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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 :
ETH Developers Calculated How To Defuse The Difficulty Bomb
ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.
Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.
We just wrapped up #AllCoreDevs 113 😁
Recap below 👇🏻 https://t.co/wDU2vlNnBS
— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) May 14, 2021
Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:
“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”
He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:
“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”
If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.
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Bitcoin Price Analysis: BTC Breaks Long Term Trend As Tesla Ditches It
Bitcoin has broken out of a long 3 month range of $10,000. After Elon Musk announced Tesla will no longer be accepting BTC due to environmental reasons, BTC broke its major support of $55,000 and quickly fell over 15%. BTC is now is now in scary waters.
While looking at the chart, BTC has broken a long term trend that has been held for nearly 6 months. This is not a good sign as there is much FUD spreading about Bitcoins environmental impact. BTC must hold major support range of $46,500-$48,000 or we can experience a large fall to $40,000. As of now, the 150MA has held the price of BTC as it touched this moving average for the first time in 6 months.
Bitcoin Price Analysis: BTC/USDT 1 Day Chart
If BTC can break above $48,000 and hold, there will be a decent revival to $51,400. In the case that BTC holds this resistance, next up is $54,400. BTC has grown over 1000% in a year. With this being said, there is a good chance more downside might occur before BTC resumes a bullish uptrend.
While looking at the Stochastic RSI, we can see that strength has reset to oversold levels. If the strength can bound above 30, expect a revival to minimum $51,400. The regular RSI also confirms a small bullish upswing as it has printed a bullish divergence. This occurs when price makes a Lowe low but RSI makes a higher low.
BTC intraday levels
- Spot rate: $48,100
- Trend: Bearish
- Volatility: High
- Support: $46,400
- Resistance: $48,000
Standard Custody takes new route to ‘qualified custodian’ status
It’s the first digital asset firm to receive approval on a de novo application for a New York trust license.
The post Standard Custody takes new route to ‘qualified custodian’ status appeared first on The Block.
Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it’s already making a play to gate-crash the institutional custody space.
Just days after its licensing, the firm announced the close of a $53 million Series B round for its parent firm, PolySign.
Cowen Digital Asset Investment Company led the round with a $25 million strategic investment. The two will also partner, with PolySign providing digital asset custody solutions for Cowen clients through its newly licensed trust arm, Standard Custody. Blockchain.com and Race Capital also participated in the round.
Through Standard Custody, PolySign is looking to fill a gap in the custody space. While many crypto firms are attempting to build all-in-one services, with exchange, brokerage and custody housed under the same roof, CEO Jack McDonald says Standard Custody plans to differentiate itself by focusing solely on custody-based services for institutions.
Though Standard Custody plans to expand its range of services, McDonald says it will stop short of being an exchange unlike others in the custody space.
“We think that ultimately the institutions that are wading into the space, more and more of the traditional institutional asset managers, are going to want to see a segregation of duties there between exchange activity and custody activity,” he said.
That could mean hedge funds, family offices, endowments and exchanges could make up its client base going forward, but not retail-facing activities. Others serving the retail market have expressed interest in Standard Custody’s services, mostly due to its recent licensure. It’s the first to get approval for a de novo trust application in New York, and that’s positioning it to emerge as a favorable partner for a variety of clients, according to McDonald.
To build out custody and escrow services, Standard Custody needed to be a qualified custodian. There’s more than one way to gain the distinction, but some fit better than others. To be a qualified custodian, firms can either become a registered broker-dealer with the Financial Industry Regulatory Authority (FINRA), a futures commodities merchant regulated by the Commodities Futures Trading Commission (CFTC) or you can be a federally or state-licensed trust bank.
For firms mainly looking to custody, it makes the most sense to become a trust but it’s recently become unclear how far a trust license extends outside state borders. The Securities and Exchange Commission (SEC) is currently seeking comment on how it should view state-licensed qualified custodians in the wake of a letter from Wyoming’s regulators. On the national level, Congress is still debating how much power the Office of the Comptroller of the Currency (OCC) should have to designate digital asset firms as national trusts and therefore qualified custodians.
Still, a New York trust license from the New York Start Department of Financial Service is the gold standard of state licenses. It’s the highest barrier of the state licensure frameworks, and also has more reciprocity than other states, meaning some other states recognize the New York trust charter and don’t require an additional license. Standard Custody is the first to receive a de novo approval, meaning it’s operating a new business as opposed to converting a previous entity like Gemini and Coinbase. That’s made it more attractive to businesses looking to set up shop in the U.S. without going through onerous regulatory frameworks.
“We do have a lot of interest in our technology from some of the more retail-oriented strategics out there and specifically wanting to tap our capabilities to business in New York and more broadly in the U.S.,” said McDonald.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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