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This blog talks about the state of visibility in a modern-day global supply chain. The current supply chains are highly opaque and offer challenges that can easily be solved by increasing visibility. Increasing Visibility in the supply chain leads to increased customer trust and loyalty, along with reduced costs. The increased visibility leads to better insights from the data and removes hiccups and bottlenecks far too easily than the traditional supply chain system.
Businesses these days are looking to expand and operate on a global scale, and that means the supply chain will be mapped all across the globe. But with operations spread globally, there arises some distance, time and cultural challenges.
In a survey conducted by Capgemini global consultants, more than half the business managers surveyed, 55%, believed that the role of supply chain management is to provide a competitive advantage to the company. So it may not be surprising then that managers also listed “supply chain visibility improvement” as their top priority.
Supply Chain Visibility
Before starting the discussion about supply chain visibility, we need to understand what it exactly means.
According to GS1, Supply Chain Visibility is defined as the awareness of, and control over, specific information related to product orders and physical shipments, including transport and logistics activities, and the statuses of events and milestones that occur before and in-transit.
Businesses are under constant pressure to cut supply chain costs while meeting customer expectations. The growing size of the supply chain of companies with an increasing number of players exchanging information and physical goods over vast distances:
Challenges with existing supply chains
- Supply chain interruptions are a big headache for any company as it leads to increase in cost and loss of product. With opacity in the supply chain, it isn’t effortless to track the location of the shipment.
- 1/4th of the supply chain managers surveyed by APICS Insights and Innovations indicated that their organizations generally take more than a few months to recognize that they are experiencing chronic disruption.
Poor or Non-Existent Insights
- Modern-day supply chains generate many data, and most of it is segregated in each player’s database. A global supply chain has many players and to create meaningful insights from the data, and there needs to be a collaboration between the players in the supply chain.
- Paper plays a vital part in a modern-day supply chain, from invoices to certificates to Bill of Lading and so on. The use of paper limits the automation of the supply chain, which results in slow performance. Because of little collaboration and communication between the players in the supply chain, the paper is widely used.
Supply chain inefficiencies are costing UK businesses over £1.5bn in lost productivity, According to an analysis by Zencargo.
No Connection with Customer
- Customers are now becoming more aware of their buying habits and are choosing products from companies that are more transparent about their work. It includes being open about their sustainability practices, their supply chain, and governance decisions.
- Companies do not have a direct connection with customers in an opaque supply chain which leads to a decrease in customer trust and engagement.
Benefits of Supply Chain Visibility
- According to a survey by Brand Spark International, about 95% of the customers say brands that provide consumers with detailed information about their product or service earn their trust.
Companies or Brands can provide more information about their product to the consumer with the aid of supply chain visibility. With more information regarding the product in the supply chain, companies can present that information to the consumers to gain trust and increase their brand reputation.
Supply chain visibility matters most to consumers who are empathetic to others’ well being who usually tend to be more skeptical. Information sharing with the consumer overcomes their inherent lack to trust and makes prosocial customers feel like they are patronizing a socially responsible company.
- With the increased visibility in the supply chain, the available data can be analyzed and also used to build predictive models for Machine Learning. This data can be used for inventory and logistics management systems which decrease the inventory levels and make the logistics more efficient.
- According to IBM, Less than 10% of supply chain data is effectively used – and most companies are virtually blind to the 80% of data that is dark or unstructured.
Along with increasing customer trust and reducing costs in the supply chain, there are a few more benefits of increasing the visibility of a supply chain.
UPS is expected to save $300 million to $400 million a year after the implementation of the new On-Road Integrated Optimization and Navigation system (Orion), according to Mckinsey.
Integrated Process Optimization
- A digital supply chain offers a whole new avenue of automation where financial transactions and processes can be automated, and the time elapsed can be reduced. This aids in the streamlining of the supply chain and reduction in time taken during cumbersome paperwork.
How to achieve supply chain visibility?
We have discussed the challenges and the benefits of supply chain visibility, but we still haven’t considered how to implement it.
Supply chain visibility in the modern global supply chain can be implemented with the integration with a couple of technologies which will work side by side. This technology stack would consist of Blockchain technology for the basis of data management, IoT for tracking in the supply chain and for converting physical assets to digital ones and cloud computing for securing the data.
According to Accenture, nearly one in four companies report a financial impact over $30 million for a single recall.
Blockchain technology is beneficial for increasing supply chain visibility because of the immutable nature of the network. Blockchain can prove as the single source of the truth and increase collaboration between the players with information sharing since the Blockchain database is immutable meaning that no data entered can be changed or deleted. This nature of Blockchain brings customers closer to the company and increases their trust and loyalty for the brand.
QuillTrace, a Blockchain-based supply chain solution
QuillTrace is a Blockchain-based procurement platform by Quillhash which makes the supply chain of any business transparent, sustainable and secure by integrating with the existing Supply Chain systems.
Using QuillTrace, companies can report their ESG data more transparently and with data, formats complying to the Industry or International standards. With better data related to sustainability and governance about the company, their score increases which opens more avenues for the investors to look within.
We have made a pdf explaining the present problems in the supply chain and an effective solution for those problems. you can find it here :
Nym: The World’s First Generic Incentivized Mixnet Releases its Whitepaper
[PRESS RELEASE – Please Read Disclaimer]
In a time when mass surveillance and data harvesting are ever present and not a day goes by without news of companies selling user data for profit, Nym Technologies is building a next generation privacy network that can change the way people use the internet.
Chelsea Manning, a famous whistleblower and technologist, says “As methods for network traffic analysis have dramatically improved in the last decade, I have frequently called for research (most notably in 2016) into alternative methods to Tor that avoid exposing the data within the network to such analysis. Nym is one such viable alternative worthy of research, and developmental implementation.”
Nym was conceived in 2017 and was the first privacy project to receive funding from Binance Labs in 2018, followed by a $2.5M raise from other well known investors. Today, the actual design of Nym has been made public after extensive review by technologists like Chelsea Manning, academics like Carmela Troncoso, and venture capital firms like Polychain Capital.
Carmela Troncoso (EPFL) notes “I spent a long part of my career working on improving mix-based anonymous communications systems. It is thrilling to see how the Nym team, a unique combination of expert software engineers and privacy experts, have made mixnets a reality.”
The Nym network is a generic, decentralized, and incentivized infrastructure that provides privacy to a broad range of applications and services, including any blockchain. A core component of Nym is a mixnet that protects the metadata of the internet packets sent to it with privacy superior to both VPNs and Tor.
Metadata is “data about data”, and includes IP addresses of the users, geolocations, information about who talked to who, when, and how often. All of this metadata can be monetized or used without users knowledge. Now it can be protected by Nym.
Anyone can join the network by running a node and get rewarded in NYM tokens for providing privacy to the network. Nodes do useful work anonymizing packets for users and services.
NYM tokens can be transformed into anonymous credentials that allow users to privately prove their “right to use” of services in a decentralized and verifiable manner. This allows users to be private at the network level as well as the application layer. Cosmos and the European Commission are amongst the many who have been supporting the use of Nym’s anonymous credentials.
The 3rd-party applications and services that can integrate their systems to the Nym network to protect their users from malicious actors and preserve their privacy range from crypto apps (wallets or DeFi projects) to messaging applications, IoT devices, or literally any data transfers over the internet that can leak metadata.
Currently, Nym is running an incentivized testnet with a 1500 capped number of nodes on the Liquid network, but this limit will raise in the next major release due to the high demand of people who want to join the network and test its features out.
Throughout human history, privacy has been considered a great asset and a prerequisite for freedom. However as privacy was not built into the fabric of the internet, power is now in the hands of a few powerful players. Nym is setting off to change this and give power back to users so they can decide if and how they reveal their data. To know more about the technicalities, read the whitepaper or join the Nym Telegram channel to stay up to date.
This bullish Bitcoin options strategy lets traders speculate on BTC price with less risk
Historical data shows that it is nearly impossible to consistently predict Bitcoin’s price action and many traders that attempt this end up losing money. Now that Bitcoin trades near $50,000, the ultimate goal for most traders is to hold on to their current holdings and incrementally add to them in a way that is not terribly risky.
Options strategies provide excellent opportunities for traders who have a fixed-range target for an asset. For example, using leveraged futures contracts might be a solution for a scenario where one expects a price increase of up to 28% over the next month. Of course, using a tight stop loss lessens the viability of the trade.
On the other hand, using multiple call (buy) options can create a strategy that allows gains that are four times higher than the potential loss. These can be used in both bullish and bearish circumstances, depending on the investors’ expectations.
The long butterfly strategy allows a trader to profit from the upside while limiting losses. It’s important to remember that options have a set expiry date; therefore, the price increase must happen during the defined period.
The Bitcoin (BTC) calendar options below are for the March 26 expiry, but this strategy can also be used on Ether (ETH) options or a different time frame. Although the costs will vary, its general efficiency should not be affected.
The suggested bullish strategy consists of buying 1 BTC worth $48,000 call options while simultaneously selling double that amount of $56,000 calls. To finalize the trade, one should buy 1 BTC worth of $64,000 call options.
While this call option gives the buyer the right to acquire an asset, the contract seller gets a (potential) negative exposure.
As the estimate above shows, if BTC is trading for $48,700, any outcome between $49,380 (up 1.5%) and $62,630 (up 28.6%) yields a net gain. For example, a 10% price increase to $53,570 results in a $4,000 net gain. Meanwhile, this strategy’s maximum loss is $1,350 if BTC trades below $48,000 or above $64,000 on March 26.
This allure of this butterfly strategy is the trader can secure a $4,050 gain, which is 3x larger than the maximum loss, if BTC trades from $53,550 to $58,460 expiry.
Overall it yields a much better risk-reward from leveraged futures trading considering the limited downside.
The multiple options strategy trade provides a better risk-reward for bullish traders seeking exposure to BTC’s price increase and the only upfront fee required is the $1,350 which reflects the maximum loss if the price is below $48,000 or above $64,000 at the expiry date.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Transaction batching protocol Furucombo suffers $14 million “evil contract” hack
The latest “evil contract” exploit has netted an attacker over $14 million in stolen funds.
Furucombo, a tool designed to help users “batch” transactions and interactions with multiple protocols at once, fell victim to the attack which centered on token approvals from users.
The attacker’s address currently has $14 million worth of various cryptocurrencies, but the attack appears to be larger as they have been transferring ETH to privacy mixer Tornado Cash in batches over the last hour.
This attack is conceptually similar to the $20 million “evil jar” attack that struck Pickle Finance last year, as well as the $37 million “evil spell” exploit that hit Alpha Finance earlier this month. In these “evil contract” exploits, an attacker creates a contract that fools a protocol into believing it belongs there, giving them access to protocol funds.
So what happened to Furuсombo
An attacker using a fake contract made Furuсombo think that Aave v2 has a new implementation.
Because of this, all interactions with ‘Aave v2’ allowed transfers approved tokens to an arbitrary address. pic.twitter.com/gQVxJqiAmL
— Igor Igamberdiev (@FrankResearcher) February 27, 2021
In this case, the attacker ‘tricked’ the Furucombo protocol into thinking that their contract was a new verison of Aave. From there, instead of draining funds from the protocol as in previous evil contract exploits, the attacker instead leveraged the ability to transfer the funds of every user who had given the protocol token permissions.
“Infinite permissions means you can wipe everyone who interacted with Furucombo,” said whitehat hacker and co-founder of DeFi Italy Emiliano Bonassi in a statement to Cointelegraph.
This type of exploit appears to be growing increasingly popular, now accounting for over $70 million in user funds lost in just a few months.
The team confirmed the attack in a Tweet, saying that they “believed” they’d mitigated the exploit but recommended revoking permissions “out of an abundance of caution:”
Today at 4:47 PM UTC the Furucombo proxy was compromised by an attacker. We have deauthorized the relevant components and believe the vulnerability to be patched but we recommend users remove approvals out of an abundance of caution.
— FURUCOMBO (@furucombo) February 27, 2021
Users can leverage tools like revoke.cash to do so.
The attack comes during a period of wider reflection in the DeFi world on security and the utility of auditing companies. In the last three months, three different auditing and code review services have emerged, each with a different incentive model designed to encourage more thorough and dynamic security practices.
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