With things like cryptocurrencies and NFTs flooding the public awareness, the term “blockchain” has been brought up more than a few times. However, this association hardly covers what the blockchain is or what it is capable of.

Let’s briefly review what the blockchain really is, and what the technology can do.

When it comes to security, it can be challenging to keep up with shifting best practices. For instance, the use of a virtual private network has long been a staple to secure remote operations, and any decent IT service provider would recommend its use. However, this advice is changing with the growth of zero-trust access protocols.

In recent years, artificial intelligence (AI) has emerged as a powerful tool that can revolutionize small businesses. With its ability to analyze vast amounts of data and make intelligent decisions, AI has the potential to streamline operations, improve customer service, and drive growth. Let’s explore some practical applications of AI that can benefit small businesses and help them thrive in today's competitive landscape.

Artificial intelligence, or AI, is just one way of describing the concept of machine learning technologies. AI has grown considerably over the past couple of years, so much that automation as we know it today wouldn’t exist without it. Throw in some data-driven insights and you have a technology that has cemented itself for use in a business environment, but there are some concerns with how fast it is growing and evolving.

Artificial intelligence is a hot-button issue in today’s business technology landscape, and for good reason. It’s being implemented in various software tools and platforms with mixed results. There are some concerns over it, particularly in regard to intellectual property, but there are also major issues with it related to “the profound risks to society and humanity,” according to an open letter.

Small manufacturers and distributors operate under a whole separate set of conditions than their larger competitors. This is because they don’t have the available capital to have any noticeable inefficiencies, and if they do have some, they are going to definitely affect their ability to compete. One solution that these organizations can lean on is a logistics platform. 

Smartphones are everywhere. Nearly everyone has one either in their pocket or in their hand and that fact would make you think that the underlying smartphone market is one that is remarkably strong. This really isn’t the case. Today, we’ll take a brief look at the smartphone market and how a lack of true innovation is one of the reasons the industry has seen large decreases in sales. 

There has been a lot made about the Internet of Things (IoT) recently. The IoT is basically technology that connects to the Internet or your network and offers some sort of specialized task. Think smart light bulbs, mobile devices, monitoring tools, and other appliances that traditionally aren’t connected to the Internet. For today’s businesses this can bring several pros and cons to the table. This month, we thought we would take a brief look at some of the pros and cons of deploying IoT technology in the workplace. 

So, you’re looking to improve your business’ technology…that’s great! More effective solutions are critical to helping boost your success. However, it is important to acknowledge that these kinds of initiatives don’t always have the greatest record of success. Let’s examine why this is, and critically, what can be done about it.

The business world is always ebbing and flowing with new concepts, ideas, and strategies in the  attempt to innovate. The more technology can be used to do things that help a business run, the more processes can be automated bringing a layer of efficiency that isn’t possible without it. Let’s take a brief look at some of the technology trends that small businesses will be confronted with in 2023. 

Regularly, when a business is searching for ways to move their operations forward, there is a little hand wringing on how to do so. Every decision your business has to make comes with a price tag, and the more that you can do without spending a lot of money, the more value you are going to see. For this week’s blog, we thought we’d take a look at some actions you can take with your technology to ensure that your business is going in the right direction.

If you truly want to run your business effectively, it all starts with understanding how its costs break down. If you are armed with this knowledge, you can make better decisions about solution procurement and operations management. Let’s examine how you can cut costs without harming your business in the process.

2023 is right around the corner, and if the past few years are any indication, it will be rife with challenges for businesses to overcome. Let’s consider some of these challenges, and what technologies can help minimize or even eliminate them.

It is a legitimate question whether something is actually art if it isn’t created by a human being. That’s before you are exposed to it, however. In fact, an AI created a piece of art that was crowned the winner at the Colorado State Fair. Let’s take a look at AI art in the context of this competition.

Last time, we broke down how much data is stored in a typical book, and how much data every book in the Library of Congress contains. This time, let’s really show you what that data consists of, and some other really neat comparisons to put things into perspective. Buckle up!

For all the events that have made business more difficult over the past several years, you probably wouldn’t be surprised to learn that businesses have been more open to change the way they do things if it means that they can meet the demands placed on them by the market. These days, there are some technologies that will be a big part of business headed forward, but you may think that they are out of your business’ price range. Think again. Let’s take a look at three robust technologies and how you can use them in your business.

Do you ever think about how incredible technology is? In a world where it’s easy to take advantage of technology and devices that were practically inconceivable just a few short decades ago, it’s really amazing to just look at how far we’ve come, and how something so small can fit so much information.

Let’s review some recommended technologies for you to embrace as you reopen your business.

Updated Hardware and Software Solutions

First things first—while businesses resume their operations, the chaos that will predictably ensue is the perfect time for cybercriminals to take their shot. Therefore, you need to make it a priority that all your hardware and software solutions are fully updated or upgraded as improvements are made available. In doing so, you make sure that the tools your team will use are as secure as they can be against the latest threats.

Many advancements in technology have been direct responses to the health concerns of the time, and we aren’t exaggerating when we say that these advancements have historically been the ones to trigger massive societal and cultural changes. Today, we have a virus completely dictating the way that we interact with one another: necessitating social distancing, halting travel, shutting down businesses, and otherwise isolating us as we all work to avoid becoming another casualty. Hospitals and other healthcare facilities are now the busiest places, and the economy has taken a major hit.

What is “Blockchain” Anyway?

Blockchain is defined as a distributed ledger system that creates a single encrypted and unalterable file whenever any transaction is made to help preserve its continuity. As every device involved in the blockchain helps to store it, the blockchain itself is unprecedentedly transparent. This allows business systems to be both more accountable, and secure.

Accountability

Let’s return for a moment to how the blockchain works—each time a transaction of any kind is made, be it adding new data or revising some that already existed, a new “node” (think of it as another link in the chain) is created to document the transaction and encrypt it. As a result, you wind up with a running record of reliable data. As you might imagine, this offers itself quite well to many industries.

Banking and Financial Services

With the importance of the record-keeping that these organizations maintain being so apparent, it only makes sense that blockchain is used to automatically keep track of where funds are being moved.

Real Estate

Real estate processes are notoriously intricate and confusing. Blockchain provides an option that could make the entire experience of buying and selling real estate much more transparent.

Wills and Inheritances

Tragically, wills and inheritances can be very hotly contested, and their veracity may be called into question. The transparent and immutable logs of the blockchain could eventually lead to many fights being averted in the future.

Voting

Elections now face more scrutiny than ever before, as votes are counted, recounted, contested, and recounted again. Using the blockchain could help to eliminate most challenges and issues that call the integrity of an election into question.

Supply Chain Management and Logistics

Managing all the moving pieces of a supply chain could be made much simpler by integrating blockchain technology. Goods and resources could be easily tracked and directed where they need to go, with confirmation when they arrive at their destination.

Security

Communications have gone digital, with unprecedented numbers sent and received each day. As more people than ever rely on these communications for a variety of reasons, data sharing needs to be more reliably secure. The blockchain is well suited for this task, as each transfer of data remains fully transparent, while the data contained in the nodes remains undisclosed. This technology can even be safely used to hold parties to their shared agreements by facilitating proper compensation once certain requirements are met. These capabilities will likely lead to advancements in:

Education

Consider how many files any educational institution needs to maintain and verify, and the amount of personal information shared in these records. Blockchain makes it so that these paper files are no longer necessary, while also making it easier to verify registration, management, and financial aid-related data.

Healthcare

Any patient who needs to see multiple physicians knows the frustration of working with providers who operate in different healthcare networks. However, healthcare has a good track record with embracing innovative technology solutions. Introducing blockchain could ultimately lead to self-managed healthcare records.

Stock Trading

There are many ways that stock exchange processes could be made better with the assistance of blockchain technologies. Two clear improvements: convenience, and of course security.

Public Records

Many states are still overly reliant on paper documents, which are very easy to alter and otherwise manipulate (never mind steal). Shifting to digital documents that are supported by blockchain could do a lot to reduce fraud, ensure accountability, and generally improve security.

The Internet of Things

IoT devices are overwhelmingly insecure, but if they were decentralized through the blockchain, some of this insecurity could be resolved.

To learn more about blockchain technology, feel free to call Coleman Technologies to discuss it, as well as the options you currently have to leverage for your business. Reach out at (604) 513-9428 today!