augmented reality

How Does Blockchain Enhance Traditional Project Management?

What is project management?

Project management has to do with the process of planning, forecasting, setting up strategies to achieve a predetermined objective, and the execution of those strategies within the allowed timeframe, to achieve success.

Project management is not a new concept; according to Project Management Institute, it has been in existence since the time of the pyramids, the only thing that has changed about it, is how we relate to and manage it. Customarily, projects were just predictable workflows used to generate predictable outcomes, but today projects are more of a short term, highly customized, and flexible process.

Project management is a quite complex and complicated field requiring a lot of knowledge, experience, and practice, which is why not just anyone can be a project manager. The focus of this article is on the applications of blockchain technology in the field of project management, with a focus on bringing ease and less complexity to the field.

Applications of blockchain technology in project management

Here are some areas where blockchain technology could be applied:

Speed

Blockchain technology will come handy in project management because of the kind of speed at which it processes transactions. Speed is one thing very crucial to project management, according to statistics from HBR of all projects that are processed, one in every seven of them, has a schedule that has been outrun by 70%.

Blockchain technology functions in real-time and transactions initiated on it are documented 24/7, which means whichever project is managed using blockchain technology will reach a faster completion than one which is not.

Security

Project management is a private transaction done between the project manager(s) and the stakeholders, their transactions are kept in a public record for security purposes, which even though might be secure, it still bears the risk of being breached. Using the blockchain ledger as a store of information will not just make such a record impenetrable, but it will also make it free from manipulation from either party.

This will provide clarity in cases where there is a discrepancy or a dispute.

Optimization of workflow (using smart contracts)

To optimize the transactions between the project managers, employees, and stakeholders, smart contracts could be employed.

Smart contracts are very useful during the initiation of complex projects, which involve many intermediaries, for example, the construction of a building that will require different entities to supply materials like concrete, steel, and stones. Agreements and negotiations between these different entities could be digitized.

Set the criteria of the project, specify the objectives to be met, once the criteria and objectives are met, the contracts will execute automatically, without any need for human input.

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Exclusive: Blockchain Beats AI and Big Data for the Highest Average Annual Salary in the UK

In the discussion of disruptive technologies, you may have the following questions in mind: i) Where are the most disruptive businesses?; ii) Which disruptive tech is the highest paying ones?; iii) Which industry has the highest number of disruptive tech businesses? These answers can be found by an exclusive report shared with Blockchain.News.

State of Disruptive Technology

The report titled “The Disruption of Disruptive Tech” by Capital on Tap highlighted the state of disruptive tech adoption in early 2020. The US had the most businesses in various disruptive technologies, with 71% dominance in cloud consulting and 53% in cybersecurity. For blockchain businesses, the report cited that US ranked 1st with 407 businesses. We believe this does not account for the “Chinese influence”: there were 788 blockchain enterprises established in Hunan province alone in 2019. In the industry perspective, information technology (2,552) and financial services (2,178) had the most disruptive technology businesses, followed by healthcare and medical (2,138).

Source: Capital on Tap

Blockchain Jobs: The Highest Paid Roles in Disruptive Technology?

The report revealed that blockchain has the highest average annual salary in the UK (GBP 75,000), followed by Big Data (GBP 70,000) and machine learning (GBP 65,000). According to LinkedIn, blockchain is one of the most in-demand hard skills for employees in 2020. There are 4 blockchain skillsets highly sought by employers: business acumen, tech literacy, data analysis, and hacker mentality. The possession of these skillsets is highly relevant to tackle the talent shortage issues in the blockchain industry or FinTech in general.

We have noticed that job scarcity does not correlate with the salary payment. While Augmented Reality (AR) had the lowest average annual salary (GBP 45,000) and least vacancies (76), business intelligence ranked second-lowest (GBP 52,500) with the most vacancies (7,027).

Source: Capital on Tap

Nvidia Plans to add Innovation in the Metaverse with Software, Marketplace Deals

Leading American multinational technology company Nvidia Corporation has set its eyes on adding more creativity in the metaverse with various marketplace and software deals.

The company disclosed that it had rolled out plans to offer software to artists and other creators for free needed in developing virtual worlds for the metaverse. Nvidia also acknowledged that it intends to avail a free version of its “Omniverse” software to individual artists for this purpose.

Furthermore, the firm has struck technology deals with different marketplaces, allowing artists to sell their three-dimensional content.

The metaverse continues to gain steam in the modern era because it entails shared virtual worlds where avatars, buildings, land, and even names can be bought and sold, often using cryptocurrencies.

Therefore, these virtual worlds are made more lifelike using technologies like augmented and virtual reality that is heavily dependent on graphics computing availed by companies like Nvidia.

As per the announcement:

“Nvidia is seeking to turn its leading position in supplying the computing hardware for the metaverse into a set of software tools for creating and selling content within virtual worlds, a business opportunity that has helped Nvidia shares more than double in value over the past year.”

In September 2021, William Quigley, the co-founder of stablecoin Tether (USDT), disclosed that non-fungible tokens (NFTs) would become the revenue model of the metaverse.

He added that when reality is combined with digital numbers, unimaginable changes would be produced based on how the world interacts.

Some celebrities are already reaping the dividends of entering the metaverse. Reportedly, Taiwanese pop singer and musician Jay Chou earned nearly $10 million after venturing into the metaverse NFT market.

Jelurida and Aumenta Solutions Develop Blockchain-based Maintenance System for Ports

Jelurida, a company that specializes in the provision of blockchain solutions, has formed a partnership with the augmented reality (AR) company Aumenta Solutions in order to create a whole new maintenance system for port facilities. Increasing the real-time traceability of maintenance activities is the goal of this technology, which blends blockchain certification with augmented reality (AR).

The team at Aumenta Solutions has experience working on projects similar to this one in the past. In the year 2020, the company worked on a system quite similar to this one in conjunction with the University of Girona. On the other hand, the purpose of this most recent initiative is to use the blockchain-based maintenance technology to compete in the worldwide port infrastructure market.

The managing partner of Aumenta Solutions, Pere Roset, has said that the certification program is an essential component of the overall project. This program guarantees that maintenance chores are carried out in the appropriate manner at the appropriate time and in the appropriate area.

Francisco Sarrias, who refers to augmented reality as a “game-changer,” brings to light the significance of using it for the purpose of maintenance. Workers are able to access digital information in real time thanks to augmented reality technology, which contributes to an improvement in productivity and a decrease in the chance of mistakes.

Together with Aumenta Solutions, Jelurida is thrilled to bring this innovative new technology to the market, where it will hopefully contribute to the acceleration of innovation in maintenance procedures. This most recent experiment demonstrates that augmented reality (AR) and blockchain technology are increasingly being utilized in combination with one another, as can be observed inside the Web3 sector.

AR technology was recently used during the Metaverse Fashion Week event, which took place at the Piazza of Duomo di Milano in Milan, Italy. This event was related to the Web3 area. At one of Milan’s most recognizable landmarks, an augmented reality hybrid fashion show was staged.

In the meanwhile, the liquor company Jack Daniels has initiated a Web3 campaign that makes use of augmented reality (AR) and digital collectibles based on polygons. Participants have the opportunity to earn digital crates, which may include a variety of incentives such as gift cards and tours to the Jack Daniel’s distillery.

In summing up, the introduction of Jelurida and Aumenta Solutions’ brand new blockchain-based maintenance system for ports is an intriguing step forward for the sector. This demonstrates the emerging trend of combining augmented reality (AR) with blockchain technology, which has the potential to transform current maintenance procedures in the future. In addition, the application of augmented reality (AR) technology is growing inside the Web3 domain, which demonstrates the potential for this technology to alter a variety of different businesses.

Revive Elvis Presley with AI: A Next-Generation Tribute

Fans of Elvis Presley, the undisputed King of Rock ‘n’ Roll, are in for a groundbreaking experience with the upcoming virtual concert, “Elvis Evolution.” This innovative show, set to open in London in November 2024, marks a significant leap in entertainment technology, using artificial intelligence (AI) to bring the music legend back to life for audiences worldwide, according to BBC.

The masterminds behind this project are Layered Reality, a British immersive entertainment company known for their cutting-edge experiences like The Gunpowder Plot and The War of The Worlds. They have now turned their focus to Elvis Presley, collaborating closely with Presley’s estate to access thousands of his personal photos and home-video footage. This extensive collection is the foundation for creating a holographic projection of Elvis, offering a “never seen before” performance that promises to be a jaw-dropping concert experience.

Elvis Evolution is more than just a holographic concert. It’s a multisensory journey through Elvis’s life, leveraging AI, holographic projection, augmented reality, live theatre, and multi-sensory effects to transport fans back to the iconic moments of the 1950s and 1960s when Elvis reshaped the cultural and musical landscape. Fans will not only see a life-sized digital Elvis perform but also gain deeper insights into his life and the cultural movement he catalyzed.

The concert’s premiere in London will be followed by shows in major cities like Las Vegas, Berlin, and Tokyo, reflecting Elvis’s global appeal. This follows the trail blazed by the success of virtual concerts like Abba Voyage, which revolutionized the concept of virtual performances and demonstrated the public’s appetite for immersive entertainment experiences.

Elvis Presley, who passed away in 1977 at the age of 42, continues to be a towering figure in music history. His legacy includes timeless hits like “Hound Dog” and “Suspicious Minds,” and he was posthumously awarded the US Presidential Medal of Freedom in 2018. The enduring fascination with his life and music was further evident in the 2022 film about his life, directed by Baz Luhrmann, which earned actor Austin Butler a Bafta Film Award for his portrayal of the singer.

Elvis Evolution is not just a concert; it’s a next-generation tribute to a musical legend. Andrew McGuinness, founder and CEO of Layered Reality, emphasizes that this immersive experience is designed not just for Elvis fans but for anyone interested in witnessing the convergence of technology and entertainment. Marc Rosen, president of entertainment at Authentic Brands Group, which owns Elvis Presley Enterprises, echoes this sentiment, highlighting the partnership with Layered Reality as a new way for fans to experience Elvis’s life and legacy.

As virtual concerts continue to gain popularity, Elvis Evolution stands out as a pioneering endeavor, blending state-of-the-art technology with the timeless appeal of one of music’s greatest icons. This show promises to be a memorable experience, allowing audiences to step into the world of Elvis Presley like never before.

Visa Unveils Innovative Web3 Loyalty Program with SmartMedia Technologies

Visa, a leader in digital payments, recently announced a groundbreaking development in customer engagement: the Visa Web3 Loyalty Engagement Solution. This innovative approach, launched on January 4, 2024, signifies a major advancement in the digital world, particularly in the realm of customer loyalty.

The Visa Web3 Loyalty Engagement Solution represents a dynamic shift from traditional loyalty programs, which have largely remained unchanged over the past decade. Visa’s new system is designed to meet the evolving expectations of consumers who now seek rewards beyond the standard points-based system. Research indicates that over 77% of consumers worldwide value real-world experiences, and 60% desire personalized experiences tailored to their preferences.

In partnership with SmartMedia Technologies, Visa has developed a platform that bridges the gap between Web2 and Web3 innovations. This collaboration aims to redefine the value exchange between brands and consumers, focusing on mobile payments. SmartMedia Technologies’ CEO, Tyler Moebius, emphasized their commitment to delivering engaging and relevant experiences in a rapidly evolving consumer landscape.

The new loyalty solution offers brands the ability to create immersive, digital-first experiences, such as gamified giveaways and augmented reality treasure hunts. Brands can now reward customers not just for their transactions, but also for their active engagement with the brand. This approach is expected to pave the way for seamless integration of digital and real-world experiences.

SmartMedia Technologies’ role is crucial in this venture. As a trusted enterprise Web3 engagement and loyalty platform, it powers gamified augmented reality (AR) and spatial experiences. Consumers can earn and redeem tokens and rewards through the SmartMedia Wallet, a user-friendly Web3 mobile app. This technology enables brands to deliver personalized loyalty experiences and reach digital and mobile audiences effectively.

The Visa Web3 Loyalty Engagement Solution marks a significant step in the integration of digital payment solutions with innovative customer engagement strategies. It highlights Visa’s continued leadership in the digital payments space and its commitment to staying ahead in the rapidly evolving world of consumer engagement and loyalty programs.