Connect with us

Featured

How blockchain can reinvent asset management

Published

on

Blockchain is one of the most discussed topics at the moment. It is designed to be 100% secure, traceable and can also be used to manage assets easily, writes BAS DE VOS, Director of IFS Labs at IFS.

Blockchain is one of the most discussed and intriguing technologies out there today. I won’t go into the specifics too deeply on how it works since that has been covered by many other sources. Suffice it to say that it is a huge, global distributed ledger or database running on many devices and open to anyone within the Blockchain. In the Blockchain, information, or anything of value can be stored. Its purpose is to ensure a 100% secure, verifiable and traceable database protocol.

So far, most use cases have been focused on the financial sector, including transaction management whereby costs are reduced by keeping property ownership and records or using it to track high-value goods such as diamonds. All these cases are about creating secure, verifiable and traceable storage of information. There is, however, a huge untapped market in the area of asset management. Let me highlight this by describing an example from the aviation industry.

Aviation – a highly regulated market with complex supply chains

Take a look at the highly regulated aviation industry. Modern aircrafts consist of roughly 2–3 million parts. It is crucial to know the provenance of these parts, i.e. original manufacturer and exact product model and version, in order to assure that they have the right specification and that they are not counterfeit. In addition, many of these parts are so-called “tracked items”. Not only their provenance, but the entire maintenance history of these parts needs to be transparent.

Today, the many participants in an asset’s lifecycle—from manufacturer to transporters, maintainers and operators—each have their own disparate systems for managing assets. Consequently, it’s quite difficult to establish and maintain a single version of the truth when looking at that asset’s entire lifecycle. Often, these records can be incomplete or still non-digitised, and communication between the different participants is often conducted on paper or even verbally. Lack of standardisation leads to limited traceability and the cost for compliance, if even possible, can be very high.

What if all of these participants submitted a transcript of the transactions into a purpose-specific, distributed ledger, like Blockchain, to which only authorised participants would have access?

The manufacturer would initially start the Blockchain for the asset and each participant would add the relevant blocks to it. The distributor would let the chain’s participants know that the asset was transported from point A to point B, while the operator would register the number of flight hours that the asset has undergone.

Using Blockchain for this asset management scenario would give you a 100% verifiable, 100% traceable and 100% trustworthy history of the asset’s lifecycle in real-time. Each individual participant in the chain still has the features and benefits of their own business applications to run their business.

Potential benefits for the Blockchain participants:

·         Improved data quality through minimised need for manual data entry by the various participants

·         A single, traceable record of serial numbers

·         Complete and more accurate maintenance history

·         Increased trust between service providers, suppliers and operators

·         Reduced cost for compliance

·         More flight hours for the aircrafts thanks to improved reliability of the parts

Integration is key

How do we achieve these benefits in reality? There are several players that need to work together to make this happen: the technology providers like Microsoft (with Azure Blockchain-as-a-Service) must work together with the regulating authorities, such as the FAA, and the airlines and their partners, as well as with software vendors. We all need to work together and be willing to share information to integrate with the Blockchain.

We’re not there yet, as there are still several challenges to overcome. Things like technical performance need to be thought about as latency of transactions and computing power could stand in the way for achieving consensus within a chain. Data ownership, privacy and security must also be addressed.

There are certainly a few things to consider in order to succeed with Blockchain for asset management, but there is a huge potential and possible competitive edge for those who are willing to get in on the ground floor.

Featured

Smart home arrives in SA

The smart home is no longer a distant vision confined to advanced economies, writes ARTHUR GOLDSTUCK.

Published

on

The smart home is a wonderful vision for controlling every aspect of one’s living environment via remote control, apps and sensors. But, because it is both complex and expensive, there has been little appetite for it in South Africa.

The two main routes for smart home installation are both fraught with peril – financial and technical.

The first is to call on a specialist installation company. Surprisingly, there are many in South Africa. Google “smart home” +”South Africa”, and thousands of results appear. The problem is that, because the industry is so new, few have built up solid track records and reputations. Costs vary wildly, few standards exist, and the cost of after-sales service will turn out to be more important than the upfront price.

The second route is to assemble the components of a smart home, and attempt self-installation. For the non-technical, this is often a non-starter. Not only does one need a fairly good knowledge of Wi-Fi configuration, but also a broad understanding of the Internet of Things (IoT) – the ability for devices to sense their environment, connect to each other, and share information.

The good news, though, is that it is getting easier and more cost effective all the time.

My first efforts in this direction started a few years ago with finding smart plugs on Amazon.com. These are power adaptors that turn regular sockets into “smart sockets” by adding Wi-Fi and an on-off switch, among other. A smart lightbulb was sourced from Gearbest in China. At the time, these were the cheapest and most basic elements for a starter smart home environment.

Via a smartphone app, the light could be switched on from the other side of the world. It sounds trivial and silly, but on such basic functions the future is slowly built.

Fast forward a year or two, and these components are available from hundreds of outlets, they have plummeted in cost, and the range of options is bewildering. That, of course, makes the quest even more bewildering. Who can be trusted for quality, fulfilment and after-sales support? Which products will be obsolete in the next year or two as technology advances even more rapidly?

These are some of the challenges that a leading South African technology distributor, Syntech, decided to address in adding smart home products to its portfolio. It selected LifeSmart, a global brand with proven expertise in both IoT and smart home products.

Equally significantly, LifeSmart combines IoT with artificial intelligence and machine learning, meaning that the devices “learn” the best ways of connecting, sharing and integrating new elements. Because they all fall under the same brand, they are designed to integrate with the LifeSmart app, which is available for Android and iOS phones, as well as Android TV.

Click here to read about how LifeSmart makes installing smart home devices easier.

Previous Page1 of 2

Continue Reading

Featured

Matrics must prepare for AI

Published

on

students writing a test

By Vian Chinner, CEO and founder of Xineoh.

Many in the matric class of 2018 are currently weighing up their options for the future. With the country’s high unemployment rate casting a shadow on their opportunities, these future jobseekers have been encouraged to look into which skills are required by the market, tailoring their occupational training to align with demand and thereby improving their chances of finding a job, writes Vian Chinner – a South African innovator, data scientist and CEO of the machine learning company specialising in consumer behaviour prediction, Xineoh.

With rapid innovation and development in the field of artificial intelligence (AI), all careers – including high-demand professions like engineers, teachers and electricians – will look significantly different in the years to come.

Notably, the third wave of internet connectivity, whereby our physical world begins to merge with that of the internet, is upon us. This is evident in how widespread AI is being implemented across industries as well as in our homes with the use of automation solutions and bots like Siri, Google Assistant, Alexa and Microsoft’s Cortana. So much data is collected from the physical world every day and AI makes sense of it all.

Not only do new industries related to technology like AI open new career paths, such as those specialising in data science, but it will also modify those which already exist. 

So, what should matriculants be considering when deciding what route to take?

For highly academic individuals, who are exceptionally strong in mathematics, data science is definitely the way to go. There is, and will continue to be, massive demand internationally as well as locally, with Element-AI noting that there are only between 0 and 100 data scientists in South Africa, with the true number being closer to 0.

In terms of getting a foot in the door to become a successful data scientist, practical experience, working with an AI-focused business, is essential. Students should consider getting an internship while they are studying or going straight into an internship, learning on the job and taking specialist online courses from institutions like Stanford University and MIT as they go.

This career path is, however, limited to the highly academic and mathematically gifted, but the technology is inevitably going to overlap with all other professions and so, those who are looking to begin their careers should take note of which skills will be in demand in future, versus which will be made redundant by AI.

In the next few years, technicians who are able to install and maintain new technology will be highly sought after. On the other hand, many entry level jobs will likely be taken care of by AI – from the slicing and dicing currently done by assistant chefs, to the laying of bricks by labourers in the building sector.

As a rule, students should be looking at the skills required for the job one step up from an entry level position and working towards developing these. Those training to be journalists, for instance, should work towards the skill level of an editor and a bookkeeping trainee, the role of financial consultant.

This also means that new workforce entrants should be prepared to walk into a more demanding role, with more responsibility, than perhaps previously anticipated and that the country’s education and training system should adapt to the shift in required skills.

The matric classes of 2018 have completed their schooling in the information age and we should be equipping them, and future generations, for the future market – AI is central to this.

Continue Reading

Trending

Copyright © 2018 World Wide Worx