How Blockchain Technology Can Be Dis / Advantageous

Home » Industry Updates » How Blockchain Technology Can Be Dis / Advantageous

• Sasi George
• December 20, 2019

Every technology that has been discovered or invented has its own advantages and downside too. In some of the technologies the world has been witness to in the recent past the limitations could largely overshadow its utility. Even though blockchain technology has a reputation for being complex, its potential as a decentralized form of record keeping is limitless. Features such as privacy, higher security at lowered processing fees, and not being prone to errors are its USP.

And due to these advantages we may as well see applications of blockchain technology being imbibed more than other contemporary technologies present in the market right now.

Working of a Distributed Ledger

Pros and Cons of blockchain technology

Pros

• Due to the segregation of the human involvement in verification there is enhanced accuracy
• Due to the elimination of third party verification cost is optimized
• The technology is tamper proof due to decentralization
• Transactions are private, protected and efficient
• Transparent technology

Cons

• Cost of technology is high due to mining bitcoin
• Speed of transactions per second is paltry
• Prevalent usage in illicit activities
• Vulnerability to hack is ever present

Also Read: Blockchain in Healthcare

Advantages of Blockchain Technology

Accuracy of the Chain

Thousands/millions of computers in a network approve transactions on blockchain. This abrogates the need for human approval in the verification process therefore curtailing human error and producing an accurate record of information. If by probability one computer in the network were to make a computation error, it would be only in that one copy of blockchain.

For the error to spread, the error should occur in at least 51% of the network’s computers – which can be possible only in theory.

Cost Reductions

In today’s world we need to verify each transaction. Be it a notary to sign an official document, a bank to verify a financial transaction or a minister to witness a marriage. But the advantage with Blockchain is that it eradicates third-party authentication and therefore the associated costs.

We have seen in the recent past that most banks have begun to levy fees for transactions above a threshold. In fact most aspects of banking service comes under the purview of some fee, but with Bitcoin as there is no central authority there is no transaction fees.

Decentralization

Because Blockchain technology is decentralized it’s pretty much tamper-proof and hacker-proof. Even if a copy of the blockchain were to be hacked, it would only jeopardize one single copy of information and not the network as a whole.

Blockchain does not store information in a centralized location, but info is copied and spread over a web of computers. Whenever there is an addition of a block in the blockchain, every computer updates its chain in the network to reflect the modification. Therefore by spreading information across a network, rather than having one central database the system has guarded itself from interference.

Efficient Transactions

In the financial realm transactions take time to accomplish as there are issues of verification. But the advantage with blockchain is it operates 24/7. Therefore transactions are concluded in minutes and within hours the entire process in deemed secure.

When it comes to international trade, there could be delays due to time, distance and regional disparity. But all this is overcome with the use of blockchain technology.

Private Transactions

Firstly let’s be clear here – blockchain networks are confidential and not anonymous. There are blockchain networks that are public databases and anyone with a Net connection can view the transaction history of a network, but they would not be able to access its details. That is, the identifying information about the users is not accessible.

During a public transaction a unique code called public key is documented on the blockchain and not your personal information. Hence your personal identity is not compromised even though your identity is linked to the blockchain address. Therefore hackers cannot procure your personal information, which is tenable when hacks occur on financial institutions.

Blockchain potential applications & disruptions

Secure Transactions

After a transaction is completed and recorded its authenticity is verified by the blockchain network through the thousands/millions of computers in the network. On validation of a transaction by a computer it is included on the blockchain in the form of a block which contains a unique hash. And the unique hash of the block that succeeds it is also included.

If and when the information on a block is edited, the block’s hash code gets altered, but not on the block that follows it. This characteristic makes it literally impossible for information on a blockchain to be amended without notice.

Also Read: Blockchain In Logistics

Transparency

With very many computers being present on the blockchain network at any given point of time it is implausible to make amends without notice. The blockchain technology is open source and personal information is private. Therefore subscribers can modify a code in the event of having a majority of the network’s computational support backing them. Hence it is evident that tampering with data is farfetched.

Disadvantages of Blockchain Technology

Having expounded the advantages of the blockchain technology, we take you through few negative aspects. The prime glitch to imbibing blockchain technology is political and regulatory. After immeasurable time and revenue being invested in software design and programming, there is hostility to inculcate the technology.

Here are some of the constraints are putting paid to the widespread adoption of blockchain technology.

Technology Cost

Although there is a benefit in fees not being levied for transactions, but Proof-of-Work, or PoW algorithm needs to be completed. This original consensus algorithm in a Blockchain network assists to confirm transactions and create new blocks to the chain. But the downside being it consumes enormous amount of computation power.

In the US the cost to mine a single Bitcoin works out to $4800. But users scamper to validate transactions as when miners add a block to the bitcoin blockchain. Because they get rewarded with bitcoins for their effort. Where cryptocurrency is not enabled miners are compensated through currency.   

Speed Inefficiency

Legacy brand Visa of credit cards can process 24,000 TPS (Transactions per second), now – hold you jaw tight or it might drop – the blockchain network can process only 7 TPS. There it is, your jaw dropped. The Bitcoin’s PoW (Proof of work) system takes an estimated 10 minutes to add an new block to the blockchain network. But the other cryptocurrencies such as Etnereum, Bitcoin Cash are a tad better at 20 TPS and 60 TPS respectively. Hence inefficiency is loaded against blockchain technology looking at the abyss of difference.

Illegal Activity

As mentioned in the beginning, every new technology has its downside. Blockchain Technology is susceptible to illegal activity as it protects users from hacks and privacy against all odds. Hence illegal trade activity and unlawful practises are secure too. Users can browse websites without being tracked and make illegal purchase in bitcoins. Silk Road is the apt model quoted for this misadventure, where an online dark web marketplace had been operating for illicit transactions from 2011 to 2013. This was finally shut down by the FBI.

To overcome this debacle, online exchanges in the US now have to collect information from all their customers when they open an account, verify the identity of the customer and confirm that customers are not part of any terrorist group or Red Corner Notice. Now the regulations does not permit full anonymity for users who utilize online exchanges.

Central Bank Concerns

Several prominent banks have launched investigations into digital currency, especially Federal Reserve, Bank of England, and Bank of Canada.

They surmise that research needs to be undertaken to device a process by which the distributed ledger technology could be utilized without hampering financial institutions ability to control currency and ensure safety from explicit or implicit attacks.

Hack Susceptibility

As mentioned earlier, newer age cryptocurrencies and blockchain networks are vulnerable to attacks if they occur above the mean average. But these are profoundly inhibited by the computational power that would be needed to gain majority control of a blockchain network. But studies undertaken by a researcher has indicated that 51% attacks are possible. This is due to the simple fact that hackers now don’t have to own all the equipment needed for the exercise but all they got to do is to rent it.

 

 

How to Write an App Store Description & Get A Million Users

Home » Digital Marketing » How to Write an App Store Description & Get A Million Users

• Sasi George
• December 13, 2019

It is imperative to write an effective App store description to get your App the visibility you are yearning for. Your copywriting skills could make or break your marketing efforts.

Most folks consider writing articles tuned to SEO an arduous task as you have to get the keyword in at the accepted density, put a minimum number of words and inculcate HTML tags. Just wait until you get into App description, article writing will seem like a walk in the park.

We are just trying to point out that you need to be circumspect. For an article you could use as many as 3000 words to get your idea across, but with an App description is limited to 700 words. And not too many people read the entire description.

Therefore it’s pretty obvious that you are restricted by circumstance to get your views across. Therefore make sure to keep to the App store character limit, get the idea across within the first few lines, stick to the store guidelines and no aesthetics to assist (headers, bolds, etc).

App Store Description Guidelines

The App store description guidelines is your confidant to get it absolutely spot on so that your App ranks on the App store; followed by myriad of downloads. But keep the relevancy as a buoy marker, less than 2% read the entire description. That means if you don’t get the reader hooked within a couple of lines you not going to be counting anything.

App store descriptions are restricted to 4000 characters. Moderators can disapprove descriptions that are stuffed with App Store Keywords. Keep the description clean, free of errors, in active voice and be truthful. Introduce the primal keyword early on. Write such that readers convert and the App gets ranked. App Store Optimization is similar to SEO. ASO will optimize your App for the App Store.

Elucidate the description after meticulous keyword research and after analysing your competitor’s keywords. This assists you in getting to know the keywords people are utilizing to search for similar Apps, hence you are aware of what to include in your description. Read descriptions of your competitors to know what works for them. The next stage is ASO – which will get your App to rank in the App store. Only when people reach your App page there is a possibility to get to the features; followed by downloading of the App.

Also take care of the following:

App title

The app title should ideally be integrated with the main keyword which can help it rank better. This could result in the homepage being flooded with organic views.

App Store Keyword Field

In the Apple App Store you can incorporate the main keywords in the given keyword field. But make sure to fill everything so as to increase the chances of your App ranking.

Use of Emoji in your App description

The use of Emojis does have detrimental effects on the App ranking. The problem is not associated to the use of emojis in the app store description, but to the use of emojis in the artwork or design.

Apple can rightfully block apps that use its copyrighted emoji design.

You can use Emojis in the app store description, but not in screenshots, logos, videos or as part of the UI. As most of them have copyright.

Test your App store description preview thoroughly. Apps have a small preview that viewers can see when they open the App page. That would be around 4/5 lines before it begins to fade. To read more you have a ‘Read More’ button. Only 2% hit that button. Therefore the App store description is relevant to the App store rather than a reader.

Create a compelling sales oriented note within around 300 characters to convince the reader to ‘Read More’. Then that should be followed by a download.

After you have posted, wait for a couple of weeks to test the effects – that would be conversion. Otherwise redo the write up and again check after a couple of weeks.

Use Social Proof in your app description

Mention any awards or noteworthy projects undertaken that is visible to people. Mention the same in the App store description too.

Talk about the thousands of downloads happening every day or hundreds of thousands in weeks. Mention anything that could help traction, like being among the top Apps in your category. This enhances the trust factor, especially when it comes to a professional niche.

The League of Legends game starts off with ‘find your role’- they are accepting you and making you a part of the game.

Describe the features of your App and its functionalities utilizing screenshots. Add text in the mobile app preview videos. Readers begin for foresee the usage of the App. A picture can convey what a hundred cannot.

Most Downloaded Categories

Localization

It’s imperative to localize / internationalize an App, they have myriad of benefits. The number of downloads could go over 200% when localized. 75% of viewers scour the net in their own language. If you are advertising an app for South America, make sure you do it in Portuguese and Spanish.

Localization is vital to ASO. You can rank for words in the vernacular. And could help you rank in specific countries. This can boost conversions.

Uber is doing a great job with localization in Saudi Arabia. With the ban on women driving in Saudi being lifted Uber is planning on integrating women drivers to their fold. They found that more than 70% of the riders are women. In a Gulf country a woman driver for a woman rider is localization.

Use Call to Actions in your app description

The few lines in the preview should persuade a reader to download your especially if he has the need of such functionality.

Use phrases such as:

Download the App, get jobs and work done anytime.

Install the game and join millions

Install the App and watch all your fav movies.

Such lines can gain you good traction.

Take every opportunity to showcase new possibilities such as: heralding a new promotion or reducing the prices/offering discount for Black Friday sale or CyberMonday. Or it could be that you are integrating new features such as Live Streaming / AR / VR. All these are worth incorporating in your App description, as it increases the value of your offering.

If your App happens to be a paid subscription, App promotions are great incentives for subscribers who are looking to purchase at a better deal.

Update your app often

Updating the App at regular intervals would help it to rank better as algorithms are keyed to push relevant and new content into the App store.

After improvements with new features, make sure to update the App store description to include the new features. Subscribers would trust the App more, and the best advertisement is a good word of mouth. Also lost audience could be brought back after the inclusion of new features. They could become paid subscribers too and would spread the information about the same.

Don’t forget about app rating and reviews

Getting good reviews and rating from reputable sources are imperative, include them into your App description. Reputed agencies such as Forbes, CNet, The Verge, TechCrunch give ratings and information on Apps. Include them in your post in enhance credibility.

Conclusion- App Store Description 

Get to the App store description with all seriousness. Or all your hard work in creating an interesting App would not see the success you hoped. Don’t lose out on the last stage after doing everything else right.

Share on FacebookShare on TwitterShare on Linkedin

The Rainmaker | Oil then, Data now

Home » Antitrust Laws » The Rainmaker | Oil then, Data now

• Sasi George
• September 3, 2019

Once bitten twice shy. Tough lessons learnt paying a high price is not forgotten in haste.

Table of Contents

• Oil An Asset Builder
• Analogy of Oil & Data
• Antitrust Regulations
• Data as a Resource
• Possible Remedy
• Conclusion Data Conundrum

Oil An Asset Builder

In 1863, John Davidson Rockefeller and his partner invested in a business that refined crude oil. Fueled by their success, Rockefeller and his partners invested in two oil refineries in 1870 and began earning big bucks. The partners then incorporated the business and called it the Standard Oil Company.

In 1882, these various companies were merged into the Standard oil Trust. They went on to control nearly 90 per cent of the US refineries and pipelines. Rockefeller built his oil monopoly by callously eliminating his competition to become the richest man in the world.

Top 10 Oil Producing Countries

The largest consumer of oil in the world is the US. Hence it is evident that if the reins of oil remained in the hands of few people, they would rule the prices and the distribution. The U.S. government brought a suit against Standard Oil Company in 1906 under the Sherman Antitrust Act and in 1911 they were ordered to divest their major holdings.

Antitrust laws came into existence to promote competition among sellers, limit monopolies and give consumers more options.

Analogy of Oil & Data

We are now at a stage when history could repeat itself. Rockefeller built a monopoly in oil and became the richest world-over. Now data is a resource being targeted, collated and deciphered by a few firms to rake in green-backs. They are – Alphabet (Google’s parent company), Amazon, Apple, Facebook and Microsoft. They collectively earned over $25 billion in net profit in the first quarter of 2018.

Cost of data per GB

In most metros high rise buildings have a store in the basement to provide goods to the residents of the building in a jiffy. The store personnel are in the know as to who needs what kind of products or service. He thus ensures to have stock of these, because he is privy to it and uses it to his advantage. Therefore he could set a price on the said goods/service as the resident depends on him for fulfillment.

Data generated every minute of 2019

Now taking this analogy to the next level as to how a browser would capitalize with information that passes through it. Every activity creates a digital trace such as booking for a movie, watching a show on Netflix or searching for some information, this is fodder for the data distilleries.

If you have searched an airline for flight info or a product on the Net, then for the next one month the browser comes up with information on all flights to that destination. If it’s a product, then it comes up with numerous advertisements on the product you had searched for.

This very clearly indicates that the data mined from the browser is being used for economic gains by the company that set up the browser. Access to data cloaks companies from the competition.

Google knows what people searched for, Facebook what they shared, Amazon what they bought. They own app stores and OS, and lend computing power to start-ups. They have a “Bird’s eye-view” of activities in their niche.

They know when a new product or service begins to gallop, giving them the option to either copy or buy out the competition before it becomes a threat.

Facebook’s $22 billion purchase of WhatsApp in 2014 with 60 employees falls into this classification of “acquire-the-threat” to eliminate potential rivals. Data can stifle the competition by providing early warning systems and hindrance to entry.

Antitrust Regulations

Antitrust regulators monitor the distribution of economic power in business, to ensure a healthy competition is permitted to flourish and economies may grow. Antitrust laws apply to most industries, touching every stage of business, such as manufacturing, distribution, transportation, and marketing.

Most countries have encompassing laws to protect consumers and regulate how firms should operate their businesses. The object of these laws is to ensure a level playing field thereby preventing some from attaining too much clout over the competition. Antitrust laws are also known as Competition laws.

These statutes developed by the U.S. government is to protect the hoi-polloi from predatory business practices. They ensure a fair competition exists in an open-market economy. These laws vigilantly guards against possible monopolies and disruptions to the vicissitudes of competition.

Antitrust laws prohibit business practices that inhibit trade. Such as price-fixing conspiracies, corporate mergers that cut competitive zeal in markets, and predatory designs that gain or hold on to monopoly.

In 2014 Google proposed an antitrust settlement with the European Commission. Google agreed to display results from three competitors for specialized searches related to products, travel, and food. But added that competitors would pay each time someone clicked on a specific result shown alongside Google’s results. They agreed to pay for an independent entity to oversee the system.

The proposal stipulated that content providers had the option to remove content from these search services without penalties. They then suggested conditions making it cumbersome for advertisers to remove their campaigns. But sites using Google’s search tool could show ads from other services. The proposal was not adopted for obvious reasons.

Such dominance has prompted calls for breaking up the tech giants, as Standard Oil in 2011. But the question is do we need such drastic steps. Their success has profited consumers. Such as Google’s search engine, Amazon’s one-day delivery or Facebook’s news-feed. The firms are still tepid as they interpret they are far from extorting consumers, on the contrary the services are free.

Data as a Resource

Smartphones and the internet have made data valuable, abundant, and pervasive. Algorithms can envisage when someone is on the verge of buying a product, service a car or he is at risk of an ailment. GE and Siemens now depict themselves as data firms.

Abundance of data modifies the nature of competition. Technology giants have benefited from network effects, more users makes Facebook lucrative for others to sign up. With data there are other network effects. By collecting more data, a firm has further scope to improve its products, attract more users, generate even more data, and so on.

Self-driving cars provide invaluable data to Tesla to better its drive-ability. One reason why even though Tesla sold only 25,000 cars in the first quarter last year, is now worth more than GM, that sold 2.3 million vehicles.

Also Read : Building On Demand Apps

Possible Remedy

The nature of data makes the antitrust remedies of the past archaic. Breaking up a firm like Google would not stop them from reasserting themselves. A radical rethink is required, such as:

Firstly – antitrust authorities need to think progressively. When considering a merger, they have conventionally used size to determine intervention. They need to take into account the extent of firms’ data assets when assessing the impact of a deal.

The purchase price could also be a pointer that an incumbent is killing an embryonic threat. Facebook’s willingness to pay $22 billion for WhatsApp, which had nil revenue, should have been a awake-up-call.

Authorities must become data-savvy in their scrutiny of market dynamics to replicate algorithms that scheme over prices on how best to endorse competition.

Secondly is to loosen the grip that online services have over data and give more control to those who provide them. As the Aadhar in India. The identification information is used by other agencies as well for the process of verification. Transparency would help, companies would be forced to reveal what information they gathered and how much they have monetized out of it.

They could mandate the sharing of data, with users’ consent—as Europe is endorsing by requiring banks to make customers’ data accessible to third parties.

Conclusion Data Conundrum

Refurbishing Antitrust Regulations on data management will be cumbersome. Data sharing will entail risks that could threaten privacy. On the contrary if governments don’t act on data concerns, the economy could then be dominated by a few giants.

Share on FacebookShare on TwitterShare on Linkedin