South Africans tend to get over-emotional about everything. What stands are you willing to take, and have you considered all the implications of your actions and outbursts.
In this episode, Nic Harry contemplates how quick aggressions can impact our future business interactions.
Listening time: 6 minutes
How Blockchain Will Disturb The E-Commerce Industry In The Next Few Years
What is blockchain? And how will it disturb the e-commerce? Those are questions we should be asking ourselves. In this article, we will be answering these questions to help you understand, blockchain technology and how it will disturb the e-commerce industry in the next few years.
In 2008, Satoshi Nakamoto invented blockchain to serve as the public transaction ledger of the cryptocurrency bitcoin. The creation of the blockchain for bitcoin made it the first digital currency, to resolve the double-spending problem without the need for a trusted authority or central server.
So, what is blockchain? a blockchain is an endless growing list of records called blocks, which is linked and secured using cryptography.
Each block naturally contains a cryptographic hash of the former block, a timestamp and transaction data.
As a design, blockchains are resistant to modification of the data and is an open distributed ledger which can record transactions between two parties proficiently, and in a verifiable and lasting way.
Blockchain permits digital information to be communicated between a decentralised, peer-to-peer (P2P) network creating a new type of internet.
Blockchain functions like a digital ledger or spreadsheet which can be accessed by everyone, but the former input cannot be edited without that edit appearing in the audit trail.
Having a high-level understanding of how blockchain works, will help you stay ahead of the competition.
There are a number of key features which make the network exciting for eCommerce brands like:
- Decentralised – Blockchain works over a P2P network. Data is not held in a single location, which makes it more reliable. Nobody owns or is in charge of the blockchain, which means its free of influence from governments or large corporations.
- Immutable – transactions are append-only, meaning once data is recorded it cannot be changed without that change is visible in the audit trail.
- Near real-time – stakeholders can work collaboratively in real-time over a sole, trusted ledger.
The challenges that the eCommerce industry face today are trust, frauds, slow transactions and other costs. Going forward blockchain will disturb the challenges and create a whole new revolution in the eCommerce industry in the following ways:
- Cheaper Transactions – blockchain allows the existence of “smart contracts” which would be software programs that will self-execute contract instructions, lowering the cost and complexity of transfers and transactions.
- Faster transactions – transactions, order details, commissions in the form of smart contracts can be used to save all documents, shipping, delivery and possible events which affect financial settlements. Thus, every individual or company involved in the supply chain can make vital data visible to others, which lowers disputes, delays, disorganisation and speeds up the transaction process.
- Transparency – blockchains store entire owner history, no matter where the product goes and how many times its bought, which eliminates the frauds and brings transparency to consumer and merchant.
In conclusion, blockchain has ushered a new revolution of digital currency and transaction system where intermediaries like brokers, banker’s lawyers might not be needed at all.
(Video) TomTom Telematics – Let’s Drive Business (UK)
Making The Case For FTTH With BDCOM
Successfully making the case for FTTH with BDCOM, Miro offers tangible solutions when deploying last-mile fibre connectivity through cost effective PON technology.
As a service provider, deploying a fibre network may seem daunting, expensive and unappealing; this stems from the capital expenditure required, as well as the added risk of the civil work needed during application. With the gaining popularity of fibre amongst various sectors; from service providers, to the end-users who demand high-speed internet, the demand for fibre is only gaining continuous traction; from the rising use of video-streaming platforms, to the ever-stable demand for reliable connectivity solutions, both for business and home use.
Given these facts, as well as the lingering hesitancy of expanding with fibre, the possibilities of this much desired optical connectivity can be realised through PON. Passive Optical Networks are currently transforming the face of last-mile fibre deployments. A world where sending data happens at the speed of light is now tangible at a tenth of the cost with PON. All the advantages which arise from optical fibre are now available in a cost-effective solution.
The demand for cost-effective, last-mile fibre solutions are also increasing due to the high bandwidth requirements of households and businesses; the large expenditure on active equipment and the on-going challenges of delivering high-capacity internet in densely populated areas are only some of the existing concerns. These, amongst other challenges faced by service providers, are accelerating the interest in deploying fibre optic networks to provide higher bandwidth delivery, reliability and lower latency levels.
The hesitancy of deploying fibre within a service offering stems from the myth that a fibre roll-out, especially in last-mile applications, can be a great expenditure in terms of infrastructure and operating costs. This myth can now be proven false with our FTTx solution from BDCOM.
The solutions available with PON (Passive Optical Networks) have been proven to reduce installation cost by up to 70% with the use of simple reflective devices, known as splitters.
Related: Embracing Technology For Business
PON, completely negates the need for active equipment (such as switches, boosters etc.) because it allows the light, to be reflected towards the intended receiver (ONU) which then talks back to the light source (OLT) which is situated by the POP (Point of Presence). PON take up less physical space and consume less energy than traditional Ethernet because of the reduced number of active equipment. PON deployment costs up to 50% less than Ethernet, this includes components, labour as well as materials. The requirements for cooling are also less than with Ethernet, offering the client a saving on their utility costs.
Furthermore, fibre optic cables have a lifespan of up to 50 years as opposed to the 15 year lifespan of Ethernet copper. By analysing these facts, PON technology is arguably the only cost-effective solution to a fibre roll-out because of the major decrease in deployment and maintenance cost; therefore, there is also no surprise as to why it has become increasingly embraced by hospitals, government agencies and universities, amongst other industries.
For more information on the best last-mile PON solution for your fibre application, please do not hesitate to contact our experienced sales team; introducing you to the possibility of FTTx, together.
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