Blockchain The future of Fintech Services

Blockchain as we know has emanated as the most transformational digital technology of this era. It is peer to peer distributed ledger that has the potential to manage business data, transactions and processes. This is the prime time to think of blockchain implementation in fintech industries to meet the expanding demands of customers. Every node in the network has the same ledger copy and it is updated and refreshed every second. Hence every updated node has the duplicate entries on the ledger containing the transactions, this way fintech industries will find blockchain providing more security as compared to traditional services. As Blockchain is tamper proof and every block is time stamped it has the proficiency to rift up the limitations of financial industries. Blockchain can store, record and track down every detail of the blocks of transactions, ownership’s of the data; be it tangible or intangible assets.

Pivoting points of blockchain :

1) Simple, secure and efficient

Blockchain consolidates and systematise the new business process model incorporated in financial industries. There was a lot of work put into reconciliation and conflict settlement. Blockchain eliminates the need of middlemen to settle the transaction overhead. It provides security and transparency as the transaction history is immutably available to the members involved in the network. Hence there is efficient monitoring of all financial transactions.

2) Re-modelling financial services

Distributed ledger technology is re-shaping banks and financial institutes in many robust ways. From cash to plastic money and now to electronic crypto money. Financial industry is going to be hit  by an unrest rumpus of potential game changer in fintech industry as Blockchain development costs are meagre in comparison to the benefits. Blockchain combined with clould, bio metrics, cognitive computing and machine learning will entirely change the infrastructure of so many industries.

3) Application based benefits

Blockchain is application centroidal i.e the benefits of blockchain depends how it is integrated with the existing or new application. For example Blockchain Wallet Development for trade would speed up the payments and track the ownership at various stages of the process.

4) Digital identity and IOT

With the help of Blockchain digitial identity system can be revolutionised by verifying the nodes/devices/users who they claim to be. Other big use case would be KYC and AML process.

5) Altering business models

Blockchain will change the infrastructure and the basic support system of financial services. There will be a lot of reconciliation work but the immutable distributed ledger will remove the information unavailability and make it easy to track  the ownership of records. Blockchain bring transparency which makes inter mediation unnecessary and enforce compliance. Trust will be based on internet level consensus which will avoid unnecessary disputes and no third party involvement.

Our team at NetSet software is leading in Blockchain application development   and we are open to partnerships with Industries across sectors for generating proof of concept to solve real business challenges. To know more drop us a line on direct@netsetsoftware.com.

RPA implementation in Life Insurance

The Insurance monopoly offers the perfect platform for RPA due to many strenuous everyday tasks that delineate everyday insurance transaction. RPA is meant to replace repetitive rigorous procedures, eradicating any human errors or any external interventions with automated robots that will make valuable decisions based on structured data provided to them.

RPA will substitute manual repetitive procedures, they follow some pre-defined  rules:

• The rules should be pre-defined step by step.
• There should be no human intervention with some exception.
• Standard input and output format.
• Decision making depends on data and reason.
• The process should be consistent and constant.

Insurance industry is bustling with procedures that follow the above rules while doing inputs for new requests, processing claims or managing accounts. RPA can be applied to all the repetitive processes. Robotic process automation with blue prism is one of the best ways of faster implementation of Automation.

RPA fits the role like a glove to revamp Life Insurance sector

Automation is now widely being applied to insurance industry with long and short term returns. The primary point to keep in mind is the placement of RPA software in the business processes which can deliver measurable profits and returns. RPA cost savings are much higher than the implementation cost. This would need strategic planning and building framework for implementation. For life insurance sector the advantages of RPA are much more than just reduction in cost and practical efficiency.

Key Factors:

1) Charactewhiteristics of operations

RPA is applied to procedures thwhiteat are rule based, frequently occurring and have structured inputs. All the time consuming processes in life insurance such application processing and claim handling and more importantly data entry can be automated.

2) Simple multiple interactions

RPA integration is not a complex process; robots interact with the multwhiteiple application in the same way the humans do. Any number of complex insurance systems, be it data entering applications or processing application, RPA has a great potential in reducing the manual effort and increase returns.

3) Reduced processing cost

An apt and suitable fit of an RPA system can give upto 80% of cost reduction and reduce upto 80% of completion whitetime. Other cost parameters like infrastructure costs are also low.

4) No technical talent required

Robots are automated i.e. they do not need human intervention for any detailed knowledge and process learning. They follow rule base processes which arwhitee predefined and embedded in the system and require no manual efforts.

5) Easy and faster deployment

It has been found that a process at most will take 6-8 weeks to be implemented in the legacy business models which include strategic designing, development, testing and implementation. Robotics process automation vs machine learning

, RPA acts a ready to use solution in comparison where as Machine learning is a indefinite process.

All these key factors emphasize that life insurance can fully utilize the power of robotic process automation. We at NetSet are helping agencies worldwide for efficient implementation of RPA. To know more drop uwhites a line on direct@netsetsoftware.com.

Global Impact of Blockchain

Blockchain is the next big thing and has the potential to deliver new applications. It is the second generation of internet. The major internet experts have explained the revolutionary impacts of Blockchain in the digital world. Blockchain is the technology behind much hyped bitcoin. But as Internet of information changed the world with some doubts, it’s time for Blockchain, better known as internet of value to roll the dice and eliminate all the flaws of previous internet. Blockchain technology is multiform but the idea is very simple. It is a huge distributed ledger implemented on multiple devices where information as well as other things like money, art, property, votes and music can be stored publicly or privately. Let`s take a look at how Blockchain implementation in various industries could script a new beginning in the way business operations are run.

• Financial services providers are already using the advent of blockchain. It is seen that blockchain is being applied to all the cost centric as well as customer centric industries. The focal point of blockchain is sharing information and reducing effective cost of transaction. Smart contracts are blockchain triggered programs that are self executed which will reduce the cost of contracting and making payments. This would require no management as smart contracts are self executing protocols and hence promises to reduce cost.
• Internet of Things has been making much hype due to the intercommunication between the devices and self independence of devices. The use of blockchain will lead to emergence of a new breed of devices that will interact with each other, update software, sense the requirements of consumables, triggering protocols and monitor all functional process on a central network of devices. Blockchain will even change the way we collect, render and analyze the data in medical industry or any major data processing requirements.
• Entertainment industry is next in queue; to begin with let us take example of the music industry wherein the artists, producers get paid in no time with the help of smart contracts. Blockchain development will take legacy business models to new heights by working together with old or new applications. This will save time and cost at the same time. The trustless dynamic services between consumer and companies will be abolished and a streamlined peer to peer transaction will be feasible.
• Cyber security is the next frame of IT industry that will be affected by blockchain. The verified and cryptographic ally secure data will reduce susceptibility of any unauthorized changes and hacking. Along with this saving data on a distributed ledger removes the need of middleman or a legacy secure server. The private keys of data with parallel accounts can ensure complete privacy along with multi party authenticity.
• Logistics will also bank upon the smart contracts that are a formidable tool for online reputation management. In blockchain transactions are documented in a permanent decentralized record that can be monitored with complete transparency. The logistics industry can use this edge and solve the overall supply chain challenges. The use of such method of managing database can improve efficiency in terms of time, cost and labor.
• Hospitals also keep a large pool of data in form of test reports, prescriptions and consultation data that can be of a great value to patients. This data can be life saving in many cases. This data can be put on a decentralized ledger and patients can have access to their medical records through private key and all that without adding major burden on hospitals.
• Government sector is also at the verge of accepting the need of blockchain and decentralized database. The corruption driven bureaucracy has always been restricting the throughput of government funds to the bottom level. Using Smart contract blockchainbased authenticity protocols, the roadblock and bottlenecks in the flow of government funded schemes can be unearthed and right actions can be taken. Blockchain will not only help identifying the flaws in government policies but also in ensuring fast and reliable implementation of social welfare schemes.

There is a wide scope of application of blockchain in all the major industries including Finance, hospitality, entertainment, healthcare, insurance, retail, crowd funding and even forecasting and data management.

Our team at NetSet software is excelling in Blockchain application development to a wide range of industries. We are open to partnerships with you for generating proof of concept to solve real business challenges. To know more drop us a line on direct@netsetsoftware.com.

How and where to Integrate RPA in your business

There is a consistent rise in the use of artificial intelligence and digitization and there is no stopping it except the challenge that every enterprise is facing, i.e. increased expenses and inefficient processes. Some process may require manual data reconciliation, abolishing old business applications, media disruption and more.
Robotic process automation benefits can solve these problems if integrated in the correct way.

Robotics integrates with the existing system applications and performs the daily routine functions automatically. This leads to minimal manual workforce and there is a smooth flow of operations, which further leads to error free completion of tasks.

There are some instructions that need strict compliance:

1) Find the right placement

RPA implementation cost depends on the processes required but It cannot be applied to every process or procedure in the company. They need to do some pre work to understand where robotics can be placed. Robotic process automation can be applied to daily rule based processes which contain large volumes of data on multiple platforms.

2) Understand and disentangle workflows

It is important to define and disentangle daily processes. Frequent re-occurring procedures should be clear and organised. Robotics will work best under such circumstances.

3) Data processing and zero human involvement

Robotics is profitable in collecting data and processes huge volumes of data in few minutes. Data processing and storing is made easy by automatically transferring data across various platforms. Hence mistakes in later processes can be limited if initial stage of data processing can be atomised. This makes Human workforce to work on high profile jobs like quality assurance and client engagement.

4) Evaluating proficiency and scalability

RPA software is known for increasing quality of work at much lesser cost and higher ROI. Companies with longer timeline will have high ROI as robots will do any tasks much quickly as compared to human workforce. All this work by robots will be spontaneous and error free.

At NetSet software we help design and deploy robotic process automation in your business models. Feel free to contact us.

Blockchain: Opportunities for healthcare

Blockchain is building quick roads to connect with healthcare and redefine how healthcare has been working. Blockchain is spinning up the wind with its  disruptive nature in healthcare. It is characteristically decentralized, peer to peer encrypted and tamper proof database. Healthcare departments have a huge amount of data stored centrally. Blockchain development would bring inter-compatibility, security of data and ensuring its sharing at greater speed with lower cost. The most fascinating thing about blockchain is that, all the participant on the network like hospitals, insurance providers, bill payers and patients will be able to access trusted information using a private or public key. Any participant can look at the number of transactions made or history of the patient or any related documentation. Hence all together on a network doctors and patients could make a decision. Blockchain could possibly help the patients reach doctors and keep them available and hence store all the necessary documents for claims adjudication.

Here are the possible user cases in healthcare:

Patient data management

Implementing blockchain solutions using impressive models for sharing medical records would assist in managing detailed information about patient and his/her health . These could also contain hospital level or doctor level information related to the patient. All the data stored centrally can be structured and maintained at patient’s end, hence securing it at the same time.

Patient generated Health data

Patient generated health data (PGHD) is extremely popular wherein patients record or collect data to address their health concern. They would record a video or type in a smart phone. Instead of Saving PGHD data on the devices,  you could ask them to store the information on health blockchain. The blockchain will have the history of the patients data.

Clinical Trials and studies

Blockchain helps in collecting more accurate and larger sample size for efficient clinical trials. As there will be a large population online on blockchain so there will be limited need for volunteers for trials.

Payments and payer contracts

A blockchain network would contain all the participants like patient, hospital, insurance company for all payments to be made. This leads to saving time and cost in a much easier way. Smart Contracts Blockchain are self executing programs that can send notifications anywhere on the network, also in the event of threat or when a new block is added to the network.

The major idea behind implementing blockchain is customer experience while optimizing the flow of information in most efficient way. Heath care is ready to swirl and transform into an efficient paradigm of adopting technology and care.  We at NetSet Software are gearing up to assist healthcare providers and society at large for better and transparent healthcare services.