VeriDoc Global: Blockchain Meets Big Data and Analytics.

VeriDoc Global has launched VeriDoc Analytics, a module which is the first of its kind around the world and already being named a game-changer in anti-counterfeit technology as well as predictive modeling and analytics.

VeriDoc Global has again delivered this key milestone ahead of schedule and there’s been a lot of excitement around how customers can utilise this new technology.

For those interested in learning more, we’ve gone the extra mile with this update to explain what it all means and why this leap in innovation is important for all our customers.

Let’s take a look at Big Data.

Data is currently the most expensive commodity in the world. In 2017, The Economist published a widely referenced article claiming that data has overtaken oil as the most valuable commodity. The value associated with this claim comes from the data captured and revenue generated by major tech companies such as Facebook, Google and Amazon.

Below is a graph forecasting the revenue for Big Data.

As you can see, there is a lot of money being spent on big data and the trend only continues to increase.

Introducing analytics…

Data on its own, is only data. What makes big data so valuable is the ability to convert the data into insights, predictions, performance metrics or reports — ultimately something that has meaning. This is typically achieved through analytical algorithms.

It’s important to note that getting real insights heavily depends on the data being correct. One of the major concerns with big data is that there are many ways for errors to be accidently or deliberately added to the mix. Therefore, trusting the data or a lack thereof, limits the insights that can be delivered through analytics.

One solution to this problem can be found in blockchain technology. Being able to analyse data which is reliable because it’s immutable, verifiable and traceable is something that was not possible until now. By ensuring data quality, the combination of big data and blockchain offers massive opportunities for organisations and consumers.

The world of data and analytics is growing rapidly and there are many real-world use cases. For the sake of keeping this post relevant to VeriDoc Analytics, we’re going to look at several use cases below that specifically relate to VeriDoc Global’s verification solution.

Use Case #1: Anti counterfeit Solution

Let’s take a look at a banknote for example… The VeriDoc Global banknote solution involves adding a unique VeriDoc Secured QR code to every banknote in circulation.

The data that a Reserve Bank would be interested in are things like, how many times a QR code was scanned, what time a QR code was scanned, the exact location a QR code was scanned and whether the QR code was scanned by the same device or multiple devices.

This data can then be translated via analytics into the following meanings:

· If a QR code is scanned in more than one location by two different devices at the same time, then one of those banknotes is a counterfeit.

· If the same QR code is being scanned multiple times by many different devices, law enforcement can triangulate these scans to see where the counterfeits are originating from.

· If the same mobile device is scanning the same banknotes that are being counterfeited, law enforcement can contact that individual for questioning.

· Big data and predictive modeling can also help to prevent counterfeits before they happen.

Use Case #2: Unauthorised Distribution of Products and the Grey Market

Grey market products are referred to products that are traded through distribution channels that are not authorised by the original manufacturer or trademark owner. Some retailers exploit price differences by using grey market imports from countries where the product is sold at a lower cost and then resell them.

Let’s take a look at electronics for example… The VeriDoc Global supply chain solution involves adding a unique VeriDoc Secured QR code to every product item or batch of products. These items are then tracked on the blockchain to increase trust and transparency.

The data that an original manufacturer would be interested in are things like, how many times a QR code was scanned, what time a QR code was scanned and the exact location a QR code was scanned.

This data can then be translated via analytics into the following meanings:

· If QR codes are being scanned many times in a country that is not an authorised market, then the product has been subject to grey selling.

· If the same mobile device is being used to scan QR codes that are subject to grey selling, law enforcement can contact that individual for questioning.

· Realtime location and tracking can assist with discovering supply chain leaks and identifying unauthorised distributors.

· Big data and predictive modelling can also help to prevent grey selling before they happen.

Use Case #3: Marketing Analytics

Companies spend big bucks on marketing and it’s where most of the data revenue comes from when data is referred to as the most expensive commodity in the world.

Let’s take a look at retailers for example… The VeriDoc Global solution involves adding a unique VeriDoc Secured QR code to every product item or batch of products.

The data that a retailer would be interested in are things like, which QR codes were scanned, the location a QR code was scanned, who scanned the QR code and did it lead to a purchase.

This data can then be translated via analytics into the following meanings:

· If QR codes are being scanned frequently by a customer for a particular brand, then there is a level of affinity to the brand and brand loyalty can be determined.

· If QR codes are being scanned for a product across many different brands, then brand loyalty is low, and the customer could be influenced to try a new brand or product.

· Big data can help to create digital profiles and customer avatars to better understand who their customers really are, their demographics and interests.

· Big data and predictive modelling can help to predict buying behaviours such as how long a customer spends in-store, therefore making Point of Sale marketing more effective.

· Marketing analytics will allow marketing campaigns to become highly targeted and relevant to the customer, saving money and increasing the success of loyalty programs.

Use Case #4: HR and Employee Analytics

VeriDoc HR is a timesheet solution which tracks an employee’s working hours by recording their start and finishing times on the blockchain. The VeriDoc Global solution also automates the process of completing a timesheet and helps to eliminate payroll fraud. Let’s take a look at an employment example…

The data that an employer would be interested in are things like, who scanned the QR code, what time a QR code was scanned and the exact location a QR code was scanned.

This data can then be translated via analytics into the following meanings:

· If an employee has clocked in from outside of the required work location, then the employee did not turn up to work.

· If an employee is clocking in late each day or clocking out early each day, then the employee may not be fulfilling their employment requirements.

· Big data can be used to provide more accurate estimates when it comes to planning labour hours required to deliver a project.

· Big data and predictive modelling can also help to predict when employees are thinking of changing jobs, their level of happiness and commitment.

To conclude.

VeriDoc Global’s verification solution and technology suite applies to many use cases. The addition of VeriDoc Analytics takes things to a whole new level and opens new possibilities and opportunities.

By leveraging blockchain’s immutability and security, the data being used to create meaning through analytical algorithms have significantly more integrity than data that can be easily changed or manipulated on a typical database. This is an important differentiation from other big data claims and analytics engines.

VeriDoc Global and its customers will continue to pioneer and push the boundaries of innovation.

Stay tuned for even greater things to come!

Article first posted on Medium.