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Cost Analysis of Building an IoT Mobile App: A Detailed Guide
In today’s rapidly advancing technological landscape, the Internet of Things (IoT) has emerged as a transformative force across various industries, including oil and gas. With the proliferation of IoT devices, businesses are leveraging their capabilities to enhance operational efficiency, improve decision-making processes, and drive innovation. Developing an IoT mobile app tailored to specific industry needs has become imperative for organizations aiming to stay competitive in the digital age.
In this article, we’ll delve into the intricacies of building an IoT mobile app, explore the key factors influencing its development cost, and discuss the significance of IoT software development services, particularly within the oil and gas sector.
Understanding IoT Mobile App Development
IoT mobile app development involves creating applications that facilitate communication and interaction with IoT devices. These apps serve as the interface through which users can monitor, control, and manage connected devices remotely, thereby unlocking a myriad of possibilities for businesses and consumers alike.
Key Components of IoT Mobile App Development:
Hardware Integration: Integration with IoT devices is fundamental to app functionality. This involves connecting sensors, actuators, and other hardware components to the mobile application, enabling seamless data exchange and command execution.
Data Management: Effective data management is critical for IoT applications. The app must collect, store, and process data generated by connected devices, often in real-time, to derive actionable insights and support informed decision-making.
User Interface (UI) and User Experience (UX): A well-designed UI/UX is essential for ensuring user adoption and engagement. Intuitive interfaces, interactive visualizations, and personalized experiences enhance usability and drive user satisfaction.
Security: Security is paramount in IoT app development, especially in sensitive like iot in oil and gas industry. Implementing robust authentication mechanisms, data encryption, and secure communication protocols is essential to safeguard against cyber threats and unauthorized access.
Scalability: As the IoT ecosystem expands, scalability becomes a crucial consideration. The app should be capable of accommodating growing numbers of connected devices and users without compromising performance or reliability.
Factors Influencing Development Cost:
Complexity of Features: The complexity and scope of features integrated into the app significantly impact development costs. Advanced functionalities such as real-time analytics, predictive maintenance, and geolocation services entail higher development efforts and consequently, increased costs.
Platform Compatibility: Developing an IoT mobile app that supports multiple platforms (iOS, Android) requires additional resources and expertise. Cross-platform development frameworks like React Native or Flutter can help reduce costs compared to native development but may have limitations in certain scenarios.
Third-Party Integrations: Integration with third-party services, APIs, or cloud platforms may be necessary to enhance app functionality. Licensing fees, API usage costs, and integration complexities contribute to overall development expenses.
Security Requirements: Implementing robust security measures, compliance with industry regulations (e.g., GDPR, HIPAA), and conducting security audits incur additional costs but are indispensable for protecting sensitive data and ensuring regulatory compliance.
Testing and Quality Assurance: Thorough testing is essential to validate app functionality, performance, and security across diverse device types and network conditions. Investing in comprehensive testing practices adds to the overall development cost but is crucial for delivering a reliable and bug-free app.
Maintenance and Support: Post-launch maintenance, updates, and technical support are ongoing expenses associated with IoT app development. Regular updates to address security vulnerabilities, compatibility issues, and evolving user needs are essential for sustaining app relevance and reliability.
Significance of IoT Software Development Services in Oil and Gas:
In the oil and gas industry, IoT technology is revolutionizing operations through automation, predictive maintenance, and remote monitoring of critical assets. IoT software development services tailored to the sector address industry-specific challenges and requirements, including:
Asset Tracking and Management: IoT-enabled sensors and tracking devices allow oil and gas companies to monitor the location, status, and condition of equipment and assets in real-time, optimizing utilization and minimizing downtime.
Predictive Maintenance: By analyzing data from IoT sensors embedded in equipment, predictive maintenance algorithms can anticipate potential failures or performance degradation, enabling proactive maintenance interventions and minimizing costly unplanned downtime.
Environmental Monitoring: IoT solutions facilitate continuous monitoring of environmental parameters such as air quality, temperature, and gas emissions, ensuring compliance with regulatory standards and minimizing environmental risks.
Safety and Security: IoT-enabled surveillance systems, wearable devices, and biometric authentication enhance workplace safety and security by providing real-time monitoring of personnel, equipment, and facilities, and enabling rapid response to emergencies.
Conclusion:
Building an IoT mobile app entails careful planning, collaboration, and investment to deliver a robust, secure, and scalable solution that meets user needs and industry requirements. While development costs vary depending on project scope, complexity, and technology choices, the potential benefits of leveraging IoT in industries like oil and gas are substantial, driving operational efficiency, cost savings, and innovation.
Partnering with experienced IoT software development services providers with domain expertise in the oil and gas sector can streamline the development process, mitigate risks, and maximize the value delivered by IoT initiatives, ultimately empowering organizations to thrive in the digital era.
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Exploring the Cost of Building an AI-Powered Super App in 2024
Introduction:
In the digital era of 2024, the concept of super apps, integrated with artificial intelligence (AI), has gained substantial traction. These all-in-one platforms offer users a wide array of services, from ride-hailing and food delivery to financial management and healthcare, all seamlessly integrated into a single interface. However, the development of such sophisticated applications involves a multitude of factors, with cost being a significant consideration. In this article, we delve into the intricacies of building an AI-powered super app in 2024 and explore the associated costs, drawing insights from a leading mobile application development company.
Understanding the Components of an AI-Powered Super App:
- Before delving into cost considerations, it’s crucial to understand the key components that make up an AI-powered super app. These typically include:
- User Interface (UI) Design: Crafting an intuitive and visually appealing interface that enhances user experience across various services.
- Backend Development: Building a robust backend infrastructure capable of handling a myriad of services and user interactions.
- AI Integration: Implementing artificial intelligence algorithms and machine learning models for personalized recommendations, predictive analytics, and intelligent automation.
- Third-Party Integrations: Incorporating APIs and integrations with external services such as payment gateways, mapping services, and third-party applications.
- Security Measures: Implementing stringent security protocols to safeguard user data and ensure compliance with data protection regulations.
Factors Influencing Development Costs:
- The cost of building an AI-powered super app can vary significantly based on several factors, including:
- Feature Complexity: The number and complexity of features integrated into the app, such as real-time tracking, in-app messaging, AI-driven recommendations, and multi-language support.
- Platform Compatibility: Developing the app for multiple platforms, including iOS, Android, and web, can increase development costs due to the need for platform-specific optimizations and testing.
- Scalability Requirements: Anticipated user growth and scalability requirements influence the choice of technologies and infrastructure, impacting development costs.
- Customization and Personalization: Tailoring the app to meet specific user preferences and business requirements may entail additional development efforts and costs.
- Regulatory Compliance: Ensuring compliance with data protection regulations and industry standards adds complexity to the development process and may require dedicated resources.
Cost Breakdown and Estimates:
- While providing precise cost estimates for building an AI-powered super app is challenging due to the variability of project requirements, mobile application development companies typically employ the following pricing models:
- Time and Materials (T&M): Charging based on the actual time and resources invested in development, suitable for projects with evolving requirements and uncertainties.
- Fixed Price: Agreeing on a predetermined price for the entire project scope, suitable for well-defined projects with clear requirements and deliverables.
- Dedicated Team: Hiring a dedicated team of developers, designers, and QA specialists on a monthly basis, offering flexibility and scalability for long-term projects.
The cost of building an AI-powered super app can range from tens of thousands to millions of dollars, depending on the scope, complexity, and scale of the project. Mobile application development companies typically provide detailed project proposals and cost estimates after conducting thorough requirement analysis and scoping exercises.
Conclusion:
Building an AI-powered super app in 2024 offers immense opportunities for innovation and disruption across various industries. However, it requires careful planning, strategic decision-making, and collaboration with experienced mobile application development companies. By understanding the key components, factors influencing costs, and available pricing models, businesses can embark on their journey to develop a successful AI-powered super app that delivers exceptional value to users.
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Unveiling Sydney’s Top 20 Software Development Companies
Sydney, a burgeoning hub for technological innovation, boasts a dynamic ecosystem of software development companies that continually push the boundaries of innovation. These 20 companies stand out for their diverse expertise, commitment to excellence, and transformative impact on the city’s tech landscape.
Appinventiv
Appinventiv secures a prominent spot in Sydney’s software development ecosystem due to its unwavering dedication to crafting customized software solutions specifically tailored for the city’s vibrant business landscape. Their robust understanding of local market needs coupled with a keen awareness of industry trends places them at the forefront of the Sydney software development scene. Leveraging cutting-edge technology and innovative strategies, Appinventiv stands as a go-to firm for businesses aiming to thrive in the dynamic Sydney market. Their ability to synergize technological advancements with the intricacies of Sydney’s business environment positions them as a trusted partner for companies seeking not just software solutions but strategic digital transformation that aligns seamlessly with Sydney’s ever-evolving tech landscape.
Atlassian
Atlassian, a global tech giant founded in Sydney, has left an indelible mark on the software development industry with its suite of widely-used tools like Jira, Confluence, and Trello. These tools have revolutionized project management, collaboration, and software development practices, gaining traction globally.
REA Group
With platforms like realestate.com.au under its belt, REA Group stands out for its innovation in real estate software. Their solutions leverage data and technology to streamline property-related processes, impacting how the real estate industry operates in Sydney.
ThoughtWorks
ThoughtWorks specializes in software consultancy and digital transformation. Renowned for its agile methodologies and diverse expertise, the company assists businesses in adopting modern software development practices to drive innovation and growth.
Cognizant
Cognizant’s Sydney division focuses on digital solutions and IT consultancy, providing a wide spectrum of services including software development, aiding local businesses in achieving digital transformation goals.
Avanade
As a joint venture between Microsoft and Accenture, Avanade brings forth a wealth of resources to deliver innovative digital and cloud solutions, including software development services tailored for Sydney’s businesses.
WiseTech Global
WiseTech Global specializes in logistics and supply chain software. Their innovative solutions have had a transformative impact on businesses involved in global trade, streamlining operations and enhancing efficiency.
Fusion Labs
Fusion Labs is recognized for its expertise in web and mobile app development, UI/UX design, and emerging technologies. Their tailored solutions cater to startups and enterprises alike, fostering innovation and digital growth.
Netstarter
Netstarter focuses on eCommerce solutions, particularly within the Magento framework. Their software development expertise helps businesses establish and maintain robust online platforms in the competitive eCommerce landscape.
Elabor8
Elabor8 specializes in agile software delivery and digital transformation consultancy, aiding businesses in adopting agile methodologies for software development and enhancing their digital capabilities.
The Missing Link
A cybersecurity-focused firm, The Missing Link goes beyond conventional software solutions, providing bespoke cybersecurity measures tailored to businesses’ specific needs. Their innovative software solutions bolster organizations’ security postures, offering advanced threat mitigation strategies and cutting-edge technologies to safeguard against evolving cyber threats. The company’s commitment to custom-built security software aligns seamlessly with Sydney’s growing demand for robust digital protection.
Sapient
Sapient stands as a beacon for technology and marketing consultancy in Sydney. Their multifaceted approach extends beyond conventional software development, offering comprehensive digital solutions honed by expert insights in diverse industries. Their software development services are distinguished by a deep understanding of market dynamics, ensuring that their solutions resonate with target audiences while meeting businesses’ unique technological needs.
Blackmores
Renowned for its health and wellness products, Blackmores delves into software development to enhance customer experiences through innovative digital solutions. Their investment in software aligns with Sydney’s tech-forward environment, aiming to bridge the gap between wellness products and modern digital experiences, catering to consumers seeking seamless interactions and personalized health solutions.
Airtasker
Airtasker’s robust software development team remains at the forefront of platform evolution, continuously refining its interface and functionalities. Their dedication to understanding evolving user needs within the sharing economy drives the ongoing innovation of their software, ensuring that the platform remains intuitive, efficient, and responsive to user requirements.
Altis Consulting
Specializing in data and analytics solutions, Altis Consulting’s software development services revolve around leveraging data for actionable insights. In Sydney’s data-driven landscape, their focus on crafting software that transforms raw data into valuable business insights marks them as a pivotal player in enabling informed decision-making and strategy formulation for local businesses.
Citrus Group
Citrus Group’s tailored software solutions in the recruitment and talent acquisition domain are tailored to the evolving needs of HR tech. Their software offerings streamline and optimize the talent acquisition process, leveraging technology to meet the dynamic demands of the modern workforce landscape in Sydney.
Hatchd
Hatchd’s focus on digital transformation and product development encompasses software solutions tailored to accelerate businesses’ digital journeys. Their software development expertise is pivotal in creating transformative digital experiences, driving innovation, and reshaping business models in Sydney’s competitive tech environment.
Arq Group
Arq Group’s comprehensive digital solutions span software development services aimed at aiding businesses in their digital transformation journey. Their end-to-end approach to digital transformation aligns with the evolving needs of Sydney-based businesses seeking holistic and impactful digital solutions.
Velociter Solutions
Specializing in mobile app development and digital strategies, Velociter Solutions empowers businesses in Sydney with innovative software solutions. Their mobile-focused approach aligns with the market trends, catering to the growing demand for mobile-centric solutions in various industries across Sydney.
Switch
Switch’s software solutions centered around improving customer engagement and loyalty fill a crucial niche in Sydney’s retail and hospitality sectors. By offering tailored software that enhances customer interactions, they cater to businesses aiming to bolster customer satisfaction and loyalty in highly competitive markets.
These companies represent a cross-section of Sydney’s diverse and innovative software development landscape. From trailblazing global players to specialized niche firms, they collectively contribute to the city’s thriving tech ecosystem, fostering innovation and growth across industries.
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Challenges and Trends in Enterprise Blockchain Development
Introduction
Blockchain technology has evolved from its cryptocurrency origins to become a transformative force in the business world. Enterprise blockchain development has emerged as a means to streamline operations, enhance security, and create new business models. In this article, we’ll explore the challenges and trends in enterprise blockchain development, highlighting the importance of partnering with an Enterprise Blockchain Development Company and a mobile application development company.
Challenges in Enterprise Blockchain Development
Scalability: As blockchain networks grow, they often face scalability challenges. Traditional public blockchains like Bitcoin and Ethereum have limitations in terms of transaction throughput and latency. Overcoming these limitations while maintaining decentralization is a significant challenge for enterprise blockchain developers.
Interoperability: Many enterprises require interoperability between different blockchain networks or with existing systems. Achieving seamless data exchange and communication between these disparate systems can be complex and requires standardized protocols.
Security Concerns: While blockchain is known for its security features, it’s not immune to vulnerabilities. Smart contract bugs, unauthorized access, and private key management are common security challenges. Enterprises must invest in robust security measures and audits.
Regulatory Compliance: Different industries and regions have varying regulatory requirements for data storage and privacy. Enterprise blockchain solutions must comply with these regulations, which can be complex and subject to change.
Integration with Legacy Systems: Most enterprises have legacy systems in place. Integrating blockchain technology with these systems can be challenging due to differences in technology stacks, data formats, and APIs.
Talent Shortage: Blockchain development expertise is in high demand but short supply. Finding skilled blockchain developers who understand the intricacies of enterprise solutions can be difficult.
Costs and ROI: Building and maintaining a blockchain network can be expensive. Enterprises need to carefully assess the return on investment (ROI) and justify the costs associated with blockchain projects.
Trends in Enterprise Blockchain Development
Permissioned Blockchains: Enterprises are favoring permissioned or private blockchains where access is restricted to a select group of participants. These offer better control, privacy, and scalability.
Interoperability Solutions: To address the challenge of interoperability, blockchain consortia and standards are emerging. These aim to create common protocols for blockchain networks to communicate seamlessly.
Hybrid Blockchains: Hybrid blockchains combine the best of both public and private blockchains. They allow enterprises to leverage public blockchain networks for certain functions while maintaining control over sensitive data.
Blockchain-as-a-Service (BaaS): Cloud providers are offering BaaS solutions, simplifying the deployment and management of blockchain networks for enterprises.
Tokenization of Assets: Enterprises are exploring tokenization of real-world assets, such as real estate, stocks, and commodities. This allows for increased liquidity and fractional ownership.
Supply Chain and Provenance: Blockchain is being widely adopted in supply chain management to enhance transparency and traceability. This trend is particularly prevalent in the food and pharmaceutical industries.
Decentralized Finance (DeFi): Some enterprises are exploring DeFi applications, integrating blockchain into financial services like lending, borrowing, and asset management.
Non-Fungible Tokens (NFTs): NFTs are gaining traction for various use cases, including digital art, gaming, and collectibles. Enterprises are exploring NFT applications in marketing and digital rights management.
Sustainability and Green Blockchains: With increased awareness of environmental concerns, there’s a growing emphasis on sustainable and energy-efficient blockchain solutions. Green blockchains aim to reduce carbon footprints.
Why Partner with an Enterprise Blockchain Development Company and a Mobile Application Development Company?
Enterprise blockchain development is complex and often requires a multidisciplinary approach. An Enterprise Blockchain Development Company brings specialized expertise in blockchain technology, ensuring that solutions are secure, compliant, and tailored to enterprise needs. Additionally, partnering with a mobile application development company ensures that blockchain solutions can be seamlessly integrated into user-friendly mobile apps, enhancing accessibility and adoption.
Conclusion
Enterprise blockchain development holds immense potential for businesses looking to enhance security, streamline processes, and explore new revenue streams. However, it comes with its share of challenges, including scalability, security, and regulatory compliance. To navigate these challenges and leverage the latest trends, partnering with an Enterprise Blockchain Development Company and a mobile application development company is crucial. By doing so, enterprises can harness the power of blockchain technology to drive innovation and remain competitive in an evolving business landscape.
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How Adoption of Blockchain in Real Estate Changing the Scenario?
Blockchain is proven to hold the potential to revamp every business vertical. For instance, blockchain in real estate has given a clear indication that it has various applications beyond cryptocurrencies and can be the right weapon to tackle the prevailing industrial challenges.
A ripple effect of this is that various industries have adopted blockchain technology, even the most traditional ones like real estate.
Real estate is witnessing a disruptive evolution with the blockchain acting as the driving force. What was historically considered as a ‘pen and pencil’ business has now begun expanding to the global market with better and long-term outcomes. This has made numerous entrepreneurs and traditional investors interested in understanding the use of blockchain for real estate. Something we will talk about in this article in detail.
Challenges Faced by the Real Estate Industry
The fluctuation in the economy and growing trends introduce new challenges in the real estate industry every now and then. Realtors keep a check on the hurdles hampering the revenue while staying in business. In real estate, various factors impact the revenue like property listings, contact information management, dealing with stakeholders, and more. A few of the common challenges faced by the realtors are stated below:
1. Lack of Transparency
The real estate industry is not open to everyone due to the involvement of various factors like citizenship, cash requirements, accreditation, credit score, etc. Additionally, there is no market database or a concrete way to access the information required for making buying and selling decisions.
This, as a whole, makes the sector unclear and turbid for all.
2. Tedious Paperwork
In the traditional real estate economy, every transaction involves a stringed set of tedious and time-consuming paperwork. Because of this, many times real estate companies end up losing their money and potential customers, along with getting distracted from the main goal.
3. Higher Risk of Fraud
Since all the property agreements are in paper form and the trust is based on humans, there’s a higher risk of fraud in the Real estate industry. A proof of this is that 404 publicly-reported data compromises in the U.S. represent a 14 percent increase compared to Q1 2021. Q1 2022 is the third consecutive year when breaches have increased compared to Q1 of the previous year.
4. Expensive Investment
Due to the involvement of a wider number of intermediaries, various fees like broker fees, attorney fees, exchange fees, taxes, etc., are added to the real estate cost, which ultimately makes real estate investments expensive.
5. Large Number of Intermediaries
Another problem associated with the traditional real estate economy is that trust is based on human factors. Any two parties have to involve third parties at different levels to build trust in the process. This is again one of the challenges in real estate solved by blockchain.
Areas Revamping with the Adoption of Blockchain in Real Estate
Blockchain in real estate can benefit several areas in the industry. A few of the common areas that are revamping with blockchain implementation are mentioned below.
1. Property Search
Currently, brokers, owners, tenants, and buyers turn towards multiple listing platforms like Zillow to search for any property information.
These platforms are subscription-based and demand high fees. Besides, the property data provided by them is often inaccurate, outdated, or partially distorted. This increases inefficiencies in the process and many times, results in disputes.
A blockchain-backed application can decentralize data and enable everyone to share data in a P2P network. It also facilitates brokers with an opportunity to receive additional data monitoring options and eventually helps to cut down the associated costs.
2. Due Diligence and Financial Evaluation
In the real estate sector, major time is spent on diligence activities before buying/renting any property. Various intermediaries are involved in the process of inspecting property documents to prevent any kind of legal, technical, or financial issues in the future.
Currently, all the property data is kept on papers that can be easily changed or corrupted by anyone.
However, with the adoption of blockchain software development company in real estate app development, this subdomain can also be improved.
All the property-related papers can be stored digitally in blockchain-powered platforms, such that they can be accessed publicly but can’t be altered. This will make the due diligence and financial evaluation process automated, quick, and less inaccurate.
3. File and Payments
A significant impact of blockchain on real estate is also experienced in the field of file and payments.
At present, the extensive documentation and involvement of third-party intermediaries are making the process lengthy, troublesome, and costly. And this effect is becoming more significant when international transactions or mortgages are involved.
Now here, blockchain, the new technology in real estate can simplify the filing process and bring innovation in real estate processes by introducing verifiable digital identities for properties.
Likewise, the introduction of cryptocurrencies can lower the barrier of different currencies used in different places. It can even minimize the involved taxes and fees, alongside streamlining the payment process.
Read more about blockchain in real estate
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Decentralized Finance (DeFi) – A business guide to understanding benefits, applications and risks
Decentralized finance is rapidly rising in popularity as a way to provide financial services outside of the traditional banking system. The adoption of blockchain technology in finance and the spread of decentralized financial services is shaping a new world called Decentralized Finance (DeFi). This world is characterized by global accessibility of financial services, safe transactions, low transaction prices, and the latest DeFi trends revolving in the market.
While decentralized finance (DeFi) has the potential to provide several benefits, it is also important to understand the risks involved before getting started. So, through this DeFi guide on decentralized finance development for businesses, we will walk you through the basics of decentralized finance, including what it is, how it works, and some of the major challenges you need to know before getting started. So without further ado, let’s get started.
What is decentralized finance – DeFi?
Decentralized finance or DeFi is a monetary system that is built on public blockchains. The components of open finance consist of protocols, digital assets, dApps (decentralized applications), and smart contracts, which are built on blockchain.
While many of us know Ethereum and Bitcoin as cryptocurrencies, very few of us know that they are open source, vast networks which allows users to develop apps that enable financial activity to brew centralized institutions’ involvement.
The introduction of decentralized finance has unlocked a world of new possibilities for users to interact with the Ethereum blockchain in ways that were not possible before. By using DeFi, users can lend or borrow Ethereum-based assets, earn interest on their crypto holdings, trade digital assets without having to use a centralized exchange, and much more.
The aim of introducing decentralized finance is to provide users with an alternative to traditional financial systems that are often opaque and inaccessible. By making financial services more accessible and user-friendly, it is hoped that DeFi will lead to a more inclusive financial system that works for everyone.
How does DeFi work?
Decentralized finance provides a way to access financial services without the need for centralized intermediaries. It uses smart contracts to enable peer-to-peer interactions on the Ethereum blockchain. There are two major components that allow a financial system to work effectively; the first is the infrastructure needed to operate on and the second is the currency that is needed to operate with.
Infrastructure – Ethereum is a DeFi platform used for writing decentralized programs. Through Ethereum, you can create smart contracts that can be used to establish a set of conditions or rules under which an agreement can be made. Once a smart contract has been deployed, it cannot be altered.
Currency – In order to create a secure, reliable decentralized finance system, a cryptocurrency is needed that can be used to interact with the various protocols. Generally, DeFi uses the DAI stablecoin as its currency. DAI is a decentralized stablecoin that is pegged against the US Dollar.
Now that we know what is DeFi and how does DeFi works, let’s have a comparative look at DeFi vs traditional financial system in our (decentralized finance) DeFi guide.
Traditional Finance vs Decentralized Finance
While Decentralized Finance (DeFi) is only an advanced version of the finance structure with the same core working, lying in receiving and giving money, there are some inherent decentralized differences to consider for distinguishing between DeFi and fintech. The one that makes blockchain development services one of the key fintech trends for 2021 2022 and beyond. So, let’s move further to know the differences.
Operations of DeFi are not managed by institutions and employees. Their role is played by algorithms written in code or via smart contracts in the DeFi environment. Once a smart contract is deployed to the blockchain, DeFi apps run without any human intervention whereas in traditional finance, there are intermediaries like banks that manage the financial operations.
One of the prominent DeFi features that clearly defines the differences between DeFi and traditional banking apps is that the former comes with the power of code transparency. This makes it possible for anyone to audit, which develops a trust with users because everyone has the opportunity of understanding the contract’s functionality. And since the transactions are pseudonymous, the privacy questions never emerge. However in traditional finance, the monetary operations are managed by intermediaries so security breaches may arise.
dApps development, another type of blockchain application used in the DeFi environment, has been designed to act globally from day one. Irrespective of which geographic location you belong to, the access to DeFi networks and services are the same.Whereas in case of traditional finance system , the services offered by financial institutions are restricted to their localities. For instance, you can only open a bank account in the country where the bank operates
Anybody can create decentralized finance applications and use them. Unlike present–day finance, there are no accounts or gatekeepers on this front and the users interact directly with smart contracts from DeFi crypto wallets.
The new decentralized finance applications are built and composed by mixing other DeFi products like in the case of Lego. For example, decentralized exchanges, stablecoins, and the prediction markets can be mixed to develop new products. However in traditional finance system, the applications are single-purposed and each one of them is created for a specific task.
Benefits of DeFi
Traditional banks are administrative in nature and expensive to run. The process for transactions takes time and has removed numerous individuals out of the financial framework because of their rigid rules and requirements. . DeFi came to settle a large number of these issues. Some of its key benefits are listed below:
Permission-less
One of the key benefits of decentralized finance (DeFi) is that it is permissionless. This means that anyone can access DeFi applications and services without having to obtain approval from a centralized authority. This openness and accessibility are few of the main attractions of DeFi, as it allows anyone with an internet connection to participate in the thriving ecosystem.
In addition, permission-less DeFi platforms are often more secure than their centralized counterparts, as they are not vulnerable to single points of failure. This makes them ideal for storing value and participating in financial transactions. Consequently, the permissionless nature of DeFi is a major selling point for those looking to get involved in the world of decentralized finance.
Interoperability
With decentralized accounts, developers can freely expand on top of existing protocols, customize interfaces, and integrate third-party apps. Because of this sort of adaptability, DeFi conventions are often known as ‘Money Legos.’ New decentralized money applications can be built by consolidating other DeFi products.
For instance, stablecoins, decentralized trades, and forecast markets can be joined to frame a completely new and significantly more progressed DeFi finance market size and centers.
Transparency
DeFi empowers a more prominent degree of openness and accessibility. Since most DeFi protocols are based on the blockchain — a public ledger — all exercises are available to the general population. Anybody can see transactions, however, these records are not attached to anybody directly just like the case with traditional banks.
All things considered, accounts are pseudo-anonymous, posting only numerical addresses. Users with programming information can likewise access most DeFi products’ source code to review or build upon since they’re open source. Open-source codes are safer and of better quality than proprietary software, on account of local area connection.
Read more about decentralized finance
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What Makes EdTech a Profitable Business Model?
EdTech is nothing new, although that is how the majority of write-ups published on the internet would like you to believe. To break it down for the understanding of all, an ecosystem where technology is deployed to assist the delivery of education is referred to as EdTech.
Come to think of it, even a conventional computer lab at a 90s something school qualified as an EdTech.
Yet, few people realized back in the 90s that the Industrial revolution 4.0 would pack more gigabytes in a smartphone than computers. Therefore, if the devices of today dawn a new-age, compact, and pocket-friendly outfit, shouldn’t the same rule apply to education and its delivery methods.
Turns out that it does and that is one of the benefits of education app for kids and organizations and why entrepreneurs are throbbing the gates of venture capitalists to fund the future, or shall we say the present, of 21st-century teaching, EduTech.
The EdTech app business models – both educational apps for kids and organizational learning – have shaped up to be one of the most lucrative (for innovators) and luring (for investors) models of businesses over the years. It’s one of the few industries that could survive this COVID-19 pandemic and honor its promising growth. What makes us say that?
As per Grand View Research, the global education technology market size was valued at USD 89.49 billion in 2020 and is expected to witness a compound annual growth rate (CAGR) of 19.9% from 2021 to 2028.
The global digital expenditure in the Education industry would be worth $341 billion by 2025 as per HolonIQ – a contributory factor behind the rising of education startups and kids education app startup ideas.
Yet, of the overall expenses that the industry would make, this amounts to a miser 4.4%, during the projected time.
If you are full of Edtech startup ideas or even education startup ideas, great, but it has to be approached systematically. Anyone searching for an educational app development company , or for that matter, freelance educational app developers must first classify their business model for education startups.
Does the Elearning app development company have the talent pool to provide AI, ML, and robotics support?
Does the education app developers have the expertise to integrate conversational AI and AR/VR features into the app?
And last but arguably the most important factor, what does the portfolio of the educational app development services have to say about them?
Online business opportunities appear profoundly great on whiteboards but turn into a nightmare when you get to the execution stages. Consider the following sub-verticals that e learning startups are modeling their educational app development portfolio on. You can also read them as the education app ideas which are bound to be successful in the time to come.
Upsurging Interest in EdTech
Technology is affecting every aspect of our lives and changing them by the day. But it’s not just our life, its businesses as well that are transforming and can’t afford to look away. The Organization for Economic Co-operation and Development (OECD) projects that 1 billion jobs, that is approximately 1/3rd of all jobs in the world, would be transformed by technology in the upcoming decade.
According to the ‘World Economic Forum Annual Meeting’, by 2022 around 42% of all core competencies deemed essential for jobs are expected to change. Such a fast-forward and unavoidable upskilling revolution can be delivered feasibly only through technology.
As per the Education Data Initiative, schools in the US spend an average of $12,624 per pupil, which is the fifth-highest amount per pupil among the 37 other developed nations in the Organisation for Economic Co-operation and Development (OECD).
According to reports by Reach Capital’s analysis of data from Pitchbook, during the the first six months of 2021, U.S.-based education technology companies raised over $3.2 billion in investment capital.
But could it be a fluke? What if coincidently there had been a hype bubbling somewhere thanks to venture capital rumor mills. We can run this assessment through a litmus test.
For our experiment, we choose three well-established education startups that are opportunistically building their Edtech app business models. A measure to gauge public demand for their services would be to see how their virtual education startups have played out during the COVID-19 pandemic.
Chegg, Inc.
It is an education tech startup with a product suite replete with digital learning solutions. At a time when businesses are clamoring for government aid to survive, Chegg recorded US $132 million in revenue in Q1 2020.
The most recent investment made by Chegg was on Apr 13, 2020, when Frank Financial Aid raised $5M.
At the end of 2020, they had a 6.6 million subscriber base.
K12 Inc.
K12 is an education management company that promotes online learning as a substitute for classroom training for students covering the curricula for kindergarten to 12th grade. Their vision makes them one of the best learning apps for kids.
Their revenue model for edtech business for the first 3 months of 2020 was U.S. $257.2 million. It’s marginally higher than their earnings for the same period last year which were U.S. $253.3 million.
Amongst all of its business units, the online public school program raked in the U.S. $228.3 million.
K12 CEO Nathaniel Davis shared insights into user query trends for registration, which were high for both February and March, reinstating how it is one of the best educational apps for kids.
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A Quick Guide to Mobile App Backend Development
With the advent and popularization of mobile apps, the focus has now started shifting on not just developing an amazing app but also on understanding the underlying factors that differentiate an amazing app from a common one.
Every detail of an app that provides an effortless experience is incomplete without the mention of its efficient mobile app backend architecture. In that context, read this article as a guide to understand what makes backend development so important, what are the software stacks used for backend architecture, and the tools that help develop a strong backend process.
So, let’s start with what backend server for mobile apps means and how it is different from frontend development.
Frontend VS Backend Development
If you ask a developer how frontend and backend development is different, the answer that you will get is that the frontend uses codes to make an app look pretty and the backend writes codes to make it work.
Basically, applications that are installed from the Play Store or App Store on your smartphone are frontend applications. Be it Instagram, Facebook, or Calculator, each application on your smartphone is a frontend mobile application. How? Frontend applications permit you to connect directly through buttons, text fields, flips, and so on. Since they work on mobile phones, they are mobile applications, too.
A frontend developer is accountable for translating the app’s design to a code that is required to display it properly on the browser. The job grew more meticulous with the introduction of responsive web design. The developer not only needs to ensure that the look is supporting all the current browsers and mobile platforms, but should also note how the design is looking in other computer resolutions and browser widths.
This open-source development environment tool allows mobile app development companies to make web applications using PHP, Apache, and the MySQL database. It comes in a package with SQLite and PhpMyAdmin to help in managing databases.
Now that you have understood what frontend development is, let’s understand what backend development is.
In layman’s language, you can assume the backend as an extra application for your mobile application. It is a piece of software that runs on machines called servers. Backend development for mobile applications empowers the main working of the application. It incorporates things like servers, databases, middleware, and so on and can be accessed through the internet via an application programming interface (API).
A backend developer is accountable for the mobile app server connecting the content one sees on the site to the CMS and developing the logic needed to make everything work as supposed to. On the design front, they are responsible for converting the designs and the front-end development process in the CMS setup, giving the clients an intuitive method to handle their app content. If they make the mobile app backend architecture very simple, chances are that the clients will not have control. And if they make it complex, the possibility that clients get lost in the design becomes high.
Mobile Application Functions That Are Provided With Backend Development
There are many things you need to ensure prior to incorporating a mobile backend for app development. The most basic function to utilize while creating mobile applications are:
Cloud server – Today everybody can afford to have cloud servers that come in various sizes and are stored in a protected location. The most popular cloud servers are Google App Engine, Microsoft Azure, and Amazon AWS. They are generally utilized by large organizations and are reliable.
Software-as-a-Service (SaaS) or 3rd party services – It can happen that the functionalities which you need are already offered by some existing services. They offer backend solutions that are ready to be used by frontend apps. You just need to register, subscribe under a monthly fee and, that’s it, you’ve got a ready and working backend in a few clicks/seconds.
MBaaS – If you prefer not to write your own backend servers or put resources into a cloud-based server, then Mobile Backend as a Service (MBaaS) is your option. These days there are numerous independent MBaaS providers that offer incredible functionality and an analytics framework to monitor your applications.
Custom server – This is the most flexible and powerful option. Everything which cannot be achieved by SaaS or MBaaS can be achieved by a custom backend. Of course, the obvious drawback is the price of setup and implementation. It requires having a dedicated backend programmer or a whole team. The custom backend can be a simple application or a complex distributed system, all depending on your app requirements.
After knowing about mobile app backend development functions, let us now move on to how backend architecture and mobile app server actually work.
Architecture and Server- Working
Gear up, we are now going to delve into the technicalities of custom backend development so that you and your team are fully accustomed to all the details necessary to make your mobile application a success. In layman’s terms, backend development is preparing your mobile application to work as it was intended to. Now to make it possible, there are some concepts that form the server or backend’s side ‘Software Stack’.
Before I get into that, I will take another minute of yours to tell you that the look of the backend varies from application to application. The points of differentiation can be counted down to the use of data warehouses, cloud–based servers, containerization, BaaS providers, or usage of APIs to replace complex processing.
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Asset Tokenization on the Blockchain {A Complete Guide}
Blockchain has poised to bring a transformative difference in the finance world. The technology, with its characteristics like decentralization, immutability, transparency, and distributed structure, has added new forms of benefits and applications into the ecosystem.
One of which is asset tokenization on blockchain surface.
This concept has emerged to be one the top Blockchain technology trends by opening new doors for tokenization of anything and everything in the marketplace – be it diamond, paintings, or property.
But, how far will it take the market? Will it become a key addition to every business?
Tokenization of Assets – Its Definition and Types
The simplest answer to what is asset tokenization on blockchain is that it is a process through which a blockchain token is issued to digitally represent any real tradable asset in a way that you can trade with a single fraction of the asset as well.
The process sounds much like Securitization and Fractional Ownership, but it holds some key differences – something we will cover just before diving deeper into the tokenized world and discussing the token types.
Tokenization vs Securitization
When talking about how tokenization is different from securitization, the former turns all the real world assets into high-liquidity digital token, whereas the latter converts low-liquidity assets into higher-liquidity security instruments that could be traded in markets and over-the counter.
Tokenization vs Fractional Ownership
Fractional ownership, unlike Tokenization, provides an opportunity to bring unrelated parties together to enjoy trading in a digital world.
With the basics of Tokenization of commodities now clear to you, let’s look into what are the types of tokens operative in the Blockchain environment.
Types of Tokens Circulated and Used in Blockchain World
To ensure that you get the best perks of investing your efforts into the development of tokenized asset, tokens are broadly divided into two basis:
Now let’s look into what approach blockchain app development services like those at Appinventiv follow for designing tokens, followed by what all factors must be taken into consideration.
- On the Basis of Nature
- Tangible Assets – The term represents a set of assets that holds some monetary value and is available usually in a physical form.
- Fungible Assets – These digital assets are created such that every token is equivalent to the next. Meaning, one bitcoin is equal to one bitcoin and is interchangeable with one bitcoin only.
- Non-Fungible Assets – They are designed as unique and can’t be interchangeable.
- On the Basis of Speculation
- Currency Tokens – These tokens represent currencies in digital form.
- Utility Tokens – The term refers to a digital token that is issued to support funding for the development of cryptocurrency and can be later employed for purchasing a particular product or service offered by the issuer of the cryptocurrency.
- Security Tokens –Security tokens, one of the cryptocurrency trends, is basically the digital representation of traditional securities.
Now as we are familiar with the types of tokenization of assets via distributed ledger blockchain technology, it’s the right time to look into what are the benefits of this process.
Advantages of Considering Asset Tokenization
- Greater Liquidity
One of the prime benefits of Asset Tokenization is enhanced liquidity.
Presently, the market for privately held firms is illiquid. Because of this, it takes more time for buyers and sellers to know about each other and the services they offer.
They also have to spend considerable time deciding the factors for doing business together and hiring lawyers, and other service providers for building a contract for executing the transaction.
But, with the adoption of asset tokenization, this process becomes smoother and streamlined. It introduces a blockchain platform where tokens represent private company securities and are sold to participants who would have pre-vetted in such areas as authorized investors with adequate capital to take the risk.
These investors can exit the platform anytime by selling their tokens on a secondary market easily and efficiently. They won’t have to suffer from the hassle of early redemption which is an expensive affair.
This, as a whole, will encourage high net worth individuals and agencies to make an investment in private company securities. And ultimately, build a global market for these private securities.
- Higher Accessibility
Accessibility is also one of the prime benefits of asset tokenization on blockchain surface.
The adoption of asset tokenization on blockchain allows fragmentation of assets to the minimum possible amounts in the form of tokens and encourages investors to get a small fraction of shares. This opens doors for different investors and cuts down the minimum investment period and amount.
- More Transparency
Transparency is yet another advantage of tokenization.
In tokenization of assets, the token-holder’s rights and responsibilities are embedded in the contracts that define token attributes, along with a complete record of ownership. This gives you an idea of whom you are dealing with, what power they have, and whom they have purchased this token from. Something that adds transparency to the whole process.
- Immutability
The data stored on blockchain cannot be changed, deleted, or corrected. So anyone interested in buying or selling tokens can be assured that the asset information and transaction records are accurate, as they are verified and cannot be changed once recorded onto the blockchain.
- No Intermediaries
With the introduction of Smart contracts and characteristics like immutability, tokenization has also reduced the number of intermediaries required in a transaction.
- Cheaper and Faster Transactions
Since transactions of tokens will be done using Smart contracts, a major portion of the process will be automated. This will cut down the number of intermediaries and the efforts required in administering the whole process. This will eventually result in faster and cost-effective transactions, which will be yet another advantage of tokenization of assets.
Now, while these are the pros of Tokenization in general, let’s dive into the business side of it and see what it means to different sectors.
Industries That Are Embracing the Concept of Tokenization of Assets
- Finance
Tokenization, one of the applications of blockchain in the fintech industry, is changing the landscape in different ways – be it margin lending, product structuring, investment, or payments.
The concept facilitates finance organizations with an opportunity to turn all the assets into digital crypto-currencies that could be exchanged seamlessly. It gives merchants an escape from storing the actual credit card numbers in POS machines and other systems. This, as a whole, introduces liquidity in the market and lower down data security breaches.
Likewise, tokenization of equity shares provides users with more than one token issued for the same credit card. Meaning, even if you have used any token on an online website and that portal gets hacked, it won’t be easier to reverse engineer the code and learn the actual credit card number.
A real-world example of this emerging trend in investment strategies is AlgoZ partnership with OmiseGo.
- Real Estate
Real estate is yet another business domain that leverages higher benefits of development of tokenized assets.
The concept of real estate tokenization streamlines the investing process. It eliminates the intermediaries, making it easier and cost-effective for buyers and sellers to interact with each other. It also lets anyone invest any amount, which further results into a better marketplace for all.
Besides, this concept reduces the risk of fraud. Something because of which 66M buildings will be tokenized on Ethereum Blockchain in record deal soon.
When talking about real estate tokenization, there are various platforms offering exceptional services in this direction. Some of them are Harbor, Slice, and Meridio.
- Healthcare
Healthcare sector is also turning towards the idea of adoption of tokenization to settle down some major challenges prevailing these days.
Tokenization replaces sensitive patient data like PANs, NPPI, and ePHI with unique and non-sensitive values, which reduces the data breach cases. It also transfers the power to create, access, and share sensitive data from the intermediaries like insurance companies to patients and medical organizations. And in this way, tokenization of healthcare processes and information empowers patients to validate the accuracy of their data, while saving a hefty amount offered to these third parties.
Clincoin is a perfect example of understanding the scope of tokenization and token economy in the healthcare domain. This Blockchain-based platform, besides connecting users, providers, and developers, pays rewards to users for engaging in healthy activities. Users can then use these tokens to buy digital tools, products, and services in decentralized marketplace.
- Sports
Another industry that experiences significant positive changes with the emergence of asset tokenization is the Sports industry.
Asset tokenization on blockchain platforms decentralizes the whole marketplace, making it easier for investors and fans to invest in their favorite sports players and clubs trade the gained benefits. This further helps sports clubs and players to meet their financial needs and perform in this field more effectively and profitably.
Various sports clubs and firms have already started looking into this direction, while many are planning to embrace the concept. And one such example is the recent Manchester City and Superbloke partnership.
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How Much Does it Cost to Launch an ICO?
Initial Coin Offering has become one of those Blockchain development services that needs no introduction. What started with a sea-full of doubts has now become one of the most preferred modes of raising funds in the present time.
Even amidst the several stories of failure, ICOs have been able to show their worth in the market.
The amount of money that businesses have been able to generate from ICOs are on a constant rise and so are the success stories of Blockchain startups that have relied on the fund-raising medium after learning how to launch an ICO. Growth tangent that the ICO market is presently on has managed to swap the question – What is ICO with What is the Cost of Launching an ICO.
Our intent today, is to get you answers on the same. So, without any momentarily delay, let us get straight to the part where we answer how much does ICO launch costs, divided among the different steps, i.e. ICO Cost breakdown
ICO Service Wise Cost Demarcation
ICO Consultation
ICO Consultation often ignored in name of obviousness can be a deal breaker for a number of entrepreneurs. In fact, the service alone can be one of the biggest contributory factors behind the failure of the whole process.
There are a number of things that you as an entrepreneur planning to launch an ICO has to keep into consideration. Things that only surface when you sit with a company that offers ICO services.
There are a number of things that you get an idea of when you talk to them, which ultimately helps you not just approach ICO event with greater preparation and confidence but also enter the Blockchain industry as a whole with complete information about the sector.
Here are the sub-services that are generally covered under ICO consultancy –
- Planning of the ICO
- White Paper Drafting
- Token Creation and Marketing
- Website Development
- ICO Listing Process
- Post Launch Activities
The minimum cost of ICO consultation service comes out to be a minimum of 8,000 USD.
Whitepaper Drafting and Auditing
Having a well-designed whitepaper can be the ultimate deciding factor of your ICO’s success and one of the most primal answers to what are the essentials required before an ICO launch? A whitepaper, when drafted with much detail, helps in making your investors understand what the project is about – what it would entail, how it would benefit them, and the general scope that it carries. The contents of your whitepaper are what would define how practical your idea is, the problems it would solve, and how the industry that you are planning to decentralize would actually benefit from blockchain product development.
Now, it is quite possible that you would have created a whitepaper yourself but it is pretty easy to overlook some of the most important considerations that you should otherwise pay attention to – something that your team of partnered Whitepaper creation specialists can help you with.
The ICO cost related to Whitepaper Drafting and Auditing usually comes out to be in the starting cost of 5,000 USD.
Blockchain development
The next part of how to launch an ico is to develop a Decentralized Blockchain solution. There are a number of subsets in the Blockchain development umbrella as well – Token Creation, ICO Smart Contracts, MVP, etc.
While the Blockchain development part of the ICO starts with the creation of a token or cryptocurrency that is then given to the investors in return for their investment in the ICO, it is also a mandate that you create a MVP of the Blockchain solution that would give a clear idea of how the ecosystem would work.
Also, at this stage, it is very important that you invest in Smart Contract development as well, as any sound blockchain development companies would advise you. The contract would help in keeping the investors’ best interest met. Having it in place would give them the mental peace that they received tokens in return for the money (Fiat or cryptocurrency) that they put in your business.
Now ensuring that the token, smart contract and the MVP are hack-proof, real-time and scalable would call for a team of experts who have a complete in-depth idea of how each of the Blockchain solutions. You will need a reputed blockchain development firm’s’ help to ensure that the ecosystem you are getting made has no loophole for any hacker to enter.
The cruciality of this stage makes Blockchain development part of ICO one of the most expensive services. The starting ICO price cost range for the ICO development of different dSolutions would come out to be 10,000 USD.
ICO Website
A website that you provide to launch and then promote your ICO from is another most important factor of the whole fundraising process. The website would not just contain the details of your idea, offering, and the whitepaper, it will also be the first platform that the investors will visit to know about your project.
In fact, there are a number of entrepreneurs who conduct the whole fund collection and token distribution process from their website itself, making it all the more important to ensure that the website design is seamless and easy to flow along with making sure that the whole ICO development is done in a way that the website is hack proof and is ready to hold the inflow of traffic in real-time when the ICO goes live.
Designing and development of an efficient ICO website as this will come with a starting ICO price of around 10,000 USD.
Cryptocurrency wallet
Although not a mandate, having a cryptocurrency wallet in place comes in very handy for your investors to save all their cryptocurrencies together. Doing this helps them with a convenient platform where they can easily get a look into how much cryptocurrencies they carry and afford to invest.
This added feature that enhances your offering in the eyes of the investors can cost somewhere around the starting price of 8,000USD.
With the ICO rates now attended to, it is now time to look at the technology stacks that are deemed ideal to help launch an ICO successfully in the market –
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James Smith 