Fintech Companies Revolutionizing Financial Services-2019, who are making the paradigm shift from traditional business systems to emerging fintech solutions

1. volume 11 | Issue 11 | 2019
10Revolutionizing Financial Services-2019
FintechCompanies
Innovator of the Month
Stephen Kalayjian
Chief Marketing Strategist
& Co-founder, Ticker Tocker

4. Simplified than Before
he financial landscape of the world has been
Tchanged evidently. The way people used to think
about money, banking, value-exchange, and cash
flow has been revolutionized, all thanks to the ultimate
combination of Finance & Technology (FinTech). Financial
sector is in the new age of transparency and efficiency.
The impact of technology in finance sector can be
witnessed through the changes occurred in traditional
methods of banking. Previously, banking was something
that was conducted primarily offline and people would visit
their local bank to transfer funds, pay bills or consult with a
banker on various things regarding their personal finances.
But now, we can see how this traditional banking system
has been evolved. Without stepping out to banks, people
can now access their bank accounts through their computers
or phones and conduct any activity online that they would
normally go to a bank for. Similarly, the process of
payments, lending, and trading have also become more
simplified and efficient than before.
Whenever it came to shop online, people used to fear to buy
goods there. But now, they find it safer and secure to go
online without fear of being scammed or losing money, as
companies like Stripe and PayPal are making it easier for
people to make purchases without fear.
Desk
Editor’s

5. Long story short, basically, Fintech has been rapidly
penetrating the financial markets by filling in the gaps left
by the existing financial institutions and thus, significantly
improving the user experience.
It is evident that changes in the finance sector are providing
immense possibilities for economic development. After
understanding the importance of fintech and how it’s
changing the industry, many businesses and individuals are
hugely investing in it.
The study estimates that over the last five years, the
FinTech sector has exploded to a point where it boasts of
growing by a 45 percent annual growth margin. Moreover,
the figures from CB Insights suggests that the sector got a
whopping $13.7 billion in funding last year alone. From
here, we can say that the Fintech market is rapidly
becoming major and more competitive. Fintech companies
are generally more flexible, have low costs, and are more
open to new technologies. They seem to better understand
human behavior and have a superior value proposition with
which they are able to create real more value for their
customers.
Taking this significance of FinTech into consideration,
Insights Success has curated a list of “10 Fintech
Companies Revolutionizing Financial Services-2019”,
who are making the paradigm shift from traditional
business systems to emerging fintech solutions.
Also, make sure to scroll through the articles written by our
editorial team and CXO standpoints of some of the leading
industry experts to have a brief knowledge of the sector.
Let’s start reading!
FinTech is the next big thing
that would shape the financial
landscape of the world.
Hitesh Dhamani

6. KNOWLEDGE KEYS
Be Smart – or Vanish
why Utilities Need to Actively
Develop Smart Micro-Grids ?
12
STELLAR’S VISION
How VideoAmp Evolved
the Company Culture and
Process to Increase the Number
of Engineers Employed ?
28
INNOVATOR OF THE MONTH
TICKER TOCKER
On a Mission to Empower Traders
10
CONT
ENTS

7. 16
ARTICLES
SALMON SOFTWARE
Delivering World-class Treasury
Management System
SE2
Empowering Insurance with a
Platform Led Eco-System Approach
VIPR
Helping the Insurance Industry
Generate Powerful Data
22
32
EDITORS’S CHOICE
Cyber Security: Secure Your
Network with Intelligence
18
GROWTH ASPECT
Entrepreneurship Going
Beyond the Comfort of Safety
to Make Larger Impact
24
FUTURISTIC INSIGHTS
Should Businesses Adopt
Blockchain Technology?
34

9. sales@insightssuccess.com
November, 2019
Editor-in-Chief
Senior Sales Manager Business Development Manager
Marketing Manager
Technical Head
Technical Specialist Digital Marketing Manager
Research Analyst
Database Management Technology Consultant
Pooja M. Bansal
Managing Editor
Anish Miller
Executive Editor
Hitesh Dhamani
Assistant Editors
Jenny Fernandes
Rohit Chaturvedi
Visualizer
David King
Art & Design Director
Amol Kamble
Associate Designer
Kushagra Gupta
Kshitij S Andy Mitter
John Matthew
Sales Executives
David, Kevin, Vishnu
Business Development Executives
Steve, Joe, Alan, AnupJacob Smile
Aditya Marry D'Souza
SME-SMO Executive
Prashant Chevale Frank Adams
Circulation Manager
Robert Brown Stella Andrew David Stokes
Asha Bange
Co-designer
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12. Ticker Tocker
On a Mission to Empower Traders
Registered with the U.S. Securities and Exchange
Commission, Ticker Tocker, LLC is an Intuitive
Trading Platform Powered by a Community of
Trading Leaders.
Empowering retail investors and traders to compete is
Ticker Tocker’s mission. Ticker Tocker was designed to
help novice, sophisticated, and institutional traders find,
test, learn, share and execute trades in stocks, futures and
foreign exchange.
Since its inception, Ticker Tocker has won numerous
®
awards, including three Stevies American Business Awards
for Most Innovative Tech Company of the Year, Best
FinTech Solution, and Best New Financial Product and
®
Service in the 17th Annual American Business Awards .
These awards are indicative of a simple fact that Ticker
Tocker is the future of trading. With a novel, intuitive
approach to improving trading, Ticker Tocker is
revolutionizing the fintech industry by introducing new
levels of technology and efficiency.
These accolades are also accompanied by strategic
partnerships with almost all of the industries’ leading
exchanges and brokers including: The Chicago Mercantile
Exchange (CME), CQG, Inc., Interactive Brokers, TD
Ameritrade, Tradier, Fidelity Investments, ATC Brokers,
TradeStation, Sage Trader, GarWood, MatrixEx, and many
more.
Groundbreaking Products
Ticker Tocker provides many different products for the
many different DNAs of traders by combining solutions that
allow traders to get content that matches their level of
expertise:
Intuitive social charting tools provide novice traders the
ability to easily copy trading leader’s trades in realtime to
their existing broker accounts.
Intermediate traders can utilize a unique “Tocker Score” to
easily visualize trends and end chart overload. A Tocker
Score is a customizable, composite calculation of indicators
that helps traders identify when significant events occur that
might indicate upward or downward trends in momentum.
Advanced traders can utilize a drag-and-drop codeless
algorithm creator to design strategies in a way that’s easy to
understand, provides instant visual feedback, requires no
coding, and offers charting integration.
Verified trading leaders host live-room sessions, offering a
high-level of transparency of their trading strategies and
providing targeted education for novice and advanced
traders alike.
The Immensely Experienced Leader
With over 35 years of industry experience trading stocks,
futures, commodities and currencies, Stephen Kalayjian, is
the Chief Marketing Strategist and Co-founder of Ticker
Tocker. Stephen began his career at the American Stock
Exchange in 1983 and moved on to a position at the New
York Stock Exchange in 1984, where he remained until
1989. Stephen also held positions in the COMEX division
of the New York Mercantile Exchange and at the Chicago
Board of Trade. Stephen traded his own capital and that of
various family offices becoming a successful day trader
| November 2019 www.insightssuccess.com10

13. trading a significant amount of volume. In 2007, Stephen
co-founded a firm to research and develop predictive
analytics in order to identify trends, reversals, patterns, and
divergences in the marketplace for all asset classes and time
intervals. Stephen seeks to generate short term and long
term trade ideas using his predictive analytics throughout
the day. In 2016, the company built Ticker Tocker, an
intuitive marketplace trading platform. Ticker Tocker
includes an order management system, an API connected to
multiple member and technology firms, and a patented
code-less algorithm builder. As a Leader on Ticker Tocker,
Stephen provides education, strategies, market commentary,
trade ideas, trade signals, and a live trading room for his
subscribers. Ticker Tocker has contracted with Bloomberg
to offer an application that provides predictive analytics to
institutional traders through the Bloomberg App portal.
Additionally, Steve will be hosting Ticker Tocker Live; a
live stream program broadcasting eight hours per day, five
days a week, to teach trading analytics and the power of
predictive analytics for generating trade ideas in equities,
futures, ETFs, commodities, and currencies.
Active Trading, the Need of the Hour
According to the organization, the global equity markets
have been on a historic run leading investors to question if
sophisticated trading tools are necessary when things are
“always going up”. But as everyone knows, business cycles
are entirely inevitable, and what goes up must go down. To
preserve and grow wealth, active trading is crucial to take
advantage of all volatility in a market whether it is
occurring in bullish or bearish territory.
Ticker Tocker also believes retail investors and traders have
bought into a “set it and forget it” mentality. Passive
investing and trading tools like ETFs, new unsophisticated
apps such as Wealthfront, and other managed portfolio
services have given a false sense of “security” be removing
what used to be an integral part of the trading ecosystem,
expertise and understanding. To combat this trend of
complacency, Ticker Tocker provides tools and expert
leader advice to allow traders to be active participants in
trading.
Providing Institutional Level Tools
Ticker Tocker specifically targets the trading niche in the
FinTech space. In trading, issues plaguing the industry
include shrinking commissions, reducing retail volume, and
the rise of high frequency trading cutting into retail traders’
ability to generate a profit.
Ticker Tocker addresses these issues by providing
institutional level tools and expert leader advice to traders
to give them the capability to trade more and to compete
with more sophisticated trading operations.
Standing Tall from the Crowd and Planning for a Better
Future
Ticker Tocker stands out from its competitors with patented
technology developed over a decade and with partnerships
with most major American exchanges and brokers. In
addition, Ticker Tocker’s extensive regulatory licensing
including being a RIA gives the company an advantage as
the most heavily regulated platform to offer social trading
services in the industry.
When it comes to the future, Ticker Tocker’s goal is to be
the leading platform for retail trading for all major US
brokers and exchanges by the end of 2020. Future goals
beyond this include planned expansion to international
markets including London/Europe, Israel/Middle East, and
Singapore/South East Asia to name a few planned
expansions.
Ticker Tocker provides access to a global
network of trading Leaders to allow retail
traders to gain insights through live trade
ideas, live broadcasts, and verified
Leader profiles.
Stephen Kalayjian
Chief Marke ng
Strategist & Co-founder
Innovator of the Month
www.insightssuccess.com 11November 2019 |
1 Fintech Companies
Revolu onizing
Financial
Services-2019
$

14. Be Smart – or Vanish
Why Utilities need to Actively
Develop Smart Micro-Grids ?
The energy market is changing
rapidly. This is true not only
for the USA and Europe but
on a global level. Possibly the most
important change is the one towards
more decentralized systems. This is
challenging the utility industry.
Utilities historically have developed
by integrating small microgrids
which grew around mills and other
small-scale generators (today we
would say prosumers). This is why
utilities developed along the entire
value chain: They integrated these
micro distribution grids in a more
stable larger (Transport) grid and
replaced decentralized generation by
more cost-efficient central power
plants. This highly efficient
centralized system was allowing
industrial development as we know
it. At its time it was possibly the only
way to serve large, strongly energy
depending production like steel,
paper or the upcoming chemical
industry. The centralized energy
system did not result from an
oligopolistic market, but the industry
structure derived from an efficient
technical design.
There are several reasons why this
formerly beneficiary system is
challenged today. Not all apply in all
markets but some of them do, so
decentralization of energy markets is
a global trend. Specifically, in most
industrial markets the new energy
regime is driven by politics favoring
small scale, decentral renewable
generation. Subsidies on renewables
devalue existing large thermic power
plants. Even large-scale hydropower
plants do not easily pass strict
environmental and social feasibility
analysis. But independent of any
political setting there is another more
fundamental reason for the growing
competitiveness of a decentralized
energy design. While the first phase
of industrial development is known
for its industrial clusters (often
grown close to energy sources like
coal or water) which shaped many
geographic areas for more than a
century, later phases are much more
dynamic and do less depend on
geographic proximity. Within a
dynamic industry setting where
businesses are set up and closed or
moved somewhere else on a regular
basis a static centralized
infrastructure loses competitiveness.
In many emerging markets this
dynamism as well expands towards
those areas which are today not
connected to the central grid but offer
inexpensive land or new agricultural
products which can be sold abroad at
high prices. Finally, the political will
and the industrial demand for
decentralized systems today
encounter renewable generation even
at small size at competitive costs
compared to large size thermic power
plant. For the most prominent
renewable technology photovoltaic in
the North (with less radiation) this
competitiveness is given only as grid
parity, meaning central generation
plus transport is as expensive as
photovoltaic on site. In the Southern
hemisphere photovoltaic is already a
competitive source empowering
decentralized energy infrastructure.
While decentralized generation has
caught up with centralized generation
plants, distribution systems with a
large portion of decentralized
renewable generation capacity are
often inefficient. There are basically
four reasons for this inefficiency: (1)
Missing price mechanism supporting
grid operations, (2) high costs to
operate such a system stable, (3)
large amount of excess energy
(exported or not being used at all)
and (4) sub-utilized interface
between microgrid and its feeder
system. These are basically the same
reasons that in the last century
supported the centralization of the
grid system. What is needed is an
intelligent or smart decentralized
distribution system.
An intelligent distribution system
with mainly decentralized generation
requires more than smart meters and
it is different from today popular so
| November 2019 www.insightssuccess.com12

15. Knowledge Keys
Dr. Karl Kolmsee the CEO of Smart Hydro Power, studied agricultural and philosophy at
the Universities of Hamburg and Goettingen, Germany. After his PhD he has spent most of
his professional career in the energy business – first as consultant at A.T. Kearney later as
manager at E.ON, Europe’s largest private utility, and member of the board at Schmack
biogas, one of the pioneers of the biogas market in Europe. In 2009 Karl Kolmsee has been
nominated professor for energy management at Applied University of Kufstein, Austria. His
main areas of academic work are international energy markets and renewable energy. In
2010 he founded Smart Hydro Power to focus on design and commercialization of kinetic
pico hydro power systems with main focus on rural electrification for emerging markets like
India, Latin America and Eastern Africa. Today Smart Hydro Power offers complete solutions
for off grid solutions and micro grids.
About the Author
www.insightssuccess.com 13November 2019 |

16. called smart home or home storage solutions. These offer
photovoltaic, battery and basic load management for the
individual household. Some providers of home storage
solutions integrate customers in a community model to
allow exchange of autogenerated electricity. But these
communities are barely more than contract partners
within a fixed price net metering model. Individual home
solutions – even within sales-and-purchase communities
– do not solve any inefficiency issues decentralization
faces. These systems are either completely self-sufficient
– in this case they are expensive – or they rely on central
grid services like a parasite of its host. Sustainable
decentralization requires an intelligent control and
steering mechanism between the households which build
a microgrid.
While there are possibly different steering mechanisms,
establishing a local market with the price as variable that
guides demand and supply according to the aggregated
demand function and the aggregated cost functions
seems promising. Technically this does require a
dynamic forecasting and load management (at least for
major loads which are used in a price-sensitive manner).
At first glance a market model would solve the four
major issues shown above. It would set a price for
photovoltaic and battery storage which would control
demand and thereby reduce necessary installed reserve
storage and generation capacity. This mechanism would
as well be consistent with the functioning of the feeder
grid and could therefore supply itself services to this grid
which would be valued with the same “currency”.
Technically this steering mechanism might be
completely decentralized based on individual processors
in each household like the blockchain technology (once
necessary processing capacity comes down to acceptable
limits) or it might work between a central unit and
individual processors. In either way it steers the local
market place towards an efficient optimum given
generation, demand and battery storage capacity at a
defined point in time.
Micro grids do open (within a given legal framework) a
possibility for traditional utilities to re-define their role
using some of their traditional strengths. But new
entrants can equally well enter this space and perform
wherever the incumbent does not adapt. This gives room
to numerous co-operations between new entrants or
between new companies and the incumbent offering their
services or developing new business models along the
value chain. Incumbent utilities may be smart – or
vanish.
| November 2019 www.insightssuccess.com14

18. Salmon Software
Delivering World-class Treasury
Management System
Whenever it comes to managing important
financial operations, businesses always count
on Treasury Management Systems (TMS).
Taking it as an inspiration, an Irish software firm, Salmon
Software is providing world-class TMS solutions for three
decades. The company operates its international
headquarters in Dublin, Ireland, with its Central European
headquarters in the Czech Republic. Its blue-chip customer
base includes Airbus, Arqiva, Avolon, Ryanair, Securitas,
FQM, Traxys, CRH, Serco and many more.
A One Stop Shop
Salmon Software has achieved great success and coverage
with its flagship product, Salmon Treasurer. Salmon
Treasurer is a one stop shop for all aspects of treasury and
has a very broad range of Financial Instrument Coverage
across several markets including, Money Markets, Foreign
Exchange, Debt, Derivatives, Facilities, Trade Finance,
Commodities and others. It incorporates unrivalled rich
functionality in Cash Management, Automated Electronic
Payments, Forecasting, Intercompany Position Keeping,
Multi-Lateral and Multi-Currency Intercompany Netting,
Regulatory Reporting, Interactive Dashboards.
Additionally, it also has inbound and outbound integration
with all market providers including banks, ERP Systems,
Rates Vendors, Trading Platforms etc. and provides
extended treasury management functionality enabling
companies to centralize or decentralize treasury operations
and manage unlimited accounts, facilities, books, funds,
dealers and companies.
Salmon Software is a disruptive force in the treasury
management arena due to its flagship product. The
company’s TMS has evolved to reflect the technological
innovation and increasingly complex global financial
systems making it one of the most sophisticated treasury
tools in the world. The company has the same system for
cloud and on-premise deployment. Being small and agile,
the company has no third-party investment diluting its
focus. It is therefore singularly focused on its clients and
delivering a solution which represents a 100% fit to
requirements.
In a world, where a recent Citibank survey has shown large
dissatisfaction amongst Treasurers with their TMS, Salmon
has no such complaints. The company offers 100% fit every
time as it has the instrument coverage, the functionality, the
integration services and most of all the “know-how” to
deliver and implement a Treasury Management System.
Blazing the Trail
An elite team of Salmon Software is led by its CEO, John
Byrne. John is a business graduate of University College
Dublin. Prior to setting up Salmon Software, in 1985, John
researched the markets and created INTUITION, the first
CBT system on the market. This was a hugely successful
product and its offspring system is still in use today.
Following that, he set up Salmon Software in 1985 and for
over three decades he has been a strong advocate of
independence, specialization and innovation in the
application side of Treasury Management Software. During
| November 2019 www.insightssuccess.com16

19. this time, he has led the development and innovation of
Salmon Treasurer to continuously incorporate new
technology and new ideas to meet the demands of the
increasingly complex nature of global financial markets.
Customer-centric Approach
Salmon Software spends a lot of time with their potential
clients to ensure that there is no disconnect between what
they are expecting from their TMS and what the company is
expected to deliver. “We know the system and the client
knows their data. Marry those 2 together and you will be
guaranteed a successful outcome,” says John.
Not only does Salmon Software listen to its clients, it also
canvasses them regularly to ensure that the company is
developing the system to meet their needs. They get to have
a say and an input into the company’s development
roadmap. After all, they are the ones who know what they
want. Ignore them at your peril.
Leading the Market
Salmon Software has been first to market with a number of
innovative creations. For example, it has Intercompany
Position Keeping that doesn’t require the necessity to
duplicate transactions between entities. This eliminates 50%
of the data recording, eliminates the necessity to reconcile
positions, and enables both entities to see the same data
from opposing perspectives. It is also the first to introduce
functionality to cater for SONIA as it replaces LIBOR.
Secondly, the company offers a single system which
encompasses all markets and therefore fits easily into all
business sectors. It is completely modular and licensed
according to need with a singular deployment methodology
and devoid of any potential for multi-tenant risk because
each client enjoys their own dedicated environment and
database.
In order to bring efficiency, Salmon Software follows all
technological advances in the market to upgrade itself with
the volatile technological advancements. It adopts those that
it feels will enhance its systems and incorporates them into
its Salmon Treasurer application immediately.
Continuously Developing
When asked about future aspiration, Salmon Software
intends to develop according to 3 influences, which
includes its clients, technology, and third-party systems
impacting on the Treasury community.
A functionally rich product supported by a
longstanding, knowledgeable and
professional team with a dedication to
excellence and delivering solutions that
clients expect.
John Byrne
CEO
www.insightssuccess.com 17November 2019 |
1 Fintech Companies
Revolu onizing
Financial
Services-2019
$

20. SecureYourNetworkwithIntelligence
Cyber
Security
| November 2019 www.insightssuccess.com18

21. At present, cyber security is
playing a vital role in the
digital world and it is also
known as a standard technology use
for the protection of cyber
environment of an individual or any
organization. It is mainly known for
security culture which includes user
network, drives, software process,
information storage, application
security and system support which is
directly or indirectly connected to the
network. The prime objective of
cyber security is to reduce
continuously growing cyber risks and
cyber threats.
Cyber security technology consists of
a collection of tools, policies,
security concepts, risk management,
actions, and training. The technology
tracks protected networks, data
security from data attack, along with
cyber security and physical security.
The core functionality of cyber-
security is based on techniques
involved protecting information and
system from cyber threats.
How Cyber Security came into
Existence?
As with the history, cyber security
has huge network background with
its own findings and technology
aspects. In the early 1990s, a
research on information security and
policy was been introduced where
information was in the form of
accuracy and based on system
awareness. Under 2016 survey, 70%
of the organizations in the US were
adopted by US Security survey
which is comprised of NIFT
(National Institute of Standards
and Technology)
Cyber-security framework.
Origins of Cyber Security Platform
Cyber security is defined as a
package of safety solutions which
provides major security processes.
There are many sectors which are
consuming cyber security platform as
its major functionality for web
service network. The fundamentals
of cyber security process are,
Ÿ Application Security
Ÿ Information Security
Ÿ Network Security
Ÿ Operational Security
Ÿ Application security is covered
with technology that measures the
feasibility of the application by
finding, fixing and preventing
security exposers. There are
different techniques which are
being used as security platform to
emphasize safety at different
stages of the application cycle.
Application cycle includes
different segments such as design,
development, deployment,
upgrade, and maintenance. The
standard of security process is
consequently changing and
application cycle has also a
different process with different
standardization.
Techniques used in application
security are mainly focused on
its exposer of the application
security. Whitebox security is
used for reviewing the source
code and noticing security flaws
of the application through
manual functionality. Blackbox
security audit is used for testing
security functions where source
code is not needed.
Design review is used as an
application of threat model, and
works before the code is written.
And Tooling is the technique
which includes automated tools
that test security flaws with
higher positive rate.
Ÿ Information security is a core
source of information which is
confidential, integrated and easily
available. The primary focus of
this security process is to the
stable data protection while
maintaining a focus on efficient
policy application. Risk
management process is achieved
by identifying assets, threat
sources, and vulnerabilities and is
also followed by the effectiveness
of the risk management plan.
Information security mainly
works on confidential information
which is highly entitled to the
process.
Ÿ Network security sets a variety
of computer networks, used in
both public and private sector. It
also includes conducting
transactions and build
communications among
businesses, government agencies,
and individuals. All networks are
divided into two sections, private
network and public network.
Private networking is used
within the company and public
network access relates to the
open source network. This
security culture is highly
involved in most of the
companies, enterprises, and other
types of institutions. It is mainly
used for protecting and
overseeing the operations. The
Editors’s Choice
www.insightssuccess.com 19November 2019 |

22. network resource is relatively protected by assigning a
unique name and a corresponding password. The process
is concerned with authentication of username and
password which implements its security concept.
Ÿ Operational security is a process that identifies
information which is critical and easy to determine by
competitor intelligence. It protects individual piece of
data that could be grouped together to give a proper
set of information. It includes critical information
essential for military commanders, senior leaders, and
higher management. The whole process also includes
technical and non-technical measures such as, use of
email encryption software, taking precautions against
spying data and securing confidential information not
to be shared on social media platform.
Operational security is a five-step process which
assists any organization to specify required
information,
Ÿ Identification of critical information
Ÿ Analysis of threats
Ÿ Analysis of Vulnerabilities
Ÿ Assessment of Risk.
Securing Organization Processes
Cyber security process plays a crucial role to impact
information security of the organization. It also explores
the “Relationship between Organization Culture and
Information Security Culture” and contributes into the
organization’s protection as well as maintains all kind of
information. Security process is a never-ending process
in which information is used as a resource tool to
manage statistics security culture.
The security process served five-step processes including
pre-evaluation, strategic planning, operative planning,
and implementation. The pre-evaluation process
identifies the awareness of information security within
employees in the organization. Strategic Planning offers
healthier awareness program where target gets sets
according to the grouping of people. Operative Planning
provides good security process which can be established
based on internal communication, security awareness,
and a training program. Implementation is four stage
process used as security process to implement
information. The process is used for management,
communication with organizational members, and
current employees.
Enhancing Future with Cyber Security
Cyber security is aggressively contributing to the IT field
concerned with reducing organization’s risk and data
break. According to research in 2016, 46% of
organizations carry “problematic shortage” of cyber
security, and is increased by 28% compared to 2015.
Also, government, commercial and non-governmental
organizations use cyber security for better and secure
platform.
The demand for cyber security is increasing rapidly as
professional security worker in all industries are
managing the volume of consumer data of finance,
healthcare, and retail. However, the use of the term
“cyber security” is more popular in all industrial areas
that will help organizations with security process culture.
Conclusion
Cyber security is equally important for local, state, and
central government as these organizations maintains a
huge amount of confidential data and records concerning
the country and its citizens. Yet there are many
government and commercial organizations that face
difficulties in protecting the confidential data due to lack
of inadequate secured infrastructure, and lack of security
awareness.
| November 2019 www.insightssuccess.com20

24. SE2
Empowering Insurance with a
Pla orm Led Eco-System Approach
S
E2 is the best-in-class platform driven
administration services provider to the US Life
and Annuity Insurance Industry.
We transform our client’s operations by leveraging our
®
industry leading SE2 Aurum digital platform and
capabilities allowing them to reduce and variabilize book
of business administration costs while also gaining the
ability to rapidly launch new products and propositions
in the US LA insurance market.
Carved out of a 125+ years old life insurance company,
SE2 is a team of insurance experts, 100% dedicated to
the life and annuity industry, who just like our clients
live and breathe life and annuity insurance.
SE2 recently completed a large transformation program
that saw the investing over USD $80M+ in modernizing
®
its SE2 Aurum platform to open up the architecture and
build a complete ecosystem that provides its clients a
best of breed operating model to run their operations,
launch new digital channels and innovative products, and
engage their policyholders. Some recently launched
solutions equips its clients to build a launch direct to
consumer solutions as well as to leapfrog into providing
a digital age buying experience for existing channels.
SE2’s model is shifting the industry value curve by
harnessing modern digital technologies and cloud to
provide a better, more efficient customer service
experience at an optimized, variable cost model.
The Man Behind the Platform
Vinod Kachroo is the Chief Information Officer of
SE2. His influence towards the industry stems from
success driving transformation efforts on the carrier side
with companies like MetLife, AIG, and Prudential and
more recently with SE2 where he spearheaded a massive
three-year digitization initiative to create the SE2
®
Aurum platform and the industry’s first fully functional
life and annuity API. His approach for the platform was
based on a 10x10 strategy, which required the platform
to support 10x scale and be relevant at least 10 years out
as technology evolves. The aggressive and fulfilling
journey resulted in clear business outcomes and creation
of the first end-to-end Life Annuity digital platform
with industry-leading digital architecture.
One of Vinod’s most groundbreaking innovations, made
possible because of his initiative, was the ability for
insurance carriers to issue a life insurance policy and
deliver it to the consumers in approximately five minutes
after the application is started as opposed to the industry
average of more than 20 days. While there were many
immediate innovative results, but the platform also was
built in a way so that it can evolve and add new
functionalities as technology continues to evolve. For
example, SE2 is creating an AI engine, similar to
Amazon’s Alexa or Apple’s Siri, which can be used in an
enterprise setting.
| November 2019 www.insightssuccess.com22

25. Delivering a Future-Proofed Digital Platform
Purpose built for life and annuity insurance carriers,
SE2’s industry experts set out to provide the industry
with the most modern, innovative technology platform
and enhanced service delivery that will create an
enhanced stakeholder experience throughout the entire
policy lifecycle. Today, SE2 is the largest administrator
of variable annuities in the United States and one of the
most innovative third-party administration and
technology companies serving the North American LA
insurance industry. As SE2 continues to help optimize
insurance operations to future-proof insurance
companies, it leads the industry in innovation solutions
for areas such as RPA, blockchain, wearables, and
machine learning. To achieve this leadership positioning
in the marketplace, the company has undergone many
transformations in terms of technology enhancements,
services enhancements, and workforce development
initiatives that have helped sustain its rapid and
aggressive growth.
According to the company, their mission is to deliver a
digital platform and a fully integrated eco-system that
enables the industry to break away from legacy system
and process challenges to embrace innovation. SE2
enables insurers to not just build products in an on-
demand usage based model on the SE2 Aurum Platform
but to offer a digital age life insurance buying experience
to American consumers.
Tackling Challenges and Future Roadmap
According to SE2, a combination of demonstrated need
for life insurance in underexplored markets and segments
and the availability of new and sophisticated digital
technologies is bringing carriers more opportunities to
grow their businesses than ever before. Organizations
that get digital transformation right will be in a position
to meet existing and prospective customers’ expectations
for tailored products and service, empower agents to earn
consumer trust and confidence and put themselves in a
position to meet regulatory, economic, and market
uncertainties now and into the future. SE2 intends to
focus on growth and value creation over the next 36
months with a singular focus on delivering a superior
customer experience to the carrier partners, their
distribution network and the end customer. The future is
bright for SE2 as they continue to transform the life and
annuity insurance industry and leapfrog carriers into the
digital age.
As customer expectations continue to
increase and insurance carriers seek to
deliver next-generation digital
experiences and greater engagement
levels for their distributors and end-
customers, SE2 is uniquely positioned to
enable these owing to our industry
®
leading SE2 Aurum Digital Platform.
Vinod Kachroo
Chief Informa on Officer
www.insightssuccess.com 23November 2019 |
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26. | November 2019 www.insightssuccess.com24

27. Entrepreneurship
Going Beyond the Comfort of
Safety to Make Larger Impact
Entrepreneurship is the process
of starting a new business that
adds some value to the world
by solving some specific problems.
Entrepreneurship is the capacity and
willingness to develop, organize and
manage a business venture along with
any of its risks in order to make a
profit. Entrepreneurship combined with
land, labor, natural resources and
capital can make a profit. Those who
create these businesses are called
entrepreneurs. Entrepreneurial spirit is
characterized by innovation and risk
taking and is an essential part of a
nation’s ability to succeed in constantly
changing and increasingly competitive
global market place.
Entrepreneurship in its truest form is
all about identifying a gap in the
market and creating a product which
can fill that hole. Entrepreneurship is
not solely about making money- it is
also about changing and enriching the
lives for better. It is about improving
people’s lives through creation of
products or launching services that
makes the lives of people easy. If one’s
business does not add value to the lives
of people then it is unlikely to survive.
The business that makes nothing but
money can easily be considered as a
poor business.
Entrepreneurship is the act of being an
entrepreneur. Entrepreneurs act as
managers and oversee the launch and
growth of an enterprise. It is a process
by which either an individual or a team
identifies a business opportunity and
acquires and deploys the necessary
tools and resources required for its
utilization.
Entrepreneurship is all about being
ready to go beyond the comfort zone. It
is about defining success on one’s own
terms and achieving it by one’s own
process and methodology. It is also
about thinking outside the box or
thinking like there is no box. True
entrepreneurial spirit is about seeing
challenges as opportunities.
Entrepreneurs should be able to shake
off depression, laziness and should
jump into the flowing stream of hard
work in order to achieve their dream.
True Entrepreneurs understand that
they can’t be great at everything they
do, but they know that they can be
great at something. They focus on that
particular something in which they are
good at with laser like focus and they
are passionate to deliver the best
solutions in their chosen work.
Entrepreneurs create something new,
something different that solves some
problems or adds value to the world.
An entrepreneur is a person who is
willing and able to convert a new idea
or invention into a successful
innovation. Entrepreneurial journey is
not always so easy. As Elon Musk
quotes “Being an entrepreneur is like
eating glass and staring into the abyss
of death.” Many people experience
entrepreneurial journey as a
rollercoaster ride filed with challenges
and opportunities; ups and downs.
Entrepreneurship is about perseverance
Growth Aspect
www.insightssuccess.com 25November 2019 |

28. through all such ups and downs. The
journey may be filled with crest and
troughs but the journey is worth taking.
Entrepreneurs understand that
seduction of safety is much more
dangerous than the perception of the
risk. Therefore they take calculated
risks based on market trends and
market estimation. Where common
people see the problems entrepreneurs
see the opportunities. Entrepreneurs
are driven to create solutions to those
problems. Entrepreneurs are not the
part of problems but entrepreneurs are
people who want to be part of the
solution to those problems.
Entrepreneurs are innately programme
to create solutions to the existing
problems.
Entrepreneurs roll up their sleeves
every day and work hard to create
solutions to the existing problems in
the world in order to make profit as
well as to enrich the lives of people.
They are in the game to make a
difference and impact in the lives of
people through offering solutions to
some of the biggest problems. Money
is secondary to them but making
valuable contribution and adding value
to the world is what they focus on.
They understand that money is just a
byproduct of serving as many people
as possible with full efficiency.
Entrepreneurs plan their work and
work their plan. Successful
entrepreneurship requires
entrepreneurs who take conscious,
systematic, logical and thoughtful
decisions. It is about thinking
deliberately and acting on the
conclusion of logical thought process.
Great entrepreneurs have the ability to
think decisively even in indecisive
environment also. Their conscience
and intuition helps them to come up
with some solutions that add glory to
their business. Successful
entrepreneurs are also very cautious of
making use of the latest technology for
creating more profitable solutions.
They know how to leverage everything
to create glorious business that adds
value to the larger portion of the world.
Entrepreneurs are here to make a
valuable contribution to the world
through their words and worthy
actions; they just don’t want to occupy
the space in the universe.
Entrepreneurs believe in making world
a better place by creating something
that customizes the lives of people for
better. Great entrepreneurs walk their
talk and talk their walk. Their lips and
lives both make difference in the lives
of people. They know that world
rewards those who press on.
Entrepreneurship is about paying the
price of dedication, commitment,
sacrifices, hard work and putting heart
and soul into the business to create
something different that makes lives of
people easier. The words and actions of
great entrepreneurs show that they
know where they are going and the
world has the habit of making room for
such people.
Entrepreneurship is about knowing the
way, going the way and showing the
way. Entrepreneurs lead by example.
They use all the resources they have to
make larger contribution to the world.
They think of changing the world
through their skills, abilities, talents
and making optimum utilization of all
the resources they have. Entrepreneurs
build a strong network of people in
their organization. The great
entrepreneurs understand that one’s
network determines one’s net worth.
Therefore they choose smart and
pragmatic people around them that are
having the ability to come up with
solutions to some of the toughest
problems. They are very cautious of
people they associate with.
Entrepreneurship is about building
bridges of success instead of creating
barriers to opportunity. It is about
having talented people on-board to
come up with great idea and to
implement that idea to make a tangible
difference in the lives of people.
| November 2019 www.insightssuccess.com26

30. Dave Gullo
Co-founder CTO
VideoAmp
| November 2019 www.insightssuccess.com28

31. Ÿ “Promoting out of hand” is another variation of
this where you don’t put someone through the
normal due diligence because they already
present. In our case, individual contributor (IC)
engineers don’t go through the rigorous
reference checks that new managers do.
Ÿ “Hiring under duress”, or lowering your bar
simply to meet headcount goals. I strongly
advise to hire fewer “full-full stack” senior
engineers vs. a bunch of junior or mid-level
career developers who require more time,
nurturing and precious attention units from your
senior staff.
Process
This is a moving target, and one which has definitely been
an ongoing series of blogs. In the early stage, we “over
prescribed scrum.” Something that a very early stage
company can do, along with too much agile processes too
soon.
For example, prototypes and proof of concepts should not
have a rigorous definition of done, with endless unit,
functional, and end-to-end tests because the product’s
requirements will probably zig-zag wildly.
Conversely, having too little process when you are
supporting enterprise customers can also be a
problem. I spent my prior days as an IC and
VideoAmp turns 4 years old this month. So many
memories, and so much growth. Let’s reflect on
some of the worst decisions and associated
learnings that have been fundamental to our growth. Why
the worst you say? Because when you accelerate your
learning rate in a fail-fast environment, it then allows you to
make fast decisions vs. the analysis paralysis predicament.
Reflection
One of my favorite wildcard interview questions for
managers is: “Describe the failure you’re most proud of.”
This sometimes catches people off guard, so I’ll share mine
first to get the conversation going. Inevitably it comes down
to choosing because there are so many.
You can’t talk about growth and success without talking
about these failures. Unless you’re some kind of hybrid AI-
robot-space-alien who’s absolutely perfect, there’s going to
be mistakes. What’s important is that as a leader you own
your mistakes and be transparent about them.
Hiring
Finding the right people is the single most important aspect
of growing a startup. The biggest mistakes in hiring have
been:
Ÿ “Hiring out of hand”, or short cutting the normal
processes because the candidate is well known by other
engineers in the group.
How VideoAmp
Evolved the
Company Culture
and Process to Increase
the Number of
Engineers Employed
Stellar's Vision
www.insightssuccess.com 29November 2019 |

32. contractor retrofitting and scaling CI/CD pipelines and
training engineers how to write better tests.
The challenge is right-sizing this all along the way, and the
trigger points on when to change may not be obvious. I say
this because we grew headcount by 22 engineers from Oct
2017 to Feb 2018, and in the process we did not modify our
simplified Kanban approach to a prescribed Scrum process
quickly enough. Growing pains emerged, to say the least.
Now we’re in a spot where we can withstand a magnitude
scale of growth with roughly the same squad and tribe-level
process.
Management
Riffing off rapid growth of Brains in engineering, we didn’t
scale management fast enough. Almost all startup
engineering orgs start very flat, with all ICs and no
management. You have “tech leads” who may split their
time doing light managerial functions, but they all write
code and dive into the operations.
The biggest fail here in scaling the ICs was not scaling the
org and management structure to follow. At ~44 engineers
and data scientists, we have a duty to deliver on our mission
to provide an environment where they have the opportunity
to do the best work of their lives and be worth more in the
marketplace.
Without this vital management structure, there is a vacuum.
Do not bolt this on later, build it as you go. We took
inspiration from Spotify’s model of engineering
organizational scaling.
Growth Career Pathing
We’ve talked about all of these fails, how about something
that has worked well for us?
When doing initial contact with a candidate, I often ask
“why are you in market?” I have seen countless folks who
are looking because their current management does not
have their growth and career pathing in mind. In extreme
cases, they can do a day’s work in four hours, feel like they
are under-challenged, and have not learned anything in
years. They work in an environment like the movie Office
Space.
Taking an opposite approach is to engage in the growth and
pathing of every individual. We do this by:
Ÿ aligning the growth of the individual with the
company’s growth.
Ÿ having management check in frequently on the success
of this, and
Ÿ setting up formal quarterly check-ins on measuring
these goals. Google adopted this early on from John
Doerr in the form of OKRs, and there are great
platforms out there which can formally measure and
track these objectives.
Career pathing is a longer-term concern. I ask candidates
from the start “so what’s the next job after VideoAmp?”
This often catches them off guard, then after careful thought
most reply with a role 1-2 levels beyond where they’re at
now. It’s our goal to help steer them in whatever path they
currently see.
Many earlier-career engineers think management is their
ultimate path, but I have found that many will stay on a
tract of engineering excellence. Whether it’s a Principal
Engineer or a VP of Engineering, the goal is to orient the
new challenges in a manner which grows them in that
direction, even if we can’t fully realize their ultimate
pathing goal while at the company.
By paying careful attention to these details, we have found
our annual retention rate in the high 90%.
| November 2019 www.insightssuccess.com30

34. VIPR
Helping the Insurance Industry
Generate Powerful Data
he insurance industry sometimes moves at a slow
Tpace when it comes to technology. Traditionally, it
has been common practice to use spreadsheets to
record and manage data – a method that is not only time
consuming, but also prone to error. Today, while the
industry has embraced technology, it is often the case that
the systems used do not deliver what the industry needs.
This is particularly evident where third parties
(Coverholders/Brokers/Agents) are appointed to underwrite
business on behalf of Insurers (called delegated authorities).
More often than not these third parties report back to the
Insurers using Excel spreadsheets, which are of inconsistent
structure and variable quality. The result is that the data is
extremely difficult, if not impossible, to reconcile and
interpret.
The solution? Cue VIPR, a UK leading software insurance
provider. VIPR specializes in developing products that help
the industry generate powerful data. Data that ultimately
has a purpose. The company focuses on the end-to-end
management of delegated underwriting, from initial third
party approval through to the provision of rich management
information (MI), to ensure the industry can make the best
business decisions.
As a data and analytics solution provider, VIPR is now
wildly recognized in the industry for its results-driven suite
of software products. This influence has impacted the
companies ever-growing client base, as well as its own
th
expansion as it celebrates its 10 Anniversary.
Specialists in Delegated Authority
The evolution of VIPR’s products, largely stem from its
customers. As a customer centric company, VIPR
wholeheartedly engages with its clients, by listening to
them and shaping software solutions based on their needs.
The majority of these clients work within delegated
authority business, where the insurer devolves authority to
third parties to accept risk and write policies on their behalf.
This creates a requirement for various software solutions to
manage the relationship, the data created, i.e. policy
information, and to enable comprehensive reports that can
capture meaningful MI, as well as facilitate regulatory
reporting.
Furthermore, with large amounts of disorganized and non-
standardized data being received by insurers it is almost
impossible to analyze and report on this data without the
right products. Working with its clients, VIPR has been able
to develop solutions that resolve these issues. These
include;
Ÿ Intarga, a third party workflow and management system,
which provides a centralized process to allow
underwriters to effectively control the approvals
process, due diligence and monitoring, as well as audit
and contract management.
Ÿ Intrali, VIPR’s best-selling spreadsheet management
solution, allows underwriters to take total control of
their data, quickly, accurately, and with the ability to
capture quality MI, ultimately supporting business
decisions. Intrali allows underwriters to consolidate
multiple data formats into a single standardized output.
The system also transforms and augments the data in
addition to validating the data against the contract
terms. This ensures that business is being written in
accordance with the underlying contract. Once
standardized, cleansed and validated the data is fed into
| November 2019 www.insightssuccess.com32

35. Ÿ the data warehouse where it can be fully reported on
using VIPR’s Active Reports product.
Ÿ Active Reports provides over 50 out-of-the-box reports,
with the facility to build further bespoke reports to turn
the data captured by Intarga and Intrali into intelligent
MI to support business decisions, as well as regulatory
reporting.
Future Ambitions
As a business, VIPR truly believes in the mantra that the
customer comes first and it looks to its User Group events
to drive the development of its products. Looking towards
the future and the next 10 years, VIPR is continuing to
focus on solutions that enable its customers to understand
and analyze their data and produce intelligent reports that
will help them drive their business forwards.
Impressively, VIPR’s long-term ambition is working with
AI to remove as much human interaction as possible,
required to cleanse and analyze data. This includes the
straight through processing of spreadsheet data so that it
can be received and reported upon with minimal human
intervention. The benefits will not only save on resource
time, but will also allow carriers to focus their precious
time on what matters most – delivering value to the
business.
The Skipper
Richard Brown is Co-founder and Director of VIPR who
has helped establish the company as a leading provider of
data management and analytics solutions within the Lloyd’s
of London and wider International insurance market.
Richard is also a Parliamentary Review Member in the UK
and frequently comments on industry developments. The
Parliamentary Review is a UK publication which aims to
share best practice amongst policymakers and business
leaders and is chaired by Lord Pickles and Lord Blunkett.
Prior to founding VIPR, Richard, along with his brother and
VIPR’s Co-Founder Bob Brown, successfully launched and
subsequently sold Moneynet.co.uk, the first personal
finance comparison site in the UK. At VIPR he oversees
management of the business and is fully involved in client
relations, as well as product strategy and development.
Satisfied Clients
“I have no hesitation in recommending VIPR. Purely for the
reason that the solutions have met MRSL’s initial
expectations, but also provided scope for us to develop
further. Initially the solutions were to support the needs for
the DUA sector of the company but have in fact provided
the opportunity to be incorporated within our Open Market
teams. It goes without saying the technical expertise of the
people at VIPR have been hugely vital and it is clear the
solutions reflect this to ensure it does what it says on the tin,
so to speak! The support throughout the initial
implementation and continual support reflects a good
standard, professional, friendly and most of all flexible.
VIPR is reliable, professional and innovative, the company
listens to its clients and works with them collectively or
independently to help each party to be successful.”
-Paula Duplock, Director of Compliance, Business
Operations and Binder Management at Meridian Risk
Solutions Ltd
“We wanted to standardise and modernise our bureau
processing controls, using a digital option that would
process data for all our UK and European operations. VIPR
were very responsive to our needs, presenting exactly what
we asked for in our brief. The products are easy to use,
flexible for our requirements and offer in-depth reporting
capabilities, which will greatly benefit our business.”
-Graham Hansen, Business Technology Solutions Manager
at Tokio Marine HCC
We provide intuitive analytical solutions
that are tried, tested and proven to work
backed up by multiple clients, alongside
exemplary customer service.
Richard Brown
Co-founder Director
www.insightssuccess.com 33November 2019 |
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36. Should
Businesses
Adopt
Blockchain
Technology?
technology and supporting the initiative. The intention is to
provide decentralized solution and distributed ledger
technology for financial market infrastructures. Although
this does not mean that these countries will opt for full-
fledged Blockchain, further analysis of the safety and
efficiency of this technology is needed.
One of the most interesting and misunderstood concepts in
Blockchain technology is transparency, some say it gives
you privacy while according to few it is transparent.
However, this leads to some confusion about how privacy
and transparency can effectively coexist. In this article we
will clear how Blockchain balances the two concepts.
The identity of a user is concealed behind powerful
cryptography (encrypting and decrypting), meaning that
linking public addresses to private users is difficult to
achieve. Transparency of Blockchain comes from the fact
that the holdings and transactions of each public address are
open for viewing. It is possible through Explorer, an online
block chain browser which displays the content of
individual Bitcoin blocks, transactions and balances of
addresses.
Cryptocurrency and Blockchain are still relatively new
technology; companies are likely to pick up the right
Blockchain technology for the business. Blockchain
companies: Steem is like YouTube on Blockchain and has
attracted over 920,000 users who publish more than 1.5
million posts each month. Steem has also paid over $40
million in its digital asset via (cryptocurrency rewards) to
content creators. Ripple, Intellectsoft, and Celsius Network,
are some of the companies today, assured for success and
will be popular soon.
Centralized systems have treated us well for many
years, but if we see the vulnerabilities: money and
data is stored in one spot, this makes easy target for
malicious activity. What if central banks shut downs or goes
through software upgrade for whatever reason? It may halt
the entire system and nobody will be able to access the
information it possesses. Companies are starting to work
with Blockchain technology; some of them are using it in
the financial sector while others are trying to improve their
bureaucratic systems.
Countries like Singapore, China, Canada, etc. are trying to
offer a national digital currency based on Blockchain
| November 2019 www.insightssuccess.com34

37. With the emergence of
cryptocurrencies like Bitcoin,
Blockchain technology is disrupting
almost all markets, changing the way
we do our day to day business.
Bitcoins are digital coins you can send
through the internet, its software is
completely open source and you can
trade your currency exchanges with
dollars, euros and more. It’s very much
still an experimental currency and a
high risk for consumers and investors,
but the Bitcoin design has been the
inspiration for various other
applications.
Effectiveness of Blockchain
technology in the following areas in
future:
Smart Contracts- The most critical
area where Blockchain helps is to
guarantee the validity of a transaction
through secure validation mechanism.
Contract is where consent of the parties
is involved to agree and interact with
each other. Industries and institutions
are heavily reliant on contracts, such as
insurance, financial institutions, real
estate, construction, entertainment and
law. A smart contract can formalize the
relationships between people,
institutions and the assets they own.
They eliminate the need for trusted
third parties and are self-verifying,
self-executing and Tamper resistant.
A smart contract is like a cryptographic
box that contains value and only
unlocks if certain conditions are met.
Once involved authorities and
companies are on a Blockchain, a
smart contract could be used to define
the rules of a valid deal.
Supply chain management- A
Blockchain is a digitalized,
decentralized and incorruptible public
ledger that can transform supply
chains, industries and ecosystems. The
following applications are now in use
or can be implemented in supply chain
using Blockchain technology:
Automotive supplier payments- It is
exciting to see cryptocurrency in the
automotive industry. There are also
suppliers and websites available for
buying and selling cars with Bitcoin,
which allows transfer of funds
anywhere in the world without the
need for traditional banking
transactions, as transactions are made
directly between payer and payee. It is
also secure and rapid, transfers also
incur lower fees. However, buying a
car from a random individual is
considered a bit risky.
Food Traceability- Satoshi Nakamoto,
inventor of Blockchain technology
aimed in creating decentralized ledger
leaving behind open source software
that the users would be able to update
and improve. Companies can use
distributed ledger systems to record
product status at each stage of
production. As the records are
permanent and immutable, they make
it possible to trace each product to its
source.
Food volumes such as coffee, tea, oils,
sugar and beans are almost impossible
to track. Blockchain technology
enables the tracking of food packages,
by a unique identifier such as barcode,
QR code or RFID transmitter. The
benefit from using Blockchain is that
no central party needs to be trusted in
order to overlook the data, while still
allowing volumes to be transparent for
everyone in the chain. An area of
concern within the food industry is that
many food products are small and
inexpensive; there is a risk that
tracking of every package and seed can
become expensive. Blockchain enables
integration of simple hardware and
cheap software and is ideally suited for
managing the process.
Supply chains have already started
using Blockchain in some areas of their
operations like electric power micro
grids and cold chain monitoring.
However, transformation of supply
chains will not happen overnight, new
doors may open to faster more
intelligent and more secure process
throughout the entire supply chain.
Criticisms and challenges:
Huge electricity required- Remember
all the power required to verify
transactions demand electricity. In
order to unleash the power of
Blockchain technology, computer
scientists need to solve this big
problem.
Security about the private key-
Private Key must remain secret at all
times because revealing it to the third
parties is same as giving them controls
over Bitcoins secured by that key. Also
the key must be backed up and
protected from accidental loss, because
if it is lost it cannot be recovered and
the funds secured by it are forever lost,
too.
Extremely volatile- Decentralized
Blockchain technology and virtual
currencies are extremely new to the
market. Fluctuating prices of Bitcoin
vary from day to day because
companies, investors, and governments
adopting or not adopting them greatly
affect the volatility.
Blockchain will be an important part of
our financial and technological digital
future. It is one of the incredibly
creative inventions that technology has
ever seen. So how we use it is up to us.
Some companies such as
Overstock.com and Telsa have already
started accepting virtual currencies.
However, it is still not apparent what
the retail leaders like Amazon and
eBay would do with the
cryptocurrency acceptance. But if they
start accepting then it could indeed
transform the global scenario.
www.insightssuccess.com 35November 2019 |
FUTURISTIC INSIGHTS