Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Latest figures from the Tetaf art market report, released by the European Fine Art Foundation, show that in 2016 global art market sales amounted to an estimated $45 billion, up 1.7 percent from 2015. The U.S. remains the largest country in the world art market, with 29.5 percent of the market share, followed by the U.K. and China with 24 percent and 18 percent, respectively.

Yet, while the industry remains a profitable one, it is slowly changing. One that is considered difficult to enter and resistant to change, a few sector players are aiming to bridge the modern digital world with the luxury arts sector.

Two art galleries are taking a blockchain and cryptocurrency approach. Eleesa Dadiani, is the founder and owner of Dadiani Fine Art in Mayfair, London. Marcelo Garcia Casil is the co-founder and CEO of Maecenas, a decentralized art gallery that aims to democratize access to fine art investment.

Dadiani & Partners

In July 2017, Dadiani’s modern fine art gallery became the first in the U.K. to accept seven different cryptocurrencies as payment: bitcoin, ethereum, ethereum classic, litecoin, ripple, dash and NEM.

Dadiani told Bitcoin Magazine that the decision to introduce cryptocurrencies wasn’t an instinctively demand-driven decision; rather, it stemmed from a desire to encourage demand and merge the two markets together.

“On a practical level, introducing cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury,” she said.

Through her recently launched Dadiani & Partners — the U.K.’s first and only luxury asset and commodity exchange for cryptocurrencies — Dadiani is hoping to unlock the potential of the digital currency market for high net-worth (HNW) investors and consumers. Acting as an intermediary, Dadiani & Partners will enable HNWs a platform to purchase luxury goods in digital currency. Dadiani says that there has been an increase in demand with the number of people seeking the purchase of assets in cryptocurrency.

“Many bitcoin millionaires are unable to cash in their digital currency as the banks won’t convert large amounts of cryptocurrency for cash,” she added.

Passionate about cryptocurrencies, and the blockchain that underpins them, Dadiani believes that they will have a profound impact in every sphere of business and our everyday lives.

“The technology will allow us to reclaim power, paving the way for decentralized, peer-to-peer transactions without the intervention of an intermediary,” she added. “This is a revolution that goes far beyond the art market.”

Since introducing the acceptance of digital currencies the art gallery has sold a number of pieces. Going forward, all of the art, across all the exhibitions, will be available to purchase in the available digital currencies. Dadiani says that the artists are onboard and keen for their pieces to be sold this way.

“Any of the pieces we sell can still be purchased via conventional fiat currency, but purchasing via cryptocurrency enables buyers to purchase peer-to-peer, person-to-person, without the intervention of a centralized authority,” Dadiani said.

It’s hoped that by further globalizing the business and broadening their customer base, Dadiani Fine Art will appeal to bitcoin millionaires who are looking to purchase assets via cryptocurrencies.

“Digital currency is being embraced by people of all ages, creed and class, and as it’s happening in other sectors, there is no reason why the gap between the modern digital world with the luxury sector cannot be bridged.”

Maecenas

Investment in the art world can be an expensive proposition. Named after Gaius Maecenas, an ancient Roman patron of the arts, Maecenas, is attempting to remove this barrier by letting anyone buy shares of fine art. Through its blockchain-driven platform, Maecenas divides artwork ownership into fragments and connects art owners with investors where shares are bought and sold.

“By turning masterpieces into tokenized tradable assets, Maecenas democratizes access to fine art by letting a much wider audience invest in multi-million dollar artworks which would otherwise be out of reach,” Casil said to Bitcoin Magazine.

Buying access to the artwork’s investment value does not mean buying access to the actual artwork itself, however. According to Maecenas, art pieces are not put on display; rather, they are held in purpose-built art storage facilities, ensuring the work is safe and looked after. If there is a demand in the future, then they may introduce an art-leasing facility where art lovers can temporarily hold the piece of art for a fee. The fee would then be distributed among the shareholders as income.

By injecting liquidity and transparency into the fine art market, the platform claims to be adding aspects to the sector that have been missing. Determining a fair price of an illiquid asset is now made possible via the blockchain through the conversion of small and liquid tradable financial units, creating tamper-proof, digital certificates denoting ownership. These are similar to shares of a company and can be traded on an open exchange.

Through the implementation of a Dutch auction process, Maecenas permits investors to submit private bids stating how many shares of the artwork they want to own and what price they’re willing to pay for them.

“The Dutch auction smart contract then handles all the bids and uses a well-known algorithm to determine the optimal price for the artwork shares,” Casil added. “This process is transparent and discourages price manipulation.”

Maecenas’ ART utility token functions as a clearing and settlement mechanism for all transactions of artwork on the Maecenas ecosystem. Participating in Dutch auctions, leasing artwork or performing any other sensitive platform operation is handled via smart contracts that require ART tokens to operate, says Casil.

“In the case of the auctions themselves, the token represents the investor bid and commitment, and a dollar value equivalent of the tokens is escrowed in the contract for the duration of the auction.”

For instance, if an investor wants to bid $50,000 for an artwork, and ART is worth $2, then 25,000 ART tokens must be submitted to the smart contract to reflect the bid.

To ensure the work is authentic, Maecenas has an internal team that checks the full provenance of the artwork including certificates of authenticity, condition reports, insurance policies, certificates of storage and valuation reports. Independent reputable experts will also assess and appraise the artwork. The documents produced during the due-diligence process are then protected and stored securely on the blockchain.

Maecenas recently completed their token crowdsale which raised 50,744 ETH. They are aiming to launch their platform in the first quarter of 2018.

The post Connecting the Luxury Fine Art Industry with the Modern Digital Economy appeared first on Bitcoin Magazine.

Continue reading…

 

How Blockchain Technology is Helping to Clean the Niger River

How Blockchain Technology is Helping to Clean the Niger River

Ogoniland, situated off the coast of the Gulf of Guinea in southeastern Nigeria, is considered the most polluted region along the Niger Delta and among the worst in the world.

Even though the Niger Delta is rich in resources, poverty, pollution and unemployment are rife. One of its primary resources is oil, and consequently, many companies take advantage of the region. According to the United Nations Environment Programme (UNEP), the oil industry has been a key factor in Nigeria’s economy for 50 years. As a result of oil drilling and spills by Shell and other companies, however, the land has been devastated, the vegetation decimated, fish numbers depleted, and surrounding mangroves, swamps and creeks contaminated. Consequently, the livelihoods of many fishermen and farmers have been destroyed.

In 2011, the UNEP said that it could take up to 30 years for full environmental restoration to be achieved in Ogoniland; but a lack of accountability appears to have stalled progress as corruption and violence spread, and mistrust continues to grow between the people and the government.

Cleaning up the Niger Delta remains a key focal point for Chinyere Nnadi, founder and CEO of Sustainability International, a U.S.-based nonprofit that provides innovative solutions to complex sustainability and conservation issues in the developing world. Sustainability International’s current large-scale initiative hopes to revitalize the region through its Clean Up Niger Delta Project.

Speaking to Bitcoin Magazine, Nnadi, whose family comes from Nigeria, said that it’s important to understand the full scope of this Gordian knot before reaching a resolution, and to raise awareness around the effects caused by the oil pollution.

“Over the years, we’ve taken numerous meetings [with] local villages, government officials, and oil and gas companies to fully understand each stakeholder’s concerns and challenges,” he said. “During this process, the situation became more volatile and dangerous with rising ethnic tensions and youth violence.”

Nnadi explains that since Nigeria fell into recession a year and a half ago, violence and unrest have risen sharply in the region. Several militant groups comprising of disaffected youth with no job prospects were regularly bombing oil pipelines until a truce in September 2016. In one explosion alone, Shell lost $7 billion. The Nigerian federal government is estimated to have lost $100 million in oil revenue from the oil and gas pipeline bombings as it lost control over the Niger Delta region.

“The truce ended two weeks ago and the Nigerian army and navy have entered the region to protect the oil and gas assets and combat the militants,” explained Nnadi. “In the last two weeks there have been multiple killings and kidnappings.”

Nnadi says that there has never been a cleanup of the oil spills in the Niger Delta, culminating in 50 years of neglect and lack of accountability among oil and gas companies, wealthy elites and the government. Consequently, as sentiment is changing toward solving the problem, all the parties — the government, oil companies and the community — no longer trust each other, says Nnadi.

“This presented the opportunity to experiment with the blockchain at the community level,” he added. “We have their trust, and that is what is most important at the moment.”

As such, Sustainability International is planning to launch multiple controlled pilots in one village over the next year. Nnadi said they will conduct interviews with the villagers to determine the best design application for the people. They will then use their findings to develop the alpha version of mobile and desktop applications before executing cleanup number two, employing “wetware” — human know-how merged with advanced technology.

“Our pilots will begin with one farm, then expand the cleanups to multiple farms at a time by the third cleanup, using hardware and blockchain [technology] to efficiently execute multiple cleanups,” he said. “Using decentralization, we will enable distributed data collection and secure payments to villages, engineering accountability, economic inclusion and community engagement.”

Through the blockchain, Sustainability International will be able to micropay community members as they build credibility through its reputation system that rewards honest work. It’s hoped that this will rewire a society that is rampant with bribery and corruption. In turn, interaction with international NGOs that are seeking to engage with young entrepreneurs and community leaders in Africa’s largest country will be made easier.

Sustainability International has teamed up with the Blockchain for Social Impact Coalition (BSIC), an initiative started by ConsenSys.

Ben Siegel, impact policy manager at ConsenSys, told Bitcoin Magazine that the blockchain aspect of Sustainability International’s project creates an added level of trust in the platform.

“The individuals on the ground don’t need to trust each other; they just need to trust the platform/system,” he said. “It reduces the fear of corruption that can sometimes drive people away from integrity.”

Sustainability International and the blockchain coalition will use smart contracts to prevent corruption and return trust back to Ogoniland.

“With smart contracts and cryptocurrency, we can create ‘programmable money,’ which allows us to then ‘program’ human actions,” added Siegel. “If we incentivize people to continuously perform a series of tasks in order to receive a sustained flow of funds, we might be able to create a system in which the most likely ‘corrupt’ actors are incentivized for not being corrupt.”

This means that if Shell were to allocate a set amount of money to clean up an oil spill, the money wouldn’t be released to the contractor until the work has been verified as complete. Through smart contracts, the contractors and the community would monitor the cleanup, with each submitting data to show efficacy of work. The community would also be trained in International Sustainability standards, in which multiple factors of authentication are needed on the data submission to ensure secure data is used, Nnadi explained.

“We also run a sentiment tracker and smartphones in the entire community throughout the length of the project to have an extra level of confirmation and community engagement,” added Nnadi.

Nnadi expects the cleanup will be a massive development opportunity for local communities.

“The central thesis of this technology experiment is that the government and oil companies should pay the people to perform the cleanup,” he said. “We believe that instead of the money being spent on foreigners to come in intermittently to check on the cleanup, that local decentralized data collection will provide cheaper real-time monitoring for the oil companies and governments.”

The post How Blockchain Technology is Helping to Clean the Niger River appeared first on Bitcoin Magazine.

Continue reading…

 

Social Messaging App Kik Will Bring Crypto Tokens to Teen Market

Social Messaging App Kik Will Bring Crypto Tokens to Teen Market

Chat platform Kik has revealed that it is launching its Kin token that will deliver the basis for a decentralized ecosystem of digital services.

Ontario-based chat platform Kik, which has over 300 million active users registered worldwide, including around 40 percent of American teens, has announced today that it is launching its Kin token, a digital currency that will provide a foundation for a decentralized ecosystem of digital services.

Today’s technology has meant that it is impossible not to stay connected with friends and family worldwide with many using messaging apps to do so.

So much so, that by 2019 more than one-quarter of the world’s 7.5 billion population will be using messaging apps, according to data from eMarketer.

Aside from being a cheaper alternative to SMS and MMS, messaging apps are big business that offer a slew of functions: group chats, gaming, GIFs, videos, stickers, emojis, photos and in-built web pages. Not only that, but a majority of messaging apps users are young, which is an extremely important demographic for messaging apps.

Kik believes that through its token it can bring together the areas of communications, information and commerce in a new way that will fuel how today’s generation and future ones will connect. Founded in 2009, Kik was the first chat app that went viral in 2010 from zero to one million users in 15 days. Since then the company has continued to meet the innovation space by becoming the first chat app to become a platform in 2011 before establishing itself as the first app within the Western world to add bots in 2014. Now, Kik is the first chat app to add its own digital currency.

Speaking to Bitcoin Magazine, Ted Livingston, Kik’s CEO said that the main motivation for launching their Kin token, which comes from the word “kinship,” came down to two main insights: digital services, which are becoming more important to our daily lives, and the fact that these services are being owned and controlled by fewer and fewer companies. This, in turn, is bringing about less innovation and choice. According to Livingston, this centralization is the result of both economics and competition.

“From an economic side, it’s very hard for independent developers, including companies as big as Kik, to monetize,” he said. “There are a few companies that have huge scale that use that scale to monetize their advertising.”

Livingston adds that, when these bigger companies monetize their advertising, they then give everything else away for free. This means that for independent digital services who don’t bring in enough money through advertising, they live in a world where these giants have set the expectations where everything should be free.

“As a result, it’s very hard for all these digital services to monetize,” Livingston adds. “Those that do, these giants then turn to a copy-and-crush strategy where they take all the ideas from the players, copy it and use their much larger resources to crush the other competitors who do make it.”

As a result, Livingston states that now is the right time to put forward an alternative ecosystem of digital services that isn’t just open, but through digital currencies and decentralization, better. By launching their Kin token, Kik is attempting to set up a new economic system that can monetize digital services and deliver a new way to compete together with the larger companies.

The Kin Token and the Kin Foundation

Through the advanced developments in digital currencies and the blockchain, Kik is planning on creating a decentralized ecosystem of digital services through four steps: creating the Kin token on Ethereum, integrating Kin into Kik, developing the Kin Rewards Engine and launching the Kin Foundation.

Implemented on the Ethereum blockchain as an ERC20 token, Kin will serve as the basis of interoperability for all transactions within the Kin ecosystem. By adopting the token within the Kik app, it’s hoped that millions of users will facilitate widespread adoption of Kin, establishing demand and value for the cryptocurrency. In preparation for the eventual launch of Kin, Kik has been experimenting with the integration of a cryptocurrency on its platform since 2014.

“In 2014, we launched an experiment called Kik Coins and the question we were trying to answer was: Could we get millions of everyday consumers earning and spending natively in a digital currency?” Livingston said. “The result is that we created a transaction volume that was three times better than Bitcoin’s global transaction volume at the time.”

Kik also realized that the best way for consumers to understand cryptocurrency was for them to earn it through digital services like Kik.

“The biggest flaw with all the other cryptocurrencies is that nobody gets their paycheck in that cryptocurrency; the only way to get it is to buy it, for 99.99 percent of people,” he added. “This is where teenagers are another big asset for Kik in that they don’t have a ton of spending power and this is a way to earn that spending power by offering value inside the community itself.”

Over time, Livingston explained, there will be various ways that users can earn Kin. One of the examples he gives is through exclusive group chats by charging an entrance fee with Kin to then spend within the Kik ecosystem.

Kin Distribution

Kik is planning on starting a crowdsale where the amount of Kin tokens available will be $1 trillion. However, the majority of the Kin will be set aside to form the Kin Rewards Engine. Modelled similarly to the Bitcoin mining system, the Kin Rewards Engine will release a certain amount of Kin every so often to all the developers that build digital services within the ecosystem.

“Every day there will be a daily reward, which we think will start roughly at $100,000 per day,” he said. “As an owner of a service, if you integrate Kin and get people transacting Kin inside your digital service, which generates 10 percent of all transactions within the ecosystem, that would entitle you to 10 percent of this daily reward.”

Ultimately, the more services that join the Kin ecosystem computes to more transactions that happen each day, which increases Kin’s value on public exchanges and, in turn, boosts the daily reward.

“It creates this amazing network effect where all these digital services work together to grow the overall value of the ecosystem,” Livingston adds. “They all get a fair and equitable piece of that economic value they create, and consumers get this ecosystem of services that continues to grow in both size and quality.”

According to Livingston, one of the most underappreciated values of digital currencies is how much economic opportunity they can produce. For instance, he said even though they are giving away $100,000 per day, the amount of Kin available won’t run out anytime soon.

“If Ethereum was giving out $100,000 of Ether a day at its current $10 billion market cap, it would take them 273 years to give away all the Ether,” he said. “If Bitcoin was doing it at their $30 billion market cap, they could give away $300,000 a day for 273 years, and these are both cryptocurrencies not used by mainstream consumers.”

As such Livingston believes that the Kin reward could easily go to $200,000, $500,000, even $1 million a day, incentivizing the creation of an open and compelling ecosystem of digital services for consumers.

Through the Kin Foundation, the team are ultimately trying to achieve a decentralized system where the developer doesn’t need to trust the Kin Foundation. As a nonprofit, the foundation will oversee the open and fair growth of the system where it will provide three things: it will administer the rewards system, it will offer an identity service for users to move between the digital services and it will provide a transaction service for users to earn and spend Kin in a secure and frictionless way, Livingston states.  

Kik is due to release their whitepaper today, at which point they expect to start working with the crypto community, which will lead to their crowdsale in the next few months.

The post Social Messaging App Kik Will Bring Crypto Tokens to Teen Market appeared first on Bitcoin Magazine.

Continue reading…

 

Using Blockchain Tech to Keep Concert Ticket Prices Honest

BitTicket, the First Digital Events Ticket Platform on the Blockchain

Major events, from sporting to musical, are a significant part of most people’s lives, bringing individuals together to enjoy a shared interest. Unfortunately, ticket touts (scalpers) and secondary websites are taking advantage and extorting the event ticketing industry. With big names such as Mumford and Sons, Coldplay, Adele and Ed Sheeran speaking out about this problem, the issue remains. The U.K. government has introduced legislation that aims to prevent the use of bots from purchasing tickets to resell them at inflated prices. Still, more than 21,000 people in the U.K. have reported falling victim to ticket fraud in the last three years with the majority of these reports concerning secondary ticket markets, according to research.  

In order to solve the issues around fraudulent tickets and the high prices associated with them Edinburgh-based Citizen Ticket, the ethical ‘David meets Goliath’ event ticketing platform backed by blockchain technology, was created by CFO Harry Boisseau and COO Philip Shaw-Stewart. During their time working in the events industry for the past 10 years, the pair has worked on everything from large-scale music events and pop-up food events to underground concerts and charity fundraisers.  

The Problem

In partnership with Get Online Safe and the Society of Ticket Agents and Retailers (STAR), the City of London Police’s National Fraud Intelligence Bureau (NFIB) found that over the last three years more than £17 million ($22 million) has been lost to ticket fraudsters.  

In April, the three organizations undertook a series of Facebook flash sales, which saw over 1,500 people attempting to buy music tickets from a fake ticket website called ‘Surfed Arts.’ Purporting to be a secondary ticket website, the adverts were aimed at certain locations where concerts were taking place over the summer but had sold out. The research found that women over the age of 65 and those who reside in London tried to purchase the most fake tickets; however, men and women aged 35-44 and those living in Birmingham were the least likely to click on the fake advert.

Those who did click on the Surfed Arts website were told they could not buy the sold out tickets before being informed on how they could better protect themselves from becoming a potential victim to ticket fraudsters. According to the NFIB, the idea was to get people to change their online behavior and to consider whether secondary ticket sales are legitimate.

Social media is also becoming another avenue for ticket fraudsters to advertise ticket sales. Data from Action Fraud found that in 2015 there was a 55 percent rise in ticket fraud with major sporting events such as the Rugby World Cup and the Premier League football accounting for a quarter of all incidents of ticket scams. Fraudulent tickets for gigs and festivals represented 15 percent, costing the U.K. public £5.2 million ($6.75 million).

Those who do purchase fake tickets can find that the nature of them can vary. They either don’t materialize, never existed or charge hyper-inflated prices through secondary ticket websites than what’s listed on a primary ticket website.

A Blockchain Solution

With the help from fellow team member Colin Palmer, CTO, Boisseau and Shaw-Stewart brought to fruition the recent launch of BitTicket, the first digital event tickets on the blockchain for public events, using the cryptocurrency Ethereum Classic. The idea was dreamt up while searching online for Ed Sheeran tickets on a secondary ticket website with high costs.

The team found that not only were there large quantities of tickets being hoarded by secondary ticket websites with increased prices attached to them, but that primary ticket websites were sending them, in bulk, to the secondary ticket websites before they went on sale. However, that wasn’t the only problem the team found.

“The event ticketing monopolies own primary ticket websites and secondary ticket trading websites,” said Shaw-Stewart, speaking to Bitcoin Magazine. “The secondary ticket website allows the monopolies to collect event tickets from their primary ticket website, then charge highly inflated prices for the tickets on their secondary website under the pretense of being a platform created to allow fans to resell tickets.”

As an example, they cited a Robbie Williams concert that was held at the O2 Arena in London. On a primary website, the tickets were being sold for £40 ($52). However, according to Shaw-Stewart, the primary site proceeded to sell 80 percent of their tickets to the umbrella company’s secondary sister site. There, the same tickets were being sold for £300 ($390) each.

“There is a problem in the industry we believe to be unethical, the resale of event tickets by secondary ticket websites, often at highly inflated prices.”  

With the use of the blockchain, BitTicket is aiming to provide a secure and transparent system which is resistant to fraud and counterfeiting. With every ticket sale publicly verifiable on the blockchain, it locks and guarantees the value of the ticket in a way that is unmatched by private databases and paper systems, says Shaw-Stewart.

bitticket1

It also has inbuilt anti-fraud sales rules to ensure that no secondary ticket website can hoard tickets to control the supply that allows them to charge inflated prices. If the resale rules are broken by secondary ticket websites or ticket touts (scalpers), the fraudulent accounts are frozen and the tickets are made invalid.

Still in the early stages of launching Citizen Ticket, the team is planning on rolling out a large-scale marketing campaign in the coming months to target event organizers and event goers.

The first ever event to use this new blockchain application was the Scottish Street Food Awards in Edinburgh, which took place on May 12. Utilizing the BitTicket platform, the event proved to be a success for the Citizen Ticket team, who said that the platform had performed exactly as they had expected.

“From a customer’s point of view very little changed; they purchased and presented their ticket like any other digital ticket,” said Shaw-Stewart. “They were asked for ID at the door to confirm ownership of their ticket and that’s it, they were in.”  

In keeping with the company’s commitment to ethical practices, Citizen Ticket also works with two charitable partners: the Movember Foundation and SkatePal. Through ticket sales made on the platform, donations are made to these two charities.

With an array of events already listed on the platform, as well as its fundraising initiatives, the team is hoping to level the playing field for the industry with BitTickets.

“We hope that the launch of BitTicket will usher in a new era of ethical event tickets where both fan and artist are protected from the unethical practices of ticket touts and secondary ticket websites,” concluded Shaw-Stewart.

The post Using Blockchain Tech to Keep Concert Ticket Prices Honest appeared first on Bitcoin Magazine.

Continue reading…

 

Using Blockchain, IoT to Boost Meal Programs for Schoolchildren

Using Blockchain, IoT to Boost Meal Programs for Schoolchildren2

India, the second-most populous country in the world with over 1.2 billion people, boasts one of the fastest-growing economies bolstered by the youngest workforce in the world. Despite this, India ranks 97th out of 118 countries on the Global Hunger Index (GHI), according to the International Food Policy Research Institute (IFPRI). While millions of dollars are spent every year on tackling malnutrition, 3,000 children die every day due to hunger.

In a bid to combat this problem, Accenture Labs has teamed up with Akshaya Patra, the world’s largest NGO-run mid-day meal program, to use disruptive technologies such as the blockchain, the Internet of Things (IoT) and artificial intelligence (AI) to boost the number of meals served to children in schools in India that are run and aided by the government.

Since 2000, Akshaya Patra has been working toward reaching more children to provide them with wholesome food every single school day. When it first started it was serving 1,500 schoolchildren in five schools. Now, it reaches more than 1.6 million children from over 13,500 schools across 11 states in India.

By teaming up with Accenture Labs, Akshaya Patra aims to feed even more children by expanding its reach through Accenture’s Tech for Good initiative. As the two organizations worked on their “Million Meals” project over a six-month period in Akshaya Patra’s Bengaluru kitchen, they illustrated how technologies such as the blockchain, IoT and artificial intelligence can be utilized to help address significant challenges in mass meal production and delivery.

Akshaya Patra employs unskilled workers in its operations and the data is recorded manually; however, as the data needs to be collated on a routine basis, it can have a direct impact on the planning and kitting process.

“We realized that having real-time data on the cloud would be beneficial as it will enable traceability and decision making in limited time frames during emergencies,” said Shridhar Venkat, CEO of the Akshaya Patra Foundation, speaking to Bitcoin Magazine.

By analyzing the daily demand for meals on an Android phone, the location-aware artificial intelligence system can predict the demand requirement for each school each day by reviewing all the historical transactions, thus enabling quick decision-making on the spot and enhancing efficiency.

In Akshaya Patra’s Bengaluru kitchen, cooking is improved by working from more than 15 recipes while IoT-based sensors, which are installed in the cookers, facilitate real-time monitoring of the cooking process. Whenever there is a deviation, workers are prompted to take immediate action.

On systematic review of the collected information, it is possible to identify gaps in the system and put in control measures, thereby optimizing the resources, Venkat explained.

“When the production starts, the supervisor updates the sequence of activities for which the time and temperature gets captured from the cloud,” he added. “In case the requisite temperature is not met, one has to wait to attain the right temperature, which ensures real-time monitoring of time and temperature.”

A further key component of Akshaya Patra’s operations is its invoicing and audits. To achieve transparency in both fields, the blockchain is used to create data trust networks to ensure accurate reporting and invoicing.

“Authentic feedback is crucial for any organization to improve its services,” said Venkat. “The use of [the blockchain] facilitates real-time feedback from the stakeholders directly on the application without being influenced and helps in initiating appropriate corrective actions.”

Through the use of disruptive technologies such as IoT, the blockchain and artificial intelligence, Accenture Labs’ Tech for Good initiative leads to 4,500 more meals produced by Akshaya Patra for every paisa saved (a monetary unit in India).

“We are running a unique partnership with Akshaya Patra, which will allow us to give a million more meals per year with the combinatory power of all the latest technologies: AI, IoT, blockchain and industry 4.0,” said Sanjay Podder, managing director of Accenture Labs in Bengaluru. “This is an Akshaya Patra ‘Tech for Good’ story.”

The post Using Blockchain, IoT to Boost Meal Programs for Schoolchildren appeared first on Bitcoin Magazine.

Continue reading…