Saturday, February 3, 2018

Science of Finding a Job by Vimal Kumar

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Things you do to find a job online is actually more interesting than spending time on Facebook or Instagram. Preparing a resume, and revising it, can help you know what you need to learn, unlearn and relearn almost instantly. It makes you realize everything you need to know about you – how you started your life, how you realized who you are, what are you capable of, what you need to change, how you changed so far, where are you going with all your life experiences, and what you want to become. Everything.
It is possible to find the right opportunity even when the colleges don't teach you what it takes to be the right candidate and when the market condition is tough. This post is aimed to help the recent graduates. It will help you highlight the knowledge, skills, and experiences which gains employers attention. So, here are few things that you can do to find a suitable job:
1.      Search the industries and the opportunities from the top 3 job portals of your country, based on your educational qualification.
o  Search using the key terminologies in your area of expertise and job titles. If you are a graduate in Metallurgy, search using terms like heat treatment, steel/iron making, metallurgical testing, material science, mineral beneficiation, etcIf you are a graduate in Law, search using job titles like Legal Executive, Legal Assistant, Legal Associate, Legal Consultant, etc. 
2.      List the details of the identified opportunities in a spreadsheet. Create columns that are titled – Industry Type, Company Name, Job Titles or Designations, Job Level or Grade, Job Description, Skills / Competencies Needed, Work Location, Salary Range, Recruiter Name, Contact Details, Date of Application and Date of Follow-Up.
3.      Understand the roles and responsibilities of the opportunities identified. You may talk to your college seniors, professors, employees and others in your network to know more about what people do in these roles, why they do it and how it helps the company.
4.      Check and enroll for training or certifications or internships (with or without pay) or complete a self-study to learn more about the role. Training or certifications are easier, quicker, costly and involve theoretical learning mostly. Finding internships is difficult, time-consuming, costs less or nothing and involves practical learning mostly. As a matter of fact, you may even get a stipend for internships.
5.      From the job descriptions, find out the roles and responsibilities that you think you can perform well. Rewrite these points in your own words depending on your level of knowledge, skills and learning experience. The lines re-written could well become a Unique Selling Point (USP) in your resume.
For example, let’s say a job description for a Graduate Engineer Trainee states ‘Responsible for production planning for an Elevator Door Manufacturing unit’. You happened to observe the elevator door manufacturing during an industrial training/internship or learned production planning through an online course. You may write something like “Gained theoretical knowledge of Elevator Door Manufacturing in an industrial training conducted by ABC Elevators between Oct-17 and Jan-18” or “Completed an online course on Production Planning for a manufacturing plant in”. Write the statements only if you have the necessary learning experience for the job opportunity.
6.      Based on your research from the points above, prepare a resume that very specifically highlights the industry you want to work for, the roles you are targeting, the relevant learning experiences and the knowledge/skills you gained to perform the role. The best of the resume samples for entry-, mid- and senior-level positions can be found in most of the top job sites such as Here’s the link:
7.      Create your job profiles in the top job sites and the social media sites for professional networking. In India, you may create the profiles in,, and In UAE, create profiles in,, and In both the countries, create a profile in to build your professional network.
8.      Use key terminologies, skills, and competencies of the targeted industry or role in your resumes and online profiles strategically. Remember, recruiters search for the candidates using these terminologies.
9.      You may maintain multiple profiles for multiple interests in the job sites. Edit your profiles and apply for jobs regularly (almost every day). You may not get calls from the companies you have applied for; however, you will get calls from other companies because you update your profile regularly – which makes you an active job seeker.
10.  Use multiple channels to communicate with the recruitment team. Finding and applying for jobs online has its own pros and cons. It is true that applying jobs has become easier; however, it has also become highly competitive and difficult to be noticed by the recruiters. There are job posts online that are viewed by 20000 people - in which 5000 candidates could have applied at least. Below are few things you can do to highlight your profile to beat the heavy competition.
o  Opt for the paid services provided by the job sites to highlight your profile to the employers.
o  Find the recruiter’s contact details in the job post. If the job post only has the name of the recruiter, find and connect with the person through LinkedIn. If the recruiter accepts your LinkedIn request, you may also get his/her contacts details.
o  Build a strong professional network. Send LinkedIn requests to the recruiters and the employees who work in the targeted companies. If you are unable to find the recruiter who posted a job online, you may send messages to these contacts and request them to refer you to the right person. Make sure you do this only after you apply for the job online.
o  Make a phone call or write an email or send a message through LinkedIn to the recruiter with a brief description of who you are, the job ad you noticed, and what makes you a suitable candidate for the role. If possible, include your Application ID and a copy of resume in the messages.
11.  Prepare and practice (1000 times if needed) a brief introduction that you will use for the phone calls. This introduction should not exceed more than 30 seconds. The introduction should briefly tell them about the opportunity you noticed on the job site and how the knowledge, skills, and experience you have which makes you a perfect fit.
12.  Know when you need to follow-up and prepare a ‘follow-up conversation’ for phone calls and emails. You will find a lot of email samples online.
13.  Prepare for the interview – prepare for the questions related to the core competencies, roles, and responsibilities mentioned in the job descriptions. The recruiters will also ask questions based on your answers in the interview. So, keep your answers simple and concise.
14.  Know the roles and responsibilities of the job you are applying for, what the department does for the company and what the company does for its customers. If you don’t know the answer for at least two of these, it’s best not to attend the interview.
15.  If you are nervous about attending an interview or making a phone call, that’s perfectly fine. It is a job interview and that’s how it is supposed to be. Your nervousness only means that the opportunity is important to you. The more interviews you attend, the more confident you become. The more you fail, the better you learn.
Sometimes, it could become frustrating if you aren’t getting through any of the interviews. However, find the job openings, submit applications and attend interviews like it’s your duty. Nevertheless, an honest preparation, targeted approach, effective planning and strategic execution are essential to find the right opportunity.

Saturday, January 27, 2018

The Difference Between a Professional and an Amateur by Mike Cohn

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The Difference Between a Professional and an Amateur

Are you a professional or an amateur?
I'm going to ask you to consider being a professional. But, before I do and before you can answer the question I posed, I need to make sure you are fully aware of what I mean when I talk about being a professional.
For me, the difference is simple: A professional always does everything necessary to complete a job. An amateur sometimes chooses only the fun parts.

An Example of the Difference

An amateur golfer, for example, may thrill at the crack of hitting a 300-yard drive but hate putting. And so that amateur may frequently choose to pick up the ball once it's "close enough" to the hole.
A professional golfer could never do this. The professional may still prefer hitting the long drives over making intricate putts. But the professional knows he needs to do both parts of the job.

Professionals and Amateurs in Software Development

The difference between professionals and amateurs shows up on software teams in the team members who only do the portions of the job they like.
This can happen on any role on a project. It could be the tester who doesn't enjoy talking to customers ("Analysts do that."). Or it could be the product owner who only wants to think about strategic, big new features rather than going into the nitty gritty of the implementation.
For any job there are good parts and the bad parts. The professionals do the full job, not just the fun parts.

The Programmer as an Amateur

One of the more common amateurs I've been encountering lately are programmers who will only code exactly what they are told. "I gave you precisely what you asked for," they'll say. And there's nothing wrong with that reply in some cases. But it's not appropriate all the time.
The professional programmer brings his or her full brain, experience and creativity to the job. When asked to develop a feature, the professional thinks about it: Are there gaps in what was asked for? Are there alternative and better solutions? Will it lead to later problems? And then the professional has conversations with the product owner based on the answers to these questions to determine exactly what the feature will look like when implemented.
In contrast, the amateur says, "OK, I'll give you exactly what you asked for." That's easier. The amateur programmer doesn't have to think about the work beyond the specification. Just code what was asked for.
Similarly, an amateur programmer says, "I just write code; I don't test." Oh, that programmer will probably do a bit of testing on his or her own code. But when the team nears the end of a sprint and could use a little help testing for a day, an amateur programmer is likely to just code ahead on the next features rather than doing the more helpful--but to some, less desirable--work of helping test.

Not Doing the Full Job Is a Luxury

Not doing all parts of a job is a luxury only afforded to amateurs. An amateur can hit the glamourous, powerful 300-yard drive and then pick up the ball on the green without putting. The amateur can write code and not be concerned that no users are benefitting from that code until a tester catches up and tests it weeks later.
Professionals don't do that.
A professional knows that ultimately his job is to do whatever it takes to help the team. Often that means taking the time to have conversations about the tasks at hand or taking on some of the less desirable parts of the work.

A Team of Amateurs Makes Software Development Difficult

It’s hard to be agile with a team composed largely of amateurs. Amateurs tend to take the distinctly non-agile attitude of “that isn’t my job” and “I only do this type of work.”
Amateurs are more likely to be highly specialized and to feel entitled to work solely within their one specialization. While this can lead to people in that role feeling more efficient, it will reduce the overall throughput of the team. (That is, overall team velocity will suffer even though one role may feel more efficient.)
For many reasons, a team of amateurs makes software development more difficult.

Friday, January 12, 2018

5 Artificial Intelligence Examples you see Everyday

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Artificial Intelligence might look like a big scientific innovation, but you would be surprised to know the few of many things it is already being used for in our daily lives. It has had a huge impact on our normal day’s schedule, whether we are aware of it or not.
Artificial Intelligence is not only transforming the way we handle our computers or smartphones, but also the way we interact with the real world. It has actually taken the human-machine relationship to a new level and has transformed the way tasks were executed, in many sectors.  We now stand at a point where imagining robots performing operations is not actually a dream.
In this article, we share a few instances where artificial intelligence played a pivotal role, which might as well have not have caught our eyes.
Virtual Assistants and Chatbots
Siri, Google Now and Cortana are simplest examples of intelligent digital virtual assistant that we have in our daily lives. They can help us in setting up our alarms, booking a movie’s ticket, informing us of weather and traffic conditions – the list just continues. With a similar idea in mind, conversational commerce is gaining popularity, through chatbots. Customer service agents we interact with are now being taken up by smart artificial intelligence-powered bots.
Fraud Detection
Artificial Intelligence is being used by a lot of banks to detect online fraudulent transactions. They are programmed in such a manner that they report in case of any irregularity in the way payments or transactions are being made. With support from Machine Learning and Blockchain technology, it will improve the security scenario we have today.
Purchase Prediction
Ever wondered how a dress you checked out yesterday appears in your feed today? The answer is artificial intelligence. Systems are programmed in such a manner that they keep a track of the sites visited by an individual and the time they spend on it. They then deliver a purchase prediction and use it to push sales through coupons, vouchers or any sort of discounts.
Smart Homes and Security Surveillance
Smart homes technology now includes devices that have the ability to learn about an individual’s behaviour and lifestyle patterns and work accordingly. Imagine a system that switches off the lights at 10 pm as it has understood the sleeping pattern of the individual. Similar programs can be done to make the morning tea or breakfast as well.
Smart Cars or Self Driven Drones
A video of a drone successfully delivering a Dominos pizza has been gaining a lot of views on social media websites. The technology behind it was artificial intelligence which helped the drone to understand the roads and streets and deliver it to the right person. This idea is being used to develop smart cars that would apply brakes as soon as an object comes around a specific perimeter of it. This can be used to save lives by avoiding accidents and also take control of traffic issues.
There are no two ways to the fact that artificial intelligence is the future and whether we realize it or not, it is present right in front of us. Look around you, the smartphones you use, the customer service agent you talk to – an intelligent AI agent is behind it. It won’t be wrong to say that in the next 5 years or so, AI will take over most of the manual operations. So, let’s just sit back and enjoy technological shift that artificial intelligence is bringing to us.

IoT Trends for 2018

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Internet of things or IoT has become the backbone of a lot of ideas and is having a world-changing impact on global commerce and lifestyle. It has now entered the next stage of business where it has become the core idea behind strategies, transformations and innovations.
2015-2016 was the year when IoT accelerated and it has never paced down ever since. We believe that in the years to come, it will become an even more valuable asset for businesses and be the platform for bigger ideas to shape up. In this article, we shall discuss few trends that IoT is set to follow keeping the present technological scenario.
Blockchain and IoT
Blockchain – Cryptocurrency – Bitcoin, these were the technology buzz words that swept most of 2017. The convergence of IoT and Blockchain is believed to bring a real shift in the way transactions are managed. The real-time data from an IoT channel can be used in automated encoded transactions that preserved the security of all parties involved.  The Blockchain – IoT combination will be the answer to all security concerns that were making news especially in the financial sector.
The Dependency on Big Data Analytics will increase
IoT enables dynamic data sharing which is why the role of Big Data will be very important in the process. This will increase the dependency on Big Data Analytics a more and more data from devices across various channels will form a strong database. Big Data is now being used in different ways, HR being an example, which increases the demand for good analytical skills.
Artificial Intelligence and IoT
With the help of Artificial Intelligence and Machine Learning, real-time alerts can be triggered across various IoT channels, making the system more agile and responsive. This can be used in various security and Smart Homes concept to bring a more reliable system for us to use.
Increase in the no. of Connected Devices
There are no two ways to the fact that the number of connected IoT devices will grow at a rate we had never imagined. With technologies bringing innovative devices for us, like smartphones, health and wearable devices etc, it is expected that by 2018, the number of devices will double to what it was in 2016 and will reach a mark of 46 billion by 2021
Role of devices in Marketing
Brands are trying every possible way to connect with customers and the IoT channel is one of them. They are using the technology to locate our location and automatically suggest relevant ideas/updates and provide more personalized information according to our behaviour or routine. The real-time data access helps them know the exact mood of the customer, which they try and use it to their advantage.
There is no doubt that IoT will be a game changer for a lot of industries in 2018. It will be interesting to see how industries embrace this technology and come up with new ideas to disrupt the way things operate today.

How can chatbots help your business grow?

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Chatbots have been revolutionary in bring changes to how business operates. They have redefined customer interaction to a level that was once never imagined. With it being highly popular, the question of why there has been a sudden surge in chatbots has been very prominent.
The primary idea behind chatbots is help businesses redefine their customer engagement models and scale their business with least investment. The fact that these bots can be easily placed on easily accessible platforms like Facebook Messenger, Telegram or other SMS based websites, gives businesses an opportunity to expand their reach and engage with more audiences in no time.
In this article, we shall discuss the various ways chatbots can help your business grow and scale to its utmost potential.
24*7 Availability
Chatbots can help your customers reach you anytime and anywhere. The old approach of being on call with customer care representatives made customers wait a lot and in few cases, the issue remained unresolved too. With easy mobile compatible platforms, customers can ask whatever query they have and get instant reply and scale easily.
Automation of repetitive tasks
Bots are programmed in a way where basic, repetitive questions are fed into them from beforehand. This helps to save time and improve productivity at the same time. They are also frequently updated with more pre-answered questions according to the trend of questions that customers are constantly asking the bot.
Easy Management of Customers
Chatbots have helped to manage customers to a great level. Humans were restricted to do limited tasks within a given stipulated time. Chatbots, on the other hand, can converse with thousands of customers at once. This gives companies an opportunity to increase the customer size as they become equipped enough to handle more customers.
Save money
Chatbots have reduced the human resources that were important before. Initially, a lot of money was being spent on training and managing employees to handle customer care. Now, single chatbots can do the work of almost 3-4 humans at once. They are just a one-time investment that is sure to pay ripe fruits in the future.
Better customer satisfaction
Customers do not have to wait anymore. They get an instant reply to all their queries – anytime and anywhere. They are also programmed to provide a personalized experience to customers wherein they keep a track of their previous purchases and part history and provide recommendations accordingly. Better experience helps in building brand loyalty with the customers.
Chatbots, therefore are an important element to help your business grow.

Blockchain and IoT – How can they together bring us bigger Benefits

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Blockchain and IoT have now become an important aspect of every growing business you see around. The network of IoT devices has been growing exponentially since the past year or so, and with the combination of Blockchain, that holds the power to disrupt any business, the amalgamation of both is sure to bring us a bag of innovative surprises.
To understand the convergence better, let us go through some points that explain how the two technologies can together bring us bigger benefits.
  • Blockchain is the missing link to bring privacy, security and reliability to the IoT network of devices
  • Blockchain can be used to track billions of connected IoT devices that help in better coordination and processing of transactions
  • As Blockchain is a decentralized system, it would eliminate any single points of failure and in the process create a more resilient and sustainable environment for the devices to run
  • As the data in blockchain can be encrypted by the use of cryptographic algorithms, it will make the consumer data stored or coming in from the IoT devices safe and private
  • In a network of billions of connected IoT devices, blockchain can keep an immutable record of the history of connected devices which helps in the autonomous functioning of the devices without any centralized control.
  • The ledger that stores data in the blockchain network is tamper-proof which means it cannot be manipulated by unwanted, malicious agents.
  • Blockchain has given a push to Industrial IoT or IIOT which is essential in large organizations which hold millions of sensitive data and carries out hundreds of transactions each day.
To sum up the basic advantage of using Blockchain for IoT –
  1. Building Trust between the devices and the parties involved, thereby reducing the risk of any fraudulent behaviour
  2. As it removes the third parties and intermediaries involved, it removes any cost that is related to them
  3. It makes the transactions quickly and securely, reducing the settlement time from few days to almost instantaneously.
The decentralized, autonomous and secure platform of a Blockchain network makes it an ideal component to be a fundamental part of IoT solutions. We have companies who have adopted the same and are running successfully ever since. However, there are few challenges they face in the process too. Let us have a look at them.
  • Operational Challenges – This business model requires many agreements and parties involved, especially in a broader ecosystem. There is also storage issue as the ledger’s size needs to be increased with time. Encryption and cryptographic algorithms on the huge amount of data will require a lot of processing power and time too.
  • Legal Challenges – This convergence is new and there needs to be someone to look into cases where actions that are taken by devices on the basis of a rule that is automatically executed by a blockchain-based application or Smart Contracts, triggered by another similar application. This is a complex scenario but can very well come up with the heavy use of blockchain based IoT network.

Blockchain and its Applications and Use Cases

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Blockchain has been one of the most talked about technologies in 2017. There are a lot of research happening to identify how this technology can transform various applications and operations we encounter in our daily lives. There is absolutely no doubt about the fact that blockchain holds a lot of power to disrupt the way we see things around us.
As we begin to analyze the various applications and use cases blockchain can be used for, beyond Bitcoin of course, we need to understand the various benefits it brings to any business. Let us have a quick recap of its advantages from our previous blog – What is Blockchain Technology? A Quick Guide to understand it better.
  • The peer-peer network removes any third party intermediaries like banks etc
  • The consensus, approval and the verify processes happen in real-time which ensures faster transactions
  • Every involved participant has the access to the information stored in blockchain and no alteration can be done without the consent of them. This brings trust and transparency in the entire system
  • As the distributed ledger systems are decentralized, they provide faster ROI and help businesses create a better business model that brings them more profits
  • Blockchain network is highly secure and impossible to hack. This reduces any fraudulent activity to take place and promises to bring a reliable business platform to ensure productive business activities
  • Blockchain’s algorithms are programmable and can be used to automate systems on the basis of prior terms and conditions
So, what are the different ways Blockchain can be used for?
As a Record
  • Blockchain can be used to create a strong system for digital identity with the help of cryptographic keys
  • As tokens, it can be used for authenticating physical items, proving useful in supply chains, fraud management and intellectual property management
  • It helps in inter-organizational data management keeping an organized system of records especially the sensitive ones
Financial Institutions
  • Blockchain can be very useful in audit trails
  • It provides a more secure platform for transactions as it let goes any third party mediation keeping the key account information secure
  • It can help settlement happen between the two parties almost instantly rather than the normal 2-3 days
Supply Chain
  • Blockchain can be used to track down any information regarding the product – where and how it has come to the end user
  • With the help of Smart Contracts management of these data will be easier and more secure
Real Estate
  • The information can be stored securely and can be tracked down without the involvement of any intermediaries
  • With a secure platform, the corruption and fraudulent activities can be nullified
  • Blockchain offers Minimization of Identity Theft and Limitation of Cyber Liability for insurance industry
  • Decentralized Data Repository bring better Security for the companies and also help in the management of huge data
  • Medical insurance and claims involve a lot of transactions every second. Blockchain can reduce process time and friction while dealing with compliance with contract terms.
  • Healthcare has numerous data flowing in its environment. Patients personal details, medical history, advance medical records and much more and this technology can help them manage it better
These are just a few applications where this technology has proven to be very useful. 2018 can be the year where more blockchain use cases come up and surprise us with its unique application. 

Best Chatbot Platform tools to build Chatbots for your Business

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Chatbots are believed to be the most wanted technology for business these days. With huge benefits to bring the customers and brands close to each other through conversations, chatbots have redefined the traditional way businesses connect with their audience.  After its huge success, a lot of platforms have come up that provide the tools to make easy to use chatbots.
New platform tools for chatbots allow anyone to build a bot easily is rapidly emerging and have caught a lot of eyes recently. In this article, we shall discuss few of them that help you build an excellent bot in no time.
Chatbot building Platforms
Chatfuel – This chatbot engine will do most of the task required to build chatbots and is ideal for those who do not have a lot of programming experience. With almost 20,000 users globally, chatfuel is also used by MTV, Adidas, Techcrunch and more.
Facebook Bots for Messenger – Messenger has become one of the most popular houses for making chatbots. The huge user-base acts as one of the biggest advantage of this platform and the Quick Start guide provides an easy walk-through to make bots.
Engati – This platform claims that you can build, manage, integrate, train analyze and publish a chatbot in just 10 minutes. This has become hugely popular and is the house for big brands like Viber, slack and Webchat messaging platforms.
Microsoft Bots – Microsoft launched Bot Builder for Node.js for the construction of self-chatbots. The platform supports developers to build, test and publish their chatbots by using frameworks like Express and Restify.
Telegram Bots – Telegram is a free cloud-based instant messaging service and has always been at the forefront of any technological innovation that has taken place in the past few years or so. Its extensive HTTP-based interface for the development of chatbots has proven to be very powerful and easy for developers.
Chattypeople – The Chattypeople platform helps you build bots and easily integrate it with the messenger platform. It requires no coding and also provides free integration of PayPal and Stripe applications. It is primarily intended for those businesses whose core requirement is to provide instant support to their customers.
While bots have become a one-stop customer solution for various businesses across different sectors, it has also helped brands to grow and make a stronger brand profile. If you still haven’t included chatbots in your business, now is a perfect time. 

Difference between Public and Private Blockchain

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While we try to understand Blockchain better, it is very important to understand how its two major network types work and what advantages do they bring to our business. Each type has its own set of benefits which is why it is important to analyze them and use the best one for our business.
Before we get into how different Public and Private Blockchain, let us have a look at some of their similarities.
  • Both are decentralized peer-peer networks and every participant involved in the transaction maintains a copy of the same.
  • Through a protocol referred to as consensus, both networks maintain the replica of transactions and are in sync with each other. This means any change or addition made on the transaction information will be immediately reported to the other party.
  • A certain level of security is maintained by both the networks

So, what is the difference?

The primary difference between the public and private blockchain networks is the participants who are allowed to be a part of the network and maintain the shared ledger.
Public Blockchain is completely open and anybody can join and be a part of the network. It has an incentivizing mechanism that encourages more and more people to participate in the network. Private Blockchain gives a little bit authority to the firm or organization that controls the network. Only a certain individuals can be a part of it who qualify a set of terms and condition and it’s the company that controls who can read access to their transactions. This brings a level of privacy in private networks which the public networks lack.
A major drawback of public blockchain networks is that it involves a good deal of computational power which is a necessity as the distributed ledger needs to be maintained on a large scale. The consensus process is also a little more intense and the whole process results in a little more costly affair than the private networks.
Public blockchain has low transactional speed owing to the huge pile of data that needs to be processed to complete the transaction. Private networks, however, initiate the transactions quickly, as the parties involved have an inbuilt trust, the network nodes are well connected, which is why the consensus happens a lot more quickly. This makes them an efficient system which a lot of traditional business and governance model are eying upon.
The immense potential and accelerated growth that blockchain has brought to the tech-world are highly remarkable. The added interest from a wide range of industries across various sectors is a stimulant in the entire process which makes us believe that Blockchain is indeed the technology of future.
Originally featured on Blog from Aexonic.

An Enterprise Guide to Blockchain

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The blockchain is undeniably one of the most trending technologies at the moment. Originally devised for the digital currency – Bitcoins, Blockchain has expanded its dimensions and now holds the potential to disrupt the way a business operates – in any sector.
While it is still believed to have a lot of unidentified potentials, it has become important for every tech-enthusiast and even business firms, to understand what it is, how it operates and how can it bring a difference to their business. In this article, we shall try to explain the same.

Blockchain and Distributed Ledger – What are they?

In simple terms – Blockchain is an incorruptible and immutable digital ledger that holds the records of every transaction.
Distributed Ledger is a simple database of transactions that securely records the information across a peer-peer network. The transactions are shared and synchronized across several computers and locations without any centralized control.
The parties involved in the transaction own an identical copy of the record, which is updated in real-time if any additions are made.

What are Smart Contracts?

Smart Contracts are self-executing contracts that help a transaction to take place without the involvement of a third party or middlemen. They are programmed in such a way that they trigger payments or any other relevant action as soon as the proposed conditions are met. Real-Time information like the asset GPS data are examples of triggers that initiate a transaction.

How does Blockchain work?

A Blockchain stores data in nodes that are immutable once stored. When a transaction happens between a peer-peer network, the data is recorded and each participant is able to review the entry and approve, reject or verify depending upon the information available. Once approved, the data is stored in blocks or nodes that are stored in chronological order – or chain and cannot be altered with the consent of all the participant involved.

What are the different types of Blockchain networks?

There are 4 types of Blockchain network available as of now.
  • Consortium Blockchain – This is presently the most popular form to establish a blockchain network. In this, the approval of information is controlled by a previously selected party or individuals – a group of corporations for example.
  • Semi-Private Blockchain – These networks are run by a single company that allows access to a transaction to individuals who have cleared the terms and condition to be eligible for the same. This is gaining popularity in the B2B market.
  • Private Blockchain – They are 100% centralized and private networks that are controlled by a single organization and hold the power to control who reads or participates in a transaction.
  • Public Blockchain – The information is public and anybody can read or participate in the approval process. Although users can opt to be anonymous, the details are public and anybody can be a part of it. Bitcoin is an example of the same.

Benefits of Blockchain

The potential of blockchain in now in open and so is the plethora of benefits it brings along with itself. Let us have a look at some of them.
  • The peer-peer network removes any third party intermediaries like banks etc
  • The consensus, approval and the verify processes happen in real-time which ensures faster transactions
  • Every involved participant has the access to the information stored in blockchain and no alteration can be done without the consent of them. This brings trust and transparency to the entire system
  • As the distributed ledger systems are decentralized, they provide faster ROI and help businesses create a better business model that brings them more profits
  • The networks are highly secure and impossible to hack. This reduces any fraudulent activity to take place and promises to bring a reliable business platform to ensure productive business activities
  • Blockchain’s algorithms are programmable and can be used to automate systems on the basis of prior terms and conditions

Some of Blockchain Use Cases

As blockchain are becoming more and more popular, different business sectors are trying the accept this technology and make the most of it.
  • Financial Services – With blockchain, the security of asset or money transaction can never be compromised and money transaction can be held more securely.
  • Voting – With the introduction of this technology, audit trail of election’s votes can help track the voter’s identity store the data securely.
  • Supply Chain – Blockchain can help to easily track down any information regarding the product – where and how it has come to the end user. W the help of Smart Contracts management of these data will be easier and more secure.
  • Real Estate – The real-estate industry involves a great deal of paperwork and in-out transactions. With the help of this technology, the information can be stored securely and can be tracked down without the involvement of any intermediaries.
  • Utilities – Peer-to-Peer energy trading among utility conglomerates, automated billing for autonomous electric vehicle, solar energy etc can be benefitted with help of Blockchain
I am excited to see what this technology will bring to us in 2018. I hope this article gives you an idea of what it is and how your business can benefit with this.
This article was originally published at Aexonic Blog

10 Best Practices for setting up Offshore Development Center (ODC)

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Offshore Development Center is a popular business model to lower operating expense. Companies can also use it to follow-the-sun type of workflow.  With more than a decade experience in IT industry and having worked on both ends of the circle (Onsite and offshore), I thought of publishing some of the best practices which can be handy for any company planning to open an ODC.  
  1. Define Objectives and set right expectations  - Cost reduction, extended team
  2. Select the right vendor – Case studies, track record, references
  3. Define clear Organization structure and communicate it to team – Roles and responsibilities, Skills of resources required
  4. Choose the right Engagement Model - Extended team, Fixed Cost project model, Built Operate and Transfer (BTO)
  5. Implement Development Process - Methodology, Deliverables, Milestones
  6. Choose the right project Management tool – Asana, JIRA
  7. Right infrastructure setup – Location, Connectivity
  8. Create Communication/ escalation plan with clearly defined roles for individuals
  9. Roll over team - Right blend of onsite and offshore resource. Also plan for onsite visit of resources
  10. Manage attrition as joint responsibility of client and vendor