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Technologies that are Shaping the Future of the Pharmaceutical Industry

Adopting cutting-edge technologies can play a critical part in the pharmaceutical industry’s digital revolution. Capturing this opportunity, however, necessitates the identification of the appropriate initiatives.

Artificial Intelligence (AI), Machine Learning (ML), Augmented Reality (AR), Virtual Reality (VR), the Internet of Things (IoT), and Blockchain are among the innovations that are beginning to transform the pharmaceutical industry in the same way that they have transformed other industries such as media, retail, banking, telecommunications, education, and so on.

Here are a few emerging technologies that are already reshaping the pharmaceutical sector:

1) Artificial Intelligence (AI) and Machine Learning (ML): Artificial intelligence and machine learning are without a doubt the pharmaceutical industry’s next big thing. In the healthcare industry, AI is already being utilized to perform repetitive jobs such as data entry, lab test analysis, data management, and so on.

ML is also utilized in disease identification and diagnosis, radiography and radiation planning, clinical trial research, personalized medicine, rare disease identification, and new medication development, among other applications.

AI and ML are likely to be integrated into the majority, if not all, pharmaceutical R&D processes. As a result, drug development success rates should improve and streamline R&D efforts.

2) IoT Integration: IoT has tremendous potential to benefit the pharmaceutical business. By identifying difficulties and making adjustments before they pose a problem, a network of connected devices with monitoring sensors can reduce the risk of machinery malfunctions and ensure precision output.

IoT integration can help the pharmaceutical industry’s manufacturing sector, for material tracking and management, and even in the manufacturing process of medications. Furthermore, IoT-enabled data-gathering devices can find at shipping and receiving stations, collect information from RFID tags and barcodes, and correlate data from numerous places to ensure consistency.

3) Blockchain: The research and commercialization of a new medicine is a lengthy, complex, and costly process fraught with danger. By securing intellectual property information, Blockchain has the potential to reduce these expenses while also increasing transparency and confidence for all parties in this process.

A digital identity enabled by Blockchain allows for traceability each time a patient’s identity is verified and would improve data quality by tracking patient data linked to a specific medication trial while preserving the highest level of information security.

4) Organs-On-Chips: Drug testing on humans or animals in the context of costly and time-consuming clinical trials is a thing of the past; the “Organs on Chips” notion is the new craze. Consider that the properties of biological beings may be so precisely simulated that a clinical trial can be completed in less time, with less money, and still with fantastic results. This is known as a “silico trial.”

It is essentially a customized computer simulation that is used in the development or regulatory review of medicine, technology, or intervention. While simulated clinical trials are not yet achievable with present technology and biological understanding, their development would be predicted to have significant advantages over existing clinical trials.

To survive and grow in this environment, it is more important than ever for industry organizations to research and invest in cutting-edge technology and ideas.

Are you interested in harnessing some of these top-notch technologies to move your business forward?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder.

For more information regarding our services please contact us at https://www.traqiq.com/#contact

#Blockchain

#ArtificialIntelligence https://bit.ly/3i4MkTN

TraQiQ’s solutions have been deployed with leading multi-national customers around the world and are helping increase customer loyalty, improve...

The Future of Insurance: How to prepare for the technological shift in this industry

Rapid technological advancements in the coming decade will result in disruptive developments in the insurance business. Carriers that employ new technology to build novel solutions, harness cognitive learning insights from new data sources, streamline processes and cut costs, and meet customer expectations for individualization and dynamic adaptation will be the victors in tech-based insurance.

While most organizations did not likely invest extensively in disruptive technologies during the pandemic, the increasing emphasis on digital technology and a stronger openness to embracing change will place them in a better position to integrate tech into their operations.

How insurers can prepare for accelerating changes:

The industry’s rapid transformation will be powered by the widespread use and integration of automation, deep learning, and external data ecosystems. While no one can foresee what insurance will look like in the future, carriers may start preparing for the change now.

1) Learn about AI-related technologies and developments.

Although the industry’s seismic shifts will be technological, resolving them is not the responsibility of the IT team. Instead, board members and customer-experience teams should devote time and resources to developing a thorough grasp of these AI-related technologies.

Insurers, for example, are unlikely to gain much information from small-scale IoT pilot projects in separate segments of the organization. Instead, they must move with intent and a clear knowledge of how their company can engage in the IoT ecosystem at scale.

2) Create the necessary talent and technological infrastructure.

The next generation of successful frontline insurance workers will be in high demand, and they will need to be a unique blend of technologically adept, creative, and willing to work at something that will not be a static process, but rather a mix of semiautomated and machine-supported tasks that will constantly evolve.

To keep up, an aggressive plan for attracting, cultivating, and retaining a diverse workforce with vital skill sets will be required. Data engineers, data scientists, technologists, cloud computing professionals, and experienced designers will be needed among those employed.

3) Create and begin implementing a well-thought-out strategic plan.

Carriers must select how to employ technology to support their business plan based on the insights gained from AI explorations. Some carriers are already experimenting with novel techniques, such as establishing their venture capital arms, purchasing potential insurtech startups, and forming alliances with top academic institutions.

Insurers should create a perspective on the areas in which they want to invest to match or beat the market, as well as which strategic approach—for example, founding a new business or building in-house strategic capabilities—is best suited for their organization.

4) Develop and implement a thorough data strategy.

Data is quickly becoming one of, if not the, most significant assets for any firm. The insurance sector is no exception: how carriers identify, assess, place, and manage risk is all dependent on the volume and quality of data they collect throughout the life cycle of a policy.

Carriers should be prepared to implement a comprehensive procurement approach that may include direct acquisition of data assets and providers, licensing of data sources, usage of data APIs, and collaboration with data brokers.

How can TraQiQ help?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

#Business

#BusinessAgility https://bit.ly/2Un7oLU

Bellevue WA, July 01, 2021 (GLOBE NEWSWIRE) -- TraQiQ, Inc. (OTC QB: TRIQ) (the "Company" or "TraQiQ"), a leading provider of last mile & Fintech...

#fintech #lastmile #paymentcollection

#traqiq #inc.#triq

Have you ever attempted to verify the status of an insurance claim? Obtaining claim status information frequently necessitates multiple phone calls, emails, or even a visit to an agent. Customer satisfaction suffers because of a lack of web presence. Today, approximately 61% of clients want to track the status of their applications using digital technologies. Digital technologies bring several disruptive trends to the insurance business such as personalization, the shift to a platform economy, automation, and real-time based estimates. AI, IoT, Blockchain, API, wearables, and Telematics are emerging technologies that have shaped tech trends and should be embraced to stay ahead of the competition as it enables insurance companies to provide a better customer experience while also increasing operational efficiency. So, which features will have the greatest impact? Wearables and telematics monitor client behavior, allow for risk prevention and pave the way for new business models. AI insurance solutions enable businesses to provide customized quotes to clients, integrate Robo-advisors, and improve fraud detection. Blockchain technology aids in workflow governance and ensures transparency. Insurance APIs facilitate information exchange, increase product distribution through internet channels, and eventually allow insurers to recommend more versatile products. One of the biggest challenges when dealing with technology is accountability, which is why Tech must be explainable, and more importantly, Data use must be accountable. Insurers, for example, cannot keep customers in the dark about how artificial intelligence (AI) algorithms make decisions that influence their life, such as premium pricing, claim rejections, or job applications. And, as businesses collect data via multiple monitoring apps and digital channels, they must also consider and shield people’s privacy and security concerns. Making the move to digital business models and customer experiences will be difficult unless insurers can gain the trust of customers, employees, and intermediaries that digital technology is being used in a way that benefits them. As many technological models hit their breaking point, they presage a larger transition that organizations must be aware of- people will no longer be spectators in the face of technology. The ability of insurance firms to improve the human experience by providing individuals agency in their interactions with technology will be critical to the success of the next generation of products and services. How can TraQiQ help? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

#insurance #blockchain #blockchaintechnology

Bellevue WA, June 08, 2021 (GLOBE NEWSWIRE) -- TraQiQ, Inc. (OTC QB: TRIQ) (the "Company" or "TraQiQ"), a leading provider of last mile solutions...

#traqiq #inc.#(otc qb: triq)

Blockchain-based Fintech may be the next step in the financial industry’s evolution, which is likely to remove the middleman, increase transparency, and increase the protection of each transaction.Many industries are looking for ways to incorporate Blockchain into their infrastructures. But what makes this emerging technology the obvious choice for businesses to succeed in the digital age? Let us take a closer look at Blockchain technology and see how it can benefitbusinesses in the Fintech industry: Improved Transparency: The fact that the transaction ledger for public addresses on Blockchain is open to viewing is its most distinguishing feature. This introduces an unparalleled layer of transparency to financial structures and companies, keeping each segment of the company accountable to behave with honesty in the company’s development, culture, and customers. Improved Security: Since each new transaction is encrypted and connected to the previous transaction, Blockchain is much safer than other record-keeping systems. As the name implies, Blockchain is created by a network of computers coming together to validate a ‘block,’ which is then added to a ledger, forming a ‘chain’.Blockchain is made up of a complex string of mathematical numbers that cannot be changed once created. The irreversible and incorruptible existence of Blockchain protects it from tampering and hacking. Trust through collaboration: What if there was a way to bind business partners directly, virtually without effort, and with near-complete trust? Blockchain technology has created a modern business relationship platform that incorporates ease of use, low cost, and high security. It establishes a new foundation of confidence for business transactions, which could lead to significant economic simplification and acceleration. E.g.: How many people like paying commission to intermediary parties? None. With a Blockchain-enabled infrastructure financial transactions can be real-time, secure, and at much-much lower fees. How is the Financial Ecosystem being transformed by Blockchain? From cost savings to reducing bureaucracy in conventional banking, Blockchain in Fintech will provide more streamlined and reliable banking services that support both the bank and the clients. To allow Fintech businesses to exchange and move safe and unaltered data via a decentralized network, Blockchain aids in the management of data breaking and other fraudulent operations. It will assist in making data more secure with algorithms, even when encrypted, as well as better tracking, comprehending, and auditing AI decisions, ensuring the degree of accountability needed for people to trust machine-driven intelligence. Furthermore, Blockchain technology has the potential to eradicate questionable capital exchange practices like stock tampering, processing time and fees, and all intermediary commissions. Based on the principles of equity and decentralization, Blockchain in the Fintech industry will provide us with a much more seamless and reliable alternative to banking. We are just scratching the surface of Blockchain’s future applications, but it is obvious that this technology elevates business partnerships to a whole new stage. Here are a few instances that are currently in use or will be soon. Music and literature, for example, frequently take a long time to get from the artist to the customer. Countless middlemen, from the label to the salesperson, all want a piece of the action. There are also permits and concessions to consider, as well as the complicated copyright management of online platforms. Direct communication between artist and user is possible with Blockchain. Supply chains can go through a plethora of stages from raw materials to finished products in many different parts of the world, making them difficult to track. By checking each move with a block entry, Blockchain helps to make the process transparent. How can TraQiQ help? At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

Blockchain: Creating a Global Network without Geographic Limitations

Blockchain, a relatively new technology, has emerged in recent years and has begun to gain popularity in a wide range of businesses. This technology is frequently hailed as having the potential to recreate how “trust” is perceived in the economy by eliminating the need for intermediaries such as banks and replacing them with mathematics or “code.” It is one facet of a complex digital ecosystem that is changing the way businesses, markets, and regulators interact.

While Blockchain impacts the financial industry in a diverse number of ways, it has an untapped potential to disrupt the old concept of trade finance by allowing it to transcend local, state, and national borders.

Through Blockchain we can get rid of all those layers and just pay for what matters, which is the product or service we require.

Let us have a look at how Blockchain technology has helped make the world a smaller place for businesses in the Fintech Industry and trade finance:

Because Blockchain technology is internet-based, it does not require any special setup. Fintech companies using blockchain-enabled decentralized systems can make global transactions into simple, routine processes with only one requirement: internet connectivity.

The usage of Blockchain and Distributed Ledger Technology can help facilitate cross-border commercial transactions that would otherwise be prohibitively expensive due to trade and documentation fees. It would also cut the amount of paper used and reduce delivery times.

Payments between importers and exporters could be made in tokenized form using Blockchain technology, based on the delivery or receipt of products. Importers and exporters could use smart contracts to create rules that secure automatic payments and eliminate the danger of lost, delayed, or repeatedly mortgaged shipments.

When Blockchain technology is used in trade finance, it can lead to increased trust between trade parties, as well as the ability to hide proprietary information such as price and trade secrets when appropriate.

Trade finance exists to help exporters and importers manage risks, offer loans, and participate in international trade. Even though it is an important aspect of the global financial system, it usually uses outmoded, manual, and written paperwork. Importers, exporters, and other stakeholders can benefit from Blockchain’s ability to streamline and simplify the complicated world of trade finance.

How can TraQiQ help?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us at https://www.traqiq.com/#contact

#Blockchain https://bit.ly/3fQdX1J

How decentralization in Blockchain technology is disrupting the Finance Industry

https://bit.ly/3whXTLy

TraQiQ signs LOI to acquire Ascent Business Technology, solidifying its Fintech solution.

https://bit.ly/3uUn7iA

TraQiQ Shareholder update

https://bit.ly/3a9jzAH

TraQiQ: Mimo delivery service adds new delivery offerings amidst rapid growth.

https://bit.ly/3dBTMSO

Bruce Lee Inc. & TraQiQ Launch “Be Water Membership” for the Bruce Lee community

Read here: https://bit.ly/2Qv5WF3

Mobile Wallets: Enabling a Digital Future

The business-consumer relationship is rapidly becoming digital. Using e-commerce platforms and AI-powered solutions, businesses are transforming their ways to meet the needs of their customers. An important part of the financial sector that is rife with innovation is payments. Mobile technologies like smartphones, tablets etc., offer convenient digital solutions for both customer and company to make virtual payments using a mobile wallet.

What is a Mobile Wallet?

The mobile wallet is an application that can be installed on a smartphoneand stores all user information regarding debit/credit cards, coupons, or reward cardson the mobile device. This info can then be accessed using a Personal Identification Number (PIN), QR code set by the user or by linking an image of the owner with the wallet.

Consumers can then use this info to make payments at a merchant site by using a technology called Near Field Communication (NFC), which uses radio frequencies to communicate with electronic devices. The mobile wallet transfers the payment info to the merchant Point-of-Service (POS) terminal by waving or holding an NFC-enabled mobile device over the store’s NFC reader.

Is Apple Pay a mobile wallet?

Apple Pay, Samsung Pay, and Android Pay are examples of mobile wallets that can be installed on a smartphone or other hand-held devices.

Should I have more than one mobile wallet?

With the usage of mobile wallets having increased over the past few years, it is highly beneficial to keep more than one mobile wallet as merchant sites may or may not accept a particular payment method.For e.g., Paytm accepting merchants may not agree to transact via Google Pay, and vice-versa. This causes unnecessary inconveniences while making in-store purchases andhence, many users prefer to keep multiple mobile wallets on their hand-held or wearable devices.

TraQiQ offers digital solutions to help large corporations across the world serve their customers better. Its robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. It also offers solutions that payment service providers need to launch and scale their businesses.

#DigitalPayments

Blog link: https://bit.ly/3pc9LdW

Fostering growth with Data Eco-Systems

In these uncertain times of COVID-19, organizations must co-operate with each other to battle this crisis that has gripped the entire world. Public and private organizations must be ready with their data eco-systems and be prepared to share this space with their partners. This could be beneficial not just for the present but also provide a blueprint for the future and help avert such disasters.

Before companies can reap the benefits of a data eco-system, they need to have a clear picture of how it will add value to their organization. There are 3 main ways companies can add value to their business with the help of a data eco-system:

Growth: It enables companies to pursue new business opportunities.

Productivity: It helps organizations to optimize operational efficiency by sharing insights that can improve product design and processes.

Risk Reduction: Data Eco-systems pools in data from various companieswhich makes risk analysis easier.

How to fast-track the creation of data ecosystems?

Eco-systems can address and serve multiple business needs of an organization. Some of these are:

Eliminating friction which could affect flow or supply chain behavior.

Add value to companies by providing insights into business segments.

Building partnerships that could disrupt market behaviorand solve overall business needs.

How can TraQIQ help?

TraQiQ offers a range of business intelligence and analytics solutions that can help you see beyond raw data. Our experts work with a variety of third-party tools to help with data preparation, mining, management, and visualization.

TraQiQ can help in building the right dashboards for AI-based decision-making tools or build real-time systems that monitor data feeds. Insights from this data can be used to improve customer experience, resulting in better business operations, and provide the right target audience for marketing initiatives.

#Pandemic blog link: https://bit.ly/36YxdVQ

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