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11 Industries Blockchain Will Change Forever

When Bitcoin changed the way people and businesses exchanged money back in 2009, Blockchain made a name for itself as a robust, secure, and efficient technology. The decentralized ledger is immutable, allowing for safe transactions performed quickly with no central authority processing them. Each encrypted block contains information about the transaction, and it’s virtually impossible to change that information because doing so would disrupt the entire chain. Blockchain is now on its way to change the very face of business and the exchange of data. There are plenty of opportunities for Blockchain to affect a wide array of industries. Below are 11 highlighted industries may have been changed forever by Blockchain:

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What is Blockchain?

“A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography, Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.” – Wikipedia.com
Blockchain is a specific type of database.  It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.  As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order. Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions. Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.

1. Banking and Finance

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The most prominent areas to be changed by Blockchain

Banking and finance are the most prominent areas that blockchain is changing. Cryptocurrency, as we’ve touched on, allows for cost-effective, speedy, and secure monetary exchanges. It can also give more opportunities to people with limited access to banking. But blockchain has implications across Fintech.
For example, it could eliminate the need for human brokers and traders, facilitating stock purchases and sales, which would mean more efficient trading in general. Also, because transactions require no intermediary, payments can be processed more quickly and without unnecessary fees, whether the transaction is taking place with a business or between peers.

2. Healthcare

Blockchain has myriad applications in the healthcare sector. For starters, if a patient visits multiple medical providers, these professionals can transfer the records and healthcare history securely, quickly, and efficiently. A private Personal Health Record is much more efficient and safe than paper records. Through a network of healthcare practitioners worldwide, data can be made available no matter where the patient is.
Blockchain also has implications for research. It provides an efficient channel for collaborating, sharing results, and speeding up the overall process. Because each block contains information, including its identity, results can easily be traced and backed up.

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Jio Health – Telemedicine App Built by Savvycom

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3. Cybersecurity

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Cybersecurity is greatly enhanced with Blockchain Technology

Each block in the blockchain is encrypted, and altering one item will disrupt the entire chain. Blockchain provides a secure means of storing data and information and makes hacking extremely difficult. Therefore, blockchain could be a game-changer for cybersecurity, offering a way to safeguard essential data across many channels.

4. Voting and Politics

There may be many opinions regarding the recent USA presidential election. But there is no denying that thanks to blockchain, voting fraud could be made obsolete. People could cast their votes using the technology, which would create an immutable record with a traceable, verified identity behind each ballot. Blockchain could also provide a secure system for registering voters and ultimately providing the election’s verified results.

5. Supply Chain

A supply chain has many components and intricate pieces that must work in harmony with one another. Keeping track of inventory, shipments, transportation, and other parts requires an organized system, and blockchain can play a significant role. Using the distributed ledger, anyone involved with any stage in the process can view previous activity, such as tracing, where a shipment originated and where it is at the moment.

6. Insurance

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Secure information in Insurance is one of the best thing thanks to blockchain

Given that insurance is a system that requires the safe management of sensitive, personal data, the industry is ideal for implementing blockchain. Not only can it allow for the secure transmission of information, but it can also be used for verification purposes, such as checking the insured person’s identity. That’s just one application of blockchain in the insurance world. It can also help contracts, for example, which can be automatically enforced through blockchain’s smart contracts.

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7. Real Estate

There are many different ways blockchain can impact the real estate industry. For one, transactions — in this case, property sales — don’t require an intermediary to facilitate. That means two parties can connect directly, without the need for a third party to be involved. As discussed above, it also means more robust security.

8. Education

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Online Learning safely thanks to Blockchain

If this year has taught us anything, it’s that traditional teaching and learning is a thing of the past. Online learning might be a temporary solution, but it could serve as a new norm for education. Blockchain can play an enormous role in the digital learning landscape, enabling the delivery of unalterable records. These records can be delivered from institution to institution. They can also be used to allow employers and other parties to see transcripts and grades.

9. Retail

Just one of the ways Blockchain can impact the retail industry is with the supply chain. Payments are another area where Blockchain is already affecting, with some retailers accepting cryptocurrency. Others rely on the technology for quick, secure transactions that omit the intermediary for processing purposes.
Another area blockchain can support, which is the loyalty and rewards programs. Customers don’t have to worry about data theft when they submit their personal information, and retailers can be rest assured that hackers won’t obtain rewards fraudulently — they’ll have a distributed ledger with a record of transactions.

READ MORE: Blockchain Development: How is it redefining FinTech industry?


10. Government

There is no messing with when it comes to these types of data. With so much at stake in the exchange of governmental data, it’s no surprise that many governments are implementing blockchain-powered procedures for the handling of important information. The technology can increase security and improve efficiency. Plus, thanks to the decentralization core feature of blockchain, it provides transparency to government work. The United Arab Emirates, Australia, China, Singapore, Switzerland, and several other countries have already begun to experiment with and embrace blockchain.

11. Intellectual Property

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Control your intellectual property with Blockchain

Finally, blockchain can be used to protect intellectual property. Given the immutability and security of the distributed ledger, those looking to prove that the authors own their ideas can provide evidence of their creations using blockchain. They can use information stored in the register to verify dates, names, and other important data to back their legal claim to their work.
Blockchain has implications across many industries and power to disrupt nearly every field. These are just a few of the wide-ranging ways the technology can revolutionize the way business can be conducted now and for years to come. As technology becomes more sophisticated, the options are virtually limitless.

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Blockchain Development: How is it redefining FinTech industry?

In the Industry 4.0 era, people are getting obsessed with “Blockchain”, the technology that has been bringing about a dramatic transformation in all industrial sectors. FinTech is no exception. Owing to a number of considerable changes in this industry, there is a common belief that managing the Blockchain technology is the key leverage for almost every business development in finance, from retail banking to insurance to investment banking. So, how exactly is Blockchain transforming FinTech industry? Let’s discuss it together.

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How is Blockchain technology and applications revolutionising FinTech?

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A revolutionary currency with Blockchain development

We all know that money is a medium of exchange. Since the days our ancestors began bartering, the concept of money has been continuously developed. In thousands of years, in ancient civilizations, people used shells, miniature replicas of bronze tools and rare metals like silver and gold to exchange goods. Then, banknotes, coins, credit cards, electronic money were invented one after another. And now we are evolving a new system – cryptocurrencies. Bitcoin, Ethereum, Ripple, Litecoin, etc have made a mark on FinTech. In this article, we will illustrate my points with examples of Bitcoin for its popularity.

Cryptocurrency is the most well-known Blockchain application, whose first generation is Bitcoin. It allows people to transfer money securely, worldwide and without a third party. Bitcoin is not only a means of payment like gold, silver, paper money, it will also change and redefine the whole monetary system and a huge threat to the governments and banking system who are controlling people’s every single coin.
Read more: Savvycom and TomoChain team up in a strategic worldwide partnership
One of the greatest problems that FinTech is still facing is the security. If you want to transfer money, you need to ask the bank to make the transfer orders for yourself. This is a centralized way of transferring money, which means that all the clues are centred on a management position. However, when Blockchain developers have created sophisticated processes, transactions will get uniquely validated by software, which eliminates the need for third-party verifiers. It is predicted that traditional banks will soon fade away due to FinTech solutions and blockchain development companies.
Blockchain development supports online payments

First, we should take a look at how Bitcoin reduces the time of transactions.

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How Blockchain works. (Source: ValueCoders).

Every Bitcoin user has a crypto wallet, which contains his/her coin number and exchanged with each other as bank transfer, without any presence and involvement of any bank – and that makes the difference between Bitcoin and the traditional practices. People can transfer money, trade with each other via bitcoin freely, no fees, and no one to coordinate or control. Each Bitcoin users will be linked together by peer-to-peer. Two computers connect directly to each other via the internet, download the same BTC transaction software and exchange with each other through the internet.
Next, let’s see the several big advantages Bitcoin has brought to E-commerce.

Security

Nowadays, making online payments through internet banking is extremely secure. However, you may still face the threat of your confidential personal data being hacked by hackers. What is the solution? The answer is the blockchain wallet.

Remember, a blockchain wallet, for example, a Bitcoin wallet can only be operated by its own owner. When a transaction proceeds, he/she will have to create a complicated address for the money recipient, such as 1vjEGKmhB52kwsXWKku, which is difficult to perceive. In addition, the recipient’s name will be kept secret.

Reduced transactions cost & speed

There is no third-party intervention, which reduces the unnecessary cost. As a result, the speed of the transaction will be increased as well. Bitcoin allows us to make instant and clear payments, leading to speedy out-shipping product process. The buyer will be no longer waiting for hours or even days to do online shopping.

The demand for blockchain-based payment is growing these days; therefore, there are more and more Blockchain development companies, especially the ones who develop blockchain wallet.
At Savvycom, we believe that Bitcoin is far from the only application of Blockchain as it is changing the way businesses transact across almost every industry, especially the financial world, in the global economy.
On a recent project with our client, we built a Crypto Wallet based on an Ethereum network. Ethereum is the second largest cryptocurrency in the world. The wallet interacts with Bitcoin and Ethereum Blockchain, managing the wallet security policy and sending the funds over the blockchain network.

blockchain development, cryptocurrency wallet, coin walllet, savvycom

Savvycom built an Ethereum-based Crypto Wallet. (Source: CryptosRUs).

The mobile app is to allow users to use it as a quick and easy payment method in daily activities. App users can use the app to pay for their fast food, their groceries, even for cars within a few taps. Users can easily send messages to each other through private message, channel or group. Messages could be text, photo, video, voice, contact, location or even the currency itself, like sending money through chat.

The next generation of Blockchain: Smart Contract

As mentioned above, Bitcoin is the first generation of Blockchain. How about the second and the third? How can they help in solving the middle-man problem in financial services?

We all know what Blockchain is capable of – it facilitates the transactions between the two parties without the need for a middle-man. Blockchain can build a bridge of trust between businesses and consumers. How about an “automatic” and “smart” contract, which also requires no other parties in the implementation of the contract? That is the idea of the Smart Contract and the Ethereum Blockchain.

Ethereum is also a distributed public blockchain network and it is worth noticing that there is a substantial difference in purpose and capability between Ethereum and Bitcoin. Bitcoin blockchain is used to track ownership of digital currency while the Ethereum blockchain focuses on running the programming code of any decentralized application.

A Smart Contract running on the blockchain can self-execute whenever specific conditions are met. As it runs on the blockchain, Smart Contract run exactly as programmed without any possibility of censorship, downtime, fraud or third-party interference.

Savvycom – one of the most trusted apps and software developers in Vietnam and Global, is highly interested in the world of Blockchain and FinTech. We believe that Blockchain and FinTech are reshaping and redefining the way we make businesses in a very near future. With the vision to brighten the future of both businesses – by offering the highest-value opportunities in technology and consumers – in this FinTech case – by protecting their rights with the data and transaction integrity. Together with Savvycom, firms can fully utilize the Blockchain in pushing their businesses forward in this 4.0 era, as managing this technology can separate the winners and losers as the financial services industry, which is moving from exploration to application.

For further information, please contact us to get free quote and consultancy.

Blockchain in Healthcare: Both sides of the coin

Type the word ‘Blockchain’ into Google and there you have it: 124 million results in 0.42 seconds.

This hype train was originally created by Bitcoin – the most famous application of Blockchain in cryptocurrency. Now, most leaders believe that Blockchain will be the most influential force in the transformation of industries practice as we know it. In fact, at the 2016 MedCity Converge conference, Nishan Kulatilaka – Merck associate director for applied technology, noted:

“Healthcare could be the second-largest sector to adopt the Blockchain technology, after financial services.”

Of course, to be ‘the adoption leader’ of the next big technological advancement means that your business will capture most of the market pie, and that means profit.
However, Blockchain is an immature technology. There is no written recipe for success. So, conducting unstructured experiments with Blockchain solutions without a clear goal and a feasibility evaluation process, your company won’t likely to see any substantial return.

In this article, Savvycom Insight would like to help you understand: What is Blockchain? How will it play out in the Healthcare industry? What difficulties to look for? And if you decided to face those challenges, which strategy you can apply?

1. Understanding Blockchain

1.1. The general definition:

Many of us know about ‘blockchain’ as this magical data storing mechanism where nothing can be lost, nothing can be hacked, and nothing can be wrong.

Well, we are close. Just not there yet.
So, what is Blockchain? Technically speaking, Blockchain is ‘a database, shared across a public or private computing network’. But simplistically speaking, imagen a series of blocks that link together in a chain. The chain is the network. Each block stands for a computer in that network. They also have ‘hash’ – their digital fingerprint. Every data transfer from one block to another is attached with the hash of the sender.

Blockchain in Healthcare

Blockchain Illustration | Rongdat

Now, the main thing that differencing Blockchain from a traditional database is the set of rules applied in the process of putting data into the database. Every piece of information, once uploaded, will be validated by a list of consensus protocol. Then, it will be mathematically encrypted, attached with the hash and added as a new ‘block’ to the ‘chain’. This creates a continuous chronical record and hence, displays the selling points of Blockchain.

First, the new data cannot be in conflict with another existing data in the historical record. Secondary, data can only be added, not remove or change. Thirdly, the data is attached with a hash – which always points to the owner and past owners in the chain. And lastly, it is decentralized. No single authority will be able to take away an asset and change “history” to suit their need. That is unless an authority can control 50% of the network-computing power and rewrite all previous transactions.

1.2. Types of Blockchain:

There are four types of Blockchain, divided by 4 blockchain – architecture options: Private vs Public; Permissionless vs Permissioned. Generally speaking, the Permissioned-Private option carries the highest possibility to be commercialized due to its nature of high security and lower capital investment.

Blockchain in Healthcare

Four types of Blockchain | McKinsey

2. Applications of Blockchain in Healthcare:

2.1 The opportunities:

Base on the advantages mentioned, Blockchain should not be applied only in cryptocurrency. This technology now has great powers and therefore, great responsibilities in the development of modern civilization.

According to McKinsey, in a bird-eye view, Blockchain can help in 2 manners:
a) Record keeping: Storage of static information
b) Transaction: Registry of tradeable information
In application to the healthcare industry, Blockchain can either revolutionize or at least improve the ways things are being handled, which in turns creates substantial values for both the business and the people.

We have come up with several examples for the potential application of Blockchain in Healthcare:

      1. Electronic health record: One’s electronic health record contained not only the health-related data but also citizen ID, personal description, and payment address. Hence, it is an ideal target for identity theft. In fact, just 4 days ago, 1.5 million health records of the Singapore citizens got hacked and stolen – including Prime Minister Lee Hsien Loong.
        To prevent this situation, Blockchain in healthcare can monitor the accounts that gain access to the data in real time, making sure that every suspicious action is noticed and alarmed as soon as possible. In addition, blockchain can also give patients the ability to set different privacy settings on their medical information by breaking down records into components and granting access piece by piece. This will help to reduce the risk of over-privileging any potential recipient and enhance administrative efficiency.
      2. Healthcare research: While most Blockchain in healthcare is safer to be built on a private server for the sake of security, healthcare research is likely to yield a higher level of social value with the public server. On one hand, using Blockchain, a clinical trial researcher or investigator could search candidates based on specific genetic, demographic, and geographic criteria without even knowing the patient’s name. On the other, by applying the rules of smart contract, patients could even charge pharmaceutical companies to access or use their data in drug research.
      3. Health Tracking: When combining Blockchain technology with IoT and medical devices, information about the wearer could be stored in a shared ledger accessible by other systems to automate maintenance and management of the wearer’s information. This is practically useful for people with chronic illness on are under end-of-life care.
      4. Payments infrastructure: The current payment infrastructure is mostly based on relies on file exchange between multiple parties which lead to a longer time to process and larger probability for error. With the power of blockchain, all parties in a financial trade can be connected – allowing faster processing while still ensure the audit trail. It is also impossible to manipulate data, hence limit security breach. Buyers of pharmaceutical will no longer need to depend on bank statements to reconcile their accounting ledgers.
      5. Drug supply chain: There is in-built vulnerabilities in the drug supply chain at many points on their way to patients, and pharma manufacturers and other stakeholders have little visibility to track the authenticity of products. Blockchain could provide significant benefits here, with barcode-tagged drugs scanned and entered into secure digital blocks whenever they change hands. This ongoing real-time record could be viewed anytime by authorized parties and even patients at the far end of the supply chain. Blockchain in healthcare can also be combined with IoT sensors to ensure the integrity of the cold chain for drugs, blood, and organs.
      6. Healthcare insurance: The healthcare insurance industry suffers from some major bad reputations, with one of the most prominent complain lies around insurance claims stagnant. With blockchain, organizations can speed up this process by having records posted to a private blockchain, reducing the need for transmitting the data from one host to another.

2.2 The difficulties:

The organization leaders always need to be a rational dreamer. So, as we have presented the good side of Blockchain in healthcare, here is the not-so-fun side: Blockchain is still more than five years away from feasibility at scale. Here’s why:

Based on the McKinsey’s model, there are four key factors that determine the level of the feasibility of Blockchain in Healthcare: asset, technology, the standard of regulations, and the ecosystem. Applying this 4 factors in the Healthcare industry for evaluation:

      1. Asset – Medium feasibility: Asset type determines the feasibility of improving record keeping or transacting via blockchain. Most will need to be digitization. With assets like healthcare record, which are digitally recorded and exchanged healthcare enterprises, can be simply managed end to end on a blockchain system. However, connecting and securing physical goods to a blockchain – for example, at-home health tracking devices – requires enabling technologies like IoT and biometrics. This connection can be a vulnerability in the security because while the blockchain record might be immutable, the physical item or IoT sensor can still be tampered with.
      2. Technology – Low feasibility: The immaturity of blockchain technology is a limitation to its current viability across any industries. Applying this kind of technology definitely demands a strong series of computer, high 24/7 energy consumption and fast connection speed. With healthcare enterprise which tends to run on an “off chain” database, the switching costs are high. In fact, most cost benefits will not be realized until old systems are decommissioned. Organizations also need a trusted solution provider. Currently, few start-ups have sufficient credibility and technology stability for government or industry deployment at scale.
      3. Standard of regulations – Low feasibility: The lack of common standards and clear regulations is a major limitation on blockchain applications. With healthcare, since medical data is a sensitive information with a high level of concern, regulations are of course stricter than most industries. For example, in the United States of America, HIPAA rules have multiple subchapters and healthcare entities are going to have to master them all for blockchain.
      4. The co-opetition paradox – Low feasibility: Blockchain’s biggest advantage lies in the network effect, but that advantages will be limited by the coordination complexity. To apply Blockchain in Healthcare, natural competitors need to cooperate, making sure that their data is correct, transferable and adaptable to the others system. The issue is agreeing on the governance decisions. Overcoming this issue often requires a credible sponsor, such as a regulator or industry body, to take the lead.

3. Pieces of Advice with Blockchain in Healthcare

To sum up. there are a plethora of use cases for Blockchain in healthcare, so, companies will definitely face some difficult tasks when deciding which opportunities to pursue. We want to help, and therefore, would love to provide you with a very general but useful step-by-step process:

Step 1: Investigating the true “pain points” — the frictions for customer experiences that blockchain could eliminate.

Step 2: Extensively analyzing the potential commercial value within the constraints of the overall feasibility of the blockchain solution. Considering the overall industry characteristics and regulation as well as a company’s expertise and capabilities.

Step 3: Brainstorming the company’s optimal strategic approach to Blockchain. This step will fundamentally be defined by two market factors:
1. Market dominance – the ability of a player to influence the key parties of a use case.
2. Standardization and regulatory barriers – the requirement for regulatory approvals or coordination on standards.

Blockchain in Healthcare

Four Blockchain Strategies | McKinsey

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Savvycom has been a long time friend of the healthcare industry, considered our contribution in many projects such as Jio Health and Eva Diary. Recently, we also played a part in the creation of Consentium – the first blockchain-based crypto wallet and community app that reward for user engagement.

Now, our talented developers are looking for a chance to combine our knowledge in the healthcare applications and Blockchain technology to support SME that are particularly interested in being one of the pioneers in this industry revolutionary movement.

If you have any request for further information regarding our services, do not hesitate and send us a quick email here.

For further enquiries, please do not hesitate to contact Savvycom at:

Global Blockchain Development: The order of a faster growth

Hardly anybody could predict the future of Blockchain development in the same manner that we once did with the future of Internet, but clearly this technology is going to have a significant impact in the world.

According to Wikipedia, Blockchain is defined as a continuously growing list of records, called blocks, which are secured and linked using chronological cryptography. Each block in the “chain” typically contains a cryptographic hash pointer to the previous block a timestamp and transaction data.

blockchain development, blockchain apps, blockchain linkage, savvycom

Figure 1: Blockchain is about linkage | David Stankiewicz

Its description is straightforward – a digital, decentralized, encrypted ledger that provides an ocean of integration possibilities into many fields such as financial services, healthcare, energy, supply chain management, political election and so on.

A race of Blockchain technology companies around the world

While some governments are still monitoring this technology with a doubtful eyes, major economic societies have already shown their interest in Blockchain applications.

Who is on the top of the Blockchain development game? Europe. In fact, the majority of ICOs are currenting being conducted by Eastern European Blockchain startups. In terms of Blockchain hubs, the main concentrations of startups are in London, Amsterdam, Barcelona, Berlin, and Switzerland’s Cryptovalley. Even America’s Nasdaq has reached out to the tiny country in the Baltics to develop applications.

The government seems incredibly open to the technology. The United Kingdom’s chief scientist unleashed a 88-page Blockchain report in January of 2017, outlining the potential of Blockchain and showing how it can transform the delivery of public services while boosting the government productivity. The Isle of Man government has begun to use a Blockchain registry to record. Swiss regulatory body FINMA announced its supportive position for a new licensing category for financial innovators carrying out some banking activities, but with limited acceptance of client assets.

Moving on to Asia’s giant, China. According to Skyledger, some of the bitcoin exchanges are even lending without a banking license, which indicates that the Chinese government is trying to protect innovation more than anything else. They are putting massive investments into some of the Chinese poorer regions and are planning to build Blockchain parks to entice some top minds globally to come to China and be backed with significant funding. The ICO scene is currently unregulated in China with over 2 million people participating and more and more Blockchain startups choosing token sales to raise capital.

Compare to China and Europe, the U.S originally had the largest number of Blockchain startups. However, nowaday, its Silicon Valley has been somewhat quiet, which has more to do with the legal issues related to Blockchain development than a lack of companies that can innovate. As we can see that with Coinbase and Kraken, the two cryptocurrency exchanges both reside in the Bay Area but are financial-related only. There is a real shortage of U.S based Blockchain technology companies working on project related to other industry, which creates a large chances for other countries to jump ahead.

Blockchain Development for Bitcoin, Crytocurrency, Blockchain Tech Revolution by savvycom

Figure 2: A representation of Bitcoin – the start of the Blockchain revolution

Meanwhile, VentureBeat reported that Singapore and Switzerland are going to be the first and only jurisdictions in the world where tokens are treated not just a security but as an asset. This is not good for innovators from America who want to raise funds using these unique financial instruments or for Asians and Europeans who want to open up to U.S. backers. Some European ICOs (Initial Coin Offerings) are even IP-blocking Americans from participating due to the potential legal implications.

Otherwise, different from their neighbor, Blockchain startup community in Canada is mainly due to the fact that Ethereum emanated from the Toronto bitcoin community. There is a cluster of talent centralized in the country’s largest city, starting with Vitalik Buterin – the brain behind Ethereum. Not to mention, the most prominent authors in the Blockchain space – Blockchain technology companies and Don Tapscott – are also Canadian. Unlike the U.S. SEC, the Canadian Securities Administrators have been more than proactive by launching a new fintech “sandbox” Blockchain development program for financial technology firms.

The lack of Blockchain developers

It’s established that Blockchain is the future of the Internet. Whether it is a near future or not depends largely on its human resource. With such a novelty speed of technological evolving, being a Blockchain developer is still being considered as a subversive career path. Therefore, most universities remain focusing on web programming, machine learning or game development. This resulted in independent researchers and IT aficionados leading nearly all the innovation in Blockchain technology. Hence, the demand for skilled developers is off the charts.

According to TechCrunch, there are currently 14 open jobs exist for every Blockchain engineer, with 93% of jobs are unfilled. In 2017, the freelance marketplace Upwork saw Blockchain rising to the fastest-growing skill (35,000 percent growth rate, to be exact) out of more than 5,000 listed skills. These offers span from ICO advisory services, engineering projects to Blockchain consultancy. Currently, the job site Indeed are also listing more than 300 job description mentioning “Blockchain”. Of those, 70 are listed for tech titan IBM and 14 for the leading global auditing firm Deloitte. With firms that are solely focusing on building Blockchain development, only four of them had more than 100 employees, with the total people employed by the Top 10 Blockchain companies equals to approximately 600 people.

On one hand, this extremely low supply of qualified developers poses a crippling problem for Blockchain-based initiatives. But on the others, the situation provides a huge opportunity for driven developers to become world-class experts of Blockchain while having a substantial paycheck.

How to become a Blockchain developer

Here is a short guide for anyone who one to capture the skyrocketing demand of Blockchain developer:

Blockchain development, female coder, blockchain developer by savvycom

Figure 3: Female coder in the making.

Step 1: Understand the Bitcoin’s whitepaper – the pioneer of Blockchain.

In 2008, Satoshi Nakamoto published a white paper which contains the descriptive information of a decentralized digital currency’s protocol. Studying this document will help Blockchain developers understand Satoshi’s original insight along with the ins and outs of Blockchain terminologies.

Step 2: Learn the process

First-hand, real-world experiences with trading cryptocurrency is critical for Blockchain developer to understand how the platform operates,which then can be used to innovate and improve later on. Therefore, it is strongly recommended for developers to go to an exchange site of choice such as Binance, create a wallet, store in it the bare minimum amount of needed for the exchange purpose, buy a few coins and observe how the whole process unveil.

Step 3: Get coding.

What amazing about Blockchain is that almost everything one needs to know lies on the free side of the Internet: blog post, YouTube video tutorial, and various open-source software. For example, Blockgeek carries an extended and intensive course regarding Blockchain development.

Step 4: Study the Smart Contracts

Anything that runs on a Blockchain needs to have the ability to go through multiple nodes without compromising its integrity, hence create the need for Smart Contracts for Blockchain developers. As stated by Wikipedia, a Smart Contract – constructed by American cryptographer Szabo in 1996 – is generally defined as “a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract”.

Step 4: Get involved

It is recommended for Blockchain developers to stay in the community and join several active Blockchain forums on Reddit, StackExchange or Gitbub pages. This not only helps connecting developers with their potential partners but also keeps them on the lookout for any technology-related news.

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Blockchain technology is the topic of the century. Eventually, Blockchain will increase the Internet’s security, speed up the transaction, reduce costs, and overall transforming virtually every industry.

However, in the short term, there will be a lot of teething problems: government laws being settled, companies experiencing steep learning curves while trying to grapple with the new way of doing business, and many promising projects being scrapped due to the lack of developers. Yet, the technological players have always been enjoying a good challenge. Blockchain revolution is no exception.

For further enquiries, please do not hesitate to contact Savvycom at:

Savvycom Launches New Artificial Intelligence (AI) Lab

The next innovation AI Lab in Vietnam, with advanced tech as its main driving force

Clients rotate to the new, they demand both innovative solutions for their toughest challenges and the technical know-how to effectively deliver those solutions. That’s the idea behind our AI Lab – where our experts and engineers obtained PhD degree in AI and data analysts from the top university in the US, Europe… in Vietnam, can research and apply AI technologies as well as focus on prototyping AI applications for client problems across various industries.
Read more:

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Savvycom AI Lab is part of a complete range of software product development that helps quality engineering professionals be a catalyst for speed, agility and business performance while achieving radical productivity. Savvycom serves over 100 international clients across the US, Australia, Singapore and other European countries. It is recognized as the Top 30 Global App Developers by Clutch.
At AI Lab, Savvycom technology professionals also gain unique opportunities to learn, hone and master the fast-evolving skills they need to serve clients’ future digital needs.
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“Our expertise includes Intelligence Automation, Blockchain, Machine Learning and Data Analysis”

Shoppers are facing Discovery problems, which are lots of options for them to choose on sellers’ websites. To deal with these issues, Savvycom introduces a new search tool which can quickly process images and identify specific objects within the image, then generate visually similar results. We call it “Visual Search” – one of AI Lab applications.
 
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“The future of visual search engines is most likely to be a shopper’s paradise in
the right retailer’s hands”

Research showed that Visual-oriented Search engines were interested in nearly 70% of young clients. Visual search is very useful in the E-commerce industry that helps shoppers decrease the number of choices and find the products they want to purchase efficiently.
Enter the world of AI Lab and learn what drives our passionate team of researchers!
 

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15 Data Analytics Trends That Will Dominate 2017

2016 was a landmark year for data analytics with more organizations storing, processing, and extracting value from data of all forms and sizes. In 2017, systems that support large volumes of both structured and unstructured data will continue to rise.

Analytics without application to an actionable strategy is meaningless”- Mike Grigsby

There’s always something new on the horizon, and we can’t help but wait and wonder what technological marvels are coming next. Savvycom team has outlined the predictions for what 2017 will bring data and analytics.

15-analytic-trends-in-2017

15-analytic-trends-in-2017

1, The emergence of the data engineer
2, Artificial intelligence (AI) is back in vogue.
3, Big data for governance or competitive advantage.
4, Companies focus on business driven applications to avoid data lakes from becoming swamps
5, Data agility separates winners and losers.
6, Blockchain transforms select financial services applications
7, Machine learning maximizes microservices impact.
8, Intelligent networks lead to the rise of data clouds.
9, Real-time machine learning and analytics at the edge.
10, More pre-emptive analytics: from post-event to real-time, pre-event analysis and action.
11, Ubiquity of connected modern data applications.
12, Data will be everyone’s product.
13, The emergence of the data engineer.
14, Security: Growth of IoT leads to blurrred lines.
15, Hybrid wins, thanks to certain enterprise-ready cloud applications.

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