Category: Business

Elon Musk And His Disruptive Innovation

Introduction

Elon Musk is a behemoth of the entrepreneurial world. Not only has he built an empire, but constantly innovates in multiple industries across the board. Starting from Zip2 and X.com (which became PayPal) — Elon Musk has come to be the epitome of ‘disruptive innovation.’ He has had his fingers in each of the technologies we use today. From electric vehicles, to space travel, to artificial intelligence, and recently Twitter. Elon’s Twitter deal, however, is still on hold until the publication of this article.

This blog post here covers information on the following topics with relevance to Elon Musk:

  • All You Need To Know About Elon Musk’s Current Companies
  • SpaceX
  • Tesla
  • The Boring Company
  • Twitter
  • Conclusion

All You Need To Know About Elon Musk’s Current Companies

Fig 1: Elon Musk’s empire of companies and their current valuation. (source)

Elon Musk is a name you can’t miss these days.

The man who is credited with the electric vehicle revolution, who has created the biggest privately-owned aerospace company, and whose venture will build tunnels under major cities, is one of the most newsworthy people in the world right now.

But what are his intentions? How is he going to get there? And most importantly, can he do it?

In this post, we’ll discuss four of Elon Musk’s companies—Tesla, SpaceX, The Boring Company, and his recent bid to buy Twitter. And analyze whether or not they’re going to be successful in achieving their missions. So if you’re curious about Elon Musk’s ventures. OR just want to know whether you should invest in one of his companies (or start tweeting like him), read on!

1). SpaceX

Fig 2: Image Source

SpaceX is a United States space transport services company founded by Elon Musk in 2002.

The organization’s primary purpose is to reduce space transportation costs and enable the colonization of Mars.

It has developed Falcon 9, the world’s first partially reusable heavy-lift launch vehicle; Dragon, a free-flying, reusable spacecraft; and Falcon Heavy, the world’s most powerful rocket.

SpaceX has also manufactured and launched the first commercial spacecraft to visit the International Space Station (ISS) as part of NASA’s Commercial Orbital Transportation Services program.

Elon Musk began SpaceX intending to reduce space transportation costs to enable the colonization of Mars. To achieve this goal, SpaceX developed the Falcon 9 launch vehicle family and the Dragon multipurpose spacecraft.

In 2012, SpaceX was awarded a contract from NASA to continue developing Dragon, with the ultimate goal of transporting astronauts to the ISS.

In April 2019, New York Times stated that “SpaceX routinely flies two versions of its Falcon 9 rocket, one to carry NASA cargo to the International Space Station and one to lift satellites into Earth orbit.” Source  

On May 30th, 2020, SpaceX became the first private company in history to launch humans into orbit, when astronauts Doug Hurley and Bob Behnken flew on Dragon using a Falcon 9 rocket.

What is Elon Musk’s master plan for SpaceX?

The real reason Elon Musk started SpaceX was to make humanity an interplanetary species.

Fig 3: Elon Musk’s idea of colonization on Mars by 2069. (source)

Elon Musk believes that if we don’t get off this planet, the human race will go extinct. He thinks that eventually, either (1) we’ll run out of resources and die, or (2) we’ll destroy ourselves with nuclear weapons in a war over those resources.

That is why he wants to build a city on Mars. Elon Musk sees a future where humans live on Mars. But also come back and forth between Mars and Earth frequently.

He sees a future where there are millions of people living on Mars—a fully self-sustaining civilization.

SpaceX is currently developing and testing their Starship rocket and Super Heavy booster with the ultimate goal of using them to send people to Mars. The Starship will be able to hold 100 passengers, but will also be capable of short-distance trips within Earth’s atmosphere. Musk has spoken about his desire to use Starship to colonize not just Mars. but other parts of our solar system as well.

Fig 4: The cost distribution chart of different spacecrafts and what makes SpaceX spacecraft the most favored option by NASA. (source)

Will SpaceX be able to achieve its mission?

Elon Musk, founder and CEO of SpaceX, is not just confident that his company will be able to send people to Mars. He’s also confident that they’ll be able to do it by 2029.

Musk claims that for a planet like Mars to be colonized, it must support 1 million people. For that many people to live there, the planet would need to support an economy and be self-sustaining. To get that done, he hopes to launch Starship—a reusable rocket that the company has been developing—in the next couple of years.

Fig 5: The SpaceX Business Plan from Point A to Point B. (source)

In 2023, SpaceX will launch Japanese billionaire Yusaku Maezawa into outer space (and beyond) via the Starship. “I choose to go to the moon with artists,” Maezawa said in announcing the mission. He has invited six to eight artists from different fields like painting and music along with him as part of a project called dearMoon. The moon trip will last five days and circle around the moon before returning home.

If all goes well, the company will continue to perform developments on the Starship and eventually use it as a means to begin the first human colonization of Mars by 2029.

Musk is optimistic that in 2029, humans should start building the first Mars city. And by 2060 there would have been enough infrastructure built on the red planet to support a population of a million people.

But on the contrary…

The majority of scientists think SpaceX’s plan to colonize Mars will fail because of the dangers present on the planet. But Musk is firmly behind his mission. Even if Elon Musk doesn’t succeed, most believe that SpaceX will still have a bright future. Experts predict that the company will instead become known for its space tourism services, rather than its interplanetary ambitions.

SpaceX’s Recent Investments & Current Valuation

With its most recent funding, SpaceX has joined the ranks of the world’s rare “hectocorn” companies, which are private businesses valued at $100 billion or higher.

SpaceX’s share price has jumped 33% higher from $420 apiece to $558, and its total raised in 2021 was $1.5 billion. Its most recent funding was $337 million in December 2021.

SpaceX currently has 10,000 employees and 109 investors who are all eager to see what new projects Elon Musk will come up with next.

2). Tesla

Fig 06: Image Source

Tesla Motors is an American company headquartered in Palo Alto, California. In the past decade, they have become a global leader in electric vehicles, solar panels, and photovoltaic products. 

Tesla began as a startup that was focused on building electric cars. The company’s CEO, Elon Musk, has been very involved in building these cars—he has helped design them himself using CAD software.

Their first car was the Tesla Roadster, which went into production in 2008 and quickly became the world’s fastest production car. This vehicle ran on lithium-ion batteries (which were more powerful than other types of batteries at the time) and could go from 0 to 60 mph in less than four seconds.

By the end of 2021, Tesla has sold over 1,917,450 electric vehicles globally (since the company’s inception) and is now producing some of its solar panels for use on roofs or in parking garages (where there isn’t enough sun exposure). The company also offers battery packs for energy storage systems like those found at homes and businesses.

Fig 07: All of Tesla’s products acronymize to spell sexy cars. (source)

What is Elon Musk’s master plan for Tesla?

Elon Musk’s master plan for Tesla can be summed up in a few words: to accelerate the advent of sustainable energy so that we can imagine a world without fossil fuels. Because, as Musk describes it, “our goal when we created Tesla a decade ago was the same as it is today: to accelerate the advent of sustainable energy.”

Source: Wikipedia

Will Tesla be able to achieve its mission?

Elon Musk, the CEO of Tesla Motors, has a mission to change the world by promoting sustainable transport with high-end electric cars that can compete with gasoline-powered vehicles in terms of performance and price. His goal is to make electric cars more affordable and accessible to everyone. He also wants to use solar energy as a source of renewable power for his company’s automotive products.


Fig 08: The chart shows a surge in Tesla’s production and deliveries from 2012 to 2021 Q4. (source)

While the idea of creating a mass-market electric car may have seemed far-fetched when Tesla was founded in 2003, today there are hundreds of thousands of people driving Teslas around the world. Many of the Tesla vehicles are already topping the global charts as being the best-selling electric vehicles. So there’s a definite chance of Elon Musk achieving the Tesla mission.

Is the automotive future electric? We think so.

Several major car manufacturers have announced plans to shift their production models—from 2025 for Jaguar and Lotus, from 2030 for Volvo and Ford, and by 2035 for VW—toward electric vehicles.

The largest automotive markets in the world (including Europe, China, and California) are planning to produce only electric models by 2035—so it’s not just a matter of some companies taking an initiative. The entire industry is embracing the future.

But on the contrary…

1). The main challenge for Elon Musk is that most people still prefer gasoline-powered vehicles because they are cheaper than their electric counterparts; thus, the demand for these cars remains high despite environmental concerns over fossil fuel emissions from burning oil.

2). In addition, many people do not have access to a charging station or residential rooftop solar panels that would allow them to charge their vehicles at home overnight. Gas stations are everywhere, so even if you forget that you need gas until the last minute, there’ll probably be a station near you.

With electric cars, if there’s not a charging station nearby when your battery dies, then tough luck. You’ll have to find one and wait for your car to charge before you can go anywhere else. Plus, you can’t just zip into a charging station for five minutes and get back on the road.

Therefore, Musk must convince these individuals why owning an EV will benefit them financially long term as well as mitigate global warming due to carbon dioxide emissions caused by burning gasoline versus electricity generated from coal plants which produce fewer greenhouse gasses per unit of energy produced compared with their gas-fired counterparts.

Tesla’s Recent Investments & Current Valuation

Tesla, the world’s sixth most valuable company, has raised a total of $20.2B in funding over 36 rounds. The latest funding was $565M raised on May 9, 2020, by the Industrial and Commercial Bank of China.

The company has 42 investors and 15 lead investors. The share price increased 740% in 2020, from $130 to $870.76 as of 2022. Its market valuation is $902.11 Billion as of 2022.

3). The Boring Company

Fig 09: Image Source

The Boring Company is a tunnel-digging venture started by Elon Musk. The company’s mission is to create an underground network of tunnels that will allow cars to travel at high speeds between cities.

In 2016, Musk said that he was frustrated with traffic in Los Angeles and wanted to fix it. He started digging a tunnel under his SpaceX headquarters in Hawthorne, California. He posted photos of the tunnel on Twitter, where they went viral and inspired him to start The Boring Company.

Musk’s goal is to reduce traffic by making it easier for people to travel between cities. His plan involves building an underground network of tunnels so that cars can go faster than they do on roads today.

He believes that this will help ease congestion in big cities and make transportation more efficient overall.

What is Elon Musk’s master plan for The Boring Company?

The Boring Company is a self-described infrastructure and tunnel construction company that aims to solve the issues of traffic congestion by building 3D networks of tunnels below cities.


Fig 10: A visual prototype of the TBC tunnel presented by Elon Musk. (source)

The mission of the company is to alleviate traffic congestion by transporting vehicles on autonomous electric sleds at speeds up to 130 miles per hour through underground tunnels. The tunnels are designed to accommodate cars, freight vehicles, mass transit systems (such as buses and subways), pedestrians, and cyclists.

The vision of the company is to build safe, fast-to-dig, straight, and long tunnels; enable high-speed transport; provide an affordable solution to transportation congestion; create multiple levels of tunnels to increase capacity; use an electric sled system for cars and other vehicles; only transport people or goods not both at once; use autonomous vehicles on a fixed schedule.


Fig 11: A Tesla zipping through a tunnel in Las Vegas. (source)

Will The Boring Company be able to achieve its mission?

Elon Musk is a man of genius, and his company The Boring Company does not fail to excite. Currently, The Boring Company’s main objective is to build tunnels under Los Angeles with the hopes of reducing traffic. There are several reasons why this company will be successful in its endeavors.

Easy Tunnel Construction: The company has developed a system of tunnel construction that is faster and more cost-effective. Digging tunnels is no longer a huge hassle and eyesore for the community above ground. With this system, digging can be done at a quick pace with less manpower and equipment needed—all while creating less surface noise and vibration.

Weatherproof: The Boring Company’s tunnels are designed with weatherproofing in mind. No matter how bad the weather aboveground gets, it doesn’t affect your commute—which means you don’t have to worry about rain or snow stopping you from getting where you need to go. That also means you don’t have to worry about flooding or water damage if there’s heavy rainfall in your area—the tunnels will be able to handle it without issue.

Comfortable and Convenient: With The Boring Company’s technology, getting around can be both comfortable and convenient. Their tunnels are spacious enough for full-size vehicles like SUVs, but are also small enough for individuals on foot—so you can choose your transport based on your destination and your personal preferences rather than being stuck on whatever path the city has laid out for you.


Fig 12: Tesla’s tunnel boring machine called the Prufrock that has revolutionized the tunnel boring process with its fast speed. (source)

Easier To Create More Tunnels: Another advantage that The Boring Company has over other tunneling companies is the fact that it is much easier for them to create more tunnels. This is because Tesla’s machines can excavate more rock per day than older tunnel boring machines (TBMs) can. These newer machines are also able to do faster work than previous TBMs did because they have been designed with better sensors and software that allow them to be operated remotely without having any human operators present during excavation.

But on the contrary…

The company’s initiatives have been rejected by several states and cities because of safety concerns. The main reason for this rejection is that the tunnels lack important safety features, like emergency exit corridors, ventilation systems, and fire suppression systems.

1). The tunnels do not support an emergency exit system. In case of an emergency, such as a fire or earthquake, there must be an emergency exit from the tunnel. People who are trapped in tunnels without emergency exits are at risk of death from smoke inhalation or other causes.

2). There’s no ventilation system in the tunnels. This means that if there is a fire or other emergency underground, smoke will fill up the tunnel quickly and choke everyone inside. There’s also no fire suppression system—so if there is an electrical fire or something else that starts burning down your tunnel, you’re going to have to go find another way out before you suffocate.

3). They also do not have fire suppression systems, which means that if there were an explosion or fire in a tunnel, it could rage out of control before anyone noticed. This could lead to many deaths before firefighters could even get there.

4). Another biggest problem is that the tunnels are projected to be only one lane wide. This means that if there is an accident or mechanical failure, or any other traffic obstruction, it will have a domino effect on all other cars in the tunnel. If this happens, then all cars trying to pass through would be stuck until the malfunctioned car gets out of the way.

Several important projects have been dropped due to the above-mentioned reasons.

Therefore, Elon Musk needs to address the above issues on a high priority basis if he wants The Boring Co. to be a successful venture. 

The Boring Company’s Recent Investments & Current Valuation

The Boring Company has raised more than $908 million in funding, with a recent raise of $675 million in April 2022. The current valuation of the company is $5.7 billion. This is up from the previous valuation of the company in July 2019, which was between $800 and $920 million.

4). Twitter

Fig 13: Image Source

On April 14, 2022, Elon Musk offered to purchase Twitter on April 25, 2022 for $43 billion. He has been trying to buy the company for some time now. Musk’s interest in buying Twitter was sparked by his desire to advance the platform and make changes to its design and structure. He also wanted to help protect it from censorship and meddling from foreign governments.

The board of directors at Twitter was hesitant at first because they were concerned about losing their independence after being taken over by a larger company. However, they eventually agreed. But as of May 2022, the said deal is on hold due to Elon Musk’s concerns about fake and spam twitter accounts.

What is Elon Musk’s master plan for Twitter?

a). Elon Musk wants to make Twitter a private company.

First, the company will be able to focus on its core users and product, and by making your timeline better and improving the quality of tweets overall.

Second, privatizing Twitter would allow Elon Musk to quickly implement new features or make significant changes in policy or direction.

Thirdly—and perhaps most importantly—privatizing Twitter would allow Elon Musk to remove any outside influence from investors who might want to sell their stock at some point down the road.

b). He wants to free the world from censorship and content moderation policies on Twitter.

Fig 14: Image Source

Elon Musk believes that Twitter should be a place where people can speak their minds without fear of being censored, and he wants to make sure that all users feel safe on Twitter. Elon Musk is not happy with Twitter’s current content moderation policies, which he believes are too strict.


Fig 15: Elon Musk decided to introduce an Edit Tweet button after a majority of Twitter users agreed in favor of this feature in a recent poll on Musk’s official Twitter account. (source)

c). Elon wants to add an “edit tweet” button. This button will enable users to correct mistakes quickly and easily.

d). Elon wants users to pay for Twitter Blue subscriptions with Dogecoin. This will make it possible for anyone who uses cryptocurrency to subscribe without feeling limited by their payment options. Since Dogecoin is a popular cryptocurrency among Elon’s followers, this move makes sense from a business standpoint as well.

e). Third and finally, Elon wants to eliminate spam bots from Twitter. These bots can be annoying and even dangerous, so removing them is a priority to make Twitter safer for everyone who uses the site.

Conclusion:

While there is certainly a lot of buzz around all of the Elon Musk companies, it’s unclear how long each will last or how much value they will add to their shareholders. With that being said, each company added to his roster has made him one of the most influential entrepreneurs of our time and come a long way in shaping what is likely to be a legacy worthy of the history books. It remains to be seen whether Musk can stay on top as the years roll by, but given his track record thus far, few would bet against him achieving new feats in the future.

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Key Mobile App Features That Help Improve User Experience

Introduction

According to top mobile app design and development consultants, mobile phones and mobile apps have become a necessity rather than an accessory. They have evolved from being a source of mere communication to being so important that some of our key chores on a daily basis are dependent on them. Most of the urban population now owns a smartphone device. It has been termed the most frequently used device ever.

As per bankmycell.com, the number of people that owned a smart and feature phone in April 2022 is 7.26 Billion, making up 91.54% of the world’s population.

Now the question arises, why are these portable, hand-sized devices being given so much importance and value?

These devices might be seemingly small and cool, but in actuality, you get to hold the whole world in the palm of your hand. Mobile Phones have connected us to different parts of the world, and we can easily view what’s happening on the other side with just a click.

Now that we have given an overview of mobile phones in general, let’s also discuss the importance of applications installed in our mobile phones. These applications make it easier for us to use our phones. Switch on your phone and click on any app you want to use.

Even though mobile apps take up space on our phones, they are more easily accessible. It seems like a hassle for someone in a hurry to first go to Browser, then type in the desired URL, and then put in all of the details.

In contrast, mobile apps do not require such long procedures for simple tasks such as ordering food or clothing or making an online payment. They also save your basic information so you do not have to enter them every time you log yourself back in.

Mobile Apps are now becoming the face of millions of businesses worldwide, in fact a great number of such businesses exist and function in the form of these apps only.

Source: Buildfire

So how do mobile apps help improve user experience, add efficiency in your day-to-day operations, increase productivity, and create satisfied customers.

Let’s find out. 

Table of Contents

Mobile App Features That Help Improve User Experience

  • Usability
  • Performance and Speed
  • Easy Communication Channels
  • Responsive and User-Friendly Interface
  • Payment Gateway Integration
  • Loyalty Promos
  • Push Notifications
  • Multi-Device and Platform Synchronization
  • Secure Customer Data
  • Search Option
  • Functional Categories
  • User Feedback
  • Frequent updates

Conclusion

Mobile App Features That Help Improve User Experience

Since we have already talked about the importance of mobile apps, we will now discuss what customer service actually is and how can a mobile app help with it?

There are certain Must-Have features required by a mobile app to ensure good customer service and to receive valuable responses from customers by making their experience easier. A mobile app should have the following features for achieving a happier customer base:

Usability

Making sure that your mobile app has excellent design and user experience is probably the most crucial element to look into. Your app should be creative and lively, easy to navigate and robust. Mobile Usability is probably the most critical element to look into while designing and developing a mobile app.

Performance and Speed

Make sure your mobile app rates at least 9/10 in terms of both efficiency and speed. From the users’ perspective, it is highly irritating to watch a loading symbol for more than a few seconds and the user is likely to move on to a different app, probably to your competitor’s.

Source: Rocket

A high-speed app will lead to higher business sales. When a customer opens an app to order, they are sure of what they want to get. So if the mobile app works fine, they will be out of checkout in no time. But if the speed keeps lagging, they might just change their mind. According to a study, 47% of users expect a page to load in under 2 seconds or they backtrack from there.

Source: Martech

 Easy Communication Channels

Creating automated replies in response to customers’ messages gives out a good impression that the customer will be handled promptly. Setting up 24/7 customer service so the customer always has an attendee to attend to them and guide them through the app swiftly along with Frequently Asked Questions will also help in satisfying customers as they won’t have to wait or move to a different app / solution or service provider. 

According to research, sales increase by 20-25% when a knowledgeable customer service staff deals with the client.

Source: mobileappdaily.com

In a recent survey, it has been stated that around 70% of customers have a waiting time of around 5 minutes or less, after which they abandon their shopping and move on. The customers have now resorted to mobile apps so that they do not need to wait in long queues or wait for their turns. 

Having an efficient mobile application which does not make the customer wait, will help in skyrocketing your sales. Having good communications with your customer builds a relationship of loyalty and trust as well.

Responsive and User-Friendly Interface

Mobile apps are likely to get more orders if their interface is easy-to-use, responsive, and take you straight to wherever you want. Remember that not all users are tech savvy. A simple navigation is best for people who want a convenient and swift way to get done with their shopping or billing. Difficult and fancy interfaces are loathed by them as they only see it as an obstacle.

Creating an easy-to-use interface is removing another obstacle between your business and its success. People will always choose apps with an easier interface, thus increasing sales for your brand.

Payment Gateway Integration

If you are selling a product online, efficient integration of a payment gateway with your mobile app is as important as creating the app itself.

Source: appfutura

Loyalty Promos

Source: apptentive.com

Everyone loves a discount, a promo code, or anything that helps you pay less and buy more. Whenever your customer is checking out, give them a bonus discount or some reward points. This creates a bond of trust, loyalty, and appreciation that the customer feels for the brand. These tactics will ensure customers come back to your brand on their next online shopping spree.

Push Notifications

Many people do not check their text messages anymore. So, even if they receive a sales message, there are chances they might not have seen it. Sending notifications through the app to the Notification Center, customers are bound to read what’s being delivered to them.

Source: startup.info

Another tip is to make Sale announcements first on your brand’s mobile app. When a customer would know that special Sale and Discounts are available only through the app, they will definitely install and use it.  

According to Mathias Brandt, users love these notification alerts as they get reminded of several things which they usually forget during the day.

Just having your brand’s app on a customer’s phone is surety enough that they will check it out sometime. So once you make sure your mobile app is there, the business is bound to take a turn for the better.

Multi-Device and Cross Platform Synchronization

You must make sure that your mobile app is available for both the operating systems (IoS and Android) and most readily available platforms too. Android is relatively easy to use and the app can be readily updated on PlayStore but Apple has some of its own rules. So make sure to run the app on both systems.

Source: NetSolutions

Secure Customer Data

Since customer service usually includes sharing of sensitive information like credit or debit card details or sharing home addresses and phone numbers, it is essential that the app must be highly secure. Creating SSL certificates for your app and sharing it with your clients is another way to show them how trustworthy your app is and they should not hesitate in sharing their personal information.

If, ever, your app gets hacked because of low security maintenance, the relation of trust between your brand and customer would be completely lost. In fact, in today’s social media behavior patterns, your disgruntled customers would also spread the news amongst their friends and family.

Search Option

The development team behind every app should look for ways to make the shopping process faster and easier. With a manual search function, people can easily find what they are looking for without wasting any time.  

Functional Categories

Your app needs to be organized properly so customers don’t get frustrated when they cannot find what you’re selling. For example, if a client wants information about eyeliners but all of your categories are empty or not maintained well enough for their needs – this could lead them away from buying any product at all! They may even leave mid-search and search elsewhere.

User Feedback

Source:usersnap.com

While you may believe your app is perfect and bug-free, it is always good to ask for your customer’s opinion. To be fair, they are the ones who are going to use the app. Conduct different surveys, ask clients what your app lacks or how it could be improved, and then address their concerns. It is more likely for customers to go through the survey if it’s on a mobile app as it’s much easier and quicker rather than re-directing them to other websites. 

Keep their suggestions at top priority so the next time a client uses your app, they do not have to go through the same troubles again.

This will give back a fantastic impression of your brand. It will prove that these surveys aren’t just formalities but you do listen to what your clients have to say.

Frequent Updates

 
Source: Storemaven
Constantly fixing bugs and updating your app will make it user friendly and also help in tackling latest security issues. Updates keep the app up-to-date with the latest trends so your mobile doesn’t give off an old and obsolete vibe.

Periodically improving your mobile app and improving user experience is directly proportional to your business sales soaring high in the sky. These are some of the must-haves your mobile app should have for a satisfied clientele. So, do check if your app has something missing from it and update it now.

Conclusion

Mobile apps have quickly become the face of most leading businesses and brands of all sizes. In fact nowadays customers would rather use a mobile app than call customer service, with good reason. Mobile apps provide an easy way for customers to access information about your company, product, and services, as well as communicate with your team. 

If you’re not yet using a mobile app to improve customer service that translates in business success, now is the time to consider creating one.

At MpireSolutions, our team can help you get started today with building an efficient mobile app. 

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Best Software Solutions for Emerging Boston Tech Industries

Introduction

The Boston technology scene continues to evolve. And with it grows the demand for software solutions in several key market segments.

Boston is the innovation capital of the world. All thanks to its large concentration of outstanding academic and healthcare institutions, as well as its silicon community. All of these factors come together to form one of the most technologically advanced cities in the country.

However, all of this doesn’t mean a thing if it isn’t translated into tangible results. Right?

The entrepreneur community in Boston strives to innovate every industry outside of tech. And emerging tech industries are no exception!

The article will shed light on some of the top emerging Boston tech industries that are experiencing exponential growth in the bustling business hub. Along with some promising Boston software solutions that can help propel these emerging IT industries even further into the spotlight. 

This blog post covers the following information:

Best Software Solutions for Emerging Boston Tech Industries 

Importance of Software Solutions for Emerging Boston Tech Industries

Top 5 Reasons that Make Boston Good for Tech Startups

Best Software Agency in Boston

Conclusion

Best Software Solutions For Emerging Boston Tech Industries 

1). Life Sciences

Boston is an incredible city for Life Sciences startups, and it has been for quite some time. Over 1,000 Life Sciences companies call Boston home. The city is among the top 5 Life Sciences hubs in the world, and Boston-based Life Sciences companies raised a record high of more than $13 billion in 2021 alone.

The Massachusetts Life Sciences Center offers a tax incentive program and has awarded more than $241 million to relevant companies in the state. You can also find other resources like the Angel Capital Association’s Massachusetts chapter (which offers capital to early-stage companies), as well as programs like MassBIO’s BioLaunchpad incubator program and its BioStar competition (which awards cash prizes to promising early-stage biotech companies).

All of this makes Life Sciences an excellent idea for a startup business.

Source

What could be the Best Software Solution for Life Sciences?

The best software solution for the life sciences industry would be a cloud-based software solution that automates and streamlines all aspects of the life sciences industry.

The platform should combine data from multiple sources—from regulatory documents to clinical trials—into one central location. Users can then search across all of their data by keyword, date range, or type of document. This will make it easier for the user to find exactly what they’re looking for when they need it.

The platform should also support a wide range of document formats, including PDFs and Word documents. This will allow users to access data from any source without having to worry about converting files into another format first.

In addition, this cloud-based software solution should make sure everyone has access to up-to-date information about what they’re working on, so there are no surprises when it comes time for an audit or inspection from regulators. The software should make it easy for everyone on the team to access information about each product—so if someone needs help tracking down a formula or data point somewhere in their files, they can find it quickly.

2). Advanced Manufacturing & Robotics

Employing more than 4,700 people, Robotics is one of the leading Boston tech industries, and they’re all working on some pretty incredible things. Some of these companies have become so advanced that they have partnered with NASA. In July 2021, Boston-based accelerator The Founder Institute announced partnerships with NASA Ames Research Center and MassRobotics to help their startups develop products for space exploration.

So why are Advanced Manufacturing and Robotics such a good startup idea? These companies are shaping the future in every way: from building robots that can perform surgery to designing drones that will help us explore Mars.

Source

What could be the Best Software Solution for Advanced Manufacturing & Robotics?

The best software solution for the Advanced Manufacturing & Robotics industry would be an ERP system that automates the complete process of production. It will help in optimizing the manufacturing process and reducing the cost of production. It should provide an integrated view of all aspects of the manufacturing process, from suppliers to customers, products, orders, and more. With this software, the business can make sure that their manufacturing runs smoothly with no delays or errors in delivering products on time.

With this software, a business can also get all the details about their production processes and analyze them efficiently. They can keep track of how much each product costs and monitor stock levels. This will help the business plan ahead so that it does not run out of stock at any point in time. This way, the business will be able to meet customer demand without having to worry about production issues affecting its profitability.

Other important things that this software solution should incorporate:

  • Visualization of data with user-friendly dashboards
  • Provide real-time insights on the operations using predictive analytics
  • Tracking of all the assets in one place with the asset tracking module
  • The ability to integrate with legacy systems such as SAP or Oracle databases
  • Helping manage the production line more efficiently by monitoring the inventory levels and making sure that everything runs smoothly from start to finish.
  • Increasing productivity by providing real-time updates on what’s happening with each step in your manufacturing process so the company’s management knows when things go wrong and can act immediately if something goes wrong

3). Research & Development

The R&D industry is a booming one in the Boston tech sphere. Several institutions invest heavily in R&D in the Boston area. The CARB-X Institute has invested $550 million in antibacterial R&D between 2016 and 2021. Toast, a restaurant technology company, has pledged to invest $1 billion in hardware and software R&D till 2024.

The R&D industry is important because it helps develop new technologies that can be used to improve our daily lives. The fact that many investors are willing to fund startups working on research and development proves how profitable this industry can be. It also shows how much money investors are willing to put into projects that promise them great returns on their investments.

Source

What could be the Best Software Solution for Research & Development?

The best software solution for the Research & Development industry would be custom-built software that is specifically designed to meet the needs of this industry.

The software should be able to use natural language processing (NLP) to comprehend what users are saying and respond appropriately. It should also be able to use machine learning algorithms to learn from previous requests and provide better responses in the future.

In addition, it should have a feature where users can ask questions about R&D topics; for example, if someone wanted to know about the history of artificial intelligence (AI), they could type this into the search engine and get an answer back immediately.

This custom software solution should enable the experts of the relevant industry to easily organize and analyze all of their research, development, and production data—from raw materials to workflows to product testing and more. This way they’ll be able to see exactly how much time is spent on each step of the process and where bottlenecks occur. Plus, they will know what parts of the company need training or extra staff members to meet deadlines or increase productivity.

4). HealthTech

HealthTech is one of the most exciting and fastest-growing sectors amongst Boston tech industries. Since 2013, there have been 248 healthcare deals in Boston, with a total invested capital close to $1 billion. The average company receives $1.5 million in funding.

The city’s thriving health tech community is working on solving some of the most pressing health issues that we face today. These companies are working on solving advanced health issues like aging and chronic disease, as well as helping patients manage their health and wellness through wearable technology and data-driven solutions.

Source

What could be the Best Software Solution for HealthTech?

The challenge is that there are so many different elements to health care, from managing billing and insurance to tracking patient data.

Therefore, the best solution for the health tech industry is a software package that can manage all of those disparate pieces and put them together into one cohesive whole.

It should be able to track patient information, create reports on billing and insurance status, and even have features like scheduling appointments or sending emails directly from within the program itself.

The software should also have a feature that allows users to share their medical records with other doctors and medical providers, meaning that everyone involved in your care has access to all of the information they need to help you.

For example, if you have just undergone surgery and need follow-up care from another doctor or clinic then you can easily send them your medical records so that they can start treating you right away. This saves time and money by preventing unnecessary trips back and forth between doctors’ offices.

5). Biotech and Cleantech

Boston is a city known for its history, but it’s also an emerging startup capital. The biotech and cleantech industries are booming in Boston tech domain, and there are over 1,100 startups in the city today.

The Massachusetts Life Sciences Center (MSLC) is a nonprofit organization that supports biotech startups by offering research grants, accelerator loans, and tax incentives worth $1 billion. This money helps many companies get off the ground without having to worry about funding issues or overhead costs until they’ve proven themselves in the marketplace.

Source

What could be the Best Software Solution for Biotech and Cleantech?

The best software solution for the biotech and cleantech industry is one that can be used to manage the entire life cycle of a product, from design to production, and then disposal. The software should also be able to integrate with other systems and databases so that it can be used effectively in a company’s workflow.

Many features would help companies in this industry manage their processes more effectively. One of the most important is being able to create an itemized list of materials used in a given process. This allows companies to keep track of what they have on hand and how much they need at any given time. It also helps them get rid of waste by giving them an accurate picture of how much material they need for each task ahead.

Another feature that would improve efficiency is automated scheduling for production runs based on customer demand. This would allow companies to predict when they’ll need more supplies and make sure that there are enough available before starting production runs.

Finally, being able to share data between different departments within an organization makes it easier for everyone involved with product design or manufacturing processes to stay informed about what’s going on at any given moment during production cycles so they can plan accordingly when making decisions about future products.

Importance of Software Solutions for Emerging Boston Tech Industries

Software solutions are a critical part of any emerging tech industry. They help companies and individuals to manage their data, automate processes, and improve efficiency. These solutions are so important that many companies rely on them for their entire business model. Without them, they would not be able to function as effectively or efficiently as they do today.

Software solutions can be used by anyone who needs to store and process data, share information with clients/customers/partners/etc., or automate processes. They can also be used by people who want to learn more about their industry and how it works from the inside out.

Similarly software solutions can greatly help emerging Boston tech companies gain recognition among their peers in the industry. They can help provide a framework for new technologies and can be used as a means of testing new ideas and concepts.

Top 5 Reasons That Make Boston The Best Place For Tech Startups

The Boston tech industry has made record-breaking progress: it’s among the top five global leaders in the GSER rankings. Even more impressive, Boston is ranked number one in North America when it comes to supporting female-founded startups. This is truly an accomplishment worth celebrating!

Not convinced yet? Here is the latest insight into Boston’s technology ecosystem.

1). Boston ranks 5th in the Global Startup Ecosystem Report.

Boston ranks 5th in the Global Startup Ecosystem Report, which means it’s a great place to start a business. The report ranks Boston ahead of other cities like Los Angeles, Tel Aviv, and Shanghai, which are often considered to be more established tech hubs.

What is the Global Startup Ecosystem Report? It’s an annual study that looks at how startup ecosystems are doing globally, including factors like the strength of their startup community and the quality of their local policies.

This means that Boston is an ideal place for startups not just because of its proximity to Silicon Valley or its large number of universities. It’s also because Boston has a lot going for it as a startup hub itself, from its strong network of investors and mentors to its ability to offer affordable office space and high-quality living. In addition, its ecosystem is young, vibrant, and growing quickly.

The chart shows the constant position of Boston as the 5th ranking in GSER reports from 2017 to 2021.

(source)

2). The Top 10 Startup Funding Events of 2021 added more than $7 Billion to Boston’s economy.

The Boston startup ecosystem is thriving, and it’s easy to see why. In 2021 alone, the top 10 startup funding events added more than $7 billion to Boston’s economy. This was an incredible year for startups in Boston, with big wins from companies like Amazon aggregator Thrasio ($1.85 billion) and health care startup Devoted Health ($1.15 billion).

The money raised by these two companies alone shows what kind of opportunities are available in Boston for young entrepreneurs who want to start their businesses. With these kinds of figures at play, it’s no wonder why so many people want to move here.

Source

3). VC Deal Sizes are Ballooning.

The VC deal size in Boston’s ecosystem is ballooning. The city has been a hotbed for tech startups for a long time now and the trend continues. VC deal size increased by almost 40% to reach $28 billion last year, up from $19 billion in 2015.

What are VC deals? Venture capital is a type of financing that gives small businesses access to capital by providing them with funding for their operations. This money is often used for research and development or marketing purposes. The goal of venture capitalists is to make a profit from their investment when the business sells or goes public.

The increasing VC deal size signals that investors believe in the future of many startups and are willing to put their money where it counts.

Graphs showing Boston’s startup ecosystem by the numbers.

(source)

4). Boston’s Ecosystem Value is worth $266 billion.

Boston’s Ecosystem Value has increased to $266 billion in 2021. This means that a lot of people are investing in Boston’s ecosystem, which will help grow startups and make it easier for them to thrive.

The importance of increasing ecosystem value for tech startups cannot be overstated. Entrepreneurs need money to start their businesses, but they also need community support and access to resources that will help them grow their businesses faster.

Increasing ecosystem value for tech startups also means that more people will want to work in Boston because there are more opportunities available than ever before. This means that there will be more jobs available for young professionals who want to work at startup companies.

5). Boston Ranks in the Top 10 list for Technology Talent.

According to CBRE’s 2021 Scoring Tech Talent report for North America (the USA and Canada), Boston ranks in the top 10 list for Technology Talent. The report states that “Boston possesses a high concentration of talent in digital media and software development, with 46% of its population having graduated from college or university” and it has “a strong base of tech talent with an average annual salary of $84,000.”

This makes Boston an ideal place for startups looking to grow their business quickly by hiring talented people who can help them achieve their goals efficiently and effectively without wasting time on training new employees on how things work at their company.

Looking For The Best Software Development Agency In Boston?

As one of the top software development agencies in Boston, MpireSolutions is well aware that emerging tech startups have a lot on their plates. That’s why our goal is to provide the best software solutions in Boston that are relevant to the tech industry you are working in.

Our team can build the tools you need to get your business started, grow your current product offering, or take your company in a new direction.

We work with a wide range of technologies and can provide support for mobile apps, web apps, and desktop applications. We’ll work closely with you throughout the entire process to make sure we deliver exactly what you need. We also offer ongoing maintenance and support plans so that as your needs change over time, we’ll be there to help keep things running smoothly.

Conclusion

The Boston area is a hotbed for countless emerging technologies, creating an opportunity for software development companies to thrive. To that end, we hope this article has provided you with some useful information on the emerging industries and software solutions with the perspective of Boston tech sphere, allowing you to make an informed decision about what path best suits you or your company. Get a quote for software solutions in Boston.

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A Complete Guide on Digital Wallet

Introduction

A digital wallet (an e-wallet) is an electronic system that allows parties to trade digital money for goods. This includes making online transactions using tablets, computers, and cellphones. Before any transactions can occur, money is held in a digital wallet.

In other circumstances, an individual’s account may have an electronic link to that digital wallet. In some instances, users have their driving license or other identification documents in their wallets.

This article will go over everything there is to know about digital wallets. The aspects that will be explained later in this article are as follows:

What exactly is a Digital Wallet?

How do Digital Wallets work?    

Types of Digital Wallets

  • Semi-closed Wallets      
  • Open Wallets    
  • Closed Wallets 

Choosing the Most Appropriate Digital Wallet    

  • Desktop Wallet
  • Mobile wallet   
  • Bitcoin wallet    

The Best Digital Wallet options  

  • Venmo
  • Samsung Pay    
  • Google Wallet  
  • Android Pay      
  • AliPay   
  • Cash App            
  • PayPal  

Crypto wallets  

Digital Wallet vs Crypto Wallet   

Digital wallets—the benefits      

Conclusion         

  

What Exactly Is A Digital Wallet?

Digital wallets live up to their name by providing a digital representation of your bank accounts. You can access it from a computer, smartphone, or smart device. It eliminates the need to carry around a physical wallet.

A digital wallet includes both software and data. Secure and fair electronic payment systems are a crucial concern. It safeguards personal information and the actual transaction by encrypting it.

Digital wallets are entirely compatible with the majority of e-commerce systems; stored and maintained on the client-end.

How Popular is Digital Wallet as an Online Payment Method?

As per the Global Payments Report for Financial Institutions and Merchants 2022, 49 percent of total ecommerce expenditure worldwide was paid using digital / mobile wallets.

Image source: Oberlo

How Do Digital Wallets Work?

Image source: intellias

A digital wallet employs software to connect your payment data from your linked bank account to the seller with whom you are transacting.

First of all, determine which one you want to use, which is affected by the mobile operating system.

If you wish to use a digital wallet, you must first enter your credit card details into your chosen app or website. Your data will be encoded, and you will only be able to access the wallet after unlocking your smartphone and allowing its use.

You have to approve your digital wallet and hold it close enough to the card reader to communicate your data to make a mobile payment. Some shopkeepers do not accept mobile payments. Look for the contactless payment sign on the retailer’s point-of-sale system or card reader.

Types of Digital Wallets

We have three distinct types of digital wallets based on the criterion for making transactions. These types are discussed below:

Image source: patriotfcu

Semi-closed Wallets

Semi-closed wallets are used by users who want to make transactions with a specific set of businesses. Although the wallets’ coverage region is limited, you may use them for online and physical purchases. On the other hand, Sellers must engage in agreements or contracts with issuers to accept payments using mobile wallets.

Open Wallets

Banks and their partners issue open wallets. Users who have open wallets can use them for transactions that a semi-closed wallet allows. It includes withdrawals from banks, ATMs, and financial transfers.

Closed Wallets

Companies create closed wallets for their consumers. You can only use them to send payments between the user and the wallet issuer. The funds in a closed wallet can only be used to perform transactions with the wallet’s issuer.

Money from cancellations, returns, and refunds are kept in wallets like Amazon Pay.

Choosing The Most Appropriate Digital Wallet

It’s not difficult to choose a suitable digital wallet for yourself. All you have to do now is ask yourself some questions. Which digital wallet app is the greatest, and which one is the best for cryptocurrency? Before you answer these questions and investigate the many options available, have a look at the following categories:

Desktop Wallet

Desktop wallets are software apps that are installed on the desktop or laptop of a computer and provide the user complete control over the wallet. They also make sure that all security measures, such as virus protection, are in place and that the data in question is backed up. Desktop wallets with extra functionality, such as node software or exchange integration, are available.

Mobile Wallet

A mobile wallet is accessed using a smartphone application. Mobile wallets are a convenient solution for users to make in-store purchases. You may use them at any retailer that the mobile wallet service provider has listed.

Like desktop wallets, the user handles backing up the device in question to keep all the data safe.

Bitcoin Wallet

A Bitcoin wallet allows you to transmit and acquire bitcoins. It does not keep real money. This wallet saves the cryptographic data needed to access Bitcoin addresses and perform transactions.

Some Bitcoin wallets also allow you to store other coins besides bitcoin. Bitcoin wallet seems to be a genuine wallet.

The Best Digital Wallet Options

Here we have some best digital wallet options for you:

Venmo

Venmo is a digital wallet that helps everyone manage their money, from students to small companies. Venmo is a financial platform that allows you to pay and request money from pals.

While it’s still the easiest and most popular way to split cab fare, it’s evolved into a financial platform that may be all you need in addition to a standard bank account.

Samsung Pay

Samsung Pay makes it easy to pay securely. Because of NFC and MST support, it’s accepted in more places than most other mobile payment methods.

All you have to do is swipe up from the home button and approve the payment using your phone’s highly secure fingerprint recognition system. Then, in a couple of seconds, place the phone against the card reader, and you’re done.

Google Wallet

Google Wallet is another famous digital wallet. It allows users to make transactions directly from their phones. It has made payment transfers far too simple. Users may save credit, gift, debit, and loyalty card information for free.

Google Wallet is a new method to pay at e-commerce companies that accept it, and it’s available to anybody with a more recent Android or Apple smartphone.

Android Pay

Android Pay is a Google-developed mobile payment platform that allows users to make in-app, online, and tap-to-pay transactions with their smartphones.

Android Pay saves and manages digital copies of your cards, from loyalty cards to credit cards. All of your incentives are instantly applied when you purchase at a certain merchant.

Visa and MasterCard are among the expanding list of banks and cards that Android Pay supports, and this number will rise significantly as the service expands into more countries.

AliPay

AliPay is another famous type of digital wallet. Users of AliPay keep their debit or credit card information in the app, allowing them to make payments using their phones.

AliPay has partnerships with various financial institutions, most notably Chinese credit, debit, Visa, and MasterCard.

Cash App

Cash App is a money transfer business that focuses on mobile apps. You may make online transactions directly and rapidly. Cash App has a few extra features as compared to other digital wallets.

It provides you with the facility of a bank account and a debit card. You can use that card at any ATM. The program also allows you to invest in both bitcoin and stocks.

PayPal

PayPal’s service allows you to make online transactions over different e-commerce stores. You can send money to friends and family in a quick and easy way without having to divulge financial information.

PayPal is a global money transfer behemoth with over 400 million active accounts worldwide. Many online businesses and customers are familiar with and trust the service since it is so widely used.

Crypto Wallets

Crypto wallets keep the private keys that grant you access to your cryptocurrencies. It ensures safe and secure access while allowing you to transmit and receive cryptocurrencies.

Digital crypto wallets are handy since they allow you to manage all of your currencies in one location, transfer and receive money, and even purchase at crypto-accepting shops.

They exist in both form: hardware wallets and smartphone applications that make using crypto as simple as purchasing online with a credit card.

Digital Wallet vs Crypto Wallet

Both digital wallets and crypto wallets are viewed as digital money at face value, and it’s simple to confuse the two as the same payment mechanism. However, there is one significant distinction between the two.

Actual money or valuables are maintained within digital wallets. This isn’t usually the case with a crypto wallet, which stores the keys that permit cryptocurrency transactions within each coin’s digital ledger.

Crypto wallets are not like digital wallets, which are essentially electronic replicas of what you’d carry around in a physical wallet. They are used for buying and selling cryptocurrency. Put another way, the basic purpose of a digital wallet is to pay for items. To buy cryptocurrency, most people use a crypto wallet.

Yet, there are certain similarities between mobile and crypto wallets. You might use a crypto wallet to pay for products or services at establishments that take cryptocurrency, just like you could with a mobile wallet. Both wallets are significantly safer than carrying a credit card around with you.

Digital Wallets – The Benefits

There are several reasons and advantages to adopting a digital wallet, which may eventually replace a physical wallet. Here are five compelling reasons to get started.

  1. Rewards for your purchases
  2. For faster checkout, use contactless payment.
  3. Convenience
  4. It allows you to be more organized.
  5. Improve Security

Conclusion

Digital wallets provide a more adaptable and secure alternative to conducting in-person and online transactions. It’s simple to link your credit and debit cards to your mobile wallet and begin paying without using cards or paper money.

Mpire Solutions provides FREE Consultation by analyzing your digital commerce metrics and advising you on the ideal digital wallet.

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What is Fintech: A Complete Guide On Financial Technology

Introduction

The word Fintech has become a buzzword today, with a variety of different meanings. From digital lending to asset management to innovation in insurance, there have been a number of significant financial changes that can be attributed to technology – all within the last decade. But what, exactly, is Fintech?

Fintech is the idea that technology is changing the way we do financial management, from the little-known wallet on our phones to the largest stock exchange in the world. The term encompasses everything from investing in cryptocurrency to simplifying banking between countries. With Fintech, venture capitalists and investors can trade more efficiently, collect more data on customers, and make slight changes that can have great effect over time.

This blog post covers the following topics:

  • Introduction
  • Examples
  • How Does Fintech Work
  • Financial Technology in Practice
  • Types of Fintech Companies
  • Fintech History Timeline
  • The Fintech Evolution Cycle
  • The Fintech Expansion
  • Latest Trends in the Fintech Industry
  • Typical Fintech Users
  • Applications of Fintech
  • Conclusion

Introduction

Financial Technology (Fintech), sometimes called “financial innovation,” is a catch-all term for any sort of technology that impacts the finance industry, such as mobile banking.

It is the portmanteau of “financial” and “technology”—a sector that deals with how financial services are provided by utilizing technology.

Put another way, it’s tech that helps you manage your money.

Source: ShuftiPro

Examples

Some examples of fintech companies include:

Credit Karma—provides free credit scores, credit reports, and recommendations for products like credit cards or loans that the user might be interested in

PayPal—an online payment system that allows customers to transfer money without sharing financial information

Kabbage—a company that uses software to predict cash flow and automate lending decisions to small businesses

Moven— mobile-only bank account where you can manage your money online via an app

Acorns—it rounds up your purchases to the nearest dollar and invests that spare change for you automatically

How Does Fintech Work?

The term “financial technology” can mean different things to different people, but it typically refers to the use of information technology in financial services.

In practice, this means that computers and software are used to help financial institutions and businesses streamline their processes and offer innovative products and services.

As an example, a fintech company might create software that helps banks offer loans more quickly and easily than they would be able to without this software.

Fintech companies are typically startups that aim to disrupt established institutions by introducing new technologies into the financial sector. This means they can often be more nimble and responsive than traditional banks or other financial institutions, which have been around for years or even centuries.

Financial Technology In Practice

Fintech has been around for a while; it’s not new. But the way it’s being used is changing rapidly. The banking sector, for example, has experienced something of a revolution in how they provide services to their customers. Whereas you once had to go into a bank to do your banking, now you can deposit checks with your phone and transfer money from your checking account to your savings account with just a few taps on an app.

In the past, in order to send money to a friend, you had to write them a check or meet up in person to hand over cash. With apps like Venmo and Zelle, sending money can be done in a few taps on your smartphone—and it’s all free!

There are also options for making purchases with your phone instead of credit cards and cash. Apple Pay, Google Pay, and Venmo Credit Card let you tap your phone at checkout instead of pulling out your wallet.

Want to buy some stock? You don’t have to call a broker anymore (assuming you don’t want one). You can just sign up for an online investing platform like SoFi, which will allow you to invest in the stock market and even trade options without any human interaction at all. Is that more convenient and less expensive? Yes, it is.

Types of Fintech Companies

Fintech is an industry made up of companies that use technology to make financial services more efficient. There are two types of fintech companies: those that serve consumers directly and those that serve businesses and government organizations. Some examples include:

a). Consumer-facing: companies that help customers manage personal finances, invest, or borrow money. Examples include Stripe, Credit Karma, and PayPal.

b). Business-facing: Companies that work with banks, governments, and other financial institutions by selling software products or offering services. These products can range from fraud detection to financial management tools for small businesses. Examples include Kabbage and Gusto.

Fintech History Timeline

This is a brief history of how Fintech has evolved, from the 1970s to today.

1970s: First ATMs and Credit Card Machines

The 1970s was the beginning of Fintech. This was when the first automatic teller machine (ATM) was introduced, allowing people to do basic banking tasks without going into a bank branch, as well as the first credit card machine, which allowed people to pay merchants electronically.

1980s: Computers and Online Banking

The 1980s saw a revolution in digital capabilities, with the invention of affordable personal computers that could be used by ordinary people. This led to online banking becoming more common.

1990s: Internet and Fintech Companies

The 1990s saw a huge increase in Internet usage, allowing people to communicate in new ways with each other and with businesses. This led to new companies like PayPal being founded, which were dedicated to using technology for financial transactions.

2000s: Mobile Fintech Apps and New Technology

The 2000s saw a boom in mobile internet access and mobile app usage, leading to a boom in mobile fintech apps designed for smartphones and tablets.

Ever since then, fintech has only grown exponentially. There are now thousands of companies working on solutions for everything from stock trading to personal finance tracking, and we’re still just scratching the surface of what’s possible!

A History of Fintech from Morse code transactions to Monzo

Source: Raconteur 

The Fintech Evolution Cycle

Fintech—or financial technology—has made way for an entirely new, more convenient approach to banking and making payments. It’s created a world with fewer hidden fees, paper checks, and hours spent waiting in line at the bank. But how did we get here?

Fintech has come a long way since the 1970s. Back then, it was mostly used by banks and other financial institutions to automate back-end processes. In many ways, though, its evolution is tied closely to that of the smartphone: as it became more powerful, it also became more portable.

That meant that apps could be developed to make banking more streamlined and less time-consuming. Those apps paved the way for digital wallets and online-only banks—and now we can’t imagine life without them. As fintech continues to evolve, it’s sure to bring even more changes that will shape the future of finance in incredible ways.

User’s Desire for Convenience

Fintech “evolved” out of users’ desire for convenience in their financial transactions. As technology made it easier and easier to do other things online (e.g., buy movie tickets), people began asking why they couldn’t do things like paying their bills online as well. This led to the rise of online banking and then mobile banking.

Once financial institutions started allowing consumers to access certain services online, they started looking for ways to make these services even more convenient. This was when instant payments became popular; instead of waiting a day or two for your payment to clear, you could receive your money immediately and can send money instantly.

Consumer’s Desire for Security

The recent rise of Fintech is due to a fundamental change in consumers’ attitudes toward their financial transactions. The financial industry has always been extremely sensitive because the companies in it essentially hold the keys to the kingdom—our money. Consumers are now looking for security and trust when considering which companies to conduct their business with.

Fintech has uniquely positioned itself to fill that need. Companies in the sector pride themselves on providing financial services that offer customers reliability, safety, and stability. They have also increased their technological sophistication through innovations like mobile payments and digital bank accounts, allowing customers access to their funds 24/7.

The Desire to Control Transactional Aspects

The rise of fintech was a natural outgrowth of buyers’ and sellers’ desire to control more aspects of transactions themselves. In the beginning, this was limited to the ability to buy goods from anywhere in the world and have them shipped quickly. Later, it expanded to include things like keeping money in an online account instead of a brick-and-mortar bank and then sending payments electronically instead of by check.

Most recently, fintech has manifested itself in the form of AI systems that can anticipate when people will need financing and then provide it to them automatically through a system like PayPal or Venmo. This is just one example; there are many others!

Peoples’ Desire for Time-Saving Solutions

Fintech has evolved out of people’s desire for time-saving solutions. It has the ability to reduce the amount of time people need to spend on all aspects of their financial lives, from managing money to making payments.

People can complete financial activities and transactions in a fraction of the time that it used to take them before the fintech revolution. They can do things like:

  • Make payments at the tap of a button on their mobile phone
  • Check their bank balance or view their recent transactions with a few simple clicks on their smartphone app
  • Transfer funds between accounts instantly through online banking or automated services

So-called “fintech” (financial technology) companies are now offering products that allow customers to handle their own finances from their phones or computers—no bank teller required.

What exactly does fintech mean for the average consumer?

Well, for one thing, it means you can do your taxes without sitting down with a tax professional or pulling out a calculator. F

or another thing, it means that you can take out loans without applying at a brick-and-mortar bank—and thousands of startups are now providing online lending services.

Now more than ever, consumers can manage their money on their own terms and make informed decisions with just a few clicks of their mouse or taps on their phone screen.

The Fintech Expansion

Fintech has many faces.

Mobile-only stock trading app Robinhood has swelled to 22+ million users since its 2014 launch and raised $3.4 billion in venture capital in 2021-2022, alone. Peer-to-peer lending sites like Lending Club and Prosper are now publicly traded companies with a combined $6 billion in revenue.

Business loan providers including OnDeck and Kabbage have each raised more than $100 million in investment. Insurance startups like Oscar and Lemonade promise to disrupt the industry for millennials, while banking cafes by Capital One and Capital One 360 help customers manage their money over coffee.

Source: Consultancy EU

In fact, some fintech companies aren’t even focused on turning a profit. They’re more concerned with providing services to those who would otherwise be unable to get those services any other way. For instance, Bancosol was started in Peru to offer banking services to people who previously had no access to a bank.

Latest Trends In The Fintech Industry

Fintech is a fast-changing industry, and there are plenty of exciting new things happening in it. Here’s a rundown of the latest trends.

✅ Artificial intelligence (AI), machine learning, and robotics are all growing areas within the fintech industry.

✅ Many financial firms have begun using chatbots to respond to customer questions and complaints. However, these chatbots can often seem robotic and impersonal. The newest trend is to create chatbots that sound more like real human beings and can actually hold conversations with customers.

✅ Voice recognition, which is used for things such as Siri and Alexa, has been utilized by the fintech industry for payment processing. This means that you might soon be able to say a command such as “Pay my bills.”

✅ Bitcoin Fintech: Many fintech companies are looking into Bitcoin as an alternative source of currency.

✅ Software-as-a-service cloud services: Fintech companies are increasingly adopting cloud services to store data, which allows them to cut costs on physical server storage.

Typical Fintech Users

In the financial technology (fintech) industry, there are two main kinds of users: consumers, who use fintech to manage their own finances, and businesses that use fintech to manage their finances as well as the finances of customers.

Business-to-Consumer (B2C) Fintech Users

Consumers often use fintech to do things like sending money across country lines at a low cost, making payments using mobile devices, or investing in the stock market.

Business-to-Business (B2B) Fintech Users

These companies use fintech to facilitate financial transactions with their customers or other businesses. For example, a company might use fintech to take credit card payments from its customers.

Business-to-Friend (B2F) Fintech Users

But there is another group out there that is sometimes overlooked, and that is people who use FinTech casually. We call this group B2F (Business-to-Friend).

For this type of user, Fintech is all about simplifying life, not complications. It’s about taking care of simple tasks like splitting bills, requesting loans from friends, or sending money to friends. And it’s about providing a service that simply makes life easier.

Applications Of Fintech

Fintech, or financial technology, has made big waves in the financial services industry in recent years. With the advent of new technologies, traditional financial institutions and companies are being challenged to keep up with the demands of customers and clients. Here’s what you need to know about the applications of fintech.

Mobile Banking & Neo Banks

Mobile banking is one of the most popular applications of fintech. More and more people are doing their banking online or via mobile apps. One example is Cash App (previously Square Cash) a mobile payment service that allows you to send money to your friends immediately via their app.

Another application of fintech is neobanks. Neobanks are small banks that have no brick-and-mortar locations—they only operate online. They typically offer better interest rates on savings accounts than traditional banks do. One example is Varo Money, a neobank that also offers no-fee checking accounts and loans.

Cryptocurrency & Blockchain

Cryptocurrency and blockchain are different things, but they’re also very much inextricably linked in the Fintech sector.

Cryptocurrency is a digital currency that has no physical form and exists only in digital. Blockchain is an electronic ledger that allows users to record each transaction made through cryptocurrency.

Because there’s no physical version of the money and transactions happen digitally (i.e., there’s no exchange of paper money or coins), it’s easy to see why the cryptocurrency is so appealing to users. However, the absence of physical money also opens up opportunities for fraudulent activity, which is where blockchain comes in.

Blockchain allows users to keep track of every single transaction made with cryptocurrency. It works like a Google Docs spreadsheet, where only people who have been granted access can make changes to what’s written on the document. In this case, the “document” is a public ledger of all transactions made with the currency.

Each new transaction is recorded as a new line on the spreadsheet—so if you’ve ever been on a group project where you all worked on an online spreadsheet together, you can get how this works!

Investment & Saving

Fintech has caused an explosion in the number of investing and savings apps, like Acorns and Betterment. These apps make it easier for millennials to invest by allowing small, regular contributions from checking accounts or debit cards and managing investments for them using sophisticated algorithms. In some cases, they can even round up purchases to the nearest dollar and contribute the difference to a savings account.

While Fintech has been around since the early 2000s, the growth of consumer-oriented Fintech businesses has been exponential in recent years. Many people are giving up on traditional banking because of its high fees, long wait times, and lack of personalization. Millennials especially are looking for easy ways to do their banking—including managing their investments—from their phones, which is something that traditional banks have struggled with.

And we’re just getting started—Fintech is growing at nearly three times the rate of other financial services sectors!

AI Machine Learning & Trading

Machine learning has had a huge impact on finance over the last decade. With machine learning, computers can analyze millions of data points from many different sources, and use them to build predictive models that reveal trends in financial markets.

These models can be used for all kinds of investment strategies, from swing trading to long-term value investing. The ability to process so much data so quickly is an incredible advantage for traders, who can now look at trends across many different time frames in order to make more effective trades.

The example we’ll use here is algorithmic trading: a strategy where a computer program makes decisions about when to buy and sell financial assets based on the patterns it discovers in historical data. Algorithmic trading uses machine learning techniques like logistic regression or support vector machines to estimate when stocks will go up or down in value, as well as how much they’ll change by.

Here’s another example:

Let’s say you want to invest in a company that produces state-of-the-art hoverboards—but you’re just not sure how much you should invest, or if it’s a viable investment at all. Machine learning algorithms can search through hundreds of thousands of data points to find every company involved in hoverboard manufacturing—even if you didn’t know those companies existed!

Insurance

One of the most exciting benefits of the fintech revolution is how it has affected the insurance industry. Insurance companies can now use technology to better understand the risk of their policies, cut down on fraud, and provide more customer-centric services.

For example, instead of solely relying on an annual checkup to assess a person’s health, life insurance companies are now beginning to use wearable devices for constant monitoring and proactive care. Progressive Auto Insurance also offers its customers a device that tracks how many miles they drive and then gives them a discount based on their actual usage. They’ve even started offering discounts to people who bundle home and auto insurance policies!

Conclusion

With all these buzzwords, it’s hard to grasp the various subjects and technologies that fall under the fintech umbrella. Fintech is a new and exciting field that has made financial processes more engaging and freed them from their traditional organizational structure. The essence of fintech is disruption through technological innovation, and there are many ways in which it impacts our world.

It is a wide, wide field and it is in constant motion. To get a sense of things, start by thinking about all the financial services that exist today – everything from peer-to-peer lending to crowdfunding, from insurance to investing advice, from mobile banking to blockchain technologies, are falling within its ambit. Fintech is all about empowering the citizen user and creating more efficiency.

And if you are looking to build a fintech solution in the form of a website, mobile app or a software,  Mpire Solutions has a highly skilled development team that can help you. Connect with us for a FREE Consultation.

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Top 10 Mistakes To Avoid In Your E-Commerce Website Design

Introduction

An E-commerce website’s design is not only essential for attracting click-throughs and E-commerce leads, but it’s also one of the most important factors for keeping customers engaged and returning. Anything from functionality issues to improper wording or images can deter or drive off a potential customer. As a business owner, you want to make sure your website is running efficiently so that you gain more sales and an increase in brand awareness.

This blog post contains the following information:

Importance of E-commerce Website Design

Top 10 Mistakes To Avoid For Your E-Commerce Website Design

Bad User Navigation

Unclear Value Proposition

Low-Quality Images

Too Many Pop-Ups

Unoptimized Product Descriptions

Slow Loading Interface

Desktop-Only Design

Complicated Check Out Process

Missing Call-to-Action

Absent Trust Signals

Conclusion

Importance Of E-commerce Website Design

Let’s start with some statistics about e-commerce.

The current number of e-commerce stores worldwide is between 12 million – 24 million, and this number continues to grow every day. At the end of 2021, the size of the global e-commerce market surpassed 4.9 trillion U.S. dollars. This means that despite all the difficulties, there is still a huge potential in the market. The latest research shows that 56% of people aged 18–64 shop online, while 67% of them use mobile devices for online shopping.

When it comes to E-commerce websites, the design really is everything. It’s the difference between having a site that’s easy for customers to peruse and one that’s so hard to navigate that most people refuse to even try.

In fact, according to recent studies, 75% of people will judge a company based on the quality of its website. And if a site takes too long to load, more than half of the users will abandon it altogether—and even more, will abandon it if it doesn’t look like it was designed for mobile.

So how do you avoid these problems?

Well, the most important rule is to keep things simple; less is more when it comes to E-commerce website design. You want your site to be easy to navigate and quick to load, with all needed information on the front page so that people can get what they need without scrolling through pages of text.

It’s also important not to forget about SEO when designing your website. By using keywords in your content and making sure all links are working properly, you’ll help ensure that your site ranks high in search engine results—which means more traffic!

The design of your e-commerce website should reflect the personality of your business and what it stands for. If you have a fun product or service, then you want your website to look fun and inviting. If you are selling a product or service that is serious, then the design should reflect this as well.

While these elements are important to every website, they’re especially important for an e-commerce website. This is because not only will you have to convince people that they need your products or services, but you also have to convince them that they can trust you with their credit card information and that you’ll deliver their product in a timely manner.

Top 10 Mistakes To Avoid For Your E-Commerce Website Design

With E-commerce design, it’s easy to make mistakes. You want your website to be attractive, so you add in a bunch of graphics, but then the layout starts to break down. Or maybe you added in a cool hover effect which looks nice, but it makes the site slow to load. Let’s not forget about those social media links mixed in with your content — that never goes well. We all make these mistakes, but are there any real ones we should be avoiding? This is why you should definitely read through the entire article to learn about the most common E-commerce design mistakes to avoid.

1). Bad User Navigation

Having a difficult time navigating your website is like trying to find your way at night in the woods without a flashlight. You want to get to your destination, but every step you take has you mired in uncertainty.

User navigation should be your top priority when it comes to designing an E-commerce website. It’s one of the biggest mistakes you could make, and if you don’t fix it, it could cost you money.

We’ve found that the most common mistake with user navigation is that the categories aren’t doing their job. One way to fix this is to take another look at how you’re organizing your products—are you using the right categories? Are there some categories that are obsolete or haven’t been used in years (maybe it’s time to get rid of them)? Could you create a new category or two?

Another way to improve user navigation is by adding filters. This lets users narrow down their search and find exactly what they’re looking for faster, which means more time for them to buy other stuff.

2). Unclear Value Proposition

One of the biggest mistakes you can make when designing your E-commerce website is not clearly outlining the unique value proposition of your product, service, or business. If you aren’t sure what we mean by unique value proposition,” don’t worry. We’ll explain what it is, and why it’s so important to include it in your website design.

A “unique value proposition” is simply a statement that very clearly communicates what specific benefit you are offering to users who come to your website—and why they should choose your product, service, or business over any other available option.

For a product-based company, a good unique value proposition will address three key questions:

 What are we selling?

  • Who are we selling?
  • What problem does the product solve?

A great example of a clear value proposition comes from Dropbox: “Your stuff anywhere.” It’s simple, but it tells you exactly what Dropbox does and how it can help you. By comparison, an unclear value proposition might be something like “We help our customers share files.” This tells us that someone is using the service to share files, but it doesn’t tell us which customer the service belongs to (the sender? The receiver?), nor does it tell us how having access to this particular service will specifically benefit the user.

3). Low-Quality Images

There’s a lot of pressure to make your E-commerce website look as good as possible. And while it’s tempting to just upload any image you can get your hands on, that’s a rookie mistake. If the images aren’t high-quality or relevant to the products you sell, they can actually hurt the chances of making sales.

It doesn’t matter how beautiful those photos are if they don’t accurately represent your products. For example, if you’re selling a pair of black heels, you need to include images that show all aspects of the shoes—from the front and back views, to close-ups of the heel and sole, to showing them from different angles so customers can see how they look from all sides.

As for uploading low-quality images… well, what can we say? It isn’t doing anyone any favors. In fact, it’ll likely drive customers away faster than anything else! E-commerce is heavily visual in nature; if you want to sell anything online, you need pictures that pop and grab people’s attention right away. If your photos aren’t up-to-snuff, customers will see that immediately—and click away just as quickly.

4). Too Many Pop-Ups

You want to make a profit, but you don’t want to annoy your customers. That’s why you should avoid the temptation to add too many pop-ups to your E-commerce website.

While it’s true that pop-ups are an effective marketing tool, adding too many to your site can have a negative impact on your user experience and ultimately drive away customers.

For example, if you’re running a sale or special promotion, it’s tempting to let visitors know that fact as soon as they land on your site with a big pop-up banner or lightbox. But what if they aren’t ready to buy something yet? If they see the same pop-up every time they visit your site, they may start to feel harassed and stop coming back altogether.

If you must use pop-ups on your E-commerce website, make sure that you’re not overusing them. For example, instead of showing a pop-up every time a visitor comes to your site, only show it once per session or after 30 days of inactivity. This helps ensure that people aren’t being bombarded by messages at every turn while still giving them ample opportunity to take advantage of any promotions you’re running at the moment.

5). Unoptimized Product Descriptions

Bad product descriptions are a death knell for your E-commerce store. If you can’t tell customers about your products in a compelling way, why would they buy them?

It’s important to give people some context about the things you sell, but the most important thing is to tell them why they should buy from you. You can get by with boring product descriptions if you’re selling an item that’s not made by anyone else and is needed for a specific purpose—like a custom-made packaging box. But even then, there’s no reason not to make it sound good.

Don’t just go into details about the product itself; tell your customers what makes your box special and why they should buy from you. Maybe you have free shipping or easy returns, or maybe you donate part of your proceeds to charity. Whatever makes you different, make sure your customers know about it!

In addition, use bullet points instead of paragraphs when possible as they will catch readers’ attention more quickly than long blocks of text. You should also consider breaking up large chunks of copy into smaller sections with subheadings or numbered lists.

6). Slow Loading Interface

A slow-loading theme and images can seriously impact your conversions and sales. Users are notorious for leaving sites before they load, which means that if your site takes too long to load, you’ll lose out on sales.

Additionally, slow site speed negatively impacts your search engine rankings. Google has specifically stated that site speed is one of the components that determine where your site will rank in search results. If you want to appear higher in the search results and drive more organic traffic to your site, then improving site speed is a must!

Fortunately, fixing this issue is relatively simple. You need to optimize your images and use a fast-loading theme. Optimizing involves compressing them so that they don’t take up as much space or bandwidth when they load on someone’s computer or mobile device. If you don’t have time or resources to do this yourself, then consider using a plugin or service like TinyPNG.

7). Desktop-Only Design

In the days of dial-up, when having a website was a novelty and not a necessity, it was enough to make sure that your site loaded correctly on desktops. Now, with the rise of smartphones and other mobile devices, it’s no longer enough to just focus on desktop loading times. In fact, 79% of smartphone users have made a purchase online using their mobile device. If your website isn’t loading correctly on these devices, you’re missing out on a lot of business.

Plus, Google looks at whether sites are mobile-friendly and awards higher search rankings to those that are (in an effort to make their search results more relevant and user-friendly). So even if you don’t think about your online shoppers as being a mobile audience, Google does.

8). Complicated Check Out Process

In E-commerce, you’ve got just a moment to make your case—to convince your customer to buy from you. You don’t have the luxury of having an employee walk them through various options or pitch in-store specials. The only thing that’s going to move your visitor from the “Just Browsing” camp to the “SOLD” camp is a simple and intuitive checkout process.

When the checkout process on your site is difficult or confusing, it can negatively impact the way customers see your brand, and it’ll also reduce their likelihood of returning to your site in the future.

Many E-commerce websites come up short when it comes to the checkout process. Often, this leads to abandoned carts, which means lost sales.

According to a report by Baymard Institute:

  • 69% of shoppers abandon their carts
  • The average cart abandonment rate is 75.6%. This means 3 out of every 4 customers who visited your store decided NOT to complete their purchase.

Say you run an online t-shirt shop and you’ve got a long-form for customers to fill out before they can buy one of your products. That alone can cause problems. Sure, you need some information from them to make sure they’re who they say they are, but do you really need more than just their name and email address?

Also, if you have multiple steps in your checkout process (which we all do), make sure each step is clearly indicated by either a number or a progress bar. That way, customers know where they are in the process and how close they are to being done.

9). Missing Call-to-Action

Did you know that one of the most common mistakes we see on E-commerce websites is a missing call-to-action?

A call-to-action is that little button that says things like “Buy it now” or “Download your free trial now.” It’s what tells your users what to do next.

If you’re missing this, your users are going to be confused. They’ll look at your product or services and think, “Well, okay… I’m interested… but how do I get this thing?”

This is a huge problem because you have only seconds to convince people to stick around on your website, and if they can’t find the button that makes them feel like they’re taking the next step toward getting what they want, they’re going to leave.

So make sure there’s a big, bright button on every page that tells your users exactly what they need to do next. They’ll thank you for it—and so will your sales metrics!

10). Absent Trust Signals

Have you ever been looking at a website and noticed that it didn’t have a physical address listed? Maybe there was no phone number, either. If these things were missing, did it make you feel like the company wasn’t trustworthy?

This is an issue for many E-commerce websites today. Studies show that consumers are more likely to trust sites that display these important trust signals:

  • Physical Address
  • Phone Number
  • BBB Accreditation
  • Product Returns Policy
  • Customer Testimonials or Reviews
  • Privacy Policy
  • Secure Shopping Cart

When visitors don’t see these things on the site, they may leave without buying anything—and they might even tell their friends not to shop there. So if your site is currently missing one or more of these trust signals, it’s time to fix the problem so you can start making more sales.

Conclusion

As the E-commerce industry continues to evolve, designers will become more involved in the business of online shopping. That means it’s important that we understand what factors shape customers’ purchasing decisions and how design can successfully help shape their experiences. By avoiding the common design mistakes outlined above, we will be better able to create winning E-commerce experiences for everyone.

So if you are looking for an efficient and functional e-commerce website, Mpire Solutions has professional and expert developers ready to assist you. Connect with us for a FREE Consultation.

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What is Web 3.0?

Introduction

Web 3.0 refers to the third major release of the World Wide Web. It is designed to be more powerful and to include several more extensive changes than previous versions.

In particular, it is designed to allow users to be in control of their data and use this information in new ways. As a result of these changes, Web 3.0 has been referred to as the Semantic Web or the Semantic Era.

This article explains what Web 3.0 is, how it differs from previous web versions and some examples in action.

What Is Web 3.0?

The third generation of the internet, driven by blockchain and decentralization technologies.

Web 3.0 is a bigger, broader and more interconnected World Wide Web filled with enhanced features that put individual people first – and make a far better web for everyone. It currently exists primarily as proposals and prototypes, but it will radically alter the Web as we know it today.

Web 3.0 comprises four distinct technologies: Semantic Web, Personal Web, Social Web, and Mobile Web (sometimes simply abbreviated as SPSMW).

It will be the most widespread and decentralized version of the internet, with many different aspects that advance it from the previous generation of the internet. This includes decentralized applications (dapps), new incentivized open-sourced digital economies, immutable smart contracts and providing a direct connection between users and service providers.

In the current Web, users must go through centralized servers, which can be subject to attacks and shutdowns. However, in the next generation of Web 3.0, the internet will be decentralized, and users will have access to all data safely stored on P2P networks.

How Does Web 3.0 Work?

Web 3.0 will use advanced cryptographic protocols that enable users to interact directly without relying on any third-party service provider or central server as an intermediary. Users will be able to exchange digital assets without any central authority being involved in the transaction or having control over the asset at any stage of its life cycle.

Since businesses and individuals will be able to access all information directly from other network participants with no need for third-party services, DApps (short of Decentralized Applications) will become extremely popular with companies looking for ways to cut costs as well as developers looking for new ways of monetizing their content.

Decentralized Applications (DApps) are blockchain-based applications not controlled by any single entity. They use p2p networking and consensus mechanisms to add value to their services. This means that no one person can control the application since everyone has a say in its evolution.

The most famous example of this is BitTorrent, the program that lets you download large files like movies and Linux distributions without going through a single central server.

Web 1.0 vs Web 2.0 vs Web 3.0

The Web 1.0 was the first wave of internet development used mainly by people to read and send emails and use search engines. It was all about information and putting information online. That’s how we got search engines, web directories, and services like Hotmail and Yahoo! Mail.

The Web 2.0 era brought the second wave of the internet that we are currently using. It includes social networking and a variety of other online applications and services. It is centered around user-generated content (UCC) and social media. It’s also more video and graphics-driven.

The Web 3.0 era would be the third wave of the internet characterized by pervasive computing — going beyond user-centric computing to context-aware computing, which will change human behavior. For example, people may no longer need to type keywords into search engines because they can rely on software agents or “bots” that scan the internet for information relevant to them as they work or play.

Some Examples of Web 3.0 in Action

Web 3.0 is an umbrella term encompassing some of the new and upcoming technologies that are being developed by various organizations around the globe. There is a lot of excitement surrounding these technologies.

Here are some examples of what’s already being developed today to become a major component of Web 3.0 in the near future.

Wolfram Alpha → Web 3.0 Search Engine

Wolfram Alpha is a next-generation search engine built for web 3.0. It has access to a huge amount of data. This, in turn, allows users to make complex and sophisticated queries at a speed that would be unthinkable with the old engines.

Wolfram Alpha is an example of a new approach to computation: the knowledge-based approach. Instead of programming, it finds answers. It’s not just a search engine; it’s what we might call a “computational knowledge engine.” It’s designed with the explicit goal of answering any question that can be expressed in words.

For this reason, most questions you might ask Wolfram Alpha will get at least one—and usually many—answers. And these are not just encyclopedic entries or dictionary definitions. They’re full-fledged computations that would be hard to do by hand.

The web 3.0 engine does not use simple keyword searches but instead understands the context of the questions being asked and returns the most relevant results. It can answer health, astronomy, chemistry, and even financial markets queries.

Storj → Web 3.0 Storage Drive

Storj is a leading decentralized storage solution. The company is built on blockchain-based technology that allows users to store data securely and privately.

Storj uses peer-to-peer technology to facilitate data transfer from users to storage nodes, which are rented out by farmers who run their software on their hardware. The storage space on these nodes is paid for in Storj Tokens (STORJ).

You can think of Storj as a decentralized dropbox service, but you can keep your files private and secure with the added benefit.

At the center of Storj is a distributed network for the secure transfer and storage of data. The network is based on blockchain technology, which provides a decentralized mechanism for authenticating and verifying each stored piece.

Data is encrypted, broken into shards and stored in a distributed network. The protocol allows anyone to access the network and store data in it securely with no central authority or middleman.

Steemit → Web 3.0 Social Networking Site

Steemit is the first successful blockchain-based social network. It enables users to post content and receive rewards in cryptocurrency tokens (called Steem) by other users.

Steemit essentially provides the same service as a social network. It has a front-page that shows popular content, comments, likes, etc. You can follow users and see their posts in a feed. You can share posts with your own followers.

The most important difference between Steemit and traditional social networks is that it is entirely decentralized. The server doesn’t hold any user information or post content; all of that information is on the blockchain instead. If a company like Facebook or Twitter wanted to copy this model today, they would have to set up hundreds or thousands of servers to be able to store all of its users’ data and content on their own servers. That would be very expensive, especially since the amount of data being posted on those services grows every day.

LivePeer → Web 3.0 Entertainment Site

Livepeer is a decentralized, open-source, live video streaming platform that takes the middleman out of the equation. The Livepeer network consists of peers (users) who broadcast live video streams and bonded spectators who consume them.

This creates a spontaneous, self-regulating ecosystem where streamers compete for viewers based on the quality of content, and all participants are rewarded for their contributions.

The platform is built using Ethereum smart contracts, which allow for direct payments between producers and consumers without the need for a third-party intermediary.

Viewers help to pay for the stream by consuming a small amount of Ethereum tokens (ETH) with each view. In exchange, they earn badges that can be exchanged for ETH or LPT (Livepeer’s native token). This system creates an active marketplace where streamers value viewers based on their willingness to pay.

Conclusion

The vision of Web 3.0 is that computers will understand everything on the Web, from the content (what it’s about) to the intent (what do you want to do with this information) and even the meaning (how should I react). By doing so, computers can make recommendations, recognize trends and even provide a context for your actions on the Web.

As with previous innovations, this change will occur in the blink of an eye, as people simply shift to what is clearly the better choice.

It’s helpful to note that most other technological revolutions didn’t require people to learn new skills. We didn’t have to stop using our hands when we shifted from writing with quills and ink to write with pens and ink. When we shifted from dial phones to touch-tone phones, it didn’t mean we had to start learning Morse code.

The big risk for Web 3.0 is that we’ll overdo it, that users will be overwhelmed by too many choices. But the beauty of this third generation of the worldwide internet is that it can adapt to any level of user sophistication. Its user interfaces are self-adjusting. Therefore, providing easy access for novices while allowing experts to get more functionality if they want it.

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Google Area 120 QAYA, a Service Offering a Web Storefront for Digital Creators

Introduction

With a vision to permit digital creators to simply set up a new web storefront for their customers, tech giant Google’s Area 120 has introduced an extravagant service named QAYA.

This new project, QAYA, was co-founded by a person who is known as a founder-in-residence at Area 120, Nathaniel Naddaff-Hafrey. He previously worked on jobs marketplace Kormo aimed at the “next billion” internet consumers, especially those in markets located in India, Bangladesh, and Indonesia.

After taking advice from many influencers and hearing complaints from creators about how challenging and time-consuming it is to digitally build their businesses. And there, he got the idea for QAYA, introduced a service that helps digital creators with business success.

This blogpost will cover the following information:

  1. Introduction
  • See What Nathaniel Naddaf-Hafrey Has Said on QAYA’s Project
  • What is Google area 120 QAYA?

2. Features of QAYA

  • Customizes Your Storefront
  • Showcases Your Skills
  • Builds Micro-Websites
  • Supports a Variety of Monetization
  • Supports both Gated and Accessible Products
  • Merch Shelf for YouTube Creators

What is Google Area 120 QAYA?

Google Area 120 QAYA is a brand new incubator by Google. It also has the same spirit as other startups but this time, it’s backed by Google itself. This startup incubator was created to develop new entrepreneurship projects and help those startups to succeed in the industry.

See What Nathaniel Naddaf-Hafrey Has Said on Google Area 120 QAYA Project:

Nathaniel Naddaf-Hafrey said that after spending time with many of the creators, we thought that it would be a challenging thing for us to develop a project like QAYA, but thanks to Covid’19’s pandemic, which made us available to give maximum time to launch this project.

The QAYA project is one of the unique and latest ideas initiated from Google’s in-house project incubator named area 120. Reorganization at the company has escalated to status after many of its preceding projects have moved to different parts of Google, counting search engine, cloud, shopping, and commerce departments.

Well, do you know what QAYA is? It is a service that offers creators a chance to show up their products and sell services directly to their audiences through web storefronts.

Nathaniel Naddaff-Hafrey, a co-founder and G.M. of QAYA, said in a blog post, “Today, we are launching QAYA’s U.S. beta launch, as part of Area 120. We are looking forward to its success, hoping that it would serve digital creators a highly-valued service – they are looking for since long”.

“We are simply focused on what future technology beholds – it must be tech-success world ahead. Initially, we are making our way to the United States; however, we soon will introduce this service to more countries, hopefully. Also, we are exploring more new and sculptured ways to help or support creators so that they could experience other types of digital goods,” Naddaff-Hafrey further said.

“To this date, Google Area 120 QAYA is a small and nimble team committed to offering digital creators the help to build businesses on the web”, the company stated. The team of QAYA is working as the CEOs of their businesses, needing the same profitable tools as any efficacious founders.

The best thing? If you are a digital creator, you can sell almost everything on QAYA – from wellness training videos to workout clothes, photo filters, beat packs, productivity templates, knitting patterns, and whatnot. The QAYA Company has also revealed that you can (as a creator) use QAYA as the hub for your business doings across the web.

The company further stated that creators could link their QAYA’s storefronts from their social media platforms, for instance, Instagram and Facebook’s bios, showcasing products and services they want to sell. With payment functionality built-in, we offer a custom “Your Name Channel” or QAYA.store/Your-Full-Name URLs,” statement ended on this note.

To note, QAYA service is only launched in the United States for beta testing. However, Non-U.S. users can also join a waitlist while waiting for QAYA to be found in their specific country. Not just that, digital creators from all around the world who would like to gain credentials to QAYA’s beta can ask for an invitation from the QAYA Website.

Features of Google Area 120 QAYA:

Here we have discussed a few of the features offered by the newly launched app “QAYA”. Let’s take a sneak peek:

Storefront Customization

QAYA’s platform allows creators to set up their personalized web storefronts to feature their services and products exactly the way they want.

As previously discussed, the storefront can be linked to any creator’s social media platform and integrated with Google services and shopping.

Showcases Your Skills

In QAYA’s storefronts, you can easily showcase your skills as well, like knitting patterns, which gives your business a legit boost. A team of QAYA said, “You can add up to 1000 products that can be presented per storefront”.

What’s more? If you (as a creator) sell the physical goods or services on other platforms, an import function may allow you to showcase similar items on your QAYA’s web page with your personal branding. Not just that, services of such types help creators build their businesses, featuring what they have to display.

Builds Micro-Websites

QAYA lets creators build micro-websites, pointing to their several online presences, including social media channels, shops, music, blogs, live videos, podcasts, and much more.

It permits creators also to feature links to their other social media platforms, which might be placed on the top of the page beneath the creator’s name and bio.

Supports a Variety of Monetization

Another feature of QAYA is “Google Pay”, which is built into QAYA, and supports a variety of monetization types. It may include one-time payments, subscriptions, and tipping charges. Another best thing about QAYA is its offering of insights and analytics. It gives creators an idea of how the creators’ products perform in terms of sales.

For now, the artifact is free to use, with monetization management on a transactional basis. That is, creators may keep the “vast majority” of the profits they make from foods they sell on QAYA, notes Google.

Supports both Gated and Accessible Products

Another best feature of QAYA is its exceptional support to gated and free products– QAYA app supports both gated and accessible products regardless of the fact that Google’s also emerging subscription and other monetization options.

This feature could work as a convenient accompaniment for digital creators. However, every social app development has its unified systems to assist creator monetization, which probably refutes the significance of linking to third-party forums for many cases.

But then again, QAYA is introduced with a direct link to Google-owned belongings, such as YouTube, where digital creators will be able to indorse products straight from QAYA rather than a third-party platform, below their YouTube clips.

Merch Shelf for YouTube Creators

The company is now proceeding Merch Shelf interactions for competent YouTube Creators who join QAYA’s Beta and, in time, indicates that QAYA has become a direction for digital creators to succeed and make business life easier. It allows creators to sell even more products than asked, including all types of goods.

Conclusion

We live in a world that is constantly developing and changing every day. This is a process that is empowered by technology and required for an enhanced future. It is a fact that technology evolution might take us forward and can be based on smart values. Not just that, it also can offer unique perspectives, knowledge, awareness, and empowerment. 

As we grow in the future, technology evolution, like Google Area 120 QAYA project , helps us grow with modern solutions and create a better world to live in tomorrow.

We hope you enjoyed reading our blog about QAYA and why it was launched for digital creators. If you want to expand your visibility through web/mob app or software development solution, MpireSolutions is the best and the most authentic option.

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A Basic Guide to Non-fungible Token (NFT) Marketplace

Introduction

As the popularity of non-fungible tokens (NFTs) grows, so does the need for a safe and secure NFT marketplace. In this guide, we’ll introduce you to some of the basic information about NFT marketplaces available today. We’ll also provide tips on how to use these marketplaces safely and securely. So, whether you’re looking to buy, sell, or get information about NFTs, this guide is for you!

This guide will cover the following mentioned information about NFTs:

1. What is a Non-fungible Token?

2. The History of Non-fungible Tokens (NFTs)

3. What is Quantum?

4. How do NFTs work?

5. How much are these NFTs worth?

6. A Comparison between an NFT Internet and the Internet Today

7. What is an NFT Marketplace?

8. Top 5 Elements to include in an NFT Marketplace App

  • Storefront
  • Advanced Token Search
  • Filters
  • Create Listing
  • Listing Status

9. How much does it cost to begin an NFT Marketplace?

10. Conclusion

What Is A Non-fungible Token?

Do you know what NFTs are? NFTs or Non-fungible tokens are cryptographic assets on a blockchain. They have unique metadata and identification codes to differentiate them from each other. If we compare them to cryptocurrencies, they cannot be swapped or traded at equivalency.

In economics, we call “fungible” the assets that can be readily interchanged – for instance, money. Like if you have a $10 note and are swapped into two $5 notes, they yet have the same value. However, if something is non-fungible, having unique properties, it cannot be traded with something else. You may count a house, painting, and another art piece as an example.

NFTs are one-of-a-kind and unprecedented assets in the digital world that only can be bought and sold but not exchanged or traded. These tokens can be taken as ownership certificates for any physical asset or virtual/digital asset.

The different construction of NFT has the ability to be used for several other cases. For instance, they can be used as the ideal vehicle to digitally represent physical assets on the Ethereum Blockchain, including artwork. 

The arrival of NFTs has left a significant impact on artists and introduced a new platform for artists to showcase their abilities and skills. Artists of all types can quickly push their boundaries of creativity using NFTs, embracing them in modern and innovative ways.

As we know that they are based on Blockchains, non-fungible tokens can also work to remove intermediaries and to simplify transactions. Not just that, it helps artists to connect with their audiences.

The History Of Non-fungible Tokens (NFTs)

Before we go into depth, do you know where this technology came from?

The history of NFTs creation took place on May 3rd, 2014. The man behind the lens, awarded for its creation, is Kevin McCoy. He minted “Quantum” as his first non-fungible token, way before the market of Crypto Art exploded.

But wait, what is Quantum?

Quantum is defined as a pixelated image of an octagon, which is filled with denoting circles, arcs, or other shapes. These shapes are surrounded by hypnotically pulses in fluorescent hues. The best thing? In today’s date, an art piece named Quantum (2014-2021) is on sale for seven million dollars.

McCoy is one of the exceptional personalities, his hard work, and passion towards his goal is one of the inspirations one can count as an example.  He and his wife Jenifer have made themselves heroes and top-notch digital artists through hard work and struggles.

“The NFT is one of the outstanding parts of the art world,” says McCoy.

He said that NFT emerged from the long history of artists who were engaged with creative technology. Their piece of artwork has – in the past – been sold, which were bought by eager art collectors. However, McCoy himself preferred to sell his quality artwork at a gallery or one-on-one rather than enter into public bidding wars.

What’s more? The impressive artwork of McCoy and his wife Jenifer “Every Shot, Every Episode” is on sale today. It can be viewed by anyone at the Metropolitan Museum of Art; even you can have a look.

How Do NFTs Work?

Factually, the traditional artwork can precisely be valued for being original. But digital files can be changed in a matter of time using high-tech tools. With NFTs, you can now “tokenize” your artwork and have ownership of your quality work. It can be sold or bought at any minute once approved by the owner.

Here, blockchain is known as a record of who owns what is stored on a shared ledger. The plus? All those records cannot be duplicated, copied, and forged because the ledger is well-looked-after by thousands of computer systems worldwide.

NFTs can give the artist a cut of any future sale of the token through smart contracts, as they contain them.

How Much Are These NFTs Worth?

With the rise in NFT transactions, the rise of cryptocurrency use has been blurred. The NFT transactions have risen from $40.96% million (recorded back in 2018) to $338.04 million recorded last year, 2020. That’s an impressive rise of around 8x within two years. If we compare stats of 2020 to 2019, 2020 has seen an unprecedented increase of roughly 82%.

According to resources, an animated GIF of Nyan Cat, a 2011’s meme of a flying pop-art cat, was sold for more than $500,000 back on February 29th 2020.

After a few weeks of this enormous success, musician Grimes sold her extraordinary digital artwork for more than 6 million dollars.

What is even more exciting? It is not only about the art and a piece of property that can be sold or tokenized. Recently, Twitter’s founder Jack Dorsey has sold the first-ever tweet as a non-fungible token. This token worked as a seal of authentication that confirms that whatever one is buying is genuine and unique.

Not only that, Christie’s sale of an NFT has set a new record for selling out digital art for 69 million dollars. Similarly, French firm Sorare has sold football trading cards in the form of NFTs and raised around 680 million dollars, which was record-breaking.

A Comparison Between An NFT Internet And The Internet Today

An NFT Internet

The Internet Today

NFTs are quite unique in comparison to each other, no two NFTs are similar.

We can use a copy of a file, like MP3 and JPG. They work as original but are copied.

All NFTs are owned, which makes it easy for anyone to verify.

Ownership records of digital items are stored on servers controlled by several institutes – you have to rely upon them.

NFTs are attuned with anything made using Ethereum. An NFT ticket for an event can easily be traded.

Every digital company has to build its infrastructure. For instance, the company needs an individual app to issue a digital ticket for events.

What Is An NFT Marketplace?

A platform that makes you able to preserve and trade NFT without any concerns. At the NFT marketplace, you can buy or sell these tokens at market-competitive rates. One essential thing for NFT users is a crypto wallet to make transactions and token storage. One of the best markets is OpenSea, where you can buy or sell NFT artworks.

The NFT marketplace help users to develop an account and make sales of their digital artwork. Generally, you have to register yourself and connect the crypto wallet you already owned to your NFT account to use a marketplace. Rest you require these given steps to follow:

  • Make the desired NFT and define all ideal factors
  • List your artwork or any other digital skill that you can sell and wait for the complete submission
  • Wait for buyers’ bids and auctions
  • When the auction is completed, wait for the transference of crypto-currency by the marketplace

An NFT marketplace uses intelligent contracts, which we also call particular transaction protocols. These protocols work as the connections between the seller and the buyer. Moreover, the protocols or smart contracts identify data linked with an NFT.  Henceforth, it is proved that the process of marketing your product or selling and buying tokens is convenient and user-friendly.

Top 5 Elements To Include In An NFT Marketplace App

Here we listed out a few essential features that you need to add to an NFT marketplace app; let’s have a look:

Storefront

One of the key features of having a thriving NFT marketplace is its storefront that works like a dashboard for the audience. It gives users with the required information needed for an asset – for instance:

  • Owners
  • Bids
  • Previews
  • Value History

Advanced Token Search

Before getting involved in an NFT marketplace, customers have to get complete product selling and purchasing information. Therefore, in your NFT marketplace app, you must comprise the products arranged with the details of key features and qualities. The best part? Faster search boosts the clients’ satisfaction.

Filters

One of the finest things to do is use filters, and it is highly beneficial. Moreover, it gets easier for customers to undergo a website with filters. Add this feature if you want to make an NFT marketplace an ideal platform for customers. It helps users easily choose options by category, listing status, and payment method.

Create Listing

To make your NFT marketplace standard, create a page where customers can list their collectibles, submit files, add information like tags, title, and description. It is one of the necessary steps to add value to your NFT marketplace.

Listing Status

Listing status is essential for people who offer products with an authentication process. It allows customers to check the status of their listing process and how far it has gone and helps execute collectible verification.

How Much Does It Cost To Begin An NFT Marketplace?

The cost and duration of this procedure include the performance of the marketplace. In case if you want to have a platform that is not complex, you need to infuse a little more money than usual to develop an NFT art marketplace.

If you are going for a readymade solution, there is no assurance and security. Moreover, the product’s dependency is based on the platform from where you are receiving a key.

On the contrary, you can hire a software development team to create a custom app for you because then you will not have to face any flaws. The specialists will make a platform with a user flow, functionality, quality features, and design from the beginning to the end. All you need to do is invest money.

Conclusion

The NFT marketplace is a great way for creators to easily get their products in front of the public. If you are looking for an easy, fast, and cost-effective way to sell your creations, this may be it! Have you tried selling any items on the NFT marketplace? Let us know how it went by commenting below.

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