Blockchain Development, ICO Development, Smart Contract Develop

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Trusted ICO Services by Aeries Blockchain Corporation!

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Blockchain Technology — Revolutionizing the Mortgage Market

Mortgage industry has been around for quite a while, however, has not enhanced its end to end mortgage application processing times. This is because of the archaic innovation and processes still pursued by the parties associated with the mortgage food-chain.Currently, it takes an average of 40+ days from submitting a home loan application to shutting the loan and settlement of funds.

Blockchain mortgages have the potential to revolutionize the mortgage industry by eliminating costs and inefficiencies in this manner improving funding time and saving a considerable amount of money that is currently charged in each step of application processing.

The typical mortgage application process

The current mortgage application process is extensively paper-based, labor-intensive, tedious, and costly. This is in most part because of a long queue of 3rd party service providers that all have an input to the process, for example, surveyors, solicitors, credit agencies, and title deed offices.

Generally, there are seven actors/parties associated with the processing of loan application that buyers need to manage; they are depicted in the figure below. The journey of a mortgage application perseveres amid different stages adds to delays culminating in the final ownership by a consumer after 40 days.

Figure 1: Traditional Mortgage Processing Time line

Figure 2: Actors in Mortgage Processing

Blockchain mortgages to the rescue:

Blockchain is a distributed ledger that is encrypted/secured so it is just available to individuals from the parties that are authorized to access it. As of now, different parties listed in the figure maintain their own records which are either private or public. Lenders, insurers, credit bureaus need to access/provide the vital info expected to decide creditworthiness of borrower or possibility of the loan sum dependent on the valuation of the property. In the meantime, separate records should be updated when the data is exchanged or a transaction is done by each party. All these tasks are as of now dealt manually.

 With blockchain mortgages, the data or information required to evaluate and approve a loan application would be securely stored on a network where these ledgers would be updated automatically and in real-time. The utilization of this distributed ledger technology (DLT) technology would permit a loan contract to be generated automatically, set up home loan account, transfer and register ownership for the property.

 Figure 3: Mortgage Processing on Blockchain

How Blockchain will Improve the Entire Mortgage Value Chain Firms who can grasp the new technology gain access to more productive distribution and execution networks for their financial transactions and shared eco-systems to their customers, partners, suppliers, and regulators.

The blockchain based solution for Mortgage Lending financial institutions will diminish processing times and reduce errors, resulting in:

Reduced costs By automating and securing the mortgage lending processes, a blockchain-based system co-ordinates and distinguishes the agents and intermediaries and could lessen operational costs, expenses, and fraud for financial institutions. We gauge investment funds of $177 million on a loan book of $97.7 billion for a typical mortgage lender.

Improved work flows Blockchain technology is assumed to reduce total transaction time all through the mortgage value chain by 25%, to 30 days from 40. In the event that national governments build up a blockchain-based title registry, this is expected to fall a further 25%, to 20 days.

 Enhanced customer experience

Customers want to be served efficiently, securely and transparently what, for some, is the largest transaction of their lives.

The intrinsic identity, security and audit trail characteristics of blockchain gives more control to buyers and borrowers, giving full visibility of progress and intermediary activities.

The customer experience can be enhanced through,

●      Enhanced loan search and credit qualification checks and approvals

●      Reduced fees along the mortgage value chain

●      Easier document exchange, disclosure, and due diligence

●      Faster asset appraisal, insurance, and loan security

●      Accelerated certainty and decreased fraud during loan funding approval; cash transactions with sellers and intermediaries; and completion of asset and title exchange

 The Way Ahead:

The stakes of blockchain are undeniably excessively huge for financial services firms, making it impossible to look for a wait-and-see approach. The blockchain technlogy definitely streamline tasks and cut down expenses while opening new revenue opportunities.

Without a doubt, the legal and regulatory challenges to blockchain adoption in the mortgage industry are extensive however not unfavorable. Governments and trade bodies could cooperate to help give a framework for more productive business practices although bureaucracy, vested interests and inertia can combine to hold back progress.

In any case, those that stand still risk left behind. That, in addition to the expectation of lessening costs and speeding up transactions in a more timely and efficient way, is probably going to empower innovation; truth be told, there are already competitors that are as of now demonstrating their enthusiasm for moving into space. Visit: https://aeries.io/services/blockchain

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The Blockchain of Things: A revolution in IoT Industry

The immense potential of the Internet of Things (IoT) market is undeniable. From smart homes and cities to smarter retailing, manufacturing, healthcare and logistics, IoT gadgets are making smarter ecosystems bringing about enhanced efficiency and reduced expenses. According to recent data from Juniper Research, the total number of connected Internet of Things (IoT) sensors and devices is expected to leap from 21 billion this year to 50 billion by 2022. However, this centralized model that currently supports the billions of smart devices connected to the Internet of Things devices fails to address several critical issues.

Identification, authentication, and security keep on being a challenge, particularly thinking about the exponential development of IoT. The centralized security systems can likewise be compromised to acknowledge a single point of failure making IoT gadgets vulnerable to cyber attacks. Attached to this is the issue of scalability, which is both difficult and costly to execute. Monetizing data is also negatively impacted as concerns around confidentiality turn out to be a hindrance to the flow of real-time insights.

Why Blockchain is the Viable Alternative?

Since Blockchain is based on the decentralized and distributed ledger system, this makes it the most viable alternative available, in light of the fact that it bridges the critical gaps faced by IoT at present.

 Fueled by the cryptographic processes behind it, blockchain records are secured and synchronized guaranteeing that data flowing out of sensors and embedded processors gain the highest levels of security—protection against alteration and modification.

While blockchain can't block attacks, like the major distributed denial of service (DDoS) attack that briefly injured the servers of prevalent services, such as Twitter, Netflix, and PayPal, last October, it ensures that if a device is compromised it can't disrupt or make false records inside a business procedure. This offers a colossal potential for IoT security, considering how the earlier mentioned DDoS attack had included 100,000 malicious endpoints to a great extent made up of IoT devices.

Aside from building the truly necessary trust in IoT devices, blockchain, which works on a peer-to-peer premise, will diminish monetary and time commitment costs. Legal contracts will be replaced by smart contracts, which in result will accelerate transactions. Scalability at that point additionally ends up less demanding and more affordable. Monetizing data is additionally conceivable as data can be gathered, shared, processed and analyzed, without the dread of security breaches.

IoT Powered by Blockchain brings Immense Possibilities A December 2016 Deloitte Survey on blockchain adoption that surveyed 308 senior officials at US organizations with $500 at least million in yearly income, found that 21 percent of senior executives over an extensive variety of enterprises showed that their organizations have just brought blockchain into production, with 25 percent planning to do as such within the following year. Among these, 42 percent belongs to customer products and manufacturing industry and are arranging an investment of $5 at least million in the coming calendar year.

The use cases and proof of concepts that use blockchain innovation as the underlining framework for IoT devices are many. For example, industrial manufacturing is progressively utilizing IoT for production, customer demand monitoring, and inventory administration. Blockchain innovation can fill in as a secure ledger at different levels, from inside the plant to local and global levels, bringing about cutting of expenses and making effective operational processes. Insurance is another region where blockchain has enormous potential. Drones are as of now being used to check property claims in remote territory. Bringing blockchain and smart contracts, and validation and verification of those claims turn into a breeze for organizations and their customers. Smart devices tracking public infrastructure, for example, streets, spans, water pipelines, and power grid are more secure when utilizing blockchain innovation. Aside from giving regular maintenance updates, the distributed ledger framework can use Artificial Intelligence (AI) to forecast utilization patterns. Associated transportation is comparatively profited as the network supporting a large number of vehicles winds up secure and tamper-proof, giving more prominent chances for monetizing data.

Blockchain holds massive possible outcomes for the retail sector which is as of now utilizing IoT devices and sensors over its business lifecycle. Blockchain powered smart contracts between the retailer and consumer can bear the cost of simple and secure self-checkout. Smart retailing through AI, where predictive analysis can create extra income becomes more secure and simpler to scale.

The best part of blockchain innovation is that it makes an extraordinary fit for what is already digital. For instance, in a responsible coffee chain, the records of how coffee is developed/transported/prepared is good to go for provenance. Yet, to convey provenance to a sack of coffee, including the affirmation of zero probability for somebody to switch or present things, there ought to be no holes between the digital and physical. IoT devices, such as tracking/ tamper seals powered by blockchain innovation, creating a completely transparent and responsible coffee production network. IoT that has utilized blockchain (thus blockchain of things) is a ground-breaking tool. In spite of the fact that a couple of challenges are still there, such as the establishment of consensus models and arriving at computational costs for verifying transactions - the association of blockchain and IoT will do for business what the internet did for communication. Visit: https://aeries.io/services/blockchain/

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Blockchain - Rescuing KYC post Aadhaar Verdict

For some in India's private sector, the Supreme Court's prohibition on privately owned businesses utilizing Aadhaar implies the time has come to reconsider business strategies. They may need to do so only temporarily, due to the pressure built by government Indeed, high-stakes legal and policy clashes have just started.

Impact on the private sector

After the Aadhaar judgment, private companies across sectors are looking at increased operational costs and changes to their business models, at least in the short to medium term. These progressions are not negligible and will affect the organizations as well as consumers and markets as a whole.

Here’s an example, Aadhaar-enabled KYC had a vast influence in Reliance Jio's story of overcoming adversity, which caused a gradually expanding influence over India's telecom sector, incorporating a sharp fall in service rates, even market union, and mergers. Presently, barring another law that empowers non-state entities to utilize the Aadhaar framework, disturbance at this scale sooner rather than later may turn out to be troublesome.

For the nation's digital payments industry, especially fintech startups Aadhaar-based verification helped minimize expenses. Startups are particularly delicate to operational expenses. The increased expenses of non-Aadhaar based KYC will now be met either by consuming investor capital or, more probable in the long haul, passing them on to the clients. In case of fintech firms, for example, cryptocurrency exchanges verifying users’ identity through Aadhaar was essential to counteract illicit trading.

Numerous customers such financial inclusion platforms serve may have no other method for verifying their identity, and the prohibition of Aadhaar as an identity confirmation system will mean abolition from such services through and through. What’s the way forward?

In spite of the fact that the apex court has banned biometric-based e-KYC, there is no cause for alert among banks, telecom companies, and fin-tech firms, they can explore several available alternatives to Aadhaar-based authentication instead.

While other centralized solutions may alleviate some of the KYC challenges, the blockchain architecture will provide a modern and elegant way forward with immutability and security features that help provide greater trust in, and integrity of the data. e-KYC is one of the strongest use cases of Blockchain where the digital identity of an individual is kept on blockchain and different service providers can make use of it.

Currently, establishments offering financial or professional services are obliged to pursue time-devouring and expensive practices for each new customer. The adoption of Blockchain technology can lead to the reduction of the KYC cost because of its cross-establishment client verification capacity and in addition to the effectiveness of observing and investigating data, required for KYC checks.

 Distinguishing characteristics of Blockchain

Blockchain is an immutable technology and once data is verified and stored in the distributed database it can't be manipulated — just updated. The speed and ease with which blockchain enables participants to get useful and quality data make it very appealing to regulators, banks and law enforcement agencies around the globe.

1. Decentralized -

Blockchain is distributed and synchronized crosswise over huge systems; hence, it is suitable for advanced hierarchical business networks, for example, financial consortia or supply chains.

2. No trusted Authority

Any centralized database is prone to get hacked and they demand trust in the third party to keep the database secure. Blockchain overrides the need for a central authority by distributing data previously held in a centralized ledger over a network of computers.

3. Immutable Records:

Blockchain is inherently immutable — once recorded, data on the blockchain can't be changed retroactively without the alteration of every single subsequent block and a collusion of the network larger part.

4. Auditability

By design, blockchains are inherently resistant to alteration of any stored data. Practically, a blockchain can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Thus, one of the applications of blockchain is that it can be used as a source of verification for reported transactions.

Advantages of Blockchain If blockchain was used in place of Aadhar for identity verification, most of the concerns could be assuaged.

●      Increase speed from 3-4 weeks of onboarding time to 1 week or less by compressing data gathering and automating processes

●      Reduce costs decrease significantly costs to at least 20% less by eliminating duplication through shared services

●      Reduce risk via a redundant. distributed and shared ledger that acts as in immutable assured audit trail of all the corporate KYC processes.

●      Enhance experience via instant visibility across all shared information by customers, secured through a consent-based mechanism, which controls information access.  

Aadhar Vs Blockchain

 Key challenges to Aadhaar

Since its inception, Aadhaar has been criticized as a project encompassing ample scope for forgery and fraud.

●       The fallibility of biometric data: A testimony has already been presented in court expressing that fingerprints can be replicated and the same has been demonstrated to the UIDAI too. Replicated fingerprints as passwords can be used to alter Aadhaar data with no notice to the end user and auditor.

●       The government has control over data, code, and tracking: Aadhaar is under control of the government through which it can track anyone's login patterns, representing a threat to the Right to Privacy, a fundamental right as per a recent judgment by the Supreme Court.

●       The effectiveness of linking Aadhaar with Direct Benefits Transfer (DBT): Leaked data can be used to alter already existing data linked with DBT. On the off chance that the central database is hacked, the entire system may crumble down affecting the nation's citizens on the loose.

On the other hand, Blockchain/Distributed ledger is immutable and distributed around multiple nodes. Unless 51% of the nodes are compromised all at one time, manipulation of the data becomes impossible. Highly improbable! As per 2001 Sensex, India has 12% population under the age of five. Biometric authentication does not work since it keeps changing till the age of five and hence makes Aadhaar system inefficient in dealing such citizens data. Any data kept on Blockchain is immutable and hence will survive the time test!

 eKYC platform on Blockchain

A blockchain-based Aadhar would help the database match the data protection stipulations outlined in the Right to Privacy judgment. It would allow for information to be collected and held transparently, with the consent of the individual whose information it is.

We can keep the hash of demographics as well as biometric data on to the blockchain. As part of the KYC verification process, whenever the service provider receives data from the CIDR, it can validate the hash of that data against the hash stored in the blockchain and hence can confirm the validity. This will make Aadhaar more transparent, despite the fact that all the user records are maintained centrally. Visit: https://aeries.io/services/blockchain/

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Artificial Intelligence or AI Solutions for managing projects in smarter ways!

A machine is said to possess AI (Artificial Intelligence) if it perceives its surrounding environment and eventually takes such actions which maximize the chances of achieving the aimed goal. With both AI and blockchain innovations together in one place, one can effortlessly control on how your data can be utilized for the data set you possess. If you want to manage your projects smartly, then contact Aeries Blockchain Corporation. Our AI solutions power a wide spectrum of industries. The dedicated team at Aeries Blockchain Corporation consists of algorithm experts, machine learning specialists and technology consultants. They build the tools, secure the channels, integrate the services and scale up systems to help you quickly set up a smarter business. For any query, fill enquiry form at https://aeries.io/contact-us.

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Making Supply Chain Financing Sustainable Using Blockchain

Aeries Blockchain Corporation, a US-based Blockchain, and AI development firm is to launch a blockchain-based, supply chain financing platform this month.

This platform is designed to streamline flows among buyers, sellers and financiers in a supply chain and help improve efficiency, transparency, and operation of supply chain finance. This permissioned blockchain platform uses Hyperledger Fabric which seeks to eliminate some of the financing problems like faced by almost every industry.

Pankaj Pathak, CTO of Aeries Blockchain Corporation, comments on how blockchain is shaping businesses, “We are seeing a flood of cross-sectoral blockchain adoption right now, with a large group of enterprises using the technology as a method for enhancing transparency, efficiency, and security. While at first intended to verify digital currency transactions, organizations are currently taking advantage of the intensity of blockchain technology to digitize and secure documents and product information, making a secure, irrefutable record.”

 Further, he includes, "The potential applications of blockchain are interminable, and it has turned out to be an awesome empowering influence of innovation so far. Generally, we are still in the earliest stages phase of blockchain technology. The coming years will bring a plenty of new use cases that will convey increased levels of transparency and security for organizations in an assortment of sectors". 

Supply Chain Finance is one sector in which blockchain has been trialed essentially. Blockchain technology can possibly on a very basic level change the supply chain landscape, conveying new levels of transparency and security. Blockchain empowers the formation of a shared and irrefutable record of events and transactions inside the logistics procedure, offering real-time status updates from tender through to the delivery stage while also mitigating against fraud and theft.

Aeries Blockchain Corporation is currently working on transforming the delivery of data and payments system using blockchain.

The blockchain-based supply chain finance solution more specific via so-called smart contracts will essentially enable all parties in a supply chain finance solution to act on a single shared ledger with private views. A supplier and manufacturer, along with each participant in a supply chain, will exclusively update their parts of the transaction, empowering efficiency and a "phenomenal" level of trust and transparency on a ledger record that is immutable.

 “If you converse with supply chain specialists, their three essential territories of agony are visibility, process optimization, and demand management. Blockchain gives a system of trusted records that address each of the three" says Pankaj.

 Blockchain technology can offer incredible potential for both corporates and banks as far as expanded control, speed and dependability of their supply chain and at a fraction of the cost of their current infrastructure. Payments influenced through this digital system can be monitored by both parties, implying that suppliers are no longer at an impeded position in the purchasing procedure while they wait for processing.

Blockchain will accelerate the procedure, giving the organizations more control, and in the long haul would, at last, make more robust supply chains.

The time required from initiation to payment can, in this way, be significantly reduced. Apart from reduced transaction time, different advantages for merchants and exporters incorporate reduced bank charges (because of less manual action on the part of banks), decreased time for loan approval, and lessened risk of fraud. Along these lines of financing, a supply chain is drastically less expensive and more productive than the present method of doing business.

Here’s how Aeries Blockchain Corporation is going to mechanize supply chain finance on the blockchain. On the new platform, once the eKYC enabled on boarding gets completed, the buyer can request for quotation on its own private channel, to which interested vendors in their network respond with PO. Most suitable invoice is chosen, instant certificate verification is done digitally, based on conditions mentioned. After the seller receives a confirmation of payment assurance date by the buyer or the financial institution, the goods are shipped. The shipment has a QR code or any method of tracking, which is linked to the smart contract. When the goods arrive at the agreed destination, and all the conditions are met, the payment is released to the vendor.

This model also ensures credibility in using the credit ratings of the buyer company to support purchase agreements. This rating can also support financing far upstream when required, enabling ‘deep tier financing’. Domestic vendors, while they own a PO, can attach and allocate a percentage of receivables from other foreign vendors, and then from Tier 3 and so on. The financial institution also has transparency which supports the audit process also.

This platform is expected to go live imminently with one of the reputed banks financing vendors of some of the largest FMCG companies in the world.  

What’s stopping blockchain from mainstream adoption in supply chain finance is companies don’t understand that public blockchain tech is different to enterprise blockchain tech and vice versa. There are concerning cases of platforms being developed for business users that simply modify the public Ethereum platform or use it as a template.

While maybe superficially appealing, the design of these platforms gives off an impression of being on a very basic level inconsistent with the requirements of the organizations whose demands they claim to solve.

There are still different challenges to be dealt with, as well, for example, the need to execute paperless trade, issues of data protection, and how to get all individuals from a supply chain to participate. If worldwide supply chains are to pick up the full advantage of this technology for monitoring payments and related data, all parties that play a role in global trade must be included! Visit: https://aeries.io/services/blockchain/

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Applications and Use Cases of Blockchain Beyond ICO

Since the invention of first Cryptocurrency, Bitcoin, in 2009, history's first permanent, decentralized, global, trustless ledger of records, entrepreneurs in industries around the world have come to understand the implications of development in blockchain space.

The nature of  blockchain technology has got imaginations running wild after the success of  Bitcoin, as many other people saw an opportunity to launch their own Cryptocurrencies.

This has prompted the ICO boom.  Startups have discovered a simpler method to fund-raise for their projects from the public through ICOs and eliminating the complicated venture capital funding model.

In the past year the majority of crypto enthusiasts had made ICO hype. Anyway, beyond ICO, there are other fascinating aspects that contribute in blockchain revolution. Blockchain technology can be implemented in various industries disrupting them to the core specifically enterprise software. It’s true that not all scenarios may require blockchain but the significant majority can be made more efficient through the adoption of blockchain technology.

Let’s dive in deep how development in blockchain technology can be useful in every industry.

As a system of record

 Digital identity

Cryptographic keys in the hands of people take into consideration new ownership rights and a premise to shape fascinating digital connections. As we've talked about in our guides "What is Blockchain Technology?", "How Does BlockchainTechnology Work?" and "What Can a Blockchain Do?” blockchain give a chance to build up a solid system for digital identity.

Since it did not depend on accounts and authorizations related with accounts, since it is a push transaction, and in light of the fact that ownership of private keys is ownership of the digital asset, this places another and secure approach to oversee identity in the digital world that abstains from presenting users to sharing excessively vulnerable personal information.

 Tokenization

For the reasons for authenticating a unique physical thing, the things are paired with a corresponding digital token. This basically implies tokens are utilized as to bind the physical and digital worlds. These digital tokens are valuable for supply chain management, intellectual property, and anti-counterfeiting and fraud detection.

Inter-organizational data management 

Blockchain technology entitles as a revolution in how information is assembled and gathered. It is less about keeping up a database, more about dealing with a system of record.

 For governments:

Governments have an enthusiasm for each of the aspects segments of  blockchain technology.

Initially, there's the ownership rights encompassing cryptographic key ownership, revocation, generation, replacement, or loss.

They likewise have an enthusiasm for who can go about as a part of a blockchain network.

Furthermore, they have an enthusiasm for blockchain protocols as they approve transactions, as governments regularly manage transaction authorization through compliance regimes (e.g. stock market regulators authorize the format of market exchange trades).

Consequently, regulatory compliance is viewed as a business opportunity by numerous blockchain developers.

 For financial institutions:

Blockchain lends itself to some of the common use cases including regulatory compliance, settlements, cross-border payments, custody, asset tracking, trade finance and post-transaction settlements within the financial sector.

Many financial organizations have already initiated projects based on blockchain technology for payments and securities trading and spending on blockchain technology to transform existing cumbersome and inefficient processes such as cross-border payments, provenance, and post-transaction settlements. These are crucial pain points for many financial services organizations, and thus blockchain offers an attractive value proposition.

For audit trails:

Utilizing the client server infrastructure, banks and other huge institutions that assist people form digital connections over the web are compelled to secure the account information they hang on users against hackers. While banks can spend the billions of dollars to keep information secure, the system is presently asking that organizations do likewise. We are sharing same information with these organizations from we are with the banks, after all things considered. However, organizations are under attack and have been hacked, exposing customers’ intimate financial details sometimes.

 Blockchain technology offers a way to automatically make a record of who has access to information or records, and to set controls on authorizations required to see information. This additionally has imperative ramifications for wellbeing records.

As a platform

For smart contracting

Blockchains are the place digital connections are being framed and secured

 Consortium of the biggest banks on the planet, and in addition a few insurance agencies, driven by a startup, are trying to create a platform to set up new digital connections between banks themselves. Their way to deal with securing these new digital connections is a mix of Ricardian contracts and coded business logic.

To put it plainly, this version of smart contracts tries to utilize information and records stored in blockchains to help complex legal agreements.

Different new startups are chipping away at side chains – bespoke blockchains connected to larger public blockchains. These 'federated blockchains' can defeat issues like the block size debate plaguing bitcoin. It is figured these groups will have the capacity to make blockchains that authorize super-specific types of transactions.

Ethereum takes the platform idea further. Another kind of smart contracting was first presented in Vitalik Buterin's white paper, "A Next Generation Smart Contract and Decentralized Application Platform". This vision is tied in with applying business logic on a blockchain, so transactions of any unpredictability can be coded, at that point authorized (or denied) by the network running the code.

In that capacity, ethereum's basic role is to be a platform for smart contract code, involving programs controlling blockchain assets, executed by a blockchain protocol, and for this situation running on the ethereum network.

 For automated governance

Bitcoin itself is a case of automated governance, or a DAO (decentralized autonomous organization). It, and different undertakings, remains experiments in governance, and much research is missing regarding this subject.

 For markets

Another approach to consider Cryptocurrency is as a digital bearer bond.

This basically implies building up a digitally unique identity for keys to control code that can express specific ownership rights (e.g. it may be owned or can own other things). These tokens imply that ownership of code can come to speak to a stock, a physical thing or some other asset. Standards on how these instruments can be transacted can be coded by a blockchain protocol. For streamlining of clearing and settlement

In the realm of stock trading, we regularly hear the term 'T+3'. This implies, a trade (T) is trailed by three days before the trade is acknowledged (settled). There are non-blockchain approaches to get this number down, however not without trading off security and risk. With blockchain innovation, notwithstanding, trade is settlement, and we have a T+0 equation.

For automating regulatory compliance Past simply being a trusted repository of data, blockchain innovation could empower regulatory compliance in code form – as it were, the manner by which blocks are made substantial could be a interpretation of government legal prose into digital code.

On account of banks, for instance, this could mean enhancing efficiency in anti-money laundering (AML) compliance. Blockchain technology can be adjusted to do distinctive things – allow transactions or report transactions of a specific sort as indicated by exact rules.  

This implies banks could automate regulatory reporting or transaction authorization.

 Conclusion

While blockchain is still relatively new and numerous experiments will flop before they succeed, the possible outcomes for innovation are endless. Along with points listed above, Blockchain, undoubtedly is going to come up with a future where distributed, autonomous solutions will have a huge role -- both in our personal lives and in business. Visit: https://aeries.io

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Unleashing  the potential of blockchain in Healthcare Industry: Interview with Aeries Blockchain CTO Pankaj Pathak

I spoke to Pankaj Pathak — CTO of Aeries Blockchain Corporation — about the challenges faced by the global healthcare industry and how the company plans to use blockchain to save healthcare organisations billions and make the world a healthier, happier place. Can you tell us a bit about your background and why you decided to focus on blockchain?

I had been working in the software technology industry for the last 20 years but around three years ago I got introduced to Blockchain in one of the conferences since then I am a big fan of distributed technology. After attaining technical leadership experience in companies like Oracle, Motorola & IBM, I started heading towards entrepreneurship and co-founded companies like Rare Mile Technologies & Moonraft Innovation Lab. I came across various industry trends throughout this journey, however, security and immutability have been major concerns for most of our clients. Blockchain technology isn’t just better than any other technology solutions in the market but also overcome challenges like regulations, privacy, complexity, scalability, and transparency making it the most disruptive technology of the era. After digging deep into this technology, I am totally convinced by the disruptive power of blockchain and its implementation having a long-term horizon.                                                                                                                                                          What is the current state of healthcare industry?

Worldwide healthcare spend is 7.6 Trillion each year. The US alone spends $3.2 Trillion on healthcare, of which $100 billion a year is the cost of administering healthcare.

Out of this, around 17 billion gets spent on managing clinical records; however the rest of the 80 billion goes on administration. Be that as it may, this imperative circle of our life is considered extremely inefficient. The Institute of Medicine appraises that between 20– 30 percent of total health care spending is either wasteful or a result of poor results.

The primary source of these excessive expenses is high administrative charges, overpriced medicinal tests, futile treatments, medical fraud, and passed up prevention opportunities. As per a few estimations, around $875 Billion being spent on duplicating services because of poor communication amongst doctors and hospitals. 

How are you going to solve the problems in healthcare through blockchain?

Being immutable, trustless, decentralized and distributed blockchain technology gives wide chances to battle fraud, cut operational expenses, optimize procedures, kill duplication of work and enhance transparency in the healthcare business.

Blockchain technology may not be the panacea for healthcare industry challenges, but rather it holds the possibility to save billions of dollars by enhancing current workflows and disintermediating some staggering expense gatekeepers.

 Blockchain can possibly alleviate one of the significant challenges of the industry: the transmission of patient information crosswise over geologies without trading off its privacy and security. This utilization of blockchain can have a noteworthy, positive impact on individual health administration and additionally give a basic link in the help of medical tourism.

The principle sectors where blockchain technology has an incredible potential for enhancing the healthcare business are:

●      Clinical Health Data Exchange and Interoperability

●      Cases Adjudication and Billing Management

●      Drug Supply Chain Integrity and Provenance

●      Pharma Clinical Trials and Population Health Research

●      Cyber Security and Healthcare IoT

 Can you tell us, how are you going to push this to the mainstream?

 Aeries Blockchain Corporation is developing a platform based on blockchain technology to solve various persisting challenges in the healthcare Industry. I would summarize our healthcare solutions based on blockchain technology in five key data-driven areas:

 Electronic health care records (EHR)

Aeries intend to make a platform which will tackle the issue of health data exchange. This platform will empower distinctive healthcare agents, such as doctors, hospitals, laboratories, pharmacists and insurers to ask for consent to access and interact with medical records. Every interaction is auditable, transparent, and secure, and will be recorded as a transaction on distributed ledger. This solution will ensure security issues as it is based on the  permission based Hyperledger Fabric architecture varying access levels. Therefore, patients will be able to control who can see their records, how much they see and for what time span. 

Medical Supply Chain Management (MSCM) Aeries offers a unique networking marketplace that unites healthcare suppliers and providers for simplified, proficient and cost-effective exchanges that assemble organizations. Utilizing cutting edge innovations and the best practices, Aeries' automated platform makes efficiencies and amplifies revenues, completely through the supply chain process. It enables providers to extend their reach, offer faster, cut down on operational expenses and convey reliable buyer experiences over all touchpoints.

 Automated Claims Adjudication and Billing Management Around 6% of every single medical claim are denied because of inadequate or incorrect data. The blockchain system could automate the claim procedure and dissipate administration layers to decrease transaction costs and frauds. 

By utilizing a "smart contract" structure, Aeries blockchain will help flawlessly adjudicate payers' and patients' provider payments for a more cost-productive process. A smart contract structure empowers a node to execute a transaction for the contract. This logic ensures correct completion of claims and supports consistence audits utilizing business rules.

 Interoperability

Aeries plans to beat current patient data interoperability issues and assemble the

massive amounts of patient data that can be encouraged to help population health initiatives using blockchain.

The usage of blockchain technology will address a significant number of the interoperability issues with current health IT standards that include security (particularly data integrity) and privacy, immutably guaranteeing expressed identities, highly robust audit trails and enhancing healthcare-related security for both providers and patients. Blockchain empowered health IT systems that are irreversible and cryptographically secured, could expel the problem and cost of data reconciliation and give access to both real time and historic  data to  multiple users at one time.

 Drug Supply Chain Integrity and Provenance

Another primary territory that Aeries will improve utilizing blockchain technology is drug supply chain integrity. It is primarily centered around eliminating of counterfeit drugs proliferation and increasing efficiency in the pharmaceutical industry. The solution offers plausibility to track pharmaceuticals through links digital systems to pharmaceuticals moving in the physical world. With a unique ID linked to a digital supply chain the Aeries solution based on blockchain intends to eliminate proliferation of counterfeit drugs. 

All that really matters is, healthcare pioneers are not going to adopt it until the point when they see a proven use case. And up until this point, nobody will come together and work on a solution.

Indeed, even with all the difficulties confronting us – despite everything I trust that blockchain is viable solution for advance healthcare. At last, everybody getting and working in healthcare would profit as a result of lower costs from the ease of data exchange and would take into consideration more patient centred care. Sadly, this will digital transformation takes multiple healthcare pioneers, payers, and the government to cooperate and willing to take a risk.

 Finally, will blockchain shape the future of healthcare?

​Blockchain technology can possibly shape the future of healthcare, setting the patient at the center of the healthcare ecosystem and enhancing the security, privacy, and interoperability of health data. This technology could give another model to health information exchanges (HIE) by making electronic medical records more proficient, disintermediated, and secure.

Significantly, blockchain's potential for healthcare relies upon how ready healthcare associations are to make the required technical infrastructure. Blockchain is expensive, there are a few concerns in regards to its integration with the current technology, and there surely is hypothesis about its cultural adoption.

Be that as it may, one thing is without a doubt blockchain has taken healthcare by storm over the previous year, and there are critical investments for blockchain. With such boundless conceivable outcomes, it is nothing unexpected blockchain appears to be ready to one of the key pillars in the digital world. And possibly sometime in the not so distant future, it will change the enormous data landscape.

About Pankaj

Pankaj Pathak is a serial entrepreneur, innovator and technology evangelist. He has over 18 years of technical leadership experience with companies like Motorola & IBM. He was the co-founder of Rare Mile Technologies & Moonraft Innovation lab and filed patents in distributed computing.

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Here’s How Blockchain and GDPR will Harmonize in 2018

The discussion around the General Data Protection Regulation (GDPR) among European Union (EU) countries is substantially much older than the data security controversies related to Facebook, Target, and different other companies.

The GDPR regulations came into effect on May 25, 2018 influencing all companies dealing with users data and operating with EU. These new regulation seek to ensure companies are more transparent and accountable for how they use personal data.

For the uninitiated, GDPR enables better control of personal data to the residents of the EU. Due to this new regulation, organizations are redesigning their data systems and customer master records. They additionally need to ensure whether the customers have consented to their data being utilized for a particular reason. 

With the implementation of GDPR regulation, people can likewise request for their data traces to be totally erased anytime they want. Consequently, the organizations are expected to have the capacity to create compliance reports instantly. 

While there could be some underlying hiccups about total compliance with GDPR, technology like blockchain offers a brilliant spot on the horizon.

Here is the reason we can anticipate that it will turn out to be to a great degree relevant in Europe after GDPR comes into effect.

 Common Goals The GDPR and blockchain both have a common target, to draw attention in the wake of a change in the manner in which organizations manages personal data. While GDPR deals with the policy side, blockchain helps empowers the implementation.

 Data Sovereignty

To enable individuals with ultimate control over their own data, they shall have the key to give and cancel scoped access. The third parties ought to acknowledge the data and validate it for further use as an identifier. Based on a distributed ledger, blockchain enables the people to share their data so that no particular entity controls or manages it.

A decentralized,  peer-to-peer network implies that the data history and current validity can be verified publicly. In this manner, issuer like trusted governments or permitting offices can include/change identity data to a person's blockchain record with due consent or request by the user. Subsequently, blockchain is an unbiased, trusted and safe route for self-managed identity.

Data Accuracy

This is a basic aspect of GDPR regulation. Luckily, blockchain is the most dependable solution to address this viewpoint. There is no lack of academic and industry research to propose that it is tamper-proof thus far the most secure method to store and manage digital records. In layman terms, blockchain utilizes cryptography to protect the records.

Subjects or perceived authorities of the data can validate globally its accuracy utilizing their own particular private keys that work as personal digital signature. At the point when any record is modified, the signature turns invalid and the peer network gets real-time notification. This gives a safe method to rapidly validate the accuracy of data.

Right To Data Erasure

Blockchain critics would assert that this is the most troublesome part of GDPR to agree to, using blockchain. Blockchain records are append-only and immutable. Once the data is stored, it can't be undone. Additionally, the chain of blocks has traces of verifiable transaction returning to the time of inception of the first block.

To take care of this problem, no personal data should be uploaded to the blockchain directly. Rather, the user can store a cryptographic hash or offer the "evidence" instead of the real data which stays protected at all times, which is obviously the purpose behind the GDPR regulation in the first place. Visit: https://aeries.io/services/blockchain/

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AI (Artificial Intelligence) Solutions for your project!

Do you want to get perfect AI solutions for your project? You will get best Artificial Intelligence solution at Aeries Blockchain Corporation. It has dedicated multidisciplinary teams for each project so that we can deliver relevant and impactful AI solutions. We help decision makers across industries gain new insights into their operational ecosystem. Our services include following processes like Machine Learning, Predictive Analysis, Custom AI tools, Data Visualization, Computer Vision etc. For more info about AI Solutions, make enquiry at https://aeries.io/contact-us/.

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Artificial Intelligence & Blockchain Technology: The New Internet

Undoubtedly, Blockchain and Artificial Intelligence (AI) are the two most revolutionary innovations which have speeded up the process of technology. In the present era of digital revolution, technology is expanding exponentially, and the interplay of Blockchain technology and Artificial Intelligence is considerable. The convergence of these two prominent technologies has opened the gateways for enhanced efficiency and transparency in operations. Visit: https://aeries.io/services/blockchain/

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Artificial Intelligence & Blockchain Technology: The New Internet

Undoubtedly, Blockchain and Artificial Intelligence (AI) are the two most revolutionary innovations which have speeded up the process of technology. In the present era of digital revolution, technology is expanding exponentially, and the interplay of Blockchain technology and Artificial Intelligence is considerable. The convergence of these two prominent technologies has opened the gateways for enhanced efficiency and transparency in operations. But before we switch over to the intricacies involved with these terms, let me untangle you from the web of their definitions.

 Blockchain Blockchain can simply be defined as an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It can be pictured as a global giant spreadsheet eliminating the need of third parties to validate transactions, reducing intermediary costs and increasing transparency.

Artificial Intelligence

A machine is said to possess AI if it perceives its surrounding environment and eventually takes such actions which maximize the chances of achieving the aimed goal. AI has proved to be instrumental in a plethora of activities such as optimizing energy consumption, healthcare, finance and economies.

 Combining these two aspects can be revolutionary in different ways as explained below:

 Improvements in Artificial Intelligence through Blockchain and Vice Versa

Researchers have been looking at ways to utilize Blockchain for improving Artificial Intelligence and vice-versa. Blockchain developers make a good case on why the distributed ledger system is the perfect platform for testing the next generation of developments in A.I.

How Blockchain Can Transform AI?

 The current A.I. testing databases are working in what can be known as the red ocean. There is a ton of rivalry. Similar technologies and strategies are being tried with numerous businesses going after the same incremental additions. A Blockchain-based database for A.I. represents the blue ocean of uncontested markets. This is on the grounds that the technology is still new, secure, and transparent. It can possibly accomplish extraordinary things later on. A portion of the characteristics that make Blockchain a decent contender for testing and building Artificial Intelligence are plot here.

 Decentralized Control and Data Sharing The Blockchain takes a shot at a decentralized network of nodes, cooperating to solve complex calculations. The mining node on the system which finds the best solution first adds the entry to the blockchain ledger.

Artificial Intelligence operates on a similar model. At the point when a choice must be taken by an A.I. system, it tests the possible solutions and substituting branches of potential outcomes that rise because of taking the first decision. Evaluations of every single possible option are tested to the end result before the A.I. picks the best choice.

What makes Blockchain particularly great is that rather than a single, central system testing every single possible hypothesis, the task is distributed among several nodes spread the world over, which makes the procedure substantially faster. 

Additional Security An A.I system being kept running on a single, central processor is inclined to hacking, as any malcontent just needs to break into a single system to control the guidelines.

Entries to the blockchain must be authenticated by the dominant part of nodes on the network before they are acknowledged and processed into the ledger. The higher the number of nodes that are working on the network, the more troublesome it is to hack the system.

While a Blockchain-based A.I. platform would not be impossible to hack, it is still undeniably hard to control and break such a system. 

Greater Trust With a specific end goal to be reliable, a system must be trusted by public in general by and large. Blockchain permits far more prominent transparency than a closed A.I. system. Records maintained on a Blockchain ledger can be assessed and audited whenever by authorized individuals with access to the system. In the meantime, users who have not been granted access would not have the ability to view anything, as the database is encrypted.

Large Scale Data Management At their core, Blockchain is a just distributed database that exists on a large number of devices all over the world. This helps keep numerous copies of the data to keep valuable data from ever being lost. Indeed, even on account of natural disasters, there will be sufficient duplicates of the data to keep the underlying system intact.

How AI can transform Blockchain?

Undoubtedly blockchain is extremely powerful but it has its own limitations.

Some of them are technology related while others originate from the old-disapproved of culture acquired from the financial services sector; however every one of them can be resolved by AI in one way or the other.

Energy consumption: Blockchain mining is an extremely hard undertaking that requires a huge amount of energy and then money to be processed.

AI has already proven to be an extremely efficient in improving energy utilization,

Similar results can be accomplished for the blockchain as well. This would most likely result in bringing down investments in mining hardware.

Scalability: The blockchain is developing at a consistent pace of 1MB every 10 minutes and it as of now signifies 85GB. Satoshi (2008) first specified "blockchain pruning" (i.e., erasing  unnecessary data about fully spent transactions in order to not hold the whole blockchain on a single laptop) as a possible solution yet AI can present new decentralized learning systems,  such as federated learning  for instance, or new data sharding methods to make the systems more productive.

Security: Even if the blockchain is relatively difficult to hack, its further layers and applications may not be that secure. The unfathomable progress made by machine learning over the most recent two years makes AI an awesome partner for the blockchain to ensure a secure applications deployment, particularly given the fixed structure of the system.

Data gates: In a future where all our data will be accessible on blockchain and organizations will have the capacity to directly buy them from us, we will require help to allow access, track data use, and generally make sense of what happens to our personal information at a computer speed. This is a job for intelligent machines.

 Conclusion

With both AI and blockchain innovations together in one place, one can effortlessly control on how your data can be utilized for the data set you possess. For different industries where security of data is of prime importance, these technologies will prove to be useful. With both the technologies as of now trending in the industry, the reliance on them guarantees to give more prominent benefits in the coming future.   On the off chance, you are hoping to stay ahead of the competition and want to incorporate blockchain and Artificial Intelligence in your existing business application then you should employ dedicated developers. At Aeries blockchain Corporation, we have a devoted team of blockchain developers who have finished various projects related with Blockchain and Artificial Intelligence for presumed clients since its inception. Reach us at Aeries Blockchain with a specific end goal to ensure you are prepared and settled to deploy cutting edge blockchain and AI solutions for your business.

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ICO Services offered by Aeries Blockchain Corporation!

Are you searching for a company that offers top ICO Services including ICO development (pre ICO and post ICO development)? Aeries Blockchain Corporation is the right place where you can get all types of ICO solutions. It has experienced in providing superior initial coin offering, fast ICO, cheap ICO, step-by-step ICO guide. It helps companies by providing an all-inclusive infrastructure featuring token creation and distribution, ICO platform hosting, landing page design, marketing and PR, among other services. For more information, please fill your enquiry at https://aeries.io/contact-us/.

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Blockchain Development for your business via Aeries Blockchain Corporation!

If you are looking for expert blockchain developer to get Blockchain Development for your business, Aeries Blockchain Corporation is the right choice to get perfect solutions. It has global team, distributed across Europe and Asia, is focused on using blockchain to bring industries closer to the mainstream.  Its technology is based on distributed ledger technologies like Hyperledger, Ethereum, Stellar, Corda, and Quorum. We leverage our proprietary frameworks for upgradable smart contracts, blockchain APIs, and DevOp tools for rapid prototyping and agile development. For further any query, fill your enquiry at http://aeries.io/contact-us/.

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Hire Blockchain Technology Company for enterprise Grade Dapps Development !

In the daily growing network of blockchain; undoubtedly every business would get into world of decentralization. Businesses started showing accelerated interest in crypto currency and ICO development, leading to growing demand in blockchain development. If you are looking for a blockchain development and consulting firm to get complete blockchain solutions; then Aeries Blockchain Corporation is the right place for that. Aeries being among few early adopters of blockchain technology has attained a niche position in creating and implementing personalized blockchain applications to enterprises. Fill your enquiry at http://aeries.io/contact-us/.

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Aeries Blockchain Corporation is a US based Blockchain and AI development firm with distributed team across Europe and Asia, … view this ad now!

Aeries Blockchain Corporation is a US based Blockchain and AI development firm with distributed team across Europe and Asia, that focuses on building enterprise grade blockchain applications. We are expert in Blockchain Development, ICO Development, Smart Contract Development, DApp Development, Blockchain wallet, AI Solutions (Artificial Intelligence) & Blockchain Consulting. For more info, fill your enquiry at http://aeries.io/contact-us/.