A legacy system is an outdated computing software or hardware that is still in use. While these systems may still meet the requirements they were originally designed for, they are typically based on old technologies that are no longer common. Legacy system migration refers to the modernization of old IT systems to a newer hardware infrastructure or software platform.

6 Steps to Completing Data Migration from Legacy Systems?

Step 1: Identify the data, format, location, and sensitivity

Understand what data you’re moving, the format it’s currently in, and what format it should be in post-migration. If you’re moving sensitive data, make sure any security measures are followed.

Step 2: Determine technical, time, and financial requirements

Be realistic with your estimations. Take the process one step at a time, and take the time to understand each aspect from source data to configuration to testing. The process of data migration from legacy systems can be lengthy and can require assistance from finance, IT, developers, and engineers to work out budgeting and technical aspects of the project respectively.

Step 3: Back up all your data

Save all your important files in the event of a system crash, or if a hard drive failure occurs. Create an appropriate risk assessment report and an inventory of your assets to monitor in case of any compliance issues.

Step 4: Execute your data migration plan

Follow each step of your data migration plan.

Step 5: Test the system after each phase of your migration

Make sure that your system migration has worked. Test for minimal downtime, data integrity, ensure that no data is lost, and check that your applications are fully functional post-migration.

Step 6: Follow up with any maintenance of your data migration plan

Perform regular check-ups on your data migration plan to ensure that it is all in working order.

Today, computer vision is already influencing automotive, industrial, energy and utilities, agriculture,  and other sectors which are the most important for the world’s well-being and prosperity.

In this article, we will look at the most effective computer vision applications in the industry and how they are impacting the world.

Computer Vision Use Cases for Solving Business Challenges

1. Automotive

The biggest displays of computer vision applications are coming from the automotive industry. From stereo and motion analysis for driver assistance to self-driving cars and automated car renting, computer vision is blurring the line between the present and the future.

Cars are now able to see whether the driver is tired, closes their eyes, fatigued, etc., to prevent the number of car accidents and increase safety on the road.

🔎 Tesla Autopilot: Tesla Model X has introduced an advanced autopilot system that helps a driver operate the vehicle better and more easily. The Enhanced Autopilot costs $5,000 at the time of purchase. The new Tesla model also has a self-driving capability that is able to recognize things such as lights, pedestrians, cars, and objects.

2. Healthcare

In healthcare, computer vision applications are used for a variety of medical purposes. For example, using machine learning technologies scientists are able to teach computers to recognize tumors and build 3D models of them to target the disease more precisely. Other examples are heart and brain abnormality detection and prescribed treatment plan regulation.

🔎 Microsoft Kinect Stroke Recovery: By combining the two methods of gamification and motion sensing, Microsoft has developed an interactive, home-rehabilitation system for motor recovery after a stroke. The system uses the Kinect sensor’s 3D camera to capture the movements of a patient undergoing therapy. The stroke recovery system collects the data such as the coordination level, manual dexterity, hand trajectory, reflex, and reaction abilities to measure and track the progress of a patient.

Read more: AI-enabled Business: How Computer Vision Is Disrupting Industries

🔎  Ekotek’s Medical application: We have released an application that uses GCP (Cloud Load & Auto Scaling System). The application uses image processing to analyze 8 conditions of the skin: winkle, texture, dirt on the skin, skin transparency, skin moisture, pores, skin type, skin age. From there,  it recommends users the best cosmetic products.

📌 Browse Viewty – a Skin Evaluation Mobile App

3. Symbol Recognition

Symbols, handwritten texts, and digits are easy to recognize for humans, except for some captcha, of course. However, symbol and digit recognition has been an impossible task for computers. Because of the variety of handwriting and features it’s very hard for a computer to identify what’s written. Fortunately, today it’s possible and can be used for a variety of industries such as criminology, cryptography, and linguistics.

Now, using TensorFlow or CoreML, one is able to build anything from a simple decision tree classifier to a neural network for teaching machines to interpret human speech and handwriting and then do some cool things with it.

4. Security and Surveillance

One of the use cases of computer vision is a variety of security and surveillance purposes. Many big companies, startups, and individuals are working on developing advanced security systems using computer vision technologies. Today, security systems are able to detect, track, and notify people about burglar interferences, terrorism in public places, and more.

🔎  Microsoft Safety Surveillance: In 2017, Microsoft introduced safety cameras that are able to recognize the incidents and hazards in an industrial plant. The cameras instantly notify the workers who are responsible for the plant’s safety or those in a potential danger area.

The diversity of the system allows it to be used in hospitals to track patients. It’s useful when a patient has been prescribed to stay in bed but is now more active than necessary. The system notifies medical staff to take the needed actions. It’s a simple surveillance system, but it’s able to solve very complicated problems.

Conclusions

As a part of machine learning, computer vision is rapidly transforming various industries to improve the quality of life in today’s world. Many ambitious and professional developers are making impressive advances and innovative solutions to common problems.

At Ekotek, we set AI and Computer Vision as one of our main focused technologies. We have helped the government in Vietnam by providing traffic solutions using image processing. With a team of PhDs in Computer Vision and Full stack developers, Ekotek is leading to change the world for the better.

When starting a new business or growing an existing one, business owners are faced with a plethora of challenges – developing effective software is one of them. If you see yourself in any of the situations below, then maybe it’s time to look into software outsourcing to get much-needed help!

1. Your project is not developing quickly enough

Demands and trends are ever-changing in the technology world, and fresh ideas can only stay fresh for a few months. Topped with competition all over the world, your project needs to be launched fast – something that ample resources from outsourcing providers can definitely help with.

2. You want to optimize operational and labor costs

Renting an office, buying equipment, paying for the infrastructure, and searching for the right talent take a lot of time and money. The outsourcing partner with an inclusive development cost, on the other hand, can save all those troubles for you.

🔸 Learn more about web applications development cost and saving tips

3. You need a team of technical experts

Building an in-house team comes with regional limitations. Do you know where to find qualified professionals in your area, and whether they are ready to switch jobs? This can be a serious challenge if you don’t live in a big city. With outsourcing, you can have access to the world’s best developers for any domain.

4. You want to focus on the core business

If your list of software development tasks leaves you no time for business development, strategy, and growth, it means that you need to delegate them to other people. Outsourced specialists (e.g. developers, QA, project managers, designers, and customer support) are well-equipped to take on the job. As a business owner, your mission is supervision, management, and planning for future success.

🔸 Read more: Amid Covid-19 pandemic with software outsourcing

Why Vietnam is the go-to destination for software outsourcing

Vietnam has recently emerged as a top provider for the outsourcing of software development in the tech sector globally. Additionally, several tech giants like Intel, IBM, and Microsoft have been actively investing in Vietnam.

Let’s find out the reasons behind this major movement.

1. Reasonable cost

According to 2017’s Global Services Location Index (GSLI) published by management consulting firm A.T. Kearney, Vietnam jumped five spots to take sixth place in the global software development outsourcing industry. 2 years later, in 2019, Vietnam moved up one spot to take fifth place.

The economy in Vietnam is still in the developing stage, while Vietnamese software developers have been receiving recognition from all over the world for their outstanding work. This makes the ultimate advantage to outsourcing software developers in Vietnam: Companies can receive high-quality development services in Vietnam for a lot less money than an in-house team in their own countries.

📌 Hire Developers: Get your winning team / Complete your in-house team

2. A young and well-educated workforce

The lack of tech talent has been an ongoing problem in many developed nations. Vietnam is currently moving in the opposite direction with an increasing number of software developers. According to TopDev, Vietnam currently houses 400,000+ developers, with an additional 50,000+ graduating each year. Companies can take advantage of this by selecting qualified staff from Vietnam’s large pool of talent.

3. Technical expertise

The quality of technical education at 4,000+ universities and training centers across Vietnam is improving day by day. According to Accelerance and Pentalog report, the nation’s developer skills are now ranking at #2 in Southeast Asia and #10 worldwide!

4. Favorable macroeconomic

The Vietnamese government has been providing tax breaks, preferential credit terms, exemptions from land rental, and other incentives to support local tech companies, allowing them to invest in R&D and infrastructure development. 3 high-tech parks built in Saigon, Da Nang, and Hoa Lac are all multi-million investments representing the country’s ambition to become a world-leading technology hub.

5. Political stability

Vietnam is one of the Asian nations with the highest levels of socioeconomic stability. Since gaining independence in 1975, there have been no political disputes within the nation. To pave the way for economic development, the Vietnamese government has been preserving political stability for decades. This means that if you outsource to Vietnam, there are no worries about any potential disruptions to your project.

6. English & Japanese proficiency

Vietnam’s English proficiency was ranked 60th overall and 7th in Asia in the EF English Proficiency Index 2022, a significant improvement from previous years.

Teaching English as a second language has also been implemented in Vietnamese educational institutions, which undoubtedly helps to increase student mobility and cross-border workforce collaborations.

Additionally, there have been more Vietnamese people studying Japanese. The country had the highest number of test takers in Southeast Asia, at 71,242, according to the 2017 results for the Japanese Language Proficiency Test.

📌 Read more: IT outsourcing models – Choose the best fit for your business

Leverage your software development with Ekotek Technology

When it comes to choosing a software development outsourcing vendor, there are many factors a company needs to carefully consider including project scope, specific features, technology stack, developer skills, budget, timeline & so on.

Ekotek Technology provides end-to-end outsourcing services to assist with your project no matter which stage, from solution design, and UI/UX, to development, operation, and maintenance. Our management team of over 20 years of IT experience and a diverse team of 180+ specialists guarantees a successful delivery – with high quality and on budget.

Ekotek is recognized by top institutions in the industry naming Clutch, GoodFirms, and Stevie Awards, holding a proven track record of 200+ projects delivered to enterprises and startups worldwide. Discuss your project with us today, and get it delivered in the optimal time, resources, and cost!

Depending on the business, the advantages of RPA can be significant. It, therefore, comes as no surprise that companies across all sectors are making use of this technology. But what are some of the industry-specific use cases for RPA? Ekotek Technology would like to list 4 important industry applications below.

1. Retail

The retail industry involves lots of processes that are prime for automation with RPA.

In eCommerce, for example, companies can use RPA to manage constantly changing order and shipping statuses – updating customers when their items have been processed all the way through to expected delivery. In addition, RPA can be used to great effect in retail measurement.

In a case study from research firm Everest Group, an international performance management company used RPA to automate product categorization at the global and local scale – a process that had previously been carried out by hand and which consequently involved a high error rate. Using cognitive automation, the company was able to process retailer and vendor data sent to them in image and text form and automatically structure and categorize this information. This led to a 98.5 percent accuracy rate for product categorization with a corresponding 80 percent reduction in a manual effort.

2. Banking

In spite of recent digital innovations, the banking sector is still known for its lengthy processes around information input and exchange. This makes banking an ideal territory for RPA implementation. In client-facing banking, RPA can be used to confirm appointments with customers, pull up their information from CRM systems, and – using machine learning algorithms – suggest which financial products are most likely to be of interest to them. It can also be revolutionary in processes such as loan applications and approval, drastically cutting the time it takes for clients to receive a decision on their request.

The Co-operative Bank has been using RPA in identifying and automating 10 processes including Direct Debit cancellations, CHAPS payments, account closures, and audit reports. After an automation program of 12 months, results included significant time efficiencies and a rapid return on investment, with individual projects paying for themselves in less than three months.

3. Insurance

Lengthy, multi-step claims processes and document-heavy workflows make the insurance industry a prime use case for RPA. Whether it is issuing policies or renewals, underwriting, claims to process, or even just managing end-of-month reports, a host of information from different sources must be compiled and sorted for the majority of operations in this industry.

In fact, the insurance sector is one of the first widespread adopters of automation technology, and an Enterprise RPA Platform can automate 70 percent of one insurance organization’s tasks. Another insurer was able to reduce its onboarding costs by 91 percent and increase processing times by 600 percent. The combination of Intelligent optical character recognition (OCR) with RPA has been particularly transformational in the insurance industry, with software automatically pulling information from documents and directing it to appropriate work streams.

4. Human resources

While not strictly an industry in its own right, HR is a permanent feature of all businesses. The more a business grows, the larger its HR department becomes, and the more processes there are for its employees to manage. Tasks such as recruitment, vetting workers, and processing employee absences or claims for expenses are time-consuming, repetitive jobs that often still rely on physical documentation. Automating these tasks with RPA frees HR workers from these jobs whilst also improving accuracy and efficiency rates for the department.

In addition, RPA can be combined with machine learning and Natural Language Processing (NLP) to great effect in HR in the creation of purpose-built chatbots. This allows employees to interact with a virtual assistant rather than a human worker when they need advice or to register claims or documents. It can dramatically improve the flow and accuracy of information to individual employees throughout the wider business, giving them better access to data and ensuring their claims are processed more quickly.

Jumpstart blockchain development with Ekotek

When it comes to choosing vendors and hiring candidates for your RPA development projects, there are many factors a company needs to carefully consider before making the final decision, including the specific business requirements, the technologies, the desired skills of developers, the operation cost, etc.

Our team is here and ready to provide you with RPA development with top software engineering talents in Ha Noi City, the Silicon Valley of Vietnam. We also have representative offices in the United States and Japan to provide seamless support for our clients.

Ekotek Technology is currently among the most accomplished in the industry, who are former co-founders and experts of leading IT corporates in Viet Nam.  With our deep experience in many tech fields (especially in Blockchain and AI) and a team of highly skilled software developers on board, we possess the expertise needed to turn your idea into reality and provide you with 24/7 support during the process, ensuring the highest quality at a very affordable cost.

Fortunately, blockchain technology has emerged as a game-changing solution for cross-border money transfers, providing cost-saving, blazing-fast, and most importantly, transparent transactions. Today, there are various blockchain-based payment platforms in existence, and many more to come.

In this blog post, we will explore the shortcomings of the existing cross-border payments system and how blockchain technology offers a more efficient alternative. We will also examine the opportunities and challenges that the future holds for this blockchain application.

How do traditional cross-border payments work?

The traditional payments stack is made up of three to five financial parties that work together. These parties manage the funds and ensure that transactions are executed, but this trust comes at a cost to senders as each party will take a small cut of the transaction.

There are several different methods for making such payments, including debit/credit cards, wire transfers, SWIFT/SEPA, and neo-banks. These methods usually cost you 1 to 3% of the transaction and take up to 3 days to process.

🔎 Take this example of bank A sending a euro (EUR) amount to a EUR account in bank D using SWIFT. The procedure goes as follows:

1. A payment message in $US (in SWIFT format) is sent to bank A in the US.
2. Bank A sends the payment request to its correspondent bank, bank B via Fedwire and includes a debit/credit instruction for onward transmission.
3. Bank B performs the necessary adjustments and sends a message to its correspondent bank, bank C in Brussels via the SWIFT network.
4. Bank C transmits the value via the Single Euro Payments Area (SEPA) to bank D in Germany.
5. Bank D credits the supplier account in EUR.

The problem with traditional payment systems

• Centralized control: Traditional payment systems involve central authorities such as banks and the government. These entities have full control of all information and can share it without warning. However, misuse of this power could create long-term trust issues – just take a look at the recent downfall of Sillicon Valley and Signature Banks.
• Lack of universal access: With lower economically developed regions, access to financial services is severely limited, making cross-transfer payment impossible. In the majority of African countries, not even half the people have a bank account to perform such transactions (source: The Global Economy)
• High transaction fees: Banks and other financial institutions often charge hefty fees for international payments – some even taking up to 5% of the transaction! Thus, for small businesses or individuals, it can be hard to justify making cross-border payments as the fees outweigh the benefits.
• Time-consuming procedure: Depending on the chosen method, an international transfer may take from 30 minutes to 5 days. Moreover, the transfer will require detailed information about both the sender and receiver, plus a lengthy identity verification process.
• Security vulnerabilities: With so many parties involved in the process, there are many opportunities for fraud or cyber-attacks. In addition, different countries have varying levels of regulatory oversight and consumer protection laws, making it difficult to ensure that all transactions are secure and protected.

Blockchain application in cross-border payment

But first, what is blockchain? It’s a secure, transparent, and immutable way of storing and transferring information via a distributed digital ledger. Blockchain uses a network of computers to store and update the ledger without any central server. Each computer in the network has a copy of the ledger, and each transaction is recorded and verified by the network.

Applying blockchain technology to cross-border payment, we can solve all of the problems mentioned above:

• Decentralization: Unlike traditional payment systems, there is no need for intermediaries to facilitate transactions. This means that individuals or businesses can directly conduct the transfer by themselves. ( Read more about Defi)
• Universal Access: Blockchain networks are global and accessible to anyone with an internet connection. This makes it easy for people to send and receive payments from anywhere in the world, regardless of their location or currency.
• Low Fees: Instead of transaction fees, blockchain has gas fees as a way to compensate the network nodes for the computational power needed to process and validate transactions. Be noted that gas fees can vary depending on network congestion and other factors, so during times of high demand, gas fees can be quite high. However, there are many ways to optimize this cost, and developers are working on innovative solutions to address this issue.
• Effortless Procedure: This should be a no-brainer – blockchain transactions are completed within seconds, and all it requires is a wallet address to transfer the fund to.
• Immutability: Blockchain ensures that once a transaction has been recorded on the ledger, it cannot be altered or deleted. This adds an extra layer of security and trust to the payment process, as it prevents fraudulent activity and ensures that all transactions are accurate.

🔸 Read about 6+ more blockchain use cases beside cross-border payments

Opportunities and Challenges

Cross-border payments are considered one of the most potential markets for blockchain, thanks to its outstanding advantages over traditional methods. In 2021, it represented 15.9% of the $4.67 billion global blockchain market, according to the IDC Worldwide Blockchain Spending Guide.

The industry is anticipated to grow in tandem with the anticipated growth of the global blockchain market, which is boldly predicted to expand from just $7.18 billion in 2022 to $163.83 billion by 2029. Juniper Research also estimates that, by 2024, B2B cross-border payments on blockchain will make up 11% of the total B2B international payments.

Various platforms and solutions have since emerged, providing fast, secure, and transparent blockchain-based cross-border payments. A few notable names include:

• Ripple: both an open source protocol for payments, as well as a digital currency called Ripple (XRP).
• Liink (Pre. Interbank Information Network) by JPMorgan: the global finance firm’s first scalable, peer-to-peer network powered by blockchain technology.
• Electroneum: provides an easy and fast way to get paid, and top up essential services with ETN currency.
• Celo: the mobile-first blockchain optimized for peer-to-peer payments using only a mobile number.
• Stellar: an open-source distributed payments infrastructure, aimed to streamline international money transfers.

However, major challenges still remain for the technology to be widely accepted. Blockchain knowledge is not widely common and the overall user experience is rather cumbersome, which can create a barrier to adoption. Compliance with AML/CFT regulations is also crucial for ensuring that blockchain-based payments are secure and transparent. However, this can be challenging because these regulations often require extensive KYC (Know Your Customer) and CDD (Customer Due Diligence) procedures that contrast blockchain’s anonymous nature.

Furthermore, the high volatility of the cryptocurrency market can make it difficult for businesses to accurately calculate the fiat-to-crypto amount before the transaction actually takes place, or store crypto in the wallet for long-term use. Last but not least, implementing a blockchain-based payment system requires significant infrastructure investment in terms of hardware and software development.

Conclusion

Cross-border payments, which used to be a costly, centralized, and lengthy process, have been revolutionized by the application of blockchain. The only question left now is getting it ready for mass adoption.

If international transfer is considered an integral part of your business – then it’s time to catch up with the revolution. Ekotek’ team of world-class blockchain analysts and developers have years of experience building solutions for financial institutions, from a small wallet or token distribution portal to full-blown marketplaces, crypto exchanges, and private blockchain platforms. Contact us today to explore the full blockchain potential, and get a tailored solution to your business needs!

As a result, many startups have to sacrifice by shutting down parts of operations and laying off staff members. These actions might sound logical at first, however, once they are executed, those companies will become more vulnerable due to losing their existing customers for failing to deliver the promised results.

So the bottom line is finding the appropriate strategy to let tech startups save costs while still maintaining peak performance. In other words, cutting down on more expensive redundant headcounts and having a more economically viable offshore team to help support your operations.

According to a recent study, the average annual savings of offshore software project costs vs onshoring is about US$56,000 per project. This is a significant reduction, and very valuable for startups.

Vietnam: Quick economy recovery with booming IT talent

Vietnam is among the 30 countries that have the lowest death rate caused by COVID-19, due to the government’s early and effective implementation of anti-disease measures.

As a result, Vietnam is among the first nations in ASEAN to reopen, allowing businesses to resume. This means the country is already starting to recover ahead of others, especially for offshoring which already gets people back to work. In the landscape where everyone has to cut down their operation due to distancing practices while still trying to meet the customer’s demand, having the capability to keep going without being disrupted is valuable.

Additionally, the country’s GDP growth record is brimming with an average six percent rate, which is the fastest compared to other famous offshoring destinations in ASEAN such as Indonesia, Thailand, Malaysia, and more. As a result, the Vietnamese market for software outsourcing also holds much more potential in the near future.

On the other hand, Vietnam is also well known for its breeding ground of technical talent where young engineers, software developers, and entrepreneurs arise.

🔎 Eddie Thai, general partner at 500 Startups Vietnam, expected Vietnam to be ranked in the top three countries with the highest number of engineers by 2024. As a result, Vietnam provides lots of leeways for offshore tech startups to find and hire the right talent.

From the standpoint of recruitment, having a wide talent pool will save time (and therefore costs) for scaling operations. Recruitment efforts allow businesses to access more candidates and have a higher chance of getting suitable talents for the roles they are hiring for, in a shorter period of time, hence, decreasing the overall time/cost significantly. With better recruitment efficiency, tech startups can better focus on other core business activities.

🔸 Read more: Why choosing Vietnam for outsourcing software development

Vietnamese workforce is affordable and reliable

Shortage of skilled talent is one of the common reasons for sky-high onshore labor costs. In fact, firms often offshore to Southeast Asian countries to take advantage of their human resources.  Still, compared to other competing players, Vietnam is standing in the spotlight due to its lower salaries but a dependable workforce.

The Vietnamese government understands how important foreign investments are to its economic growth more than anyone.

Thus, the country has put a lot of work into keeping its currency competitive to allow a fast-growing economy led by exchange rate-sensitive exports. As a result, Vietnamese labor costs are approximately 10 percent to 50 percent lower than its neighbors such as Indonesia and Singapore, and approximately five percent cheaper than the Philippines when it comes to fresh developers.

📌 Hire Developers: Get your winning team / Complete your in-house team

As shown in the table above, the low labor costs in Vietnam indicate that it is the better custom software development destination for tech companies and startups to save costs. Even when compared with its neighboring countries, Vietnam still presents a noticeable difference in the cost range.

Moreover, Singapore has always been one of Vietnam’s largest foreign investors, with US$49 billion worth of projects in 2018. There has always been a positive relationship between the two countries, where investors are encouraged to venture into various sectors such as startups, software development, Industry 4.0, manufacturing, and offshoring.

Therefore, building an offshore IT team and accessing the labor market in Vietnam is much easier for Singapore companies and startups.

By observing a 30 percent yearly increase in IT growth in Vietnam at a relatively lower turnover rate and higher stability compared to Thailand or Malaysia, offshoring software development to Vietnam seems like a given.

📌 Read more: IT outsourcing models

Ekotek Technology is currently among the most accomplished IT outsourcing, mobile app and web development companies in the industry, they are former co-founders and experts of leading IT corporates in Viet Nam. With our deep experience in many tech fields (especially in Blockchain and AI) and a team of highly skilled software developers on board, we possess the expertise needed to turn your idea into reality and provide you with 24/7 support during the process, ensuring the highest quality at a very affordable cost.

The advantages of blockchain include the decentralization of user data, which is achieved through the public network of participants who form a consensus that the information presented is accurate. Instead of one entity or corporation having control of the data, blockchain data is shared throughout its participants, where these users have the power to add code to a blockchain.

Blockchain also creates the potential for crypto assets, which could move commodities into a tokenized set of crypto data to be used on a commercial level.

The popularity of blockchain technology gives way to new business models and propositions for companies that want to promote decentralized technology-oriented business models. However, when it comes to evaluating technology and its practicality, we should consider these three aspects: decentralization, crypto-asset, and business model.

1. Decentralization

Decentralization is the biggest driving force behind the shift to blockchain technology and business models. By decentralizing data on a public record, block-level data is transparent to all users. Since blockchain is fully decentralized, the coding is open source, so that one entity does not own or control the information and decentralization grows stronger with the entrance of new users. The more people engage in the network, the harder it is for an individual to censor information for the public.

Blockchain technology usecases are typically decentralized along one of four vectors: political, architectural, commercial, or contractual. Let us take a deeper look:

• Political decentralization: Political decentralization refers to how many individuals or organizations control the system. Political decentralization strengthens as more people engage in blockchain activities — the more individuals involved, the less power they each have over the influence.
• Architectural decentralization: Architectural decentralization refers to the amount of computational hardware and software required by a system to operate. Blockchain follows architectural decentralization because there is no central infrastructural point (i.e., no one computer that is at the center of the network).
• Commercial decentralization: Commercial decentralization refers to the business models and opportunities that a decentralized network creates. For example, a decentralized method of currency transaction disrupts the typical banking model with set fees and interest rates, enabling direct people-to-people transfers.
• Contractual decentralization: Contractual decentralization, known as “smart contracts” in blockchain technology, relies on the blockchain code to initiate a transaction between individuals. The contract is devoid of human mediation and initiates a transaction once both parties have abided by the rules of the contract.

2. Crypto Asset

Crypto assets are another lens under which to evaluate the technology. They determine the behavior of the technology and its monetization potential. A crypto asset can take three forms: a crypto commodity, a token or a cryptocurrency.

• Crypto commodities: In the physical world, popular commodities include metals and oil. However, in the digital world, they correspond to network, storage, compute and protocol, helping create tokenized digital products. Within crypto commodities, more than one will likely scale based on the use case.
• Tokens: Tokens are analogous to finished digital products built through crypto commodities. Although there are many solid use cases of tokens, lots of them really do not need to exist or have weak use cases. One needs to carefully consider how the crypto commodities build these tokens and whether the use cases really create value.
• Cryptocurrency: cryptocurrency is a new form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.

📌 Read more: Using Blockchain for Cross-border Payments

3. Business Model

The final and most critical aspect is whether a business model makes sense in terms of how value is created and whether some sort of sustainable economic logic is visible. In the blockchain world, assets, trusts, ownership, money, identity, and contracts (ATOMIC) are all programmable.

The business model is created based on which one of these is monetized, what is subsidized, and how dollars flow through the business. It is important to understand how each of the above ties into a cohesive business model.

One of a few rising blockchain business models is the Token Economy, which involves driving the functionality in business through the use of tokens. Recently, the decentralized economy emerges as part of a critique of existing market-economy systems. Virtual currencies and assets are making decentralization possible, which undoubtedly influences the economy. As there is little government intervention, goods and services are in the hands of private companies which arise higher quality and better prices because it is the offer that determines the demand for goods and services.

🔎 For example, Genesis Kingdom – a real estate trading platform developed by Ekotek – allows users to tokenize their land and raise capital more efficiently as it gives investors unprecedented access to private real estate investments, transparency, and liquidity. More case studies

Jumpstart blockchain development with Ekotek

Ekotek Technology spearheads Blockchain Technology of APAC as we universalize Blockchain applications. We have been providing consulting and development services for many startups and enterprises and successfully helped them launch their Token, Cryptocurrency Exchanges, eWallet, and Application. With our deep experience in Blockchain and team of highly skilled software developers on board, we possess the expertise needed to turn your idea into reality and provide you with 24/7 support during the process, ensuring the highest quality at a very affordable cost.

Asset Tokenization: A simple explanation

Asset tokenization is the process of converting rights to an asset into a digital token on a blockchain or distributed ledger. This token can then be traded, transferred, and managed in a secure and transparent manner.

🔎 Imagine you want to invest in real estate but only have $20,000 to start with. This was previously impossible in the real estate industry, where even a few square meters of an apartment can be prohibitively expensive. But if an apartment worth $500,000 is converted into 1,000 tokens of $5,000, you can now purchase a small share of the house!

On the other hand, if you own that $500,000 apartment and need quick cash, tokenization can help you unlock the value of your property. By converting your apartment into tokens, you can sell ownership shares to interested buyers on a blockchain platform that supports smart contracts, such as Ethereum. This allows you to sell only the amount you need, such as 400 tokens for 40% ownership.

Blockchain‘s immutable public ledger ensures that token ownership cannot be deleted, even if it’s not registered on a government-run registry. We have recorded an increasing use of asset tokenization across industries – let’s find out why.

5 benefits of asset tokenization

• Global access: Investors can securely and easily invest in properties located anywhere in the world, without the need for physical presence.
• No intermediary fees: Asset trading typically takes several weeks to months to complete, as it requires external entities to verify transaction documentation and investor eligibility, adding extra costs to the process. However, asset tokenization eliminates the need for intermediaries by leveraging blockchain’s immutability and transparency.
• Fractional ownership: Tokenization breaks down ownership into smaller percentages, making it easier for a wider range of investors to enter the market.
• Liquidity enhancement: Tokenization automates the transfer of ownership while staying compliant. This reduces cost and complexity, making it easier to invest with both fiat and crypto on regulated exchanges, which drives liquidity higher as a result.
• Quick transactions: The entire exchange process is automatically completed within seconds, thanks to the use of smart contracts for token and payment transfers.

With all the benefits listed above, asset tokenization is expected to remain a significant trend for many years to come, offering diverse opportunities across different asset classes. But the question is, which one?

📌 Read more about how to use blockchain for cross border money transfer

What assets can be tokenized?

• Real estate: As mentioned in the opening example, asset tokenization of real estate assets opens doors for high capital and increased market participation.
• Commodities: Any physical commodity that has value can potentially be tokenized. This includes precious metals like gold and silver, energy resources such as oil and natural gas, agricultural products, and even rare minerals.
• Private equity shares: Traditionally, record-keeping of these shares is often done on a centralized database and involves a complex web of intermediaries such as custodians, transfer agents, and broker-dealers. Tokenization can provide investors with lesser entry barriers, and a tamper-proof record of their investments.
• Physical goods: Other physical goods can be tokenized in addition to the commodities mentioned earlier. Luxury items such as collectible cars, fine art pieces, and even wine collections can be represented digitally on the blockchain so that investors can easily trade without having to worry about ownership or authenticity.
• Intellectual property: Patents, trademarks, and copyrights that can also be converted into digital tokens. This enables creators to sell or license their works directly without relying on third-party intermediaries such as publishers or distributors.
• Creative assets: Art, music, and any form of creative work can be tokenized as NFTs – a unique digital representation of the asset. In this case, the token represents the ownership of the asset – and it has been a game-changer for artists who previously struggled to monetize their work.

Challenges to be addressed with asset tokenization

As much of a revolutionary concept as it is, asset tokenization needs to solve a few challenges to enable mass adoption.

Regulatory compliance to protect stakeholders is deemed the most significant challenge. This includes complying with securities laws, anti-money laundering regulations, and know-your-customer (KYC) requirements. Failure to comply with these regulations could result in legal and financial consequences for both issuers and investors. As such, it’s crucial for asset tokenization services to work closely with legal entities to ensure that their processes and technologies comply with all relevant laws and regulations.

Another main challenge is standardization. As the market grows, it’s important to establish common standards for how these assets are represented, traded, and managed. This will help ensure interoperability between different platforms and make it easier for investors to understand and compare tokenized assets.

As with any digital asset, tokenized assets can be vulnerable to cyber-attacks and theft, which makes security the next concern. Developers must implement robust security measures such as multi-factor authentication, encryption, and secure crypto asset storage solutions. Additionally, regular security audits and assessments must be conducted to identify potential vulnerabilities and address them proactively.

Scalability is the final challenge to be addressed. Tokenizing assets of high value such as real estate or fine art requires significant infrastructure investment to facilitate wide-scale management and trading.

What to consider before tokenizing your assets

To make an informed decision on whether asset tokenization is right for your business assets, here are 6 factors to keep in mind:

• Business Model: Consider how tokenization fits into your overall business model. What are the benefits and potential drawbacks? How will it impact your revenue streams?
• Market Demand: It’s crucial to define the potential buyers of your tokenized assets. Does tokenization offer distinct value propositions compared to the traditional method? Will the projected revenue justify your development efforts?
• Security: Security is paramount when dealing with digital assets. Are you using secure smart contracts, blockchain platforms, or development protocols? What security measures to protect your crypto asset will you have in place to protect against hacks or thefts?
• Technology Stack: The technology stack used in tokenization can significantly impact the scalability and functionality of the asset. Check out our article on the top 10 most popular blockchain platforms and see which best suits you.
• Regulation: It’s essential to understand and comply with regulatory requirements in your country before proceeding with asset tokenization. This includes knowing which laws apply to your jurisdiction and ensuring that all necessary licenses have been obtained.
• Budget: There are a few different ways to tokenize assets. One is to use existing platforms and tools, such as tZERO, Securitize, or Polymath. Alternatively, businesses can hire an outsourcing software development team, as it allows for greater flexibility and customization, but requires more time and resources.

Final thoughts

Given the right technology and regulatory framework, asset tokenization holds the potential to revolutionize the way we invest and manage assets – by leveraging the efficient, secure, and transparent system of blockchain.

As the leading blockchain development firm, Ekotek Technology provides world-class services to tokenize any type of asset with robust security protocols, scalable infrastructure, comprehensive analytics, and a seamless asset trading experience.

Consequently, we’re seeing the emergence of various blockchain platforms, each with its own unique applications, from data management to transaction processing. So if you’re looking to get in on the blockchain action, here’s a list of the top 10 most popular blockchain platforms (that we’ve developed hundreds of projects on) for your reference!

Before getting started, here are the definitions for the terminologies we’ll be using throughout the article:

• Total value locked (TVL): the total values of assets staked in a Defi platform’s smart contracts for transactional, borrowing, and lending capabilities.
• Transactions per second (TPS): Also known as the throughput rate, TPS is the maximum number of transactions that a blockchain network can process in a single second.
• Protocol: The fundamental rules that define how the blockchain platform is structured.
• Consensus mechanism: The method by which the peers of a blockchain platform come to an agreement on the current state of the data in the network.

Kindly note all platforms listed below are public – read more about public and private blockchains, definitions, and blockchain use cases here.

Ethereum (ETH)

Currently the No.1 platform by a long shot, Ethereum is intended to be much more than just a medium of exchange or a store of value. The decentralized platform establishes a peer-to-peer (P2P) network that securely executes and verifies application code called smart contracts – home to thousands of games and financial apps.

• Year founded: 2013
• Total value locked: $30.23 billion
• Transaction per second: 25
• Number of protocols: 25
• Consensus mechanism: On September 15th, Ethereum successfully kicked off the Merge – a shift from its original Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) model.
• Programming languages: Solidity – the dedicated programming language for implementing smart contracts.

﹣

Tron (TRON)

Founded by a Singapore non-profit organization, Tron aims to host a global entertainment system for the cost-effective sharing of digital content. The platform utilizes the P2P network and blockchain technology to cut out the middlemen, letting content producers sell their products directly to customers.

Initially operated mainly in Asia, Tron has expanded globally, accumulating 50 million accounts as of August 2021.

• Year founded: 2017
• Total value locked: $5.32 billion
• Transaction per second: 2,000
• Number of protocols: 2,000
• Consensus mechanism: Delegated Proof-of-Stake (DPoS)
• Programming languages: Solidity

﹣

Binance Smart Chain (BNB)

Binance Smart Chain is a blockchain platform designed to help users manage their cross-chain digital assets with huge capacity and low latency. Compatible with Ethereum apps and parallel with Binance’s native Binance Chain BC, BNB users can enjoy both the high transaction capacity and the smart contract functionality.

• Year founded: 2015
• Total value locked: $5.22 billion
• Transaction per second: 45
• Number of protocols: 469
• Consensus mechanism: Proof-of-Stake Authority (PoSA), a hybrid between the Proof-of-Stake and Proof-of-Authority
• Programming languages: GO, Java, Javascript, C++, C#, Python, Swift

﹣

Polygon (MATIC)

Developed as a “layer 2” or “sidechain” solution for the Ethereum platform’s issue of traffic congestion, Polygon enables users to scale easily with high-speed and low-fee transactions. Said transactions will be handled on a separate blockchain, then return to the Ethereum chain for post-processing.

• Year founded: 2017
• Total value locked: $1.29 billion
• Transaction per second: 7,000
• Number of protocols: 309
• Consensus mechanism: Proof-of-Stake
• Programming languages: Solidity

﹣

Avalanche (AVAX)

As an alternative to Ethereum, Avalanche also uses smart contracts to facilitate a wide range of blockchain projects. The platform prioritizes speed and scalability, with an impressive TPS of 5,000 per second, backed by the parallel nature of its consensus mechanism. This superior ability has gained Avalanche the fifth position after just 3 years of launch!

• Year founded: 2020
• Total value locked: $1.6 billion
• Transaction per second: 5,000
• Number of protocols: 255
• Consensus mechanism: Proof-of-Stake
• Programming languages: Solidity

Solana (SOL)

Solana is another blockchain platform designed to host decentralized applications. Within this top 10 list (or even the entire industry), it boasts the highest TPS of 29,000, all while keeping transaction fees low! This is made possible through an innovative consensus model: combining a version of Proof-of-Stake synchronization with its own unique Proof-of-History algorithm.

• Year founded: 2016
• Total value locked: $1.28 billion
• Transaction per second: 29,000
• Number of protocols: 81
• Consensus mechanism: Proof-of-Stake and Proof-of-History
• Programming languages: Rust, C, C++

﹣

EOS

EOS is an open-source network that is based on the decentralized technology concept which offers the capability for the end-user to perform various tasks on the EOS platform. The platform carries out the Delegated Proof-of-Stake consensus algorithm and also has its own community forum, enabling developers to discuss their queries and applications.

• Year founded: 2018
• Total value locked: $110.27 million
• Transaction per second: 4,000
• Number of protocols: 22
• Consensus mechanism: Delegated Proof-of-Stake (DPoS)
• Programming languages: C++

﹣

NEO

The Neo blockchain platform uses blockchain smart contracts to manage digital assets which also facilitates the P2P exchange of digital assets and currencies without the demand to add third-party exchanges.

• Year founded: 2014
• Total value locked: $38.2 million
• Transaction per second: 10,000
• Number of protocols: 3
• Consensus mechanism: Delegated Byzantine Fault Tolerance (dBFT)
• Programming languages: C#, JavaScript, Kotlin, Python, Java, and GO

﹣

Stellar (XLM)

Stellar, a distributed ledger network under blockchain technology, furnishes a fast and cost-effective cross-border payment solution to business enterprises and individuals. Through the utilization of the stellar blockchain platform, building mobile wallets and smart banking tools like the Paypal online payment sphere is possible for developers.

• Year founded: 2018
• Total value locked: $23.25 million
• Transaction per second: 1,000
• Number of protocols: 3
• Consensus mechanism: Federated Byzantine Agreement (FBA)
• Programming languages: C++, Go, Java, JavaScript, Python, Ruby

﹣

Flow

Flow is the powerful blockchain platform behind some of the most popular applications in crypto, NFTs, and web3 gaming. Surely you’ve heard of CryptoKitties and NBA Top Shot? Designed for extensive scaling with native node subdivisions and without sharding techniques, Flow simplifies blockchain transactions, making them more speedy and cost-efficient.

• Year founded: 2020
• Total value locked: $3.68 million
• Transaction per second: 10,000
• Number of protocols: 2
• Consensus mechanism: Proof-of-Stake (PoS)
• Programming languages: Cadence

﹣

That’s a lot of information to process. So we’ve also prepared a summary chart for your convenience

Select a blockchain platform for your project

Each project, business, and industry has distinct needs when it comes to blockchain development, thus you’ll need some extensive research before making the decision. We suggest that you note down the project’s requirements for the following criteria, then cross-reference them with different platforms to find the best fit.

• Public or private
• Core functionalities
• Consensus mechanism
• Programming language
• Development tools
• Transaction speed (proven through TPS)
• Transaction cost
• Security
• Scalability
• Adoption rate & maturity
• Community & support

Wrapping up

Now that all the top 10 platforms have been covered, hopefully, you’ve gained a general idea of blockchain platforms and their versatile usabilities. While Ethereum remains the prominent host for projects and apps, revolutionary solutions are well on their way with outstanding performance (Solana’s TPS theoretically can reach up to 100,000!) and applications.

We also blaze through the questions you need to ask when selecting a platform for your next blockchain project. But if you’re still unsure and the readings seem endless, just leave it up to the experts! With 4 years of experience in blockchain development and 140+ successful projects, our team at Ekotek is confident to advise you on the optimal solution using the latest technology, and follow through with speedy and high-quality delivery.

What is Telehealth?

Telehealth, also known as e-health or telemedicine, refers to the application of digital communication in healthcare. Telehealth is the use of digital information and communication technologies, such as computers and mobile devices, to remotely access health services, and to manage your health care. These may be technologies that you are using from home, or that your doctor is using to improve or support health care. In other words, healthcare services provided remotely without in-person interaction is necessary.

📌 Read more: How EkoStream Can Help Your Business Grow During COVID-19 Pandemic

Why Does Telemedicine Matter?

A game-changer for doctors and customers alike is the ability to provide high-quality healthcare to clients while removing the commute and facility costs. Doctors get to see more customers and spend less on the facility. Clients don’t have to wait for an appointment for months and worry about the commute.

Telehealth is contributing significantly to healthcare delivery during the COVID-19 crisis. For mild-to-moderate symptoms of COVID-19 or any illness, telehealth services represent a better, more efficient way to receive initial care and perform triaging. Telemedicine also has a significant role in screening for COVID-19 symptoms and delivering routine needs and follow-up care.

Medical procedures still require appointments in person but online evaluations can save both parties time and money. Not to mention, online consultations can already restrict possible diagnoses and guide customers through recuperation.

4 Tips on Operating Your Telemedicine Services

Combining telehealth with the power of live video expands your ability to deliver high-quality healthcare services. Whether you’re making video calls with your customers or offering live-streaming videos with guidance and tips, there must be quality.

With the right tools, equipment, and techniques, connecting with your customers and communicating efficiently will be much easier.

1. Get the basic equipment for live video and upgrade as you go

Despite common belief, you don’t need to make a huge investment when it comes to live videos (video calls, live streams). A basic video calling device can deliver videos of high quality and be the ideal setup for you.

Your setup might look like this:

• HD Webcam
• External microphone (for example, the desktop or lapel)
• Earphones
• Computer
• Fast Internet Connection

Live streaming and video calls on your computer can be very demanding so make sure your computer is powerful enough to handle them before your live video session.

2. Test everything, tirelessly

In telehealth, establishing a connection with your clients and building confidence is crucial. Constant technical issues do not send a trustworthy message during a broadcast or video call. Not testing their setup enough is a common mistake across industries related to live video. Even if you’ve got cutting-edge streaming gear, testing & QA is vital.

Make sure everything works before you go live and set yourself up for success. 🔎 For example, with AloPro developed by Ekotek, you can press the record button, and do a dry run of your live video session. You can then look at it, and analyze what can be improved. This is also a useful practice for professionals in healthcare who need to overcome the fear of being on camera.

3. Rely on additional resources to increase focus and engagement

This is a crucial tip among telehealth tips. The goal of any live telehealth video is optimal communication, which means that you need to engage your audience, clients, or fellow professionals – it won’t be enough to talk with the camera.

Your customers might need detailed explanations in telemedicine to understand specific terms or concepts, or fellow healthcare professionals expect to see case studies and examples, and you need to deliver. With live-streaming software like AloPro, you can add multiple video resources to your live streams and video calls such as:

• Images or pre-recorded videos
• Share your screen, PowerPoint presentations, or apps
• Webcams from different angles

Once you have configured your resources, you can switch between them with a button click, delivering a much more dynamic and engaging live video.

4. Stay present, literally

During video calls and live streams, it is easy to become distracted. You should not only avoid all distractions and focus on the video call, but also ensure that your audience does the same. One way to keep your audience focused is by using a picture-in-picture window during the video with your webcam view while you are showing other resources. It lets people stay connected to you.

Another way of ensuring that your audience is there is through interaction. Interacting with the participants during live videos is paramount. Live video is all about interaction and real-time connection. Make sure your audience feels listened to.

📌 Read more: Enterprise Mobile App Development — The Practical Guide

Conclusion

Once you apply these telehealth tips to your video calls and live streams it becomes much easier to deliver high-quality content. Telemedicine is all about effective communication with your customers, fellow professionals, and your general public.

As a leading technology partner, Ekotek Technology has been supporting many medical institutions by harnessing the power of state-of-the-art technologies such as AI, blockchain, and RPA… to improve their business operation as well as patient experience. With in-depth healthcare industry know-how and strong technical expertise, we combine different knowledge into practical, efficient Healthcare solutions that deliver true values for our clients.

Are you ready to renovate your healthcare business? Contact us now for a free consultation session!