Design Thinking: An Organized way to Designing Innovative Solutions!

New age problems demand contemporary solutions have derived results in the past with an ancient thought process. But what brought you here won’t get you there! Thus, you need to adopt a fresher and more innovative approach while dealing with present problems, needs, and circumstances.

Accordingly, design thinking is considered an excellent way of resolving modern-day business concerns. It is an innovative problem-solving approach that discovers new, innovative, and useful ways to foster ideas and create products.

The design thinking process is not based on assumptions of what the end user wants. Instead, it involves user research that helps determine the user’s pain points that the company is required to tackle with the design thinking process.

Besides, you can apply design thinking to derive solutions for everything from concerns prevailing in the manufacturing industry to those confronting BFSI. Design thinking adopts an organized experimental process that leads companies to solve a particular problem. Let’s look at the five phases of design thinking.

Incorporate- DT process is not based upon assumptions of what the end user wants, instead it heavily involves user research that helps determine the pain points of the user that needs to be tackled with the help of DT process.

Qodequay’s Way of Design Thinking

Every domain has a unique and evolving set of problems to deal with. But the basics of problem-solving remain the same, whether a new idea or product is to be launched or a strategic solution. At Qodequay, we follow these five-phased design thinking processes that help us craft innovative solutions.

  1. Strategy

Empathizing refers to considering the users’ problems as yours and thinking from the users’ perspective. When you step in the users’ shoes, you can have a closer and more comprehensive view of the problem, define the problem appropriately, understand it and experience its impact. It is then that you know its criticality.

It also involves observing and recording what matters to clients and deciphering their needs. In other words, design thinking starts with thinking of others’ problems as your own and thinking from an empathetic viewpoint.

  1. Design

This is another crucial phase where we identify the core concern, ideate, and prototype. and relate it to a human-centric point of view. While churning solutions, we perform extensive qualitative and quantitative research and analysis to come up with a well-informed, data-driven, and competitive idea.

Ideation

Ideation is the foundation of actual problem-solving. Conventional problem-solving techniques may not necessarily involve everyone in the process. It could be one wise person thinking and making decisions. The method may help resolve straightforward problems. But what if someone had something better in mind?

Our design thinking deviates from ancient problem-solving techniques. It involves conducting ideation sessions with various participants. Thus, it allows multiple brains to collaborate and discover ways to serve a complex need.

In other words, the process allows companies to explore various solutions and apply the best-suited solution.

Prototyping

The next step within this phase is prototyping. We present our set of solutions and the best-suited one graduates to a prototype.

Prototypes allow companies and clients to see how a particular solution will transpire in reality. It involves refining the solution and fostering discussions to identify ways to rectify errors and align the solution better.

It is an experimental stage where the best-suited solutions are transformed into near reality and reviewed to identify the most closely aligned solution.

  1. Delivery

One part of this process is testing. The solution is tested and its probable results are reviewed. It goes to the production stage only if the results are satisfactory. In design thinking, testing is as crucial and continuous as the solution’s development. The next process within this phase is implementing the solution, wherein a comprehensively tested and approved solution goes live.

Optimize Design Thinking with Qodequay Technologies!

Qodequay Technologies adopts and advocates the design thinking approach to provide robust, value-driven solutions. Our experts follow the standard design thinking process to deliver innovative products, ideas, and solutions. We consider each client problem an opportunity to broaden our capabilities and intellectual outreach and prosper our experience as a solution-oriented company.

We focus on delivering useful yet sustainable solutions that relieve clients from a problem in the long run. Our solutions are thoughtfully devised and carefully tested to ensure we live up to our commitment to delivering what clients want.

Click here to connect with us and know how our experts can apply and benefit the design thinking process in your case in your context.

 

 

 

 

 

 

 

/0 Comments/by

Unleash Design Thinking? A Comprehensive Beginner’s Guide

In this competitive age, where the value of solutions matters, design thinking proves a helpful approach. It is a method and process for resolving complex issues while keeping objectives and expected outcomes in mind. This comprehensive guide can assist you if you’ve been looking to unleash the potential of design thinking ideology to make wonders work for your business.

What is Design Thinking?

Design thinking is a distinct and cutting-edge method that supports businesses in finding original solutions to real-world issues. Designers typically employ this strategy. As a result, it is known as design thinking. It has its roots in the architectural and engineering streams. However, design thinking is very well used across various other commercial business streams.

Design thinking services in USA is highly user-centric. It focuses on target audiences, as it involves understanding user needs and devising practical solutions to fulfill them.

The Principles of Design Thinking

Design thinking follows four vital principles that drive its overall process, solution, and results that it delivers. Let’s look at those four integral principles.

  • The Human Rule: Design activity is social. Regardless of the context, the solution must be people-centric, which means focusing on people.
  • The Ambiguity Rule: Ambiguity is integral and cannot be eliminated entirely. Designers must leverage their capabilities to see things uniquely.
  • The Redesign Rule: Successful designing is reiterating your styles to achieve the right output. Technology and time may evolve, but basic human needs will remain the same.
  • The Tangibility Rule: Ideas and solutions should translate into tangible Minimum Viable Products or prototypes to help get an idea of their usefulness.

Phases of Design Thinking

Design thinking involves various phases through which a particular solution or idea is born. These phases help designers reach the solution in an organized way. Additionally, these five phases help those concerned crafts an empathetic, effective, and value-driven solution. Let’s look at each phase of the design thinking process.

  1. Empathize

This is the first and most crucial stage. It involves understanding the client’s needs and expectations from the client’s perspective. Empathy refers to thinking of the problem as its own and applying every possible strength to deliver a viable solution. It pinpoints the emotional aspects and reactions toward the desired outcome.

However, it requires designers to keep their notions and assumptions aside. A neutral and then client-oriented approach is necessary to think from the expected viewpoint and work towards a solution that precisely meets these needs.

  1. Define

The second stage involves defining the problem. Solutions remain half-baked when the problem isn’t understood or well-defined. Hence, design thinking considers or includes defining the problem as an integral part of its process.

The defining stage of the process entails gathering and studying all of the findings, observations, and insights from the empathy phase in order to state and define the true problem. It also includes identifying and assessing the various challenges and barriers users face.

In addition, identifying patterns and deciphering the core concern (which perhaps, isn’t always readily visible) pave the way for the solution. The goal is to have a clear and simplified problem statement so that you know what to do.

  1. Ideate

Now that you have empathized with the client, identified and defined the problem, it is time to find a solution. Here, designers apply their creative thought process and possibly collaborate with other concerned departments to develop various options. The problem will be looked at from multiple angles to think of every possible aspect while devising the solution.

Designers will use various ideation techniques, including brainstorming to body storming. Towards the end of the phase, they will have multiple possible approach, among which the most suited one solution will be reviewed and concluded

  1. Prototype

This is where a miniature solution is created. The prototype will have the potential solution incorporated into it. It will enable all the stakeholders to test, review and interact with the solution real-time, assess its effectiveness, suggest changes, and accept or reject it. It gives an idea of how the solution will practically and visually look.

  1. Test

The prototype is tested among potential users during the testing phase. It can lead to iterations, with approaches travelling back and forth, depending on user feedback and how well it is incorporated into the prototype. The testing phase can also lead to redefining the problem and discovering aspects that perhaps remained unexplored in the beginning or were never thought of initially. It is collecting quantitative and qualitative metrics for the verification of data.

Benefits of Design Thinking

Some benefits of design thinking include the following.

  • Empathetic Solutions

The solution derived from a design thought process is empathetic and precisely meets the user’s needs and the client’s business objectives. Hence, it is more likely to strike the right chord with the target audience.

  • Reduced Market Time

Design thinking may lead to iterations in the prototyping stage itself. The product is more refined. Hence, the actual product would not go through as many revisions. Changing the prototypes is easier than altering the entire product. Thus, it helps reduce market time.

  • Increased Cost-Savings

Continuous iterations and changes to the actual product could lead to investments and reinvestments. Of course, companies wouldn’t wait until so much financial damage happens. But it can undoubtedly waste money and time.

With the aid of the design thinking process, the final product can be created with minimal to no adjustments because it is fully aligned with user needs. Thus, it helps companies save costs and increase ROI.

  • Enhanced User Trust

Users are very keen on the products they use. A product that creates hassles meets with negative user feedback. But solutions derived from tested, proven, and churned prototypes are more likely to resonate with users. It helps enhance user trust and build brand credibility.

Unlock the Potential of Design Thinking with Qodequay Technologies!

Do you have a problem or an idea that needs a tested and tangible solution? Connect with Qodequay! We are an experienced company that applies the design thinking approach to deliver unmatched solutions slated to succeed.

Our experts can indulge in empathizing, deep research, and collaborative brainstorming sessions to develop unique solutions to your problem. Examine our client’s success with NEW DESIGN SYSTEM WITH DESIGN THINKING. Click here to connect with us and take a step closer to delivering people-centric and highly value-driven solutions for your needs.

/0 Comments/by

Applications of AR/VR in the Banking Sector

,

The BFSI sector is among the quickest respondents when it comes to technology adoption. From electronic transactions to mobile app banking, the BFSI sector has always kept evolving, making banking, financial transactions, investments, etc., even more straightforward and tech-based for its customers.

What next, now? The banking sector is geared up to embrace the next tech revolution. And that’s AR/VR! They have been a boon to the future of banking Industry with immersive customer experiences leading to higher user engagement, seamless banking solutions and quicker expansion. This is evident from the many existing and potential applications of Augmented Reality and Virtual Reality. Let’s look at some.

7 Applications of AR/VR in the Banking Sector

From the inception of virtual branches to VR-based payments, AR/VR has a massive potential to revolutionize the banking and finance sector, which is steadily upgrading to AR/VR.

  1. Virtual Trading

Mobile applications have simplified online trading significantly. However, IT service providers are leveraging virtual reality in their wealth management software. One of the examples includes VR workstations for trading. Additionally, 2D and 3D banking experience is adding to the bank’s existing process and enhancing it further. Besides, enhanced banking algorithms would have their upcoming elements embed VR to the bank’s wealth management software to enhance the banking experience.

  1. VR-Based Payments

With new adjacent technologies coming into mainstream, financial institutions will have to continuously evolve. Imagine purchasing something without leaving the virtual world? It might seem a bit unusual right now, but that’s possible. A global credit card leader has collaborated with a VR company to facilitate payments without requiring users to leave the virtual environment. Another example is that of virtual world games where players can buy apparels and accessories from within the virtual environment.

  1. Customer Assistance

In addition to Google’s help where users find ATMs and banks near them, banks are offering a seamless experience to their customers by integrating AR in their apps to help locate banks. These apps can help users scan the area with their phones and get real-time insights about the services available at nearby banks, their location, distance, etc.

  1. Virtual Branches

Digital banking and mobile banking are every customer’s first choice. With fading physical banks near our localities, we are about to enter the revolutionary digital world of virtual banks. Here, customers unable to visit the bank physically will be able to avail banking services virtually. Customers can use a VR headset to enter the banking metaverse to see a real bank. Banking Metaverse will be able to create uninterrupted experience of helping customers avail all physical banking facilities more cost effectively.

  1. Reduced Documentation

Even today, banking requires a lot of documentation. However, the introduction of AR/VR tools will help minimize documentation, as all the documents can be accessed virtually. It will help expedite and make loan processing a more seamless experience.

  1. Customer Retention and Acquisition

For 21st-century banking customers, especially millennials, banking is about technology. However, these are also users who rely on multiple banks and applications. Banks will be able to thrive in the competitive environment only if they embrace the latest tools and technologies. If AR/VR is the need, so be it! AR/VR offerings of banks will help them retain the existing customer base and acquire new ones.

  1. Increased Transactional Security

AR/VR-based banking can make financial transactions even more secure with systems like voice recognition, biometric security, face recognition, retinal scans, etc. These authorizations will help prevent unauthorized access by bad actors who continuously look for vulnerabilities to enter a system.

Embrace AR/VR with Your Partner Company

AR/VR in banking is yet in its nascent stages. However, considering its potential to prove technically, commercial, and strategically beneficial, a more accelerated adoption can help the banking sector grow at an even higher pace. Qodequay Technologies works as your techno-strategic partner in adopting, leveraging, and optimizing AR/VR. We help the banking sector enhance user experiences and compete better at the local and global scale, fostering higher customer loyalty and quicker expansions.

We partner and consult banks to create their AR/VR strategy and plan their digital transformation roadmap. Our digital transformation strategies are crafted through unique design thinking approach. Write to us at contact@qodequay.com to craft your digital transformation journey.

/0 Comments/by

Why choose Shopify for your eCommerce Business

,

Why choose Shopify for your eCommerce business?

Had eCommerce remained as straightforward as around a decade ago, we wouldn’t have been writing this blog. But like every other element of the digital world, technology has helped eCommerce grow, prosper and evolve. In fact, in the last couple of years, we’ve seen eCommerce progress to becoming an integral part of everyone’s lives. And that makes it imperative for us to talk about one of the various platforms that have fueled its growth so far and helped eCommerce players make it big.

Shopify, the name is! Founded in 2006, Shopify has steadily evolved to become one of the most famous and widely used eCommerce platforms. It powered over 2,200 million active websites (and still counting) in 2021, many of which belong to global players.

Shopify allows eCommerce players to set up their websites easily and start selling online. It enables them to set product prices, taxes, payment methods, and customize online stores. Thus, the eCommerce sector looks at it as a comprehensive eCommerce platform.

But what is it that makes Shopify an as popular eCommerce platform? In other words, why is Shopify leading in eCommerce, or why is Shopify one of the best eCommerce platforms. Let’s answer these questions and look at some of the most significant benefits of Shopify for eCommerce websites.

6 Reasons Shopify is the Best for eCommerce

Shopify is successful because of its features and the seamless experience it offers. Shopify offers a range of impressive features that give its users an edge over others. Let’s look at six of them.

1. Ease of Use

Running an eCommerce business, especially considering the competition, is a daunting task. In situations like these, if you do not have supportive technologies and platforms that simplify things for you, you would spend your energy managing technical hassles and have very little time to focus on your core business needs. But Shopify eliminates these challenges with its exceptional ease of use. How?

Users can create an eCommerce website without any technical background. You can set up a Shopify account and create your online store with the toolset available. Once you complete all the store settings, you can let the website go live and begin selling. Additionally, it offers a comprehensive dashboard that enables you to manage your store and your data efficiently.

Nevertheless, partnering with a Shopify website development company can help you better optimize the advantages and handle the crucial website updating and maintenance, allowing you to engage with your users better and focus on your core business.

2. Myriad Theme Options

Shopify offers a broad spectrum of ready-to-use themes to its users. To suit your needs, you can browse several themes featuring diverse designs, styles, functionalities, etc. You may choose between free and paid options based on your budget. Additionally, the categorization of themes makes choosing the best-suiting theme even quicker and more straightforward.

3 .Seamless Payment Gateway Integration

The absence of commonly used payment gateways is one of the most significant reasons many carts get abandoned. Users do not trust websites that do not feature the payment gateway they mostly use.

Shopify helps minimize these possibilities by enabling users to integrate multiple payment gateways seamlessly. Some options include Amazon Pay, Paypal, Apple Pay, etc., and many other third-party ones. Alongside, you can integrate buy now and pay later apps like Affirm, Afterpay, and Klarna through Shopify. These apps further enhance and simplify the online shopping experience.

It wouldn’t be overrated to say that Shopify contributes to your efforts in retaining carts and, therefore, users. No wonder Shopify is one of the global leaders in eCommerce website development.

4 .Customer Data Management

This one should intrigue C-Suite executives and the decision-makers of the company. In an age where data is valuable as oil, you cannot afford to let customer data go into a black hole without looking at it. Customer data, which you can further convert into priceless business insights, can help you analyze, make informed decisions and plan your strategies. Shopify enables you to do this effectively.

Shopify offers analytical capabilities that enable you to track key metrics, which allow you to deep dive and analyze your business performance, understand customer behavior, and use it as a tool to make purely information-based and very well derived decisions.

5 Range of Enriching Applications

The rising competition in the eCommerce sector demands applications that enhance every aspect from sales and marketing to customer service, content, and SEO. Some of the applications Shopify supports and allows you to leverage for your eCommerce business include,

  • Sumo, TrustPulse, Omnisend, etc. (marketing and promotion)
  • Recharge, Catalog Maker, AVADA Discount Code Generator (sales)
  • SEO Suite – SEO Image Optimize (SEO)
  • Pocket and Social Photos (content)
  • AVADA PDF Invoice Spocket and Printful (administration)
  • Facebook Live Chat, Yotpo, HelpCenter (customer service)

6.Other Advantages

A range of other Shopify advantages for eCommerce companies makes it even more evident why many eCommerce companies are increasingly adopting the use of the platform. Let’s look at some.

  • Efficient integration with Google Ads
  • Blog support to connect better with prospects
  • Customized email campaigns
  • Customizable keywords
  • Adding coupons and discount codes
  • Free Shopify POS and easy integration with other POSs like Vend, Clover, Square, etc.
  • Automated check-out request email to customers who’ve abandoned their carts
  • Shipping carrier integrations with companies like UPS, FedEx, USPS, etc.

Create an Incredible eCommerce Website on Shopify with Qodequay Technologies

Qodequay Technologies is a Shopify partner since 2017 and ranks on Shopify partner site. We bring to your table several years of cumulative eCommerce website development experience. Our strategists and developers use their strategic, market, and user intelligence to create websites that resonate with users, increase engagement, reduce cart abandonments, enhance UX, and contribute to an immersive online shopping experience.

To know more, write to Qodequay at Contact@qodequay.com

/0 Comments/by

Benefits of AR VR in the Manufacturing Industry

,

Tech Revolution 2022: Benefits of AR/VR in Manufacturing
Lately, the otherwise conventionally run manufacturing industry has undergone a paradigm shift on the technology front. Customers and consumers have become more demanding than ever. As a result, albeit gradually, manufacturers worldwide have begun realizing the significance of integrating intelligent technologies.

AR VR in the Manufacturing Industry

Precisely, that has made the manufacturing industry ticking. The pressing need to stay ahead and outperform competitors encourages manufacturers to embrace new technologies. As a result, manufacturers have become more technology-driven, value-oriented, and competent.

The entry of AR/VR forms a vital part of the new tech revolution that the manufacturing industry continues to witness. It has added new dimensions to the manufacturing sector across various facets, including quality, troubleshooting, cost-efficiency, etc. Accordingly, let’s look at five benefits of AR/VR in manufacturing.

5 Benefits of AR/VR in Manufacturing

1. Simplified Assembly Process Training

Manufacturing constitutes an intricate web of processes, workflows, and mechanisms that require the highest levels of attention and accuracy to ensure compliance with the standard operating procedure. Lack of effective training may cause employees to err with the assembly workflow. It may lead to a potentially higher degree of damage, thereby increasing cost implications, let alone the increased risk on the manufacturer’s part.
However, AR can help enhance the effectiveness of training. It can help manufacturers train new employees on the assembly workflow. The use of AR-powered training resources (such as videos) can help them visualize and understand the process performed across every step on the shop-floor, without even visiting the floor or giving rise to safety risks. Trainees can watch and learn every step performed through the AR video.

2. Accelerated Prototyping and Design

Innovations are at the nucleus of the modern manufacturing realm. However, what matters as much as innovation is how quickly you innovate and how effectively you explain it to the prospect.
For instance, VR reduces the time between the initial design and physical modeling from weeks to a few days. The use of AR/VR either reduces or completely eliminates the need to create physical prototypes. Prospects would have a better and deeper look at the virtual prototype than the actual one, thus enabling them to have a better understanding of the prototype. Getting a better idea of the actual product is pretty evident thereafter

3. Simplified Maintenance
Manufacturing companies can use AR to manage, maintain and repair equipment involved in the production process. Conventionally, an employee would use an age-old manual to identify issues and then take the necessary actions. However, leveraging AR would eliminate the need to use traditional manuals. Wearing an AR wearable device can cut down the time incurred in researching the issue, identifying it, and then working on it. It would help the technician visualize the problem better and then fix it accordingly.

4. Better Quality Assurance

In manufacturing, quality assurance is as significant as the manufacturing process itself. However, current QA demands a meticulous human vision to identify problems and report them. But AR can help here significantly. It can help project digital overlays of products and identify errors and defects. The quality assurance team wouldn’t have to deep dive into the product details themselves. AR would make it pretty easier, quicker, and more effective to identify even the smallest of issues in a more accelerated manner.

For example, a defect in a machine customized to the customer’s requirements would require an eye for detail. But AR would simplify identifying minor yet critical gaps almost instantly for the technician to work on it.

5. Enhanced Technical Support

Support is another significant aspect of the manufacturing industry. Customers expect prompt and effective support (preferably onsite!) from their manufacturing partners to keep their equipment up and running.

But rendering onsite support can take time and incur travel costs. Sometimes, it is almost impossible for outstation manufacturers to provide support as instantly as the customer would ideally expect.

Here, AR plays a significant role with the help of telecommuting. Technical experts and product specialists can work together and remotely review the actual problem. They can virtually guide the engineers to help them fix the problem appropriately, without traveling to the site and practically, without any delays.

Custom AR/VR Solutions for the Manufacturing Industry with Qodequay Technologies

While AR/VR proves a competent and convenient solution for the manufacturing industry. The journey to integrating AR/VR becomes even more comfortable when you have Qodequay with you. Qodequay Technologies provides customized and more meaningful AR/VR solutions for manufacturing companies.

Qodequay’s AR/VR solutions are carefully crafted after a comprehensive review of the existing manufacturing process and the need to enhance the functioning of the various verticals of the company. The solutions focus on providing better visual insights into a particular concern and help manufacturing players increase competence.

To know more about Qodequay’s AR/VR solutions, write to Contact@qodequay.com.

/0 Comments/by

How is Blockchain Changing Education

, ,

21st-century education isn’t only about making students learn concepts, preparing them for examination and life’s race. It has transformed into a competitive realm that demands educators to be competent across every aspect such as administration and strategy, apart from the academic one.

According to an India Today article, India’s CBSE (Central Board of Secondary Education) has already started using blockchain for various purposes within the education ecosystem. Many might want to read it again. Blockchain in education? But that’s right. So far, you must have heard about blockchain making its way into the BFSI sector. However, what application could blockchain have in education? Where has it already found its place in the highly digitized (post-pandemic) and competitive education sector? Come, let’s find it out.

How Blockchain is affecting the Field of Education | What is Blockchain Technology in Education?

Apart from the competition, one of the most vital reasons for the rapid integration of technology is students and parents becoming more demanding. A significant part of the control has now shifted to the other side of the table, unlike yesteryears, wherein it remained with the educational institution. Here are some ways through which blockchain can make a potential difference in the rapidly evolving education sector

1. Student Record Management

Managing student records manually can prove quite a laborious task for the administrator of a large university, school, or college. Many have digitized and automated this task to quite an extent. However, the introduction of blockchain can further enhance it. It can help them in various areas and make it a blissful affair. How?
Blockchain can help seamlessly transfer records of students, who are on exchange programs or those leaving the institution midway. It can allow straightforward access to the records of various students and enable a quicker and better exchange of content across institutions. Additionally, when the institution stores information on a blockchain, it will receive a document confirmation in a matter of a few clicks.

2. Document Storage

The education sector has already stepped out of the conventional, manual recording of student records in files and folders. It has digitized it to a significant extent and therefore you cannot see large heaps of files anymore on the staff room shelves. However, now, it is time for institutions to upgrade and become more competent.
How do institutions do it? Many may say, they’ve already digitized the document storage aspect? What next? The fact is, in the case of many institutions, the capacity of the current digital storage isn’t adequate. On the other hand, scalability is also a crucial concern.
Blockchain proves an effective way of dealing with these issues. It is a large and open-access online ledger, the integration of which, with cloud, can enhance the process of document storage and expand the storage capacity to accommodate an even higher number of records, thus making document storage and management even simpler for educational institutions.

3. Prevention of Fraud in Education

Unfortunately, many people fake their educational qualifications and academic certificates. However, the education sector can avoid this to a considerable extent with the help of blockchain.
Blockchain provides a consistent and transparent ledger for all educational qualifications. Once updated, fidgeting with the information or hacking it (even for professional hackers) is highly challenging. Across various stages, you will require the administrator’s consent to manipulate information. Furthermore, universities can build a ledger with a custom blockchain protocol, which can help issue student certificates and transcripts.

4. Copyright Protection

Plagiarism is another prominent concern prevalent across the global education ecosystem. However, blockchain technology can help content developers curb the distribution of copyright educational content on the internet. It will help ensure the storage of information in a secure chain featuring advanced encryption and multi-factor authentication to access it. That will enable only authorized people to access the information and allow only the owners to provide others access to copyright content.

5. Course Evaluation

Course evaluation is another area where blockchain can help the education sector. Educational institutions can use blockchain for smart contracts, which can help an instructor create a smart contract that outlines the list of tasks required to complete a particular course. Whenever a student completes a task, a smart contract will evaluate and verify it. Once it is confirmed that the student has completed all the tasks, the educational institution will provide a certificate or credits for it.
Similarly, the use of smart contracts on the blockchain can enable instructors to create examination papers, along with the scoring pattern and the answer key. Students can attend the examination online and blockchain will grade each response. It can help enhance the response evaluation process and relieve teachers from the daunting task of checking answers, thus enabling them more time to focus on enhancing competence.
All said and done, educational institutions need efficient blockchain developers to optimize the benefits of blockchain across each of the above applications. Partner with Qodequay, one of the leading blockchain development companies for customized blockchain solutions. Qodequay’s extensive experience and evolved expertise across the blockchain sector enable educational institutions to enhance competence, increase productivity and strengthen the overall educational system.

To know more, write to contact@qodequay.com.

/0 Comments/by

BLOCKCHAIN
The New Wave in Fintech and Retail Industry

,

Blockchain – the New Wave in Fintech and Retail Industry

Blockchain is revolutionizing FinTech and Retail. While this may seem a general statement, let’s quickly look at some statistics that prove the rate at which blockchain is promulgating across both these realms.

Let’s start with FinTech. According to Statista.com, in 2018, blockchain’s use in banking was USD 0.28 billion. But with an almost 100 percent rise every year, the technology’s use escalated to USD 1.46 billion. This year, it

(Source – https://www.statista.com/statistics/1229290/blockchain-in-banking-and-financial-services-market-size/)

Blockchain’s use in retail also is abundantly promising as well. According to stats published on Allied Market Research, blockchain had a modest value of USD 83 million in 2018. However, the technology is expected to be valued at USD 11.18 billion by 2026, with a CAGR of 84.6 percent from 2019 to 2026!

(Source – https://www.alliedmarketresearch.com/blockchain-in-retail-market#:~:text=Blockchain%20in%20Retail%20Market%20Statistics%20%2D%202026,84.6%25%20from%202019%20to %202026.&text=These%20factors%20drive%20the%20market%20growth%20for%20blockchain%20in%20retail%20industry.)

Now, that’s interesting, convincing and promising, isn’t it? But for a business owner, irrespective of whether from banking or retail, at the individual level, what will matter more is how will blockchain benefit his business.

And that’s obvious, as every technology should carry some strategic and commercial benefit with it to make it a name every business relates with. So, here’s a blog, which is an excerpt of an interview with one of the higher officials of Qodequay Technologies. It highlights how blockchain will benefit FinTech and retail in the future.

Interviewer: Why should FinTech players adopt blockchain?

The first benefit is that blockchain helps reduce operational costs for a bank. It does so by improving capital optimization. It eliminates the need for intermediaries such as custodian banks (that facilitate bank to bank money transfer) or clearers. Of course, these intermediaries come at a cost borne by the bank. But blockchain makes peer-to-peer transactions possible. So, while a bank will have to invest in blockchain, the investment cost is significantly less compared to the fee per transaction that banks pay intermediaries.

Additionally, blockchain reduces counterparty risks. It settles transactions instantly and removes a considerable part of the risk that the counterparty cannot meet its obligations. This risk is an expense for the bank. Blockchain eliminates it!

Another aspect is that of smart contracts that enhance contractual term performance. Smart contracts are executed automatically when some pre-conditions have been met. For banks, this proves beneficial in the case of complex financial transactions. Settlement happens automatically through smart contracts. It eliminates the chances of deviations, the possibility of which may be high when a settlement is done manually.

Now, let’s look at the benefits from the customer’s perspective. The first advantage is that of instant settlements. Currently, settlements can take up to a week. However, blockchain facilitates user-oriented settlements which save time and money for customers and banks.

So, on the one hand, where customers enjoy quick settlements, on the other, banks save money by eradicating the need for middle office or back-office staff, the employment cost of which is paid by banks.

Lastly, I’ll say, blockchain reduces manual errors and improves reconciliation. That’s because every data recorded in a block is unchangeable. Additionally, you can record data in real time and have an audit trail for every transaction recorded on the block. So, everything remains transparent for regulators to review, should they have access to blockchain.

Interview: How will Retail players benefit from blockchain?

Blockchain addresses one of the most prominent pain areas of the retail sectors and that’s transaction settlement. Retail payment providers take quite a long time to settle transactions and charge a significant amount of money for it to the retailers. But blockchain payment applications expedite the transaction settlement process at a much lesser fee with better security compared to credit cards.

Another area of benefit is payments made in cryptocurrency that eliminate the worries of currency fluctuations and therefore the losses that either of the parties or both incur due to it. When both the parties use cryptocurrency as the form of payment, no currency exchange takes place and therefore, there’s no loss as such as that they bear. As a matter of fact, this can be applied to supplier payment and those of consumers.

Although indirect, blockchain offers benefits to consumers as well. It refers to the use of blockchain in the retail supply chain. Blockchain enhances supply chain visibility and transparency. It allows for the authenticity of raw materials like proof of Fair Trade and Organic Goods.

Further, it also enables people to know the source’s authenticity and helps combat counterfeit goods. So, consumers would rarely get counterfeit goods in their hands. Although the intention would always be to completely eliminate the entry of counterfeited goods in the supply chain.

In a nutshell, whether it is consumer payments, supplier payments, or international payments, blockchain paves the way for quicker processing, a higher degree of security and considerable cost-savings. And, that’s precisely, where blockchain is more than just a wave. It is the future!

Interviewer: I have heard about the concept of NFT? How is it beneficial?

NFT stands for Non-Fungible Token. Fungible is something that cannot be replaced or replicated by anything similar. Likewise, NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that differentiate them from one another. However, unlike cryptocurrencies, you cannot trade or exchange them at equivalency. That’s the basic difference between cryptocurrency and NFTs. Cryptocurrencies are identical to each other and can be used for commercial transactions. But you cannot do it with NFTs.

Now, speaking of NFT’s benefits, perhaps, the most apparent benefit is increased market efficiency. NFTs refer to converting physical assets into digital ones. That helps streamline processes and eliminate intermediaries.

But the advantages of NFTs transcend business. They also prove useful in the case of identity management. For instance, currently, every individual traveling abroad has to produce his/ her passport at every entry and exit point. Converting every passport into NFTs can help streamline entry and exit processes for every territory.

Interviewer: Is blockchain sustainable for FinTech and retail?

Of course, it is! At least with the benefits it brings to the banker and retailer’s table, I see it as a sustainable form of technology. The most important attributes of blockchain that make it sustainable include its security, immutability, ability to process transactions quickly, ensure faster settlements and save a lot of administrative, backend and intermediary-related costs. I wouldn’t be surprised if blockchain becomes the fundamental norm everywhere in the years to come.

Interviewer: Isn’t blockchain a disruption? If that’s the case, why should business owners adopt it?

Every technology is a disruption. Computers were a disruption to typewriters. But with a few years of initial glitches, everything fell into place. Similarly, blockchain is a disruption. But I’d say it is a positive one. It may render some people jobless, especially the intermediaries. However, every technology has some or the other impact on the world. So, how can blockchain be an exception to it? But it is about aligning yourself with emerging technologies and becoming a part of it, rather than staying aloof.

For FinTech and retail, blockchain is a disruption to the conventional workflows. Hence, the adoption of blockchain may not necessarily be a cakewalk for FinTech players. But many have done it, succeeded and benefitted from the blockchain revolution. Here, the decision-makers will have to sell blockchain’s benefits to their teams to encourage adoption, training and implementation. After all, money saved is money earned. And,

if blockchain does that in the long run, I’d rather ask, why should business owners abstain from adopting it?

Adopt Blockchain with Qodequay Technologies!

Moving to the blockchain requires you an expert guide to handhold you throughout the process. Qodequay Technologies is precisely the group of professionals that will simplify your journey to the blockchain. The company customizes its blockchain solutions to help you blissfully and effectively upgrade your existing workflows to the blockchain and optimize its benefits. To know more, write to contact@qodequay.com.

/0 Comments/by

DESIGN THINKING
Ensuring successful Digital Transformation

,

The growing popularity of design thinking can be attributed to the fact that it helps companies determine whether their products and services meet the needs of their customers.

Qodequay has helped many organizations unlock the true potential of their teams by leveraging our design thinking model.

By gaining a deep understanding of who you are targeting and how to reach them, you will be able to create better products that satisfy an unmet need while delivering value to your customers.

Design thinking, which is the creation of solutions for the benefit of humans, is the most relevant methodology for creating digital products today. This is truer than ever, as the number of devices multiplying on a constant basis and the interchangeability of hardware and software become more prevalent. As trends are no longer restricted to fashion or electronics but spread over every field (B2B, B2C, etc.), the business has become increasingly focused on fulfilling human needs. These needs extend themselves beyond the traditional realms of work and leisure time to our social interactions and family life –both at home and abroad.

  • Qodequay follows the design thinking methodology to solve complex IT and business problems
  • We do this by prioritizing human needs and tackling the issues from a human angle
  • Using brainstorming and hands-on prototyping, we find solutions

The key elements that make up great design thinking are empathy, observation, ideation, prototyping, testing, and iteration. In addition, it includes four phases that take a holistic and human-centered approach to problem-solving: 1) empathize 2) observe 3) ideate 4) prototype. Bridge: At Qodequay, we follow the design thinking methodology that refers to a solution-based approach to solving problems. It enables us to tackle intricate problems (highlight one if applicable). Furthermore, the technique involves prioritizing human needs and thinking about the issue and its solutions from a human angle. Accordingly, we factor in brainstorming (highlight process highlights), a hands-on approach in prototyping and testing to design solutions that will work for sure!

Design thinking is an important decision making a step in digital transformation

  • Understanding the Problem
  • Defining What the Problem Really Is
  • Taking a People-Centric Approach
  • Gathering Information and Researching Your Target Audience
  • Finding Inspiration for a Solution and Using It in Design Thinking
  • Building a Minimum Viable Product (MVP) to Test Ideas and Get Feedback
  • Iterating Until You Find the Perfect Solution

At Qodequay, we follow the design thinking methodology that refers to a solution-based approach to solving problems. It enables us to tackle intricate problems, relatively unknown or incompletely defined. Furthermore, the technique involves prioritizing human needs and thinking about the issue and its solutions from a human angle. Accordingly, we factor in brainstorming, a hands-on approach in prototyping and testing to design solutions that will work for sure!

Qodequay Technology provides services for the digital transformation of businesses as it follows design thinking methodology in tackling intricate problems.

Contact us today at contact@qodequay.com

/0 Comments/by