Future of Everything https://www.futureofeverything.io Covering the Future of Industries Thu, 17 Oct 2019 21:28:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.4 https://www.futureofeverything.io/wp-content/uploads/2018/03/cropped-FoE-Favicon-1-150x150.png Future of Everything https://www.futureofeverything.io 32 32 Coinbase vs Coinbase Pro https://www.futureofeverything.io/coinbase-vs-coinbase-pro/ Thu, 07 Jun 2018 20:43:38 +0000 http://www.futureofeverything.io/?p=6396 With cryptocurrency taking the world by storm, many people are beginning to search for the best way to convert their fiat currency  into Bitcoin as well as some of the best cryptocurrency projects like EOS, Ethereum, Stellar, and NEO. For most people in western nations, Coinbase is currently the best way to enter the market. […]

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    1. With cryptocurrency taking the world by storm, many people are beginning to search for the best way to convert their
  • fiat currency

      1.  into Bitcoin as well as some of the best cryptocurrency projects like EOS, Ethereum, Stellar, and NEO. For most people in western nations, Coinbase is currently the best way to enter the market.

    If you’re looking into signing up for Coinbase, you’ll inevitably run into the question of what is the difference between Coinbase and Coinbase Pro? Let’s explore that.

    Note – if you use any of the Coinbase links in this article, we’ll each get $10 of free Bitcoin as a signup bonus once you buy $100 worth of cryptocurrency on the regular Coinbase platform. With that said, any recommendations I make are from my experience using cryptocurrency for years, not for the financial incentives. There are many alternatives I could mention to earn more money from, but I choose only the best options to talk review.

    Coinbase vs Coinbase Pro

    These two cryptocurrency trading platforms can ultimately accomplish the exact same things: you can start with fiat currency and end with cryptocurrency. The ease of use, fees, and sophistication are where these two differ significantly. After reading this article you’ll have a strong understanding of the differences and similarities between Coinbase and Coinbase Pro in the following categories:

        • Available Cryptocurrencies / Trading Pairs
        • Ease of Use
        • Fees
        • Security
        • Trading Power
        • Speed

    So let’s dive right in, starting with the regular Coinbase platform:

    What is Coinbase?

    Coinbase is the user-friendly version of the popular trading platform. It allows you to easily sign up, connect a bank account, credit or debit card and buy cryptocurrency without having to learn about market orders, limit orders, spreads, or any of that.

    Available Cryptocurrencies / Trading Pairs

    Currently you can buy the exact same cryptocurrencies on Coinbase as you can on Coinbase Pro. Available for purchase from fiat are:

        • Bitcoin (BTC)
        • Ethereum (ETH)
        • Ethereum Classic (ETC)
        • Litecoin (LTC)
        • Bitcoin Cash (BCH)
        • Ethereum based ERC-20 tokens (announced but not yet implemented)

    Trading Pairs

    On regular Coinbase you can only exchange cryptocurrency for your home country’s fiat currency. I’m not sure why someone would want to change for another country’s currency in the first place, but if that’s a feature that seems attractive to you then it might be worth learning how to use the professional interface of Coinbase Pro.

    Ease of use

    Rating: 5/5

    There’s a great reason the regular Coinbase platform exists: it’s a simple, straightforward way for people to buy the most popular cryptocurrencies without having to learn the tools of professional day traders.

    Coinbase has a great smartphone app for their base version. With it you can do everything that the average Joe will need, you can do all of the following with the most popular cryptocurrencies:

        • Buy
        • Sell
        • Send
        • Receive
        • Check your wallet balances
        • Check prices

    Fees

    Rating: 3.5/5

    If you think of Coinbase in terms of a regular retailer where they’re selling you a product they manufacture, the fees seem really high. But this just isn’t the case.

    When you buy $1000 worth of Bitcoin from Coinbase, they line you up with someone or multiple people who are selling $1000 worth of Bitcoin. It isn’t Coinbase selling you Bitcoins, they’re providing access to a market full of buyers and sellers.

    With this in mind, I think that the fees that Coinbase charges are very reasonable. You can’t have a huge organization with thousands of support staff and cutting edge security and trading technology without charging some kind of fee to use the platform.

    With that said, there is a way to buy cryptocurrency for even lower fees with Coinbase Pro. For more on that check out how to pay little to no fees with Coinbase Pro.

    Security

    Rating: 4/5

    If you’re going to be using an online wallet to store your cryptocurrency, Coinbase is probably the most bulletproof way to do so. Coinbase offers 2FA so you can add an extra layer of security to your account.

    I personally wouldn’t recommend relying on Coinbase to store significant amounts of cryptocurrency though. For that, you should really only rely on a top-notch hardware wallet like the Ledger Nano S, or if you’re looking for a professional model the Ledger Blue. Both of these models offer enterprise-level security in the palm of your hand. With these you can carry a bank around in your pocket.

    Trading Power

    Rating: 3.5/5

    The regular Coinbase platform offers the vast majority of what 95% of people need for getting involved in cryptocurrencies. One of the limitations of the regular Coinbase platform is that you can only make market buys and sells. If you’re don’t actually know what a market buy is and aren’t too keen to learn about trading terminology, then the regular Coinbase platform is for you.

    Speed

    Rating: 3.5/5

    This is a double edged sword. On one hand, once you have the money in your account, Coinbase is lightning fast from the moment you press buy to having the Bitcoin, Ethereum etc. in your account. However there are two caveats with the speed of Coinbase:

        1. Bank account transfer time
        2. Withdrawals/sending cryptocurrency

    Bank account transfer time

    This is pretty self explanatory. If you choose to deposit your funds via ACH or bank wire (or SEPA for you Europeans out there), it will take time to deposit:

        • 3-5 business days for ACH
        • 1-2 business days for bank wire
        • 1-2 business days for a SEPA transfer

    Withdrawals/sending cryptocurrency outside of Coinbase

    If you want to send your Bitcoin, Ethereum, Litecoin or Bitcoin Cash to another Coinbase user, transfers are insanely fast and free. This is because you aren’t actually making a transaction on the blockchain. Coinbase has what’s called sidechains which allows them to make transfers to it’s own accounts fast and free.

    However, if you want to withdraw off of Coinbase or send your cryptocurrency to a user that isn’t on Coinbase, it’s a different (although just as easy) process. Both of these are accomplished the same way — by using the send button:

    How to send on Coinbase
    How to send bitcoin on Coinbase

    When sending to other people or withdrawing to your own accounts like to Binance for trading to altcoins or to your Ledger Nano S to securely store your crypto, you’ll use this same process. You just need to enter the address you want to send it to (check it twice!), and enter the amount you’d like to send. The “Note” field is optional if you’d like to record something about the transaction for later use.

    So why do I tell you all this under speed? Because withdrawals and sending to an external account take longer on Coinbase than it would from a regular wallet. Coinbase has security measures to detect fraud and that adds some extra time on before your transaction starts. You basically have to pass through a security layer before they’ll even request to put your transaction on the blockchain. Usually it’s pretty quick, 10-15 minutes, but during times of high volume trading it’s taken as long as 1-2 hours to start the transaction — and if it’s being used a lot the blockchain will take longer than normal to complete a transfer as well. That’s another reason I really like having a nice hardware wallet like the Nano S, it’s lightning fast to do any kind of transfer because you own your own private keys, and therefore your own security.

    What is Coinbase Pro?

    Coinbase Pro trading interface

    Coinbase Pro is a professional cryptocurrency trading platform that is basically Coinbase’s old trading platform, GDAX, with a new user interface. With Coinbase Pro you can buy the same cryptocurrencies as you can on Coinbase, but that’s where the similarities end.

    For people how aren’t familiar with how a trading portal works it might look intimidating. Whether or not it’s worth venturing to learn the interface depends on how much you value the additional flexibility of the platform. To help you decide I’ve put together a quick bullet list of the pros of using Coinbase Pro:

        • Trade from crypto to crypto
        • Can place market, limit, and stop orders
        • More powerful charts to analyze short-term trends (depth chart, order book, volume, etc)
        • Lower fees, and even possible to have a zero-fee transaction with the right order type
    Coinbase Pro depth chart
    Coinbase Pro depth chart

    Should you get Coinbase Pro or stick with Coinbase?

    There are two main questions to ask yourself to decide this:

        1. Do you want to be a day trader – trying to guess where the market is headed? Or do you just want to buy and hold your crypto? Not to discourage you, but day trading crypto is not for the faint of heart, the wild swings mean you can lose everything very fast. It’s a good idea to learn what you’re doing in a more stable market like stocks before risking everything in a wild west market like crypto. Luckily, you don’t need to know any of that stuff if you have a buy and hold strategy.
        2. Is it worth it to you to learn how to use the trading portal to save a few percent on the fees versus regular Coinbase?

    If the answer to either of those questions is yes, then read on. If you’re more interested in spending your time reading about blockchain projects to invest in than analyzing the charts trying to guess where bitcoin will be in a few hours, I’d suggest sticking with regular Coinbase.

    Available Cryptocurrencies / Trading Pairs

    As I mentioned above the available cryptocurrencies are currently the same between Coinbase and Coinbase Pro. The cryptocurrencies you can buy on Coinbase Pro are:

        • Bitcoin (BTC)
        • Ethereum (ETH)
        • Ethereum Classic (ETC)
        • Litecoin (LTC)
        • Bitcoin Cash (BCH)
        • Ethereum based ERC-20 tokens (announced but not yet implemented)

    Trading Pairs

    This is a bit different about Coinbase Pro. If you have a Coinbase Pro account you’re able to trade not only for your home country’s currency, but also for three of the world’s largest currencies:

    With USD and EUR you can trade for any of the available currencies on Coinbase Pro. With GBP you can only trade directly for Bitcoin — which you’d then be able to trade for any of the available cryptocurrencies.

    So if you can buy the same cryptocurrencies, what’s the difference? Nearly everything about how you interact with the platform, as well as the fees you’ll pay to make your exchange.

    Ease of use

    Rating: 4/5

    Coinbase Pro is without a doubt more tricky to use than the regular Coinbase platform. Whenever you’re talking about using a trading portal, there’s going to be some learning and acclimation — even if you already know how to use other trading portals.

    With that said, Coinbase is a very user-focused company and if there’s any trading platform that would be best to learn on, I’d say Coinbase Pro is it. If you’ve already spent some time using a stock brokerage account then you should be able to figure out what you’re doing with a couple hours and Google at your finger tips.

    Overall the user-interface is really well designed, with easy navigation between USD, EUR, and GBP, as well as easy navigation to each cryptocurrency that you can trade: Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Bitcoin Cash (ERC-20 tokens on the way!)

    Fees

    Rating: 4.5/5

    The fees are where Coinbase Pro really starts to shine. Standard fees on Coinbase Pro are 0.3% (But this is only if you’ve already got the funds on Coinbase Pro, there are no credit/debit card buys on Coinbase Pro).

    How to pay no fees on Coinbase Pro

    Okay so this might be the only reason you’re considering going with Coinbase Pro. What you need to do to get free trades is to create your orders as a limit order, NOT a market order.

    On trades there can be a maker and a taker. Let’s do an example. Let’s say my friend George wants to sell 1 bitcoin. He is really worried that bitcoin is a scam and that the price is going to zero tomorrow. He’ll take anything he can get for it, he just wants it gone right now. He goes on, makes a market order to sell it at whatever the market is currently willing to pay him for it. When he makes that trade, he is a taker, because he’s taking whatever the market will give.

    Then lets say we have Chris, he has been holding his 1 bitcoin for three years. He’s seen the price go up and down over and over. With that said, he does need the cash by next month so that he can remodel his home. He goes on, sees that the current price is $8100. He decides He’s going to wait until the price goes to $8300 before selling. He places a limit order for 1 bitcoin at $8300. The trade doesn’t execute right away, so he walks away and comes back the next day. Looks like overnight the price popped up and the trade went through. He was a market maker because he was willing to wait for someone to come along and take the offer he had listed.

    As a maker there are no guarantees that your price will ever be reached, meaning you may never be able to execute the trade you created. However, as a reward for being a market maker, you will pay 0% fees using Coinbase Pro like this.

    In order to place a limit order and pay no fees with Coinbase Pro, simply deposit your funds into Coinbase Pro and choose “Limit” on the sidebar on the left. Enter the amount you want to buy or sell, and the best price you’re willing to buy or sell for. Then wait and see if it executes!

    Security

    Rating: 4/5

    The security of Coinbase Pro is equal to that of Coinbase. You’re able to set up 2FA to add an extra layer of security to your withdrawals. The issue with Coinbase however is that you don’t actually own your private keys. You are completely reliant on Coinbase to make any transfers you want to.

    For that reason, I personally only use a Ledger Nano S to store my cryptocurrency. I’ll happily buy and sell on Coinbase, but when I’m not making any conversions I’ll definitely keep it on my Nano S.

    Trading Power

    Rating: 4.5/5

    Besides paying lower fees, this is where Coinbase Pro really starts to shine over the regular Coinbase platform. On Coinbase Pro you can make do the following:

        • Market order – Buys & sells
        • Limit order – Buys & sells
        • Stop order – Buys & sells

    Market Order

    As described above, a market order is when you want to buy or sell right now and you’re happy with the price that the asset is currently trading at. This is the easiest way to buy something without sitting around and watching where the market is going minute by minute. You probably won’t get the absolute best price possible (we’re talking fractions of a percentage), but you do know you will get what you wanted to buy. For this reason, this is the default that most exchanges go to.

    Limit Order

    This is the way to buy or sell an asset if you have a set price in mind that you aren’t willing to go above or below. You set the quantity you want to sell, and at what price you’d sell it at. As the market fluctuates up and down your order may or may not become the next order in the book to be filled. With a limit order, your order may only fill partially depending on the quantity of others that want to either buy your crypto or sell it to you at your limit price.

    With limit orders there’s no guarantee your order will fill. This means you could have the limit order open for days, weeks, or even months and not actually end up buying anything. I can’t tell you the amount of times I’ve placed a limit order and then ended up paying more because the price never went where I wanted it to, but deep down I was actually happy to pay the original price it was at.

    Stop Order

    A stop order is very similar to a limit order. You can place a stop sell if you’re worried that the price of your asset will go down below a certain amount. So if you have one bitcoin, and the price is currently $9000, you may be acting on impulse and thinking “if the price goes below $8000, bitcoin is dead and I don’t want to have it anymore”. If this is the case, you’d place a stop sell order at $7999.

    If the price drops to $7999 or less, your order will essentially convert to a market order and sell all of it at whatever price the market will bear. It does NOT mean you will only sell what you can for $7999 or more like a limit order.

    This is a method that traders often use to protect their downside so that they don’t have to constantly keep an eye on the price and can still sleep at night. There is a tactic used by whales where they go stop hunting — meaning they will sell large amounts of an asset with the goal of dropping the price to popular stop-loss levels… say $7999, or $9999, some psychological number.

    Once they find the sweet spot and stop-loss order begin filling, they flip their trade and become buyers, buying up the asset as it’s being sold at fire-sale prices. This is textbook market manipulation and can only exist in a market where people hold a huge amount of an asset as a portion of the total — such as early cryptocurrency adoptors.

    Speed

    Rating: 3.5/5

    Coinbase Pro is identical to regular Coinbase when it comes to the speed. It can take a bit of extra time to send crypto off the platform, but if you’re sending to another address on Coinbase it’s lightning fast and free. See Coinbase speed above for more information on the speed.

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    Coinbase Fees — Are They Reasonable? https://www.futureofeverything.io/coinbase-fees/ Thu, 24 May 2018 22:28:36 +0000 http://www.futureofeverything.io/?p=6385 Despite doomsday predictions by many die-hard crypto enthusiasts, Coinbase is solidifying itself as a leading cryptocurrency exchange. With their recent acquisition of Paradex, they’re setting up for the future of decentralized exchanges (DEX). Coinbase is by far the easiest way for Americans and citizens of most western nations to convert their fiat for cryptocurrencies like […]

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    Despite doomsday predictions by many die-hard crypto enthusiasts, Coinbase is solidifying itself as a leading cryptocurrency exchange. With their recent acquisition of Paradex, they’re setting up for the future of decentralized exchanges (DEX). Coinbase is by far the easiest way for Americans and citizens of most western nations to convert their fiat for cryptocurrencies like Bitcoin, Ethereum, Litecoin, and ERC20 tokens. But are Coinbase fees worth the convenience?

    Let’s first look at the value that Coinbase delivers. Technically Coinbase is a digital asset broker, meaning they’re legally certified to trade cryptocurrency for other assets like fiat. Most people won’t remember what bitcoin was like back before Coinbase, when you could go on an exchange like New Liberty Standard and just pay with PayPal or credit card without doing any identity verification whatsoever. The issue with this is how it’s like operating in the wild west, which led to a bad reputation for bitcoin for many years.

    Another option was to use localbitcoins.com, but this had the downside of having to go and meet somebody to do the exchange. There also weren’t regulated exchange rates or security standards.

    What Coinbase brought to the space is an easy way for people to legally buy into cryptocurrencies from the comfort (and safety) of their living room. Read more about Coinbase security.

    Coinbase Fees

    This data is taken directly from Coinbase’s fee schedule, but I will explain the fees below in an easier to understand way.

    Credit / Debit Card Buys: 3.99%

    Canada

    Credit / Debit Card Buys: 3.99%

    Europe

    Standard Buy / Sell: 1.49%

    Instant Buys (Credit / Debit Card): 3.99%

    Bank transfers (SEPA) – in / out: Free / €0.15*

    Singapore

    Buy / Sell: 1.49%

    Credit / Debit Card Buys: 3.99%

    UK

    Standard Buy / Sell: 1.49%

    Instant Buys (Credit / Debit Card only): 3.99%

    Bank wires: N/A*

    Bank transfers (SEPA) – in / out: Free / €0.15 *

    USA

    Purchases

    U.S. Bank Account: 1.49% with a $0.15 minimum

    Coinbase USD Wallet: 1.49%

    Credit/Debit Card: 3.99%***

    Sales

    U.S. Bank Account: 1.49%, with a $0.15 minimum

    Coinbase USD Wallet: 1.49%

    PayPal: 3.99%

    USD Deposit Method

    ACH Transfer: Free

    Wire Transfer: $10 ($25 outgoing)

    * Note – In some cases your bank may charge additional fees for transfers between your bank account and your Coinbase account.

    ** The base rate for all Purchase and Sale transactions in the U.S. is 4%. Coinbase waives a portion of the Conversion Fee depending on the payment method you use. The effective rate of the Conversion Fee disclosed here is calculated as the base rate, net of fee waivers. The base rate does not apply to U.S. Dollar deposits and withdrawals.

    *** Note – Your bank may charge additional fees for Coinbase credit card purchases. To avoid these fees, switch to debit card or bank account.

    Coinbase Fees Explained

    If all those numbers having you spinning dizzy, read on. I’ll explain what the fees above actually mean when you’re buying or selling cryptocurrency on Coinbase. There are three main types of fees on Coinbase, and many different types within those three:

    • Buying Fees
      • Standard Buys
      • Instant Buys
      • Credit & Debit Cards
      • U.S. Bank Account
      • Coinbase USD Wallet
    • Selling
      • Standard Sell
      • PayPal
      • Coinbase USD Wallet
      • U.S. Bank Account
    • Transferring
      • ACH transfer
      • Wire transfer
      • Bank transfer (SEPA)

    Buying Fees

    This is probably where it’s most complicated.

    Standard buys

    Standard buys apply in two situations:

    • Making a purchase directly from your bank account
    • Using fiat you’ve already got in your Coinbase account to fund the purchase

    If you’re buying directly from your bank account or you’ve already got your fiat currency in dollars, pounds, euros or yen sitting in your Coinbase account, standard applies to you. This would be the situation if you’ve just recently done a bank transfer to deposit money into your account, or if you’ve recently sold some cryptocurrency for fiat on Coinbase.

    For these transactions, there’s a 1.49% fee across all countries.

    Instant buys

    Instant buys is a great feature offered by Coinbase where you can use your bank account to buy cryptocurrency and have it instantly available in your account.

    This is an improvement over standard buys because you don’t have to wait for the payment to clear in order to trade the crypto that you purchased. Coinbase claims 3-5 business days for standard buys to clear, but many have seen longer wait times, especially during a hot market.

    Instant buys have the same 1.49% fee as standard, so if it’s available in your country this is definitely the best way to buy.

    Credit & Debit Cards

    This is the most expensive way to buy cryptocurrency on Coinbase. Not only that, but many banks and credit card companies are blocking cryptocurrency transactions making this an even more difficult method.

    This might be a good method for you if you’ve got a high-rewards credit card (and hopefully you’re working toward a sign up bonus).

    Credit & debit card fees are 3.99% for all countries.

    U.S. Bank Account (Not US Bank)

    This is if you make a purchase straight from your bank account (a bank account in the United States). This is the cheapest way to buy on Coinbase, but also takes the longest. It’s basically the same thing as depositing your USD, waiting for it to show up in the Coinbase USD wallet, and then buying.

    The fee for a U.S. Bank Account buy is 1.49%

    Coinbase USD Wallet

    There are two situations where this will apply, either if you deposit USD directly from your bank account into your Coinbase fiat wallet, or if you receive cryptocurrency and sell it for fiat and have a balance sitting in your fiat wallet.

    The fee for a Coinbase USD Wallet buy is 1.49%

    Selling Fees

    There are four main ways to sell cryptocurrency on Coinbase: standard sell, PayPal, Coinbase USD Wallet, or U.S. Bank account.

    Standard Sell

    This is the opposite of a standard buy. You have the Bitcoin, Ethereum, Bitcoin Cash, Litecoin, or ERC20 tokens in your Coinbase wallet which you then sell for fiat.

    The fee for a standard sell is 1.49%

    PayPal

    With this route you can actually have Coinbase deposit the sale proceeds into a PayPal account. The fees are steep, but if you really want PayPal then it’s an option. This is only available in the U.S.

    The fee for a PayPal deposited sale is 3.99% (ouch)

    Coinbase USD Wallet

    This is where you sell your crypto for fiat which is deposited into your Coinbase USD wallet or depending on country other Coinbase fiat wallet.

    The fee for a Coinbase USD Wallet sale is 1.49%

    U.S. Bank Account (Not US Bank)

    With this option you are selling your cryptocurrency on Coinbase and having the funds deposited directly into your United States based bank account.

    The fee for a U.S. Bank Account sale on Coinbase is 1.49% with a $0.15 minimum.

    Transfer Fees

    There are three types of transfers that you’ll need to know to figure out your Coinbase fees. Each will depend on country and method of transfer you use. The three options are: ACH transfer, wire transfer, and SEPA bank transfer for you Europeans.

    ACH Transfer Fee

    This applies to the United States. ACH stands for Automated Clearing House, and is the standard way of transferring money in the United States. This is the method that’s used for payroll, insurance premiums, mortgage payments, and much more.

    This is the method you’ll use if you buy a cryptocurrency with a bank account as the funding source. It looks like Coinbase has recently removed the ability to straight up deposit USD into your Coinbase wallet, so that will be an interesting thing to keep an eye on. They may only be allowing you to purchase, not deposit pure cash anymore.

    ACH transfers are free on Coinbase (as they should be!)

    Wire Transfer Fee

    Wire transfers are very similar to ACH in that it’s bank account to bank account, but they are completed much faster. Wire transfers are usually transferred in 1-2 days, versus 3-5 for an ACH transfer.

    They transfer faster because there’s an actual human element involved in wire transfers. Along with that comes an expense. Unfortunately wire transfers aren’t free even though they take 1-2 days to transfer (if you haven’t seen the beauty of crypto yet, this is a good start).

    Wire transfer fee is $10 incoming to Coinbase or $25 for an outgoing wire transfer (free, ~6 minute EOS transactions sound pretty nice huh?)

    SEPA Bank Transfer Fee

    SEPA stands for Single Euro Payments Area, applying to the Europeans out there. I’m not very familiar with the SEPA system so if I botch this throw your brot and baguettes at me for an update.

    On second thought, I’m not going to even try. If you’re a European and you don’t understand a SEPA transfer then my greatest service would be to refer you to the Wikipedia page above.

    The fee for a SEPA Bank Transfer is free for incoming transfers or €0.15 for outgoing.

    The Verdict on Coinbase Fees

    Honestly I think that given the time we’re in and the value of the service that Coinbase provides, their fees are quite reasonable. They’re expanding out their customer support at absurd rates, developing support for ERC20 tokens which will provide access to directly purchase a whole host of tokens, and they provide a user-friendly interface for people to get into crypto.

    It also helps that they’re one of the only FDIC and third party insured exchanges in the world. For more on that see is Coinbase safe?

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    Will AI Eliminate Working Class Jobs in the Next 20 Years? https://www.futureofeverything.io/will-ai-eliminate-working-class-jobs-in-the-next-20-years/ https://www.futureofeverything.io/will-ai-eliminate-working-class-jobs-in-the-next-20-years/#respond Tue, 17 Apr 2018 20:16:52 +0000 http://www.futureofeverything.io/?p=2072 With everyone pointing fingers as the inevitable apocalypse as soon as a super-intelligent AI comes to fruition, it isn’t a comfortable time to be artificial intelligence. There are doomsday predictions of super-computers becoming so smart they’ll replicate and do what’s best for the planet — exterminate polluting, murderous humans. But that’s only one way to […]

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    With everyone pointing fingers as the inevitable apocalypse as soon as a super-intelligent AI comes to fruition, it isn’t a comfortable time to be artificial intelligence. There are doomsday predictions of super-computers becoming so smart they’ll replicate and do what’s best for the planet — exterminate polluting, murderous humans.

    But that’s only one way to look at it. On the other hand if we’re able to build the proper safe-guards then we could end up with man’s liberator. As a society we may not have to work anymore — unless you’re ambitious and pursue what you truly want to do.

    It’s certainly a controversial topic, making it perfect for one of our expert roundups. We brought together a group of experts in AI and asked them something a bit less doomsday:

    Will Artificial Intelligence Take Away Working Class Jobs in the Next 20 Years?

    Here’s what they said…

    Jeff Evernham, Director of Consulting at Sinequa

    “We’re definitely, quickly headed in the direction of workforce displacement, as there are huge economic incentives to increase efficiency and to automate manual tasks. This will happen faster than we expect because we think linearly, while technology is advancing exponentially. AI is a disruptor like we’ve never seen before and it will be here soon, ready or not. However, AI will allow tasks that have been impractical because of the time/labor involved to become feasible. This will free us from many mundane and repetitive tasks, enabling people to focus on new or more valuable activities, which will increase efficiency and consistency in the workplace, and improve quality and safety. So while the workforce will look very different from how it looks today in the next five-ten years, AI and ML are going to greatly extend and expand our capabilities in ways that, for now, we can only imagine.”

    Brennan White, CEO & Founder of Cortex

    “For over 150 years, automation has been removing specific jobs from the job market. But, in so doing, automation increases the efficiency to complete a task or make goods and increased the total number of jobs available due to growth in the economy. The explosion of the global economy and the total number of jobs since the industrial revolution is evidence of this. Artificial Intelligence will have a similar affect. Many jobs that exist today will be gone, but many more jobs will have appeared in their place due to efficiencies in the economy. While working class jobs have traditionally been the most at-risk for automation, AI is going to impact both working class and white-collar jobs. Whereas before, physical automation had no impact on finance, marketing, or other white-collar jobs, AI is already capable of accomplishing formerly “safe” mental and creative tasks.”

    Ian Crouch, Managing Partner, Reveal Group

    “In 20 years time the developments in RPA and advancements in AI will certainly herald unprecedented changes in ‘traditional’, working-class employment, but will certainly result in a far great focus on customer experiences, and how organisations can better theirs. In the next five years we believe we will see service fulfilment operations in banks reduce their head-counts by around 50%, and thus their operating costs; we will see their quality and execution improve greatly, and most importantly, we will see a significant impact on customer experience. We are watching AI and believe that it certainly will come as a significant new technology. The cost of it at the moment, and the maturity of it doesn’t necessarily lend itself to widespread application in the commercial sector. But we think it’s only a matter of time before that happens. We have seen that the typical return for our clients, over a period of three years, between 500-1000%. With RPA, we know that it is not a matter of if they are going to do it; it is only a matter of when.”

    Scott Litman, Managing Partner,  Equals 3

    “There’s a symbiosis between the individual and the machine – that better than the individual and better than the machine are the two together. While there will be an ongoing level of disruption in the market due to automation over the next 20 years, we expect new opportunities will also be created based on AI’s ability to enhance individual capabilities to, in turn, achieve greater performance and results.”

    Tom Feltham, Operations Director, Explore WMS

    “Many working class jobs exist within the manufacturing supply chain, an ecosystem which has already begun to see the impact of artificial intelligence. Amazon Robotics is perhaps the most frequently cited example of AI fulfilling roles previously held by humans. Having implemented autonomous mobile robots for picking operations in Amazon fulfillment centers, the number of warehouse roles for employees will certainly decrease. Supply chain management has also seen an increased role for AI, with Hitachi implementing AI programs which increased warehouse operation efficiency by 8%. The real question is what happens to those employees who lose their positions to AI-driven systems or robotics. Amazon has attempted to tackle this moral dilemma by implementing programs which train employees for alternative roles such as nursing and aircraft mechanics. For this solution to prove effective, adoption of training programs must keep up with the pace of AI innovation.”

    Tim Houlne, CEO, Humach

    “While AI is progressing and the level of acceptance has increased in recent years, predicting that it will eliminate the majority of working class jobs is an overestimation. Yes, AI, automation and machine learning will eliminate the jobs that handle simple transactions and tasks. However, they will also create new jobs that require a higher skilled, trained or educated worker to program, optimize, and control the smart machines. The definition of working class as we know it will change, just as innovation has changed the definition for the last 200 years. In our line of work, we use the latest technology to redefine the customer experience by blending the creativity and experience of humans, with the computation power, analytics and automation of machines. Even in 20 years, it will not be humans vs machines, it will be humans + machines.”

    Daniel Harris, Market Research Associate, Software Advice

    “Machine learning technologies have already evolved to the point that robots can observe human beings performing unstructured tasks (e.g. tidying up a room) and then perform these tasks autonomously, however, such technologies won’t replace human workers until: 1. Robots can reliably perform such unstructured tasks. 2. Robots offer substantial cost savings over human workers. Reliability will of course improve over the next twenty years, but currently there are no indications that manufacturing costs for highly specialized robots for janitorial work and other common tasks will be cheaper than hiring a human being. Ironically, AI poses more of a threat to middle-class and professional jobs (managers, lawyers, writers, teachers, administrators, etc.). In jobs that don’t involve manual labor, manufacturing costs for robots aren’t a factor, and a human can thus be more cheaply replaced with a collection of algorithms.”

    Kentaro Toyama, W. K. Kellogg Associate Professor, University of Michigan’s School of Information, fellow of the Dalai Lama Center for Ethics and Transformative Values at MIT

    “AI and robotics tend to replace work that is both repetitive and impersonal. Many working-class jobs — and even many knowledge-work jobs — are repetitive. Thus already, we have robots doing factory jobs and AI writing repetitive news articles such as for sports and corporate earnings reports. As time progresses, the definition of repetitive will broaden, and jobs involving more and more complex tasks will be performed by AI. But even among repetitive jobs, many require a human touch. Bartenders, for example, will not be easily replaced, at least in establishments where patrons expect a sympathetic ear. Police officers will keep their jobs — the ethics of robots making life-or-death decisions will not be readily accepted. Daycare centers and pre-schools will continue to be staffed by people — what parent wants their children raised by machines? These kinds of jobs will likely endure… at least until we have humanoid robots indistinguishable from human beings.

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    Futuristic Applications of AR Are Arriving https://www.futureofeverything.io/ar-yard/ Wed, 11 Apr 2018 16:22:12 +0000 http://www.futureofeverything.io/?p=6061 In 2016, augmented reality became a trending news topic when Pokemon Go, an augmented reality mobile game, reached 45 million daily users soon after launch, and hit 750 million downloads within a year. The game, which drew players outdoors in such high numbers that libraries hosted workshops, communities released safety tips, and the press — […]

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    In 2016, augmented reality became a trending news topic when Pokemon Go, an augmented reality mobile game, reached 45 million daily users soon after launch, and hit 750 million downloads within a year. The game, which drew players outdoors in such high numbers that libraries hosted workshops, communities released safety tips, and the press —  from school papers to the WSJ — released how-to guides.

    The demand for Pokemon Go was so high, in fact, that users shared tips on how to gain access before the game was officially released globally. Two years later, while the company is still releasing updates, the early fervor has passed.

    What Pokemon Go proved, however, was that augmented reality could do more than just capture users’ imagination. It could also engage viewers with their own environment, offering them a completely new way of experiencing the world around them.

    Developing AR Technology

    The same year that Pokemon Go was released, a number of other companies also released new immersive technology options. Oculus released the Rift headset for Virtual Reality (VR) gaming, Sony sold nearly one million VR headsets for the PlayStation within four months of release, and Google released the affordable Daydream for VR games and movies.

    The technology that made those games and headsets possible began to be developed fifty years earlier, when computer scientists began to imagine ways to create and share a “mathematical wonderland,” a view that could so fully immerse viewers that it felt like “a display could literally be the Wonderland into which Alice walked.”

    Today, advances in augmented reality (AR) technology mean that designers and creators can share with viewers an immersive experience that not only feels as visually engaging as Alice’s Wonderland but one that also is so precisely accurate that it can help solve practical, real-life design problems.

    In fact, the potential for AR to help engage viewers and solve complex problems means that, as the technology for virtual reality (VR) and augmented reality has advanced, so too has the market: Goldman Sachs has estimated that AR and VR will “grow into a $95 billion market by 2025.”

    Growing the Augmented Reality Market  

    As large as the AR market is expected to become, its potential is most clearly seen in creative industries. Popular video games and apps alike make use of AR to engage users. In July 2017, for example, Snap released a dancing hot dog filter for Snapchat that, by August, had been viewed 1.5 billion times, leading Snap’s CEO to call it “the world’s first augmented reality superstar.”

    While Pokemon Go and Snapchat’s AR filters have both proven popular, other attempts to share immersive technology have not always proven quite as successful.

    Snap’s own limited-release “video sunglasses” are still a far cry from the augmented-reality glasses that its patents suggest are in the works. Google Glass not only didn’t catch on, but it also lost many of its enthusiastic early adopters: “it was not very useful for very much,” said one such user, “and it tended to disturb people around me that I have this thing.” While Google “hoped that software developers would come up with killer applications,” in fact Google Glass failed because of perceived “lack of utility”: “no one could understand why you’d want to have that thing on your face,” especially when no such “killer applications” yet existed.

    While Goldman Sachs expects early demand to come primarily from “creative” industries like video games and entertainment, the technology that makes both VR and AR so engaging is not limited to games, movies, or short video clips.

    In fact, AR’s potential for tremendous growth reveals an excellent opportunity for pool and landscape designers to incorporate AR experiences into their design and sales process.

    Solving Design Problems

    Even the most talented designers presenting the most exceptional designs often find that homeowners struggle to understand exactly how a project will really work in their own outdoor living space.

    Because most homeowners dedicate three to six months to planning projects that take another three to six months to complete, being able to fully grasp both the details and the potential of a project helps reduce some of the uncertainty and risk in undertaking a large-scale renovation project.

    With the benefit of new advances in AR technology, pool and landscape designers are able to take advantage of a far more immersive new way to share project plans with homeowners.

    YARD app pool in backyard visualization

    Not only does AR make it possible for viewers to see reality from a new, more immersive perspective. It also creates an interactive display that users can engage with easily, whether they are finding Pokemon, choosing photo filters, or exploring pool and landscape design plans.

    Being able to explore designs in detail, at scale, in real time, on their own property is an especially welcome experience for homeowners who often invest considerable time and money in outdoor renovations.

    More importantly, AR helps homeowners feel like the design plans that they are exploring are truly personalized for them, since designers can use AR to build design elements — like a freeform pool, outdoor kitchen, or fire pit — right on the homeowner’s lawn, choosing the right placement and the right options in just seconds.

    It’s a remarkably easy way to solve the most common design challenges — as well as the most unique ones. Fully one third of homeowners undertaking outdoor renovation projects say that their goal is to make their space feel like their own, and nearly as many identify “poor use of space” as the top challenge they want to solve. Augmented reality makes it easy to show exactly how a design will both update a mundane yard and make the best use of the existing space.

    Immersing Homeowners in Future Designs

    Augmented Reality offers more than just that looking-glass into what computer scientists, decades ago, imagined as a “mathematical wonderland.”

    Structured Studios is developing a new app called YARD. With the YARD app and an iPad Pro, pool and landscape designers can create that mesmerizing Wonderland that welcomes homeowners to see their future outdoor living space, while also engaging homeowners in the planning process, reducing costly change requests, and minimizing the risk that the finished product will not match what the homeowner imagined.

    Here’s how YARD by Structured Studios works:

    By presenting design ideas to homeowners with YARD, designers eliminate the problem of explaining how 2D plans will become 3D reality. Instead, they use YARD to transform the homeowner’s lawn into an interactive sketchpad, one that is easy to navigate with simple gestures already familiar to most smartphone and tablet users.

    The homeowner can see, right in front of them, exactly how their new outdoor kitchen or swimming pool will look simply by dragging and dropping, pinching and zooming. Together, the designer and the homeowner can drag the spa to the other side of the pool, pivot the entire outdoor kitchen to see what it looks like from the other side of the lawn, and zoom in to feel like they’re walking straight into the pool, ready to relax and enjoy the view at true scale.

    Exploring augmented reality through a iPad Pro screen also helps make the experience feel more familiar: instead of asking viewers to don a headset, enter an immersive “theater” like Morton Heilig created in the 1950s, or even attempt to navigate an app like Snapchat that older users often initially describe as “confusing,” homeowners can simply walk around their own lawn with nothing more than an everyday tablet in hand and see their future outdoor living space instantly come to life.

    Now that AR displays are within easy reach of pool and landscape designers — requiring nothing more than an app and a tablet — it’s easier than ever before to share the most excitingly interactive and truly immersive presentations with homeowners.

     

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    Blockchain’s Role in Supply Chain Management https://www.futureofeverything.io/blockchain-scm/ Wed, 11 Apr 2018 06:59:46 +0000 http://www.futureofeverything.io/?p=6028 To say that you’d have to be living under a rock to not have heard about blockchain in the last couple years might actually be an understatement. Blockchain technology is the driving force behind nearly every cryptocurrency in existence from Bitcoin to Ethereum down to the Shift Project. Blockchain has already been put up on […]

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    To say that you’d have to be living under a rock to not have heard about blockchain in the last couple years might actually be an understatement. Blockchain technology is the driving force behind nearly every cryptocurrency in existence from Bitcoin to Ethereum down to the Shift Project.

    Blockchain has already been put up on a pedestal as “the next internet” — despite having little to no adoption in the goliath industries it threatens to overturn. One of those goliath industries is supply chain management.

    To understand why supply chain management is one of the leading applications for the blockchain, let’s take a quick look at the qualities of blockchain. Blockchains are/can be:

    1. Immutable – meaning it’s unable to be changed or deleted after being created. Whatever is recorded will remain, uncensored.
    2. Distributed – Are you aware that international shipping still uses a paper bill of lading systems? It’s incredibly outdated from an efficiency, ease of use, and is susceptible to a single point of failure like a fire. Data stored on the blockchain is stored across multiple nodes and available to be viewed via a block explorer from anywhere in the world.
    3. Connected in a “chain” – Notice how supply chain management and blockchain have this in common? It’s a small hint showing how a series of historically “chained” together data can be followed throughout the life cycle.
    4. Secure  Blockchains are amongst the most secure systems in the world. For the most reputable platforms the only real way to be hacked is form a user-error point of view, not a flaw in the technology.
    5. Fast – Depending on the goals of the blockchain, data can be written almost instantaneously. And because it’s distributed and trustless it’s available anywhere in the world, without having to worry about being tampered with.
    6. Easy to confirm – If you want to verify a transaction or data, just scan a QR or hop on the block explorer.

    With those qualities in mind, it’s pretty easy to see that blockchain stands to be a really powerful tool for supply chain management. I didn’t want to stop at just “it’s pretty obvious this will be the future” so I connected with 6 leading blockchain / supply chain management experts to get a deep dive into this rapidly changing industry.

    John Sarvari – JDA Software
    Justin Bingham – Janeiro Digital
    Dan Sanker – CaseStack
    Chris Kirchner – Slync
    Loudon Owen – DLT Labs

     

    I asked them:

    What’s the Future of Blockchain in Supply Chain Management?

    Here’s what they had to say…

    John Sarvari, Group Vice President, Technology at JDA Software

    John Sarvari JDA.com           
    Blockchain technology has the potential to make the supply chain more efficient, transparent and secure. An example of this can be found in transportation logistics. As businesses are becoming more dependent on global supply chains for goods and services, the freight and logistics industry play a more critical role. Currently, freight brokers control the industry and facilitate transactions of loads from shippers to carriers by adding a markup. This not only increases the costs for the carriers, but also of the downstream prices for the consumers. Another problem: Cargo theft costs companies approximately $30 billion per year. Since the nature of ownership is distributed, this means there is no one party that is accountable.

    Blockchain can help solve these challenges of efficiency, transparency, tracking and security. By using smart contracts (that are automatically triggered when pre-defined conditions are met), it can eliminate or drastically reduce the role of intermediaries. As each step in the supply chain is completed, the documents are captured and shared so that all the participants can see what has been submitted, when they were submitted and by whom. International supply chains can receive huge benefits by implementing smart contracts and automated workflows. For example, blockchain can be used in fashion retail to track raw alpaca fleece from the farm all the way to the finished garment, thereby providing trust and transparency to the customer.

     

    Justin Bingham, CTO at Janeiro Digital

    Justin Bingham Janeiro              
    “The blockchain hype wagon will continue to careen forward as bitcoin values surge and questions about its efficacy make headlines.

    Consequently, that hype will continue to drive a belief that blockchain is the hammer for every nail, screw, railroad stake or button-shaped problem. The number of times I’ve been asked to comment on how blockchain will revolutionize some industry or process that doesn’t need it is staggering.

    To paraphrase the immortal words of Jeff Goldblum in Jurassic Park, “You were so preoccupied with whether you could, you didn’t stop to think if you should.”

    Bio: Justin oversees both the Technology and Creative divisions at Janeiro Digital, where he pioneered the RADD methodology. He is also responsible for vision and strategy around Janeiro’s own technology initiatives, including the XFORM platform.  

    His background includes nearly two decades of experience building sophisticated technology solutions and bringing them to market. He is fluent in numerous programming languages, has extensive knowledge of enterprise application architecture, network infrastructure and protocols, distributed systems, and large scale data processing.  He also invented one of the first systems to passively detect and identify sophisticated covert channels over a network.

    Dan Sanker, Founder and CEO of CaseStack & SupplyPike

    Dan Sanker CaseStack              
    “The blockchain is a perfect solution for a lot of supply chain issues. Imagine supply chain in a blockchain world.

    Shippers and carriers discover each other without intermediaries, execute smart contracts to define any requirements, pay each other with crypto instantly and without transaction fees or risks, and track load movements (from warehouses to transportation – even temperature changes, tampering, damages, etc). Retailers place orders on the chain instead of EDI – which is so old it was originally designed for the Berlin Airlift; they manage recalls of dangerous food products as they reverse the supply chain.

    All trading partners have access when they need it, have their modifications verified and confirmed – all on an honest, immutable ledger that nobody (and everyone) controls.” 

    Bio: Under Dan’s leadership, CaseStack has surpassed $200 million in revenue, been recognized as #1 in the Deloitte Technology Fast50, and made the Inc 5000 list of fastest-growing companies in America nine times. CaseStack is best known for its collaborative retailer logistics programs and cloud services technology applications.

    Dan has held leadership positions at Procter & Gamble, Nabisco, Deloitte, and KPMG. He is a LinkedIn Influencer with over 380,000 followers, and he is the author of “Collaborate! The Art of We” and a speaker on the benefits of collaboration. Dan is currently developing a new division of CaseStack called SupplyPike with the expectation that it will spin off to become the leading cloud-based platform for supply chain professionals in the consumer goods industry. One of SupplyPike’s products is a digital freight marketplace that accepts bitcoin as a form of payment. 

     

    Chris Kirchner, CEO and Co-founder of Slync

    Chris Kirchner Slync                      
    The future for blockchain is incredibly bright – the technology promises to provide immense supply chain benefits, giving early adopters a significant advantage over competitors.We see an immediate and lasting application for international shippers, carriers and logistics providers.

    There are aggressive opinions on the positive effects on efficiency, transparency and cost reductions, however, those are still to be determined in practice. In the future, blockchain-enabled networks will also drive measurable improvements to critical metrics like total shipping costs, landed costs of goods, product quality and compliance.

    At the highest level, blockchain generates this value by making it easier to move and track international shipments in real time, aggregate and share disparate data, and move away from paper-based processes and siloed systems, which are surprisingly still used in most back-end shipping and logistics processes today. The typical international shipment today includes at least five different parties and 20-something technology systems, few of which (if any) utilize fully digital processes. These processes make audits, dispute resolution and tracking incredibly complex and costly.

    The future will bring a collaborative and immutable audit record and a trusted timeline of events across the supply chain. The results will  deliver visibility for every party into exactly what happened, and when – boosting accountability and decreasing costly disputes.

    When something is written to the blockchain, the information can’t be changed – no one can say, “I didn’t accept that delivery,” or “that product was damaged when it arrived,” or “we don’t have a record of that happening.” The blockchain will digitize, authenticate and protect critical data – creating a single source of truth, and a true representation of events, for everyone.

    The benefit: Disputes and audits that used to take hundreds of hours to resolve, and cost hundreds of thousands to millions of dollars, will be solvable within minutes – saving every party a substantial amount of money and resources.

    Blockchain-powered logistics networks also promise incredible risk mitigation, quality control and consumer protection benefits. For example, if a sensitive shipment – like a prescription drug or perishable food – falls below a safe temperature during transportation, IoT devices can record the event to the blockchain – providing a record of the issue for all parties involved and potentially triggering an alert to stakeholders.

    Blockchain is moving from hype to implementation and the theories will become reality. Progressive and innovative organizations have moved beyond talk and are actively integrating the technology into supply chain and logistics networks today.

    Loudon Owen, Cofounder, Chair and CEO of DLT Labs

    Loudon Owen     
    “Blockchain is both a sword and a shield. Every organization in the world is wrestling to fully understand and implement blockchain to ensure superior business solutions and to avoid being left behind, or even excluded, as new standards are established.

    Supply Chain Management is no exception and stands to be the biggest beneficiary of this digital transformation of the speed, trust, and traceability of transactions. As a sword, blockchain removes cumbersome legacy systems and enables the real-time, immutable recording of transactions as exploding volumes of products zoom around the globe. This ledger lasts indefinitely, and its accuracy can be relied upon by any party, any time, anywhere.

    Blockchain-centric systems track and link transactions with a simplicity previously unimaginable, which in turn opens up supply chains to new suppliers (such as smaller, organic farmers) globally. The information being exchanged transitions from being single dots of data that are continually collected, passed around, frequently lost and often forgotten, into being fully and accurately integrated into a secure, smart, automated system where all information is linked and activated.

    Smart contracts are now being put in place which define vital decisions. Instead of old Joe keeping track of where the lettuce is, it is automatically tracked.

    Alerts escalate as it sits at the port in danger of rotting, even when old Joe is on vacation, asleep or retired. Food spoilage, contamination, and health concerns during transportation will become a bad memory of the past. At the same time, clients can buy lettuce, knowing it is safe and organic.

    Indeed, the previously hidden supply chain can be opened so customers, and even consumers, can readily check it. Just as some restaurant patrons love to see the food being cooked with their own eyes, a home chef can see the lettuce being cultivated, tested for safety, packed, transported, unloaded, tested again, and presented for sale. But while supply chain experts talk breathlessly about the warp speed at which blockchain can securely protect information, accelerate decision-making and compress vital timelines, brand implications are also enormous.

    At the heart of marketing to consumers is loyalty and a trusted brand. Trust that took years to build can be irreparably broken in the blink of an eye. The nightmare of sponsoring child labor, inadvertently or otherwise, is a real possibility and it shakes consumers and companies to the core.

    As a shield against brand destruction, we are now using blockchain to securely track cobalt in the Democratic Republic of Congo as it moves through every point in the supply chain – from mine, through manufacturing, eventually ending up on telephones and other products – so you can quickly confirm that the phone you use day and night has been responsibly manufactured. DLT’s supply chain product (“DL Asset Track”) eliminates most paper-based processes through smart contracts governing business rules, enables full transparency in supply chain, and dramatically reduces operating costs.

    For supply chain management, the future is clear: it includes consumers demanding and obtaining transparent insights into the origins of anything they buy, and the real-time marriage of supply chain and marketing.”

    Bio: Loudon Owen is Cofounder, Chair and CEO of DLT Labs, global leader in distributed ledger enterprise solutions powered by blockchain and passionate advocate of blockchain. DLT has the world’s largest team of blockchain designers and architects, has written more lines of blockchain code than any other company, and operates the largest active private Ethereum blockchain.

    DLT has been involved in many crypto activities with its DL Wallet and DL ICO Plus, including Injii, Cashe, the Bombay Stock Exchange, the Dubai Stock Exchange and countless ICO’s. DLT is an IBM Authorized Business Partner, a member of its Global Blockchain Board of Advisors, and is the technical partner of many leading companies, as well as being an influential member of BiTA (Blockchain in Transport Alliance), Hyperledger and many other industry associations.

    One of DLT’s products (“DL Asset Track”) eliminates most paper-based processes through smart contracts governing business rules, enables ful transparency in supply chain and dramatically reduces operating costs. DL Asset Track is being used to track cobalt in the Democratic Republic of Congo as it moves from mine, through the supply chain, and eventually ends up on telephones and other products.

    As Managing Partner and co-founder of Canada’s first software venture capital fund, McLean Watson Capital, and a board member of numerous Canadian and international corporations, Loudon has played a leading role as both investor, executive and chief dragon-slayer with leading technology firms— notably, Skywave (one of the world’s leading logistics and telemetry companies, now Orbcomm); i4i Inc., which made legal history when it bested Microsoft in a US $300-million case that went all the way to the U.S. Supreme Court; and, Softimage which invented the world’s premier 3D animation technology, used in Jurassic Park and for Death Becomes Her, for which it received the Academy Award for Visual Effects.

     

     

    Looking for more related to supply chain management? We’ve done a similar post asking leading experts about the future of logistics.

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    Top 7 Challenges Surrounding Online Education https://www.futureofeverything.io/challenges-online-education/ Tue, 03 Apr 2018 19:27:24 +0000 http://www.futureofeverything.io/?p=6009 Learning has undergone a drastic change. The process of imparting education has seen a significant shift from the channels of physical books made available in educational institutes to the hallways of technological gizmos. Digitalization of education has indeed become the mainstream conveyor through which every person who wishes to study can avail the facility with […]

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    Learning has undergone a drastic change. The process of imparting education has seen a significant shift from the channels of physical books made available in educational institutes to the hallways of technological gizmos. Digitalization of education has indeed become the mainstream conveyor through which every person who wishes to study can avail the facility with ease.

    The Internet has been the sole carrier vessel to spread online education far and wide. Thus, online education flourished over this medium. Unfortunately, not all online courses charted with a motto to educate minds are relevant. Even though eLearning provides a unique and one-of-a-kind benefit of time and location flexibility, a growing number of students who enroll for these courses face bouts of difficulty and uncertainty over the course. Hence, fewer students who can complete the online course successfully.

    So, what are the challenges that curtail our learning interests online? How can we overcome such hindrance so that we can again reinstate our faith in online learning with new vigor? Presenting are some worthy impediments mentioned as to what hampers online education and how can we overcome the same.

    Embracing adaptability

    There is a considerable difference of learning in a physical classroom as compared to computer-based training. From facing an instructor to looking at a computer screen, the experience might be well-described as a cultural shock. Usually, the resistance to change does not allow the mind to adapt to the newer learning technique.

    To overcome this disability, a student should be ready to embrace change. For that, the student must first understand the methods of course management system and the process involved in following the online course. Research on the benefits of eLearning. Understanding how online education can benefit can help a long way in embracing the new wave of change.

    Technological inadequacies

    Many of the students believe that online education is not beneficial as the technology they possess is not adequate. Most of the times, lack of reliable bandwidth creates a weak Internet connection. Also, lack of compatibility of course software with browsers, operating systems, and Android prove to be a hindrance in efficiently switching on to an online course.

    When the student is faced with such challenges, opt for efficient solutions. Select an online course that is easily accessible, and that does not require high bandwidth. Ensure that you can choose courses that allow you to download content documents like pdf. This strategy will allow you to peruse the records even when you are offline. Ensure that when you do look at a video or audio clip, the sound quality is excellent. It will keep the flame of interest burning to go through the course.

    Quality of the Online course content is substandard

    Due to an influx of online courses trending on the Internet, many competitors upload their content in a short span of creating them. But the downfall to this trend is that the material lacks substance. Most of the times the content deviate from the actual subject. Also, the tone and the language written may be cumbersome for a student to follow. So students get disheartened from pursuing the online course further.

    Care must be taken to prepare an online course strategically. Online courses can be tricky if they are not presented in a right manner to the audience wishing to take it up. Also, online assignment help should be made available for students so that it helps them to not only understand the course but also helps them refine their research techniques that are compatible with the available courses.

    Unawareness of the availability of an online course

    It is usually seen that some genuinely good online courses are available on the Internet. But most of the times these courses go unnoticed and quietly fade away into oblivion. It happens because there are a plethora of courses available that makes it virtually impossible for good content to stand out.

    To tackle this situation, it is necessary that one markets the course in a right way. Creating awareness about a specific course available online is the best way to grab attention. Utilizing social media tools could be the best way to market your online content.

    Finding the online course complex

    Many students refrain from entering online courses because they cannot get immediate answers when there is a doubt. It is even more difficult to grasp the content related to the fields of science and engineering.

    Copyright: ocusfocus / 123RF Stock Photo

    To negate this challenge, online courses should be strategized in presenting the material in an easy-to-understand manner. It will keep the spark of curiosity in the students alive and will help them get through the course.

    Students devoid of enthusiasm

    You might take the horse to the river, but you cannot force it to drink the water. Similarly, the students may be made available with all the tools to enable them to study, but it will prove futile if the person lacks motivation.

    student sleeping on desk
    Copyright: bialasiewicz / 123RF Stock Photo

    Pro-activeness in learning must be present in every student willing to take up an online course. Discipline in planning the studies and achieving targets should be the focal point of the student. This will enable the student to complete the course with relative ease.

    Inefficiency in time management

    Yes, it is true that online courses were created with an aim to study at a flexible time. But a lot of students misunderstand that flexibility of time and procrastinate. Thus, they do not have enough time left in the end and end up in with an incomplete online course.

    Devise a schedule and stick to it. Dedicate a timeframe for studying. It will help you achieve the goal of completing the course.

    E-Learning, though a boon in a technological age is still met with skepticism. To dilute such doubts for fear of embracing online education, one must change their attitude and thinking. Also, a little research and know-how of technology will go a long way in embracing eLearning the right way.

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    Is the National Academy for Future Scientists and Technologists legit? https://www.futureofeverything.io/nafst-award/ Tue, 20 Mar 2018 22:34:55 +0000 http://www.futureofeverything.io/?p=5870 Kids these days have it tough. It’s no longer enough to get put your nose to the grindstone, get good grades and apply for the right school. A competitive student is participating in a variety of extracurricular activities ranging from soccer to chess to public speaking club. This trend doesn’t seem to be holding up […]

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    Kids these days have it tough. It’s no longer enough to get put your nose to the grindstone, get good grades and apply for the right school. A competitive student is participating in a variety of extracurricular activities ranging from soccer to chess to public speaking club.

    This trend doesn’t seem to be holding up any time soon, and companies are beginning to capitalize, or prey, on this desire to have an edge amongst peers. One such organization is the National Academy for Future Scientists and Technologists (NAFST).

    The NAFST claims to offer young adults the opportunity to brush shoulders with the intellectual elite, network with high achieving peers, and open up doors to the future. Taken from their welcome page:

    “Science and technology touch every single area of modern life: from food and health, robotics, energy, and environment, to entertainment, from individual curiosity and fundamental science to international cooperation and competition. Our shared future depends on you.

     

    ‘Your teachers will be winners of the Nobel Prize.’

     

    This Congress will open your eyes, thoughts, and feelings through mentorship from the greatest minds in science and technology. You will hear and feel the meaning of success and failure, and gain the force to keep on going when others say it can’t be done. You will see astonishing discoveries and amazing inventions. You will forge friendships with new collaborators and join a community of leadership. You will gain the knowledge and acquire the skills you need to set your course and stay on track to reach your goals.” 

    We weren’t able to verify their claim that “Your teachers will be winners of the Nobel Prize”, having a look at their past speakers shows that while they aren’t necessarily Nobel prize winners, they definitely seem to be successful intellectuals who have won some sort of recognition.

    Is the National Academy for Future Scientists and Technologists legit?

    On the surface the National Association for Future Scientists and Technologists definitely has an impressive set of credentials and is involved in member communities. A closer examination reveals that something fishy might be going on. We’ll take a look at it in the following review of the NAFST.

    On their website they proudly sport a handful of credentials and memberships:

    For example, on the partners page of the Society of Torch and Laurel (one of the organizations that has accredited the NAFST) they cite their partners as the National Academy for Future Scientists and Technologists as well as the National Academy for Future Physicians and Medical Scientists. These two partners seemed suspiciously similar.

    I took this and ran an IP address check on the servers hosting these three websites. To my surprise all three came back hosted on the same IP address (104.196.192.123). This would be an outrageously improbable coincidence, and I’m confident enough that these are absolutely owned by the same person/company.

    From what I’ve been able to gather what’s happening is that the founder, Steve Loflin, has created a web of “Future Professionals Organizations” all giving and receiving their credibility amongst each other. This raises some big red flags from a legitimacy point of view, especially considering the high fees charged for their “certificates” that they hawk to vulnerable soon-to-be graduates. You can read the AMA with Steve Loflin where he is asked about the legitimacy of his organization and gives his defense.

    The NAFST existed since 1994, meaning you can have some peace of mind knowing it isn’t a complete fly by night operation.

    There are many reports online of students receiving an “exclusive invite” from the NAFST or other programs to join their elite group. The fancy red envelope that they send their three-page sales pitch and supporting docs in hardly looks like a typical spam mailer.

    While I’m definitely a bit skeptical of the whole operation, I do see some value to the NAFST program. Having the opportunity to see successful intellectuals speak and interact with other students in that environment could be a positive experience developing a new passion. With that said, I think it largely depends on how big of a deal the cost is to you. If it’s a matter of the NAFST program or  spending that money developing interests and experiences organically through clubs and by giving access to the right supplies, equipment, and learning materials, I’d choose the latter.

    A few questions about the NAFST:

    Is the National Association of Future Scientists and Technologists worth the money?

    Will you be scraping together limited resources to pay for this? It’s really important to remember that the hundreds of dollars that you spend on this certificate could otherwise be spent buying supplies and equipment for a hobby — one that could develop in to real skills, interests, and experiences. The certificate is sort of a shortcut to actually engaging in a topic and developing skills.

    Is the National Association of Future Scientists and Technologists a scam?

    I don’t think it’s fair to say that the NAFST is an outright scam. It could be an easy resume booster for a student who is otherwise completely lacking experiences and extracurricular activities. With that said, because these certificates are available to anyone who’s willing to pay-to-play, colleges are very aware of the game and the reputation of these certificates reflects that amongst university recruiters.

    What are some examples of the best extracurricular activities?

    There are so many extracurricular opportunities available to kids now days. You aren’t limited to sports and chess now days. The best experiences involve pushing through boundaries to learn a real skill that doesn’t come easily. It shows that despite not having a lot of history or experience, a student is eager to learn and engage in the community.

    Want to be a 3D printing whiz? Libraries and schools are creating free 3D-printing labs at an insane pace. Want to create the next Facebook? Programming is free and can be picked up in a matter of months by studying the various online resources like Codecademy combined with Youtube videos and Facebook groups for questions. Really, there’s no limit to what a kid can learn on the side now days. It just takes the motivation to get out of your comfort zone and learn something new.

    For some inspiration on more extracurricular activity examples check out this great list of extracurricular activities by PrepScholar.

     

     

     

     

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    What’s the Future of Cloud Computing? https://www.futureofeverything.io/future-of-cloud-computing/ https://www.futureofeverything.io/future-of-cloud-computing/#comments Sat, 10 Mar 2018 11:24:57 +0000 http://www.futureofeverything.io/?p=3610 In recent years there’s been a lot of talk about cloud computing and cloud storage, like Microsoft Azure, Amazon Web Services, and Google Cloud. There are also relative newcomers to the space like DigitalOcean, Vultr and Linode (all being brought to the masses by Cloudways). Almost everything in the digital world is connected to the […]

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    In recent years there’s been a lot of talk about cloud computing and cloud storage, like Microsoft Azure, Amazon Web Services, and Google Cloud.

    There are also relative newcomers to the space like DigitalOcean, Vultr and Linode (all being brought to the masses by Cloudways).

    Almost everything in the digital world is connected to the cloud in some way or another — unless it’s specifically kept in local storage for security reasons. As tech giants and startups find new ways to organize, process and present data cloud computing will become a more and more integral part of our lives.

    So what is the impact of cloud computing on future business strategies? We can throw around concepts like serverless cloud,  and decentralized cloud computing, but first lets check out the basics. Amazon’s AWS has a great write-up describing the fundamentals of cloud computing. In short, Google will tell you:

    “Cloud computing is the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer.”

    What that means for businesses is a workspace their entire team can interact in regardless of where they are in the world. It also means that businesses can outsource their computing power instead of investing in hardware, software, and staff to maintain it.

    But is file storage and computing power the only use businesses will have for the cloud? And will SaaS, PaaS, IaaS, or DaaS come to dominate the market?

    On the hunt for answers to those questions and a better understanding of cloud computing, we interviewed a group of industry experts ranging from founders of disruptive startups to execs of multinational corporations…

    What’s the Future of Cloud Computing?

    They had this to say…

    Michael Corrado, World Wide Marketing Manager with Hewlett Packard Enterprise

    “The future of cloud computing will most likely represent a combination of cloud based software products and on premises compute to create a hybrid IT solution that balances the scalability and flexibility associated with cloud and the security and control of a private data center.

    In the current cloud market the benefits of leveraging the infrastructure of a large cloud provider can be beneficial in many ways. The cost structure works like a utility which provides for an operating expense model with no upfront infrastructure costs.

    The ability to scale rapidly works well for companies with high growth demands. With these benefits come some limitations. Your experience is limited by the speed and reliability of your internet connection which can impact your business.

    Cloud also introduces additional security concerns in a world where data privacy is increasingly vulnerable. As companies make sense of what is available to them and major technology vendors adjust their business models to allow for flexible consumption payment models to purchase on premises infrastructure, the balance between cloud and in house technology should find its balance.

    The variable element of this Hybrid IT future and the most compelling use for cloud will be the software companies that offer their products only as cloud solutions which will diversify a customer’s cloud needs to multiple platforms based on their preferred software vendors.”

    Matt Riley, CEO & Co-founder of Swiftype

    “A decade from now, every business will be operating primarily from the cloud, making way for more flexible — yet more productive and efficient — ways of working. Hardware won’t be the problem in a decade — software will.

    What is now a ‘budding’ challenge will be full-blown problem in 10 years’ time: the ability to leverage the collective knowledge created in these silos regardless of which service you’re using in the moment. We’re already seeing fragmentation of content and data and it’s posing problems related to organization, search, discovery, and most importantly, collaboration across people/teams/offices/regions/etc.

    This is because the trend in successful cloud services is that they solve a specific problem for a specific role/department very well. Large monolithic application suites will become less and less prevalent.

    Luckily, we have companies like Swiftype that are trying to solve that today so that it won’t be a big problem in the future. It’s safe to say the only way companies will be able to thrive will be the ones that tackle cloud-born challenges like this head-on.”

    Tom Gillis, Founder & CEO of Bracket Computing

    “The future of the cloud is a radically different hybrid cloud computing model in which isolated workloads can flex up or down, span multiple public clouds, be moved at any time, and be managed with a single set of controls. Enterprises have struggled to build an IT infrastructure that is responsive enough to move at the speed of business.

    The future of cloud computing is a unique architecture based on the Computing Cell that consistently provides best-of-breed software infrastructure, including encryption, authentication, network segmentation, data integrity and data management across multiple public clouds.

    It even enables the migration of existing enterprise controls and allows existing policies to be extended across workloads. As such, the hybrid cloud based on the Computing Cell simply appears as a more flexible and robust extension of an enterprise’s private cloud infrastructure.

    Moreover, threat prevention capabilities ensure that threats can’t move laterally. Not only will the operation of an entire data center be reduced to the movement of a few simple controls, but its responsiveness will deliver on the CIO’s dreams!”

    Jeff Fisher, VP, Strategic Alliances & Category Creating Enterprise Technology Executive at Kemptechnologies

    “The future of cloud computing is undeniably hybrid. The term hybrid has several meanings in this context but all are critical to understanding the destiny of cloud computing. On one level, it means that organizations will leverage both public hyperscale clouds like AWS and Azure as well as private clouds.

    Contrary to popular belief, private clouds are not simply existing data centers running virtualized, legacy workloads. Conversely, they are highly-modernized digital application and service environments running on true cloud platforms, like Microsoft’s Azure Stack, and can live either on-premises or with a hosting services partner.

    Another key aspect of hybrid implies that organizations will leverage multiple cloud platforms such as AWS, Azure and Google Cloud Platform. This multi-cloud mode of operation promises to help organizations avoid lock-in to a single provider but also introduces additional complexity, as IT staff need to become comfortable operating in more than one cloud platform environment.”

    Jeff Schilling, CSO of Armor

    “History has a tendency to repeat itself in cycles.

    Mainframes and centralized compute power kicked off the computer age only to be replaced by remote/distributed compute power of the 80s and 90s with the invention of powerful, personal computers.

    Then, early in this century, we went back to the centralized compute architecture with the high adoption rate of the cloud. I believe the next innovation leap in compute will be centered around quantum computing, Artificial Intelligence and neural integration between machine and the human brain.

    These innovations will put high capacity compute, storage and functionality in new form factors that will integrate with our clothes and our everyday life and will no longer be devices we carry around. The limitation of the frequency spectrum will once again drive us back to a distributed architecture because the pipes will be too small to centralize this powerful framework.”

    Kostis Mamassis, Founder & CTO of Megaventory

    “During the next years, it is predicted that more than a quarter of all applications will be available via the cloud. The huge adoption of cloud services combined with a general need to simplify operations, will put a greater pressure to create connections between various apps.

    Therefore, I believe that developers’ focus will be updating APIs and growing their list of integrations. At Megaventory, we aim to set up more system integrations with our app and have a better product consolidation.

    On top of that, focus on usability and interface elements is also a must. Great user experience is the next hot thing in cloud computing, so every cloud developer should keep that in mind as well.”

    Mike Smith, Founder of AeroComInc.com

    “In the next 15 years, the biggest change we’ll see is 50% of small companies (with 1-500 employees), doing away with buying computer towers and servers and instead, adopting Desktop as a Service (DaaS), as the method for deploying workstations to employees.

    Companies will simply buy a monitor, keyboard, mouse and a thin client (which basically controls the keyboard, mouse & monitor), for each workstation. All of the desktop appearance, applications and compute functionality will be handled by a 3rd party cloud provider.

    This will allow employees to essentially have the exact same computer appearance, regardless of the device or their location. It will also allow companies to more easily manage the deployment and security of computers and applications, across all devices and locations.

    Furthermore, companies will never have to worry about having the latest version of any major productivity software, such as Office, Adobe, etc.”

    Marcus Vlahovic, Founder & CEO of Sustainabody

    “Cloud computing is bridging us to a world of unlimited connectivity. In 10-15 years people won’t be talking about routers and individual networks, everything will be the network.”

    Siamak Farah, CEO & Founder of InfoStreet

    “In many ways, we are already seeing the beginning of the future of cloud computing. With the introduction of IFTTT and new UI elements such as our phone’s notifications, the applications and devices we use daily are taking a backseat. What matters now is that our apps integrate with each other and with our environment, regardless of where we are.

    While the original revolution centered on placing apps in the cloud, the future lies in true app-to-app integration. Soon, centralized meta-languages will be created to streamline the tedious one-to-one app integration process and convert it to mass enablement of apps where each app can readily speak to many other apps, exchanging logic and data.

    Standalone apps will be a way of the past as users will expect their apps to be smarter and more connected. Just like humans, apps with more relationships will be the most popular and effective ones.”

    David Hartley, Virtual CIO & Principal, Technology Advisory Services for UHY LLP

    “Traditional data centers and the traditional model of delivering IT services will become extinct. The days of building your own data center, owning your own equipment and installing/updating hardware will leave us rapidly. There will be some on premise solutions, but that will diminish dramatically.

    As companies rely more and more on service providers (Software as a Service, Infrastructure as a Service, Platform as a Service), independent firms like UHY will be outsourced to test processes and controls in order to develop Service Organization Control (SOC) reports, which provides best practices for not only an organization, but its entire ecosystem, on how to effectively report financial and IT services and processes to user organizations.”

    Dennis Allio, Group President, Cloud Technology Services at Workstate

    “Over the next 10-15 years we can expect cloud computing to quickly evolve, and become so ubiquitous, that the concepts we label as “cloud” will simply be known as “computing.” Cloud vendors will have solved the compute hardware problem, and we can expect infrastructure to become a commodity. The real future of cloud will be easy access and consumption of any data and services in the cloud.

    Artificial Intelligence will help make these services easily consumable and highly available – perhaps pushing us beyond the current developer roles that are needed to make the most of the cloud. We will experience cloud services much like musical instruments; whereas developers will compose the music and do the arrangements, AI will play the instruments perfectly (maybe too much so). Anyone that cares to learn will have the opportunity to create ghastly noise; as well as potentially wonderful, new pieces of music.”

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    Smart Transportation Laying the Groundwork for the Smart City https://www.futureofeverything.io/smart-transportation-laying-groundwork-smart-city/ Fri, 08 Dec 2017 20:13:09 +0000 http://www.futureofeverything.io/?p=5801   Gartner estimates there will be 8.4 billion connected ‘things’ in use in 2017. This number is up 31% from 2016, with Gartner further estimating that by 2020, there will be more than 20 billion devices connected through the Internet of Things (IoT).   Leading from the front Consumer uptake of connected ‘things’ is steadily […]

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    Ken Hosac

    The following is a guest post by Ken Hosac

    Ken Hosac is the Vice President of IoT Strategy and Business Development at Cradlepoint. Cradlepoint is the leading provider of cloud-based wired and wireless WAN networking solutions for Distributed and Mobile Enterprises. Cradlepoint solutions provide the strongest wireless and broadband performance while delivering proven network system interoperability. Ken has been with the company for 8 years. He is a graduate of Stanford University with an MS in Manufacturing Engineering.

     

    Gartner estimates there will be 8.4 billion connected ‘things’ in use in 2017. This number is up 31% from 2016, with Gartner further estimating that by 2020, there will be more than 20 billion devices connected through the Internet of Things (IoT).  

    Leading from the front

    Consumer uptake of connected ‘things’ is steadily progressing. Companies are offering connected refrigerators that send mobile alerts when you are low on milk and connected front door locks to dispense with the need for keys. It seems that if it can be connected, it will be connected.  

    In the enterprise we are seeing widespread deployment as part of the more general drive towards digital transformation and increased mobility. A report from MarketsandMarkets predicts the bring-your-own-device (BYOD) and enterprise mobility market will grow from more than $35 billion in 2016 to more than $73 billion by 2021.  Organizations in both the public and private sectors are already using IoT for mission critical infrastructure and to offer people access to things like emergency services. By the end of 2017, IDC predicts that two-thirds of the CEOs of Global 2000 companies will have digital transformation at the center of their corporate strategy. 

    The enterprise drive for IoT adoption, increased mobility and digital transformation is the foundation of the smart city movement. Healthcare, emergency services, retail and education are all rapidly advancing and demonstrating that with secure and reliable connectivity, connected devices are already making a significant impact on the world.

    Connectivity everywhere

    The GSMA has predicted that by 2025 the majority of the world’s cars will be built with some form of connectivity. In December of 2018, the National Highway Traffic Safety Administration proposed a for vehicle-to-vehicle communications technology, while the Transportation Department is developing guidelines for vehicle-to-infrastructure communication and testing the technology around the country.

    There are a number of benefits delivered by in-vehicle network connectivity, such as value-added passenger services, streamlined work processes, increased fleet security, and access to essential information on the road.

    Even lighting networks are helping vehicles get smarter. Connected street lights are forming information networks around towns and cities and will form a backbone of connectivity for other smart city services – from intelligent parking systems to traffic management. Cities seeking to minimize the impact of traffic and pollution are using Internet-connected sensors and meters to update parking maps in real time. Drivers can access data through a cloud application that allows them to quickly locate open parking spaces.

    Driving change with in-vehicle connectivity

    Transportation technology has developed rapidly over the past decade, and wireless connectivity has played a key role. Many company and government fleets now include reliable and always-available Internet connectivity to keep up with these innovations, and to enable improved productivity, fleet management and extended services for passengers and public servants.

    There may be some hype around IoT, but evolving in-vehicle connectivity is already demonstrating the transformative potential for the future. One important area where this is now being seen is emergency services. A range of in-vehicle IoT applications are already achieving significant usage, including:

    • Computer-Aided Dispatch (CAD) and electronic record transfer systems being used by police and ambulances to streamline deployment efficiency.
    • Connected dashboard cameras are being used to enable remote incident examination and collaboration. Emergency scenes can be assessed in real time to accurately determine the right number of officers or paramedics to deploy.  Connected cameras are being used to remotely spot stolen vehicles, theft, illegal dumping and suspicious activities.
    • Connected ambulances are giving paramedics access to electronic health records for more effective decision-making. Information such as treatment plans, potential drug interactions and previous health history is critical to ensuring patients receive personalized, accurate care regardless of their location. Records can also be updated with new information, ensuring emergency room personnel have all the stats they need when the patient arrives.  
    • GPS location services allow ambulance units to be tracked and located quickly and accurately, even if the paramedics are too engaged to communicate via phone. Knowing where each and every ambulance is at any moment means dispatchers can more quickly route response vehicles to the most critical scenes, and notify hospitals about arrival times.

    Transportation technology has advanced exponentially in recent years with the ubiquity of 3G, 4G and LTE networks and the adoption of cloud connectivity, and every indication is that this trajectory will continue. Whether it is mass transit Wi-Fi, real-time connectivity for first responders or service fleet database access, in-vehicle networks are transforming how organizations connect from the road. As consumer IoT adoption continues to rise and enterprises strive for a sustained digital transformation, the smart city foundation will continue to grow in strength and diversity.  

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    How to Create A Standardized Process for Legal Translations https://www.futureofeverything.io/create-standardized-process-legal-translations/ Fri, 08 Dec 2017 19:59:22 +0000 http://www.futureofeverything.io/?p=5790 The global economy has complicated the legal world through a vast array of foreign regulations, local legal systems, and communication barriers. For litigation, the discovery process has moved beyond the standard collection of physical documents to a new branch of inquiry now called e-discovery, the collection of electronic communications. Important materials for litigation can come […]

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    Sirena Rubinoff

    The following is a guest post by Sirena Rubinoff

    Sirena is the Content Manager at Morningside Translations. She earned her B.A. and Master’s Degree from the Medill School of Journalism at Northwestern. After completing her graduate degree, Sirena won an international fellowship as a Rotary Cultural Ambassador to Jerusalem. Sirena covers topics related to software and website localization, global business solutions, and the translation industry as a whole.

    The global economy has complicated the legal world through a vast array of foreign regulations, local legal systems, and communication barriers. For litigation, the discovery process has moved beyond the standard collection of physical documents to a new branch of inquiry now called e-discovery, the collection of electronic communications.

    Important materials for litigation can come in several languages in which the parties involved might not be fluent. In order to address this situation, retaining a legal translation agency to facilitate translation of materials into one’s first language has become a critical component of case preparation.

    At the same time, litigation costs have risen, and managing the process of discovery and translation has become a pain point in cost management. Developing a decision-making process for translation needs will help in overall case management and keep costs within a reasonable framework.

    Decide On Translation Methods

    Translating documents can be accomplished through two methods: machine or human translation. Machine translation is a software approach in which original documents are scanned into a system that produces a literal translation of the material. The benefits are speed and low cost. The disadvantage is a too literal translation which does not account for context, nuance of language, or cultural considerations.

    Human translation, on the other hand, provides a precise translation by experts knowledgeable in the legal field as well as in the local language and business environment. The downside, however, it the higher cost due to its inherent labor intensiveness.

    To manage the costs while acquiring critical information requires the creation of a standardized process in order to select the best practices.

    Consider Volume of Material

    Any easy first step for legal translation consideration is the amount of legal material in need of translating. For small amounts of material, human translation is likely the best method. The per-word cost might be higher than machine translation, but the savings come from not needing to purchase machine software that might not provide an accurate translation. Using a language service provider will also eliminate the need to review a machine translation for further decisions on higher quality translation, saving time and money.

    For situations with larger amounts of material, the decision-making becomes more complicated and nuanced. Developing an algorithm for decided what needs translation and the best method for each instance will enhance cost management.

    Make A Decision Tree

    decision tree for lawyers

    Litigation materials tend to cover a vast array of subject matter. Creating a priority list by topic interest should be the first step in planning for translation needs. From there, one can hire a translation service to review documents in the original language for categorization and report back for further instruction. Alternatively, the entire set of materials could be sent through machine translation for review by the legal team for sorting material by relevancy for more precise translation.

    These two main tracks can be reviewed for cost-benefit analysis. If your internal legal team can review machine translation documents more efficiently for selecting precise translation, then using human translators can be done on a more ad hoc basis. If the human translation service can provide summary reviews in the original language at a cheaper cost, relying on their expertise would be the way to go.

    Choose Hybrid Approaches

    The important goal is to have a system in place to guide translation decisions. Everyone within the firm can consult the decision-making guidelines and avoid multiple approaches that might increase costs unnecessarily.

    A professional legal translator is also an excellent resource for the planning stages of the process. They can consult on the tools available, the costs of translations, the overall process, and other critical cross-border issues for consideration during discovery.

     

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