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Artificial Intelligence Blockchain Marketing

How Blockchain Technology Is Improving Online Shopping Experience

Ever since blockchain technology has come into existence, experts have been predicting a major disruption in every field. Right now, blockchain has made its way into every major industry. More and more businesses are going for cryptocurrency and smart contracts. They see the plethora of advantages that blockchain has to offer and they cannot resist the lure. Thanks to this, businesses are seeing a major uplift in all their operations. Not only businesses but even consumers are feeling the benefits of this technology and they can’t have enough of it.

One of the industries that is set to leverage the power of blockchain in a major way is the retail industry. A lot of businesses have already adopted this new technology and more are joining the blockchain bandwagon. This adoption means giving the consumers more power over what they buy and how they buy it. Couples the power of transparency with marketing and you have a technology that will ensure that the retail industry is completely transformed into something no one had imagined.

Here’s how blockchain technology is disrupting the retail industry and providing a better online shopping experience to the consumers.

Improvement in Payment Methods

Payment Methods
Improvement in Payment Methods

One of the best ways that blockchain is powering the new online shopping experience is through the use of various digital currencies that it powers. These include currencies like Bitcoin, ripple, etherum, and more. More and more businesses are using digital currencies to handle transactions rather than using traditional currencies. Blockchain services company and more all around the world are predicting that this trend is going to increase until traditional currencies will become obsolete. And this is happening fast. Ever since the pandemic hit, this method of payment has seen a huge uprising.

There are a lot of reasons why this is happening.

Decentralized

We all know that there is no central authority that regulates blockchain. This means that the two parties in any transaction control the transaction. There is no third party to speak of. Not only does it put the power in the consumers’ hands, but it also takes away the middleman and the amount that they would charge for themselves. Also, there is no inflation or devaluation of blockchain through any bank or other government organization. For example, due to the pandemic, a lot of countries are seeing economic collapse. Due to this, their currencies are also suffering. This cannot happen with Bitcoin or any other digital currency as they are not influenced by geopolitics. Experts all over the world praise this ability of blockchain technology and prophesize the end of traditional currencies as well as traditional ways of doing business.

Identity Protection

Although all the transactions happening via blockchain technologies are transparent and they have centralized ledgers that store all the details of these transactions, the identity of the parties involved in these transactions is kept a secret.

Freedom of Transactions

There is no government body, no bank, or anyone else that can tell you what to do and what not to do with your cryptocurrency. You are the master of your own finances. You can use them however you want. If you use traditional currencies, there are a lot of restrictions that might be placed on you. Currencies based on blockchain enjoy the freedom that others do not.

Ease of Use

A lot of companies are investing in companies that provide software development services related to blockchain that you can use from anywhere around the world. That is because blockchain-based currencies are very easy to use. You don’t need to register yourself from any given institution or organization. There are no charges of opening a wallet (bank account for cryptocurrencies) and you can use it from anywhere you want.

Also, digital transactions are much faster than traditional transactions. Traditional transactions may take anywhere from 3-4 days to weeks or even months to complete. On the other hand, transactions with blockchain-based currencies can take place in just a few minutes. You can make a transaction at any time of the day and there won’t be any problems with it.

Reduced Fraud

Corrupting a blockchain-based transaction is next to impossible. That is because these transactions are mentioned in online ledgers and they enjoy transparency that no other currency enjoys. Another reason why it is tough to commit fraud is that these transactions are based on peer-to-peer technology.

Improvement in Supply Chain Management

Supply Chain Management
Improvement in Supply Chain Management

Another field that has seen major improvements ever since the implementation of blockchain technology is the Supply chain management field. This is by far one of the most important aspects of the retail industry and every eCommerce business is concerned about it. The blockchain technology has solved a lot of problems in this regard and it is showing no signs of stopping. Just contact a company that offers blockchain and AI app development service and build your custom app to control every aspect of your supply chain.

By using blockchain technology, you can solve these issues like product tracking, recordkeeping, and more. Since blockchain technology is decentralized, there are no chances of data corruption, data fraud, or data stealing.

Also, blockchain technology is helping business cut their costs of the administrative processes. When you use blockchain technology for your supply chain process, not only do you guarantee timely delivery to your clients, but you also save a lot of money as well as reduce the number of intermediaries. You can use blockchain technology for the front end of supply chain management and the back end like inventory management and more.

Conclusion

This is the right time for businesses to integrate their business with blockchain technology and leverage its power to improve their operations as well as appease their customers. Soon, it will stop becoming a luxury and become a necessity. Those businesses that don’t wait till the end and integrate their businesses with this technology will see record growth in their sales as well as the number of customers.

Also Read: The Impact Of Blockchain On Banking Sector

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Artificial Intelligence Blockchain

The Impact Of Blockchain On Banking Sector

Right after Bitcoin came on the world view, we saw another technology emerging. It was blockchain. As soon as it came into existence, it created a lot of disruption and we saw it gaining a lot of popularity. A lot of research was done on the blockchain technology and people predicted various use cases across multiple industries where it could be used. Right now, blockchain is being used for payments, money transfers, monitoring supply chains, land records, and a whole plethora of purposes.

What is Blockchain Technology?

Blockchain Technology
What is Blockchain Technology

To explain blockchain technology, we will use the analogy of Google Docs. If you are an AI app development company or any other business, when you work on Google Docs, you create a document and share it with your colleagues. When you share it, you don’t make copies of it and send it to everyone. You distribute the document instead. This gives everyone the right to work on the document and make any changes that they want without the need of making copies. All the changes are transparent, real-world, and decentralized. You don’t have to wait for someone else to finish their work. All the changes are recorded in real-time. The entire history of the document is available and it is unalterable.

Now, we are not saying that blockchain is the same as Google Docs, but it is a good example to show the basic features that this technology provides us. These are:

  • All assets are distributed and not copied.
  • All assets are decentralized.
  • All the changes and modifications are done in real-time.
  • The history of the asset is unaltered and transparent and easily viewed at any time. This keeps the integrity of the asset intact and increases trust.
  • The number of risks goes down as well as the chances of fraud.

Blockchain technology has revolutionized the finance industry as well as other industries. Nowadays, it seems that every financial institution is looking for a Blockchain technology company to integrate this technology with their systems. It is safe to say that no fintech technology has ever made such a mark on the industry as Blockchain. It has become so popular that banks and other financial institutes are now finding it hard to stay relevant without it.

BlockChain and the Financial Industry

BlockChain Financial Industry
BlockChain and the Financial Industry

Interestingly enough, there was an HBR study that stated that BlockChain technology will do to the finance sector what the internet did to traditional media. When the internet was born, it was said that soon people will be using it to get their information rather than reading newspapers and magazines. In the beginning, traditional media scoffed at the idea but soon realized that it was true. But the financial sector need not worry. Blockchain technology is not here to make them obsolete. It is here to enhance their functionality and give them more power and scope.

Blockchain technology offers them transparency, safety, and decentralization. Also, it is much cheaper than the traditional systems that they have for all the above purposes. As all financial institutions are concerned with highly confidential data about money, they will feel more safe and secure once they have this technology integrated with their system. All they have to do is to contact a custom software development agency that can deliver what they want. BlockChain also offers reliability.

Benefits of Blockchain Banking Sector and Financial Institutions

Blockchain Banking Sector and Financial Institutions
Benefits of Blockchain Banking Sector and Financial Institutions

BlockChain offers a plethora of benefits to all businesses related to the banking and finance sector. These include:

Cost-Effective Solutions

Banks and other financial institutions will enjoy more security and transparency at lower costs. This will not only increase their own productivity and efficiency but also increase customer satisfaction. According to one prediction, this technology can ultimately save around $15-20 billion by 2022. When banks and other financial institutions start using smart contracts, they will greatly reduce the cost of executing traditional contracts as well as maintaining them.

Faster transactions

Not only will this technology lower the costs of financial transactions, but it will also greatly lower the time it takes to conduct these transactions. With the use of blockchain technology, banks only need to make ledger entries to move money or other assets. This greatly reduces the transaction time. Instead of waiting for days for a transaction to be confirmed, customers will get the confirmation in mere hours or even minutes. That is because these transactions are done in real-time.

Improved security

For banks and financial institutes, the most important thing to consider in any kind of transaction is security. When these institutes integrate blockchain technology with their systems, they will be able to provide much better security to their clientele. A centralized system cannot guarantee the kind of protection and security that a decentralized system like BlockChain can offer.

Improved data quality

Right now a lot of the banking data has multiple copies. This means that various parties have their own copies of transactions and they can make any alterations to the information that they want and no one would be the wiser. With BlockChain by your side, this can be easily eliminated. When data is in a decentralized location, no one would be able to make any changes to the data without everyone knowing about it. Also, there would be no chance of the data becoming out-dated or incomplete.

Final Word

Right now, there is an aura of fear surrounding the banking and finance sector related to BlockChain technology. But it shouldn’t be the case. The quicker these institutions adopt this technology, the more benefits they will reap and the more relevant services they can provide to their customers.

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Artificial Intelligence Chatbots IOT

How AI Can Transform the Way of Digital Marketing?

There was a time when Artificial Intelligence was just something that we saw in movies. The most famous Ai-based system that we know and love is Jarvis, Tony Stark’s right-hand man(?). but in the last decade, Artificial Intelligence has really made its way into our lives. It started as a luxury, something that you might run into at a high-tech firm and now it has become something that we use daily. 

Artificial Intelligence is starting to affect every industry in the market and the same is true for marketing. A lot of us may not know what AI can do for marketing; especially digital marketing, but a lot of firms are already taking giant steps towards it. Companies are working closely with one or the other Artificial Intelligence service provider to help them get on the AI bandwagon and become trailblazers instead of followers.

Here we are going to discuss some of the things that we can do with the help of AI. 

Machine Learning

Machine-earning
Machine Learning

What is machine learning? It is exactly what the name suggests. You use machine-based processes to analyse and solve problems. The more problem the machine solves, the more it learns and the better it becomes. Every problem adds to the machine’s database. As far as marketing is concerned, there are several use cases where we can use machine language to make our marketing efforts more effective and easier. We can use machine language for audience targeting, lead generation, and even search optimization, among others.

This will help us free our time so we can spend it doing more creative work. It will also make sure that we don’t have to do tedious and monotonous tasks again. As the machine keeps learning, it will keep on getting better and better. You can contact the best AI solutions company and create the type of marketing process that you want.

Focusing on Consumer Behavior

Focusing-on-Consumer-Behavior
Focusing on Consumer Behavior

As we discussed earlier, Artificial Intelligence is all about data and the work we can do with it. When we use AI, we get the ability to extract data from various resources and have it analysed at a fraction of the time that it used to take us. AI can handle much more than what we were capable of. Based on this data, we can make much more informed decisions and don’t have to rely on gut feelings or predictions anymore.

Today, marketing is all about personalization. The more personalized experience we provide for our customers, the more chances of a sale and the more chances that they will come back. When we use AI to manage their data and analyse their behaviour, we come closer to a more personalized and unique experience for all our customers.

This will not only happen for us but also our customers. They will be shown products based on their previous shopping behaviour and preferences. 

AI-based IoT Services

AI-based-IoT-services
AI-based IoT services

As far as the Internet of Things is concerned, it is still in its infancy age, just like Artificial Intelligence. We are now seeing IoT management platforms that we can use to control all the devices or appliances in our homes and offices. No more need for additional staff to take care of things like attendance, monitoring, or anything else. Now, we can control all the devices in our offices like printers, mobile devices, lights, and more through an AI-based system that will remember what we prefer and adjust everything accordingly.

Chatbots

Chatbots
Chatbots

Chatbots are another way we can leverage the power of AI for our marketing purposes. Chatbots are automated tools that we use to interact with our customers. Right now, if we want to offer a 24×7 service to our customers, we need people who can monitor our social feeds 24×7 and respond accordingly. Thanks to chatbots, we don’t need to do that anymore. Chatbots are adept at answering basic questions and fulfilling the needs of the clients on their own. No matter what industry you are in or what size your company is, you can benefit from chatbots as they are easy to implement and really helpful in communicating with your customers. Many businesses have already started using chatbots and they are seeing growth in user engagement as well as in customer loyalty.

Content Creation and Curation

Content-Creation-and-Curation
Content Creation and Curation

When you view a video on YouTube, you see a list of videos that you would like to watch on the right-hand side. That is what AI is capable of doing. AI can learn from the preferences and the history of the user and show them relevant and curated content based on their likes. This means that your users will always get personalized service no matter when they come to your website. They could visit months after their initial visit and they will still see content that they like. The content for each client will be unique. Another great example of this is when you log on to an eCommerce site and you see products similar to what you searched earlier.

AI can also be used to gather data on things like sports, weather, finance, market information, and then reported to the users who want to see it. 

Conclusion

Whether you are a fan of AI or you think it will take over the world; the fact of the matter is that AI is here to stay. And the benefits that it is providing to businesses means that you either integrate it with your business systems or you lose out to your competitors. So, what are you going to do?

Also Read: 4 Ways AI Is Effective For Your Small Business