality. At the same time, it must compete with other currencies and countries that strive for positions at the top of the global financial totem pole. A world in which there is a “basket of currencies” is almost upon us, and with it comes the optionality and choice that citizens of the world value most of all. 

While it is inevitable that the U.S. dollar continues to be high on the list of currencies of choice for members of the global economy, it must innovate to remain the preferred currency into the future. This will require a steadfast commitment to American values and rapid innovation as technology improves.

The post Imagining a global digital wallet and the future it can hold appeared first on Fintech News.

In our previous blog of the series, we discussed what is cyber security and the ramifications of cyberattacks on modern businesses.

However, as data privacy compliance becomes more challenging, it is vital for your company to take appropriate precautions to protect itself from this emerging threat.

Let’s take a look at some of the game-changing developments in data security that you might not have considered.

Despite the exponential rise in cyberattacks, companies across a wide range of industries continue to lack sufficient governance for addressing and mitigating associated risks.

Cyberattacks are ranked as the seventh most dangerous risk to businesses and society by the World Economic Forum.

Organizations are vulnerable to cyberattacks ranging from ransomware to data theft due to the sophisticated and digital nature of fourth industrial revolution (4IR) technologies.

Operational technologies are exposed increasingly to cyberattacks, and the world is getting closer to a ‘cyber pandemic’. This trend is expected to continue for the foreseeable future, even as the information management market is projected to surpass US$ 12 Bn by 2027.

There have been a number of malware attacks on the Australian government, as well as additional attacks on the worldwide healthcare, finance and insurance, banking, and airline industries.

For instance, data privacy costs in the BFSI sector are projected to account for over US$ 18 Mn per company through the coming decade.

On a related note, cyberattacks are expected to rise 5 times by the end of 2021on the healthcare sector. A fifth of all travellers are at risk of cyberattacks when abroad. The financial threat from cybercriminals is proportionally large.

US$ 150 per Record – Cyberattacks Drive up Data Privacy Costs

In the renowned dark web, cybercrime as a service is gaining traction as a business model. Furthermore, organized hackers are banding together to offer advanced tools, lowering the cost of destructive services and making them available to everybody.

The data brokering market is already worth around US$ 200 billion a year, which involves copying, searching, and selling highly sensitive data.

T-Mobile had to pay a big price for poor cyber security in August 2021. A cyberattack exposed 40 million customers’ personal information, including social security numbers and driver license numbers.

As a result of the incident, customer traffic is projected to drop. In just one year, the attack has the potential to reduce the company’s earnings by about a billion dollars.

To combat the growing threat of cybercrime, it is critical to implement safe and dependable defensive solutions. As a result, cyber security software might potentially reduce the danger of data breaches and natural disasters.

The field of cyber security is being shaken up by new technologies. MarketNgage’s insider knowledge is unrivalled.

Attacks that happen frequently despite the greatest efforts of cyber security specialists, the necessity for technological breakthroughs to ensure data integrity has been identified.

Cyber criminals now have new methods for tracking fingerprint gestures on touch displays, as well as memory scraping tools and specialized tools for breaking into operating software.

As per MarketNgage, the sales for cyber security solutions will grow by 11%, annually through 2029 worldwide. By 2021, overall demand is expected to total US$ 144.2 Bn.

Organizations can use software like computer-aided dispatch (CAD), records management, and record analysis, as well as cyber insurance and network firewall security, to reduce the danger of their data being exposed.

Firewall as a Service is expected to grow at a CAGR of around 22% through the upcoming decade, driven by advances in AI and enterprise mobility during the covid-19 pandemic.

E2E IT security technology advancements for threat identification and protection will be a crucial advancement in 5G security infrastructure. Furthermore, the necessity of endpoint security solutions will fuel demand for years to come, thanks to the growing trend of bring-your-own-device (BYOD).

Individual threat detection functions are successfully covered by newer information security solutions, which can detect entire classes of malware. Artificial intelligence and powerful machine learning will play an increasingly important role in computer security.

Consequently, it is important for companies to invest in cyber security certifications, vulnerability assessment, and employee training.

How Will You Choose the Right Cybersecurity Solution for Your Organization?

Risk-based and multi-factor authentication enable IoT security breaches to be mitigated. Choosing the right solution for your business can be difficult, given the continually rising quantity and changing form of cyber-attacks.

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The post The cyberthreat pandemic can cost your business US$ 150 for every electronic record! Mitigate inherent losses with these solutions appeared first on Fintech News.