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Gadget Revival: How Refurbished Electronics Are Redefining Tech

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Global Trade Daily, Technology

Gadget Revival: How Refurbished Electronics Are Redefining Tech

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The market for refurbished electronics is surging worldwide, partly due to the rising cost of living incentivizing many individuals to seek more affordable alternatives to buying brand-new tech gadgets. Not only can refurbished electronics help save a great deal of your hard-earned money, but they’re also an environmentally friendly option that reduces electronic waste.

Not all refurbished electronics are the same, however. What are the differences between refurbished laptops or refurbished phones, for example, and second-hand or used devices? Is it worth buying refurbished IT equipment or is it better to buy new? Before spending your money on refurbished tech, consider the following points.

What Are Refurbished Electronics?

Refurbished electronics are devices that have been tested, inspected, cleaned, and repaired if necessary, then resold by a refurbisher. They differ from used and second-hand devices because they’ve undergone these processes with a certain standard of quality, whereas used devices may or may not have been subjected to these processes.

While some refurbishers offer guarantees or warranties on their products, not all do. Moreover, not all refurbishers perform refurbishment to the same standard of quality, so it is essential to only purchase refurbished IT equipment from reputable and established refurbishers.

Compared to new devices, refurbished laptops, phones, and other tech gadgets are often substantially cheaper since they are not brand new. Buying the previous generation refurbished iPhone or Galaxy phone, for example, can still provide excellent functionality at a fraction of the price of the latest model.

Benefits of Refurbished Electronics

Why buy refurbished electronics? Here are a few important reasons to consider:

  • Price: Refurbished phones, laptops, tablets, and desktop PCs are often far cheaper than brand new models.
  • Quality: When a product is purchased from a reputable refurbisher, there is a certain assurance that it has been thoroughly tested and certified.
  • Sustainability: Buying refurbished is buying sustainable, as every device purchased prevents it from ending up as e-waste and lowers demand for new products.
  • Warranty: Some refurbished devices come with comprehensive warranties and extended warranty coverage.
  • Practically new: Some refurbished electronics are practically brand new, such as display models or returned products that has never been used.
  • Variety: Whereas many high street shops want to sell the latest models, refurbished devices tend to offer far greater choice, including slightly older models that still work just fine.

Myths and Misconceptions

There are quite a few myths and misconceptions about refurbished electronics, many of them give the term a bad reputation. Firstly, many believe that refurbished means that the device is heavily used or damaged. While a refurbished device may be damaged when returned to the refurbisher, a reputable refurbisher will undertake all practical efforts to repair the device to the best possible standard and make note of any visible (usually cosmetic) signs of damage to any interested customers.

Indeed, most quality refurbished devices are refurbished to an ‘as new’ standard, meaning that the device functions properly as intended when the product was released. This may sometimes involve replacing components (e.g. hard drive, RAM, keyboard) to ensure that the product works properly.

Another big misconception is that refurbished products do not come with any warranty coverage or additional support. This may be the case with used devices that you might find on online marketplaces, but an established refurbisher will almost always offer some sort of guarantee and/or warranty coverage should anything go wrong.

The Refurbishment Process

What makes refurbishment different from simply selling a used device as-is is just that – the refurbishment process itself. Depending on the device and its condition, it will generally be refurbished according to the following processes:

  1. Inspection: the device is inspected for any flaws or defects that require further attention.
  2. Repair: any faulty, damaged, or missing components are repaired or replaced as necessary.
  3. Cleaning: the device is thoroughly cleaned to look and feel as if it’s new.
  4. Testing: the refurbisher runs the device and ensures that it operates as intended, repeating steps 2-4 if any issues are found.
  5. Certification: the device is marked as certified refurbished and placed in a shop or an e-commerce platform for sale.

Sustainability and the Environment

While cheaper devices are a great and obvious benefit to buying refurbished, they’re also far less hazardous to the environment than buying brand-new ones. E-waste is a global problem that is growing year over year, and it’s exacerbated by the constant churn and consumerist mindset of always buying the latest model of phone, tablet, or laptop, for example.

It’s estimated that the total value of e-waste generated globally was $57 billion USD (approx. €53.8 billion) in 2019, greater than the combined GDP of most of the world’s nations. The UN Global E-waste Monitor 2020 reported that e-waste had surged by 21% from 2014-2019, making it the fastest growing waste stream globally and accounting for a total estimated 53.6 Mt (million metric tonnes).

For business e-waste, IT asset disposition companies are often used to minimize e-waste by refurbishing and remarketing IT assets in addition to providing secure data destruction services and recycling e-waste whenever possible. An ITAD company is therefore a great asset for organisations looking to strengthen data protection while simultaneously reducing e-waste.

The Future of Refurbished Tech

For many of us, it’s hard to eschew our use of tech gadgets for work, leisure, speaking with loved ones, or just about anything else in the modern world. Refurbished electronics will likely only continue to gain traction and acceptance both for their steep discounts as well as for the increasingly high standards of refurbishment.

Whilst trust in refurbished devices has also increased as more and more major retailers and e-commerce platforms offer certified refurbished products, it will always be essential to do your due diligence and to ensure that you are indeed purchasing a refurbished gadget that delivers quality performance – preferably backed by warranty coverage.

Conclusion

The appeal of refurbished electronics comes at a perfect time. Higher costs of living and a growing global e-waste epidemic are both strong incentives to consider refurbished instead of buying the latest phone with the all-too-familiar fruit logo on the back. Consider refurbished for your next purchase and save money, reduce e-waste, and choose from a great selection of refurbished phones, laptops, tablets, desktop PCs, and much more.

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Global Trade Daily, Technology

Coding Queens: Women at the Helm of Tech Evolution

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In the male-dominated field of technology, women are shining bright as they emerge as formidable leaders, pushing the boundaries of innovation with their expertise and vision. Known as the “Coding Queens,” these remarkable women are rewriting the rules and transforming the landscape of tech evolution. Despite the challenges and biases they face, women in tech are carving out their space, proving that they have a valuable contribution to make in the industry. With their outstanding achievements and inspiring stories, it’s no wonder that these Coding Queens are celebrated everywhere – from industry events to zoom classrooms. So, take a bow, women in tech, for your resilience, talent, and trailblazing spirit are ushering in a brighter future of technology!

Reigning Over Innovation

The realm of innovation is vast, and women are reigning supreme as architects of groundbreaking advancements. From designing cutting-edge software to spearheading hardware innovations, these Coding Queens are proving that the digital revolution knows no gender boundaries.

Consider the inspiring story of Susan Wojcicki, the former CEO of YouTube. Under her leadership, YouTube has transformed into a global platform that hosts content ranging from educational videos to entertainment. Her role as a Coding Queen in the digital landscape showcases the impact that women can have at the helm of tech giants.

Crafting New Horizons in Artificial Intelligence

Artificial Intelligence (AI) is undeniably one of the most transformative technologies of our time, and women are instrumental in shaping its trajectory. With AI poised to revolutionize industries and reshape the way we live, Coding Queens are at the forefront of research, innovation, and ethical considerations.

Fei-Fei Li, a pioneer in computer vision and AI, has championed the development of algorithms that enable machines to perceive and understand the visual world. Her work not only pushes the boundaries of technology but also advocates for diversity and inclusivity in AI development.

Empowering the Future Through Education

Empowerment through education is a hallmark of the Coding Queens movement. These women understand that sharing knowledge and creating pathways for learning are essential to ensuring a vibrant and diverse tech ecosystem for generations to come.

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Reshma Saujani, the founder of Girls Who Code, and Anna Radulovski, founder of Coding Girls, are beacons of change in this arena. Their organizations equip young girls with coding skills and empower them to excel in tech fields. By fostering a community of future Coding Queens, they are sowing the seeds of a brighter, more inclusive tech future.

Shattering the Glass Ceiling

The glass ceiling in the tech industry is cracking, and women are emerging as agents of change, breaking through barriers and challenging preconceived notions of leadership. These Coding Queens are not just demanding a seat at the table; they are creating their own tables and inviting others to join them.

The story of Ginni Rometty, the former CEO of IBM, is a testament to this narrative. Her journey from a systems engineer to the helm of a technology giant is an inspiration to women around the world. Rometty’s leadership underscores the fact that Coding Queens are not confined to specific roles; they can excel in any facet of the tech landscape.

Driving Diversity and Innovation

Diversity drives innovation, and Coding Queens understand this fundamental principle. These women are breaking down silos, fostering collaboration, and ensuring that technology reflects the diverse world it serves.

Kimberly Bryant, the founder of Black Girls Code, is an exemplar of this ethos. Her organization empowers black girls with the skills and confidence to become tech leaders. By embracing diversity, Bryant is shaping a future where Coding Queens come from all backgrounds and walks of life.

Leading with Resilience and Tenacity

The path to leadership is often paved with challenges, but Coding Queens meet adversity with resilience and tenacity. They are unwavering in their pursuit of excellence, overcoming obstacles and shattering stereotypes along the way.

Sheryl Sandberg, the former COO of Facebook, embodies this spirit of resilience. Her advocacy for women’s empowerment, both in the workplace and beyond, has inspired countless individuals to embrace their inner Coding Queens and challenge the status quo.

Paving the Way for a Tech Revolution

As we celebrate the Coding Queens, it’s essential to recognize that their impact extends far beyond individual achievements. They are paving the way for a tech revolution that is equitable, inclusive, and forward-looking. These women are not merely participants; they are visionaries, leaders, and catalysts for change.

Their stories of innovation, empowerment, and determination are rewriting the narrative of what it means to be a leader in the tech industry. By embracing the Coding Queens’ journey, we contribute to a more diverse and vibrant future, where every individual has the opportunity to shine and lead.

In conclusion, the era of Coding Queens is here, and their influence is undeniable. They are rewriting history, reshaping industries, and inspiring generations to come. As we stand witness to their remarkable journey, let us celebrate their achievements, amplify their voices, and join them in charting a course toward a future where technology is guided by diversity, innovation, and the relentless spirit of the Coding Queens.

 

The Rising Risk of Cybercrime in the Supply Chain bank
Banking, Global Trade Daily, Technology

The Importance of Cybersecurity Training for Bank Employees

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Introduction

In today’s digital age, where technology is integral to the functioning of financial institutions, the importance of cybersecurity training for bank employees cannot be overstated. As banks increasingly rely on technology to provide services and manage customer data, they become attractive targets for cybercriminals. In this article, we’ll explore the significance of cybersecurity training and how it helps safeguard the sensitive information entrusted to banks.

Understanding Cybersecurity Threats

Cybersecurity threats have become more sophisticated over the years. From phishing attacks to ransomware and data breaches, banks face a myriad of threats that can have severe consequences. It’s essential for employees to be aware of these threats and how to counteract them.

The Vulnerability of Banks

Banks store vast amounts of sensitive information, including financial data and personal customer details. This makes them a prime target for cyberattacks. Without proper cybersecurity measures and a trained workforce, banks risk exposing their customers to financial losses and identity theft.

Benefits of Cybersecurity Training

1. Enhanced Security Awareness

Cybersecurity training increases employees’ awareness of potential threats and how to identify them, making them more vigilant.

2. Effective Response

Training equips employees with the skills to respond effectively in the event of a security breach, minimizing damage.

3. Reduced Risk

A well-trained workforce is less likely to fall victim to cyberattacks, reducing the bank’s overall risk.

The Role of Bank Employees

Bank employees play a crucial role in safeguarding the institution’s digital assets and customer data. Their daily actions can either enhance or undermine the bank’s cybersecurity posture.

Elements of Effective Training

Effective cybersecurity training program involves a combination of theory and practical exercises. Employees should be well-versed in security protocols, and regular drills should be conducted to ensure readiness for real-world situations.

Compliance with Regulatory Standards

Regulatory bodies often require banks to meet specific cybersecurity standards. Proper training not only helps meet compliance but also ensures that the bank’s reputation remains intact.

Real-World Case Studies

Analyzing real-world case studies of cyberattacks on banks can serve as a powerful teaching tool. It helps employees understand the consequences of inadequate cybersecurity measures.

The Cost of Inadequate Training

The financial implications of a data breach can be catastrophic for a bank. Cybersecurity training is a proactive investment that pales in comparison to the potential losses from a security incident.

Cybersecurity Training Best Practices

A combination of continuous training, simulated attacks, and regular updates on emerging threats should form the basis of cybersecurity training best practices.

The Human Factor in Cybersecurity

Employees are often the weakest link in an organization’s cybersecurity. Cybersecurity training addresses this by making employees the first line of defense against attacks.

Staying Ahead of Evolving Threats

The digital landscape is constantly evolving, with new threats emerging regularly. Ongoing training ensures that bank employees stay ahead of these threats.

The Return on Investment

Effective cybersecurity training is not just a cost; it’s an investment. The money saved from preventing a data breach far outweighs the training costs.

Building a Security-Centric Culture

An organization that prioritizes cybersecurity training fosters a culture of security awareness, making it an integral part of daily operations.

Conclusion

The importance of cybersecurity training for bank employees cannot be emphasized enough. It is not a luxury but a necessity in today’s technology-driven banking sector. With the increasing sophistication of cyber threats, safeguarding sensitive customer data and the financial well-being of the bank itself depends on the knowledge and vigilance of its employees.

 

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Digital Decipher: The Tech DNA of Blockchain’s Success

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Blockchain technology has emerged as a revolutionary force, promising to disrupt industries across the spectrum. From finance and healthcare to supply chain management and beyond, the decentralized, immutable ledger system of blockchain has the potential to transform the way we transact, interact, and trust in the digital age. But what lies at the core of blockchain’s success? In this article, we will delve into the technological DNA of blockchain, exploring the key elements that make it a game-changer.

The Genesis of Blockchain

To understand the tech DNA of blockchain, we need to start at its origins. Blockchain was first conceptualized in a whitepaper by the pseudonymous Satoshi Nakamoto in 2008. It was designed as the underlying technology for Bitcoin, a digital cryptocurrency. The primary purpose was to create a decentralized system that eliminated the need for trust in intermediaries, such as banks, while ensuring the security and immutability of transactions.

Distributed Ledger Technology (DLT)

At the heart of blockchain is the concept of a distributed ledger. Unlike traditional databases, which are centralized and prone to manipulation or corruption, a blockchain’s ledger is distributed across a network of nodes. This decentralization ensures that no single entity has control over the entire system, making it more secure and transparent.

Consensus Mechanisms: Ensuring Trust

Consensus mechanisms are critical in blockchain technology, as they are responsible for validating and recording transactions on the ledger. Several consensus mechanisms exist, with the two most common ones being Proof of Work (PoW) and Proof of Stake (PoS).

Proof of Work (PoW)

PoW, used in Bitcoin, involves miners solving complex mathematical puzzles to validate transactions and add them to the blockchain. This system incentivizes miners to work honestly by rewarding them with cryptocurrency. While effective, PoW is energy-intensive and slow in transaction processing.

Proof of Stake (PoS)

PoS, on the other hand, doesn’t require energy-intensive mining. Instead, validators are chosen to create new blocks based on the amount of cryptocurrency they hold and are willing to “stake” as collateral. PoS is faster, more energy-efficient, and gaining popularity due to these advantages.

Security and Immutability

Blockchain’s DNA also includes robust security and immutability features.

Cryptographic Hash Functions

Transactions on the blockchain are secured using cryptographic hash functions. These functions ensure data integrity by converting transaction data into a fixed-length string of characters. Any change in the original data will result in a completely different hash, making it practically impossible to alter past transactions without detection.

Decentralization and Immutability

The distributed nature of blockchain ensures that it is exceedingly difficult for a single entity to alter the data on the blockchain. Once a transaction is added to the blockchain, it becomes immutable, meaning it cannot be changed or deleted. This immutability enhances trust in the system, making it suitable for applications where data integrity is paramount.

Smart Contracts: Automating Trust

Smart contracts are self-executing agreements with the terms of the contract directly written into code. They automate and enforce the execution of an agreement, removing the need for intermediaries. Ethereum, the pioneer of smart contracts, has played a pivotal role in the development of this feature.

Decentralized Applications (DApps)

Smart contracts have paved the way for the development of decentralized applications, or DApps. These applications run on blockchain networks and can range from financial services to gaming. By eliminating the need for centralized servers, DApps enhance security and transparency while reducing the risk of downtime.

Interoperability: Bridging Blockchains

The blockchain ecosystem is rapidly evolving, with numerous blockchain networks existing in parallel. Ensuring interoperability among these networks is crucial for the technology’s long-term success.

Cross-Chain Platforms

Cross-chain platforms, like Polkadot and Cosmos, are designed to connect different blockchain networks. They act as bridges, allowing assets and data to move seamlessly between blockchains. This interoperability enhances the utility and flexibility of blockchain technology.

Scalability: Overcoming Bottlenecks

Scalability has been a recurring challenge for blockchain technology. Traditional blockchains like Bitcoin and Ethereum face limitations in terms of transaction throughput and speed.

Layer 2 Solutions

To overcome these scalability issues, layer 2 solutions have been developed. These are secondary protocols that operate on top of a blockchain and can handle a high volume of transactions off the main chain. They offer faster and more cost-effective solutions for users.

Privacy in Public Blockchains

While public blockchains are renowned for their transparency, some applications require privacy. Innovations like zero-knowledge proofs and confidential transactions address this need by allowing parties to verify information without revealing sensitive data.

Withdraw Bitcoin: A Seamless Process

When it comes to withdrawing Bitcoin from a blockchain network, the process is designed to be user-friendly and efficient. Here are the key steps involved:

  • Access Your Wallet: Log in to your cryptocurrency wallet, which holds your Bitcoin. This can be a hardware wallet, a software wallet, or an account on a cryptocurrency exchange platform.
  • Verify Your Identity: Some platforms may require identity verification for security purposes. This step often involves providing personal information and documents to ensure the safety of your funds.
  • Select Withdrawal Option: Choose the “Withdraw” or “Send” option within your wallet or exchange account. This is where you initiate the withdrawal process.
  • Enter Recipient Details: Specify the recipient’s Bitcoin wallet address. Ensure that you accurately copy and paste the address to avoid any errors.
  • Specify Withdrawal Amount: Indicate the amount of Bitcoin you want to withdraw. Double-check the amount to ensure accuracy.
  • Confirm Transaction: Review the withdrawal details, including the recipient address and withdrawal amount. Confirm that everything is correct before proceeding.
  • Security Verification: Some platforms may require additional security measures, such as two-factor authentication (2FA), to confirm the withdrawal.
  • Transaction Fee: Be aware that there may be a transaction fee associated with the withdrawal. This fee varies based on network congestion and the platform you’re using.
  • Finalize Withdrawal: Once you’ve verified all the details and paid any applicable fees, confirm the withdrawal. The platform will process the transaction.
  • Monitor Confirmation: Keep an eye on your transaction status. It may take some time for the Bitcoin network to confirm the withdrawal, depending on network congestion and the fee you paid.
  • Check Your Wallet: After confirmation, check your Bitcoin wallet to ensure the funds have been successfully withdrawn and are in your possession.

Withdraw Bitcoin is a fundamental part of managing your cryptocurrency holdings, and these steps are designed to make the process secure and straightforward. Always exercise caution, double-check details, and consider the transaction fees associated with the withdrawal to ensure a smooth experience.

The Future of Blockchain Technology

As we dive deeper into the technological DNA of blockchain, it becomes evident that its success is rooted in decentralization, security, transparency, and the ability to automate trust. These core principles have paved the way for a multitude of use cases, from digital currencies and supply chain management to voting systems and identity verification.

The future of blockchain holds promises of even greater innovation. With advancements in consensus mechanisms, privacy features, and interoperability, the technology is set to revolutionize not only the digital world but various industries as well.

Blockchain’s DNA is a testament to the potential for trustless, decentralized systems in an increasingly interconnected and digitized world. As it continues to evolve and mature, we can expect blockchain to become an integral part of our daily lives, reshaping the way we transact and interact in the digital landscape.

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Global Trade Daily, Technology

The Rise of Smart Solutions: The IoT Application Enablement Market is expected to reach US$ 36 Billion by 2032

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According to Future Market Insights (FMI) IoT application enablement market report, the adoption of IoT application enablement platforms is expected to expand at a 26.5% CAGR over the assessment period, with a market valuation of US$ 36 Billion by 2032.

The communication infrastructure must be put up before an array of sensors, edge devices, or other devices in IoT technology solutions. Wireless data rates are the key issue with IoT networks. Wi-Fi 6, 5G, satellites, and LTE communication infrastructure have all been built in recent years.

In the world of network edge and IoT connectivity, 5G deployments provide low-latency communication that supports data-intensive applications like video surveillance, autonomous vehicle operations, optimizing citywide traffic flows, and high bandwidth. Thus, advancements in the infrastructure for 5G, Wi-Fi 6, and LTE connectivity will drive sales in the market over the forecast period.

Artificial Intelligence (AI) technologies are data-driven and IoT sensors are an asset to the Machine Learning (ML) data pipeline. Integration of artificial intelligence and IoT technology enables enterprises to achieve digital transformation. It enables IoT devices to collect and transfer data to the cloud or other spaces where they can accumulate data through the internet.

AI and IoT are integrating to offer greater control and visibility of the wide array of sensors and devices connected to the internet. Such IoT transformation helps businesses to implement conversational agents for customers, engage customers, obtain analytics, customize user experiences, or optimize productivity with predictions and insights.

Key Takeaways:

  • By solution, sales in the IoT application enablement platform segment are anticipated to increase at a 24.3% CAGR through 2032.
  • Among the enterprise size, demand in the SME segment is estimated to grow at a CAGR of 29.0% during the forecast period.
  • Based on industry, the adoption of IoT application enablement in the manufacturing sector will increase at a CAGR of 34.2% between 2022 to 2032.
  • The U.S. IoT application enablement market is expected to expand at a CAGR of 19.8% through 2032.
  • The China IoT application enablement market is expected to grow by 13.9X during the forecast period.
  • Demand in the Japanese market is expected to grow at a CAGR of 31.6% during the assessment period.

Competition Landscape

Altair, Amazon Web Services, ClearBlade, Ericsson, Fujitsu, IBM, Microsoft, Oracle Corporation, PTC, SAP, Siemens, AllThingsTalk, Hughes Systique Corporation, and Software AG are some of the leading players operating in the global IoT application enablement market.

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Global Trade Daily, Technology

Aerial Imaging Market Soars: Expected to Exceed $25 Billion by 2032

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In an era of rapid technological advancement, aerial imaging has emerged as a transformative force across various industries. This cutting-edge technology leverages drones, satellites, and aircraft equipped with high-resolution cameras to capture detailed imagery from above. With applications ranging from agriculture to urban planning, the global aerial imaging market is poised for exponential growth. Experts predict that by 2032, the market size is set to surpass a staggering $25 billion.

Expanding Applications

Aerial imaging is finding applications in a diverse range of sectors. In agriculture, it aids in precision farming by providing farmers with vital insights into crop health, enabling more efficient resource allocation. In urban planning and infrastructure development, it offers detailed 3D models and maps, aiding in design, monitoring, and maintenance. Furthermore, industries like real estate, environmental monitoring, and disaster management have also been quick to adopt this technology.

Technological Advancements Driving Growth

The rapid evolution of imaging technologies has been a major catalyst for the aerial imaging market’s growth. High-resolution cameras, LiDAR (Light Detection and Ranging) systems, and advanced image processing algorithms are now capable of capturing incredibly detailed and accurate data. This has unlocked new possibilities for applications such as forestry management, geological surveys, and wildlife conservation.

Cost-Efficiency and Time Savings

Aerial imaging significantly reduces the time and resources required for data collection compared to traditional ground-based methods. Drones, in particular, have become indispensable tools for industries seeking to gather precise information in a cost-effective manner. This has made aerial imaging an attractive option for businesses looking to enhance their operational efficiency.

Regulatory Frameworks and Compliance

The aerial imaging industry is subject to evolving regulatory frameworks. Governments around the world are recognizing the potential of this technology while also implementing measures to ensure safety, privacy, and data protection. Industry players are working closely with regulatory bodies to establish guidelines that strike a balance between innovation and responsible use.

Emerging Markets and Untapped Potential

While developed regions have been at the forefront of adopting aerial imaging, emerging markets are now catching up. Countries in Asia, Latin America, and Africa are increasingly recognizing the benefits of aerial imaging across various sectors. This presents a significant growth opportunity for companies in the industry.

Challenges and Future Prospects

Despite its tremendous potential, the aerial imaging market faces challenges such as limited access to airspace, weather-related constraints, and data processing complexities. However, continuous research and development efforts are focused on overcoming these hurdles. Advancements in AI-powered data analysis and automation are expected to further streamline workflows.

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Global Logistics, Global Trade Daily, Technology

US Electric Vehicle Sales still have a lot to do with China

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The United States wants to lessen its reliance on China when it comes to electric vehicle (EV) production. A proposed $7,500 tax credit set to kick in come 2024 is held by most to be the key to increasing EV sales stateside. Yet, US law dictates the credit cannot be used to purchase cars with battery components that come from a “foreign entity of concern.” The interpretation of that phrase will likely dictate the future of the US EV rollout. 

At the heart of this struggle are Ford and General Motors (GM). While there are other EV manufacturers to be certain, Ford has caught the eye of lawmakers and members of Congress with its proposed plans for a $3.5 billion battery factory. The Michigan plant would be one-of-a-kind, but it would also depend heavily on the Chinese firm Contemporary Amperex Technology Co. Ltd (CATL). Ford is interested in CATL’s technology to make lithium-iron-phosphate batteries. At an industrial scale, these batteries are cheaper than the alternatives and would greatly reduce production costs. Yet, an agreement like this would likely run against the “foreign entity of concern” clause. 

Meanwhile, crosstown rival GM does not have any planned partnerships with Chinese battery firms and is making this position known. Should Ford be able to move ahead and offer EVs with the $7,500 tax credit, the automaker would gain a relevant technological and cost advantage over GM. Understandably, GM is calling for a strict adherence to the “foreign entity of concern” rule while Ford is positioning its deal with CATL as a licensing agreement and not a joint venture. This means the subsidiary that operates the Michigan plant would be owned by Ford and they would then pay CATL royalties for the use of their technology. 

China is a prominent player in the lithium-ion battery supply chain. Last year roughly 65% of all graphite mined in the world (key raw material for batteries) was from China. In terms of chemical refining and production, all spherical graphite and nearly all manganese refining occur in China, and the Asian giant controls 70% of battery-cell production. Ford defends its position by citing that a deal with CATL could bring substantial advanced technology knowledge to the US and that cutting the US off completely to Chinese partnerships could set the domestic battery market back for decades. 

On the other end, should Ford be allowed to move forward as planned, some in Congress fear this will simply push GM and others to form similar partnerships with other Chinese firms thus further integrating the two nations. Both Democrats and Republicans have enough folks on both sides of the aisle that agree on ridding the US of excess Chinese reliance. But without the $7,500 tax credit bridging the gap between a new EV and a new gas-powered car, a gas-powered option will likely win out for most consumers.    

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Global Trade Daily, Technology

Disruption and Transformation: How AI will Impact Global Trade in the Next Decade

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The use of artificial intelligence (AI) to sift through data and find areas for improved efficiency has already started to have an impact on the scheduling, safety, and monitoring of shipments from ports to railways.  Major players in the shipping market have been investing in AI capabilities and research for years, with Maersk recently opening an AI-driven automation center as a symbol of the type of disruption that can be expected in the market as the promises of technology begin to manifest.  But beyond these immediately tangible gains in efficiencies and minor disruptions that come from early applications of AI to global trade, what are the more substantive impacts that we can anticipate in the next decade?  How will trade in goods and services change?  What changes can we expect in the labor market and costs of doing business?

Trade in goods – what will stop shipping? 

Innovative ideas such as the 3D printing of clothing have moved from science fiction to science fact.  The use of 3D printing is a daily reality for designers, and the use of such technology is only picking up pace as companies respond to the criticism of how ‘fast fashion’ is unsustainable.  This is just one of the many items which may no longer be imported into the U.S. as AI and new technology create alternative production sites.  Soon it may be unnecessary to ship everything from phone cases to toys, since they can be manufactured at a continuously lower cost in local facilities or even consumers’ homes.  The use of AI will even improve yields from hydroponic and traditional farms, suggesting that many food products would no longer make sense to ship from distant locations. If AI and new technology can’t (yet) create unique products such as rare earths, new and developing tools will still have an impact on trade patterns, as they can help find untapped resources that are in friendlier locations.  With the U.S. government funding AI-based research to improve the country’s ability to produce key products such as energy storage devices, more and more of those products and the resources that go into them will be produced domestically. The bottom line is that the usage of AI and new technology over the next decade will not only bring dramatically improved logistics, it will shift what is moved from place to place as a substantial portion of goods are suddenly competitive even when produced domestically.

Trade in services – major impact from AI

From market research to IT and customer service support, AI applications are already replacing many low and medium-complexity outsourced service jobs around the globe. While there is still a strong business case for leveraging global talent pools outside of high-cost markets such as the U.S., the overall trade in services is going to likely dip as more of these service requirements are handled by AI in domestic markets.  Reinforcing this trend are increasing concerns over data privacy regimes and cyber security, which will incentivize business to keep valuable information and personnel and customer details fenced off in their domestic markets.  Generative AI is also likely to reduce royalties and license fees as customers find it easier to produce everything from wall art to new music through free applications.

How AI will impact jobs and costs

The ongoing automotive union strike and recent picketing by writers in Hollywood are both related to how AI usage and new technology are threatening traditional industry jobs.  Tensions have been simmering for decades as longshoremen and freight workers worry that automation may take over many of their tasks. These types of struggles will continue for years, but the adoption of this technology will be inevitable in the U.S. in order to stay competitive with early adopters of automation in Asia and Europe as well as low-cost labor in other parts of the world.  In the next ten years, there will need to be substantial public-private joint efforts (and investments) to cross-train workers into higher-complexity positions in recognition of this technological transformation.  

The loss of traditional jobs is clearly not limited to the logistics sector – as seen from concerns voiced from visual artists, finance experts and even attorneys that they are losing work to new generative AI tools.  The solutions to this shift in labor will also have to be broad-based, to include transforming educational systems to better prepare future employees for the working world that awaits them.  The World Economic Forum suggested that over a billion jobs will be impacted or displaced as a result of improved AI technology and that higher education needs to be changed accordingly.  However, many of the jobs that will be impacted do not require college degrees, so the real challenge is to prepare students from the elementary level for jobs that don’t yet even exist, and for an economy where many existing labor roles will be defunct.

When it comes to costs, AI’s most immediately attractive benefit is efficiency. In global trade, there will be substantially more automation of transportation and a reduction in the requirement for warehousing as forecasting models render the requirement to have supplies in backstock unnecessary.  Companies will be able to reduce staff and service costs using automation and generative AI.  However, not all costs will go down.  The expense for data centers and cyber security will potentially rise substantially as companies put more reliance on their technology tools to run business operations and sort through the universe of data necessary to improve forecasting capabilities.  Many of the savings in labor costs will likely need to be plowed into IT support and maintenance costs.  Nevertheless, AI usage offers tremendous savings in efficiencies and improved safety across all business sectors, which will drive broad-based adoption of new technology across all business sectors.

Buckle up for an interesting ride

The next decade will bring such widespread change that it can be hard to determine what path trade will wend among the geopolitical and technology changes that shape global business.  A few trends are clear, however: automation will increase, AI applications are going to proliferate into all business sectors, and only agile, informed companies will succeed in this volatile environment.  The cost of early adoption and implementation of some of the new technologies that are arising out of AI applications can be daunting, but keeping a sharp eye on developments in the market has never been more important.  Most U.S. businesses are already using AI in some form or another, and an overwhelming percentage of them intend to increase the usage of AI for everything from improving efficiency to handling customer complaints in the years to come.  When taken together with the impressive strides forward in automation, 3D printing, virtual reality tools and blockchain technology, it is crucial for companies to invest time and resources into forecasting and planning for substantial changes.  The advantage is that now they can leverage AI to do it faster and more efficiently.

Kirk Samson is a Senior Director of Business Process Management at the global consulting firm Nexdigm and a Director at the International Trade Association of Greater Chicago.

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Global Trade Daily

Nanosensors: The Tiny Marvels Revolutionizing Our World

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In the realm of technology and innovation, size doesn’t always play a role. Nanotechnology, with its microscopic advancements is transforming numerous industries. Among these innovations is the nanosensor—a minuscule yet immensely capable device that has the potential to reshape our world. In this blog post we will delve into the captivating world of nanosensors examining their nature, functionality and remarkable applications across fields.

What are Nanosensors?

Nanosensors are tiny devices that have the ability to detect and respond to changes happening in their surroundings at a molecular or atomic level. Unlike traditional sensors, which are often big and need external sources of power, nanosensors are small enough to be directly inserted into living cells or incorporated into microelectronic systems. This incredible capability makes them extremely versatile, opens up a whole new realm of possibilities for various sensing applications.

One major distinction between nanosensors and traditional sensors lies in their sensitivity. Due to their operation on such a scale nanosensors can pick up even the tiniest alterations occurring in their environment whether its fluctuations in temperature pressure variations or the presence of specific molecules. This remarkable attribute renders them ideal, for an array of applications ranging from medical diagnostics to environmental monitoring.

How do Nanosensors Work?

Nanosensors work by perceiving changes in the environment at the nanoscale level. They comprise components like wires or particles which possess the ability to detect variations in temperature, pressure, light and other relevant factors. Once these components detect a change they transmit a signal to a receiver that converts it into useful information.

An illustration of nanosensors functionality is evident in the field of healthcare. Nanosensors can be effectively utilized to identify biomarkers within the body such as glucose levels or cancer cells. Specifically engineered to interact with biomarkers nanosensors initiate modifications in their electrical properties upon binding with them. These changes are then. Transformed into readings that aid, in diagnosing or monitoring diseases.

Market Overview and Growth Drivers

The global nanosensors market is experiencing growth due to advancements in nanotechnology and the rising demand for accurate and real time sensing solutions. As per Research Nesters predictions the global Nanosensors Market is projected to reach a revenue of USD 8,500 Million by the end of 2033 with an annual growth rate (CAGR) of 12% from 2023 to 2033. In 2022 the market generated USD 500 Million in revenue. This market comprises types of nanosensors designed for specific applications such, as chemical, biological, optical and mechanical sensing.

The Internet of Things (IoT) has completely transformed our way of living life, work and communication. Based on the data it is estimated that there are around 16 billion connected IoT devices. This number is expected to double to 28 billion by the year 2030 due to the increasing demand for nano sensors. Nano sensors are components in IoT devices as they provide real time information on various factors like temperature, humidity and pressure. They are also used in homes, wearable technology and healthcare devices to monitor vital signs and improve patient outcomes.

In addition to that there is a growing trend towards smart homes and buildings for convenience and efficiency. The number of smart buildings worldwide is projected to rise from 46 million this year to 117 million by 2026—an impressive increase of over 150%. Nano sensors play a role in ensuring these systems operate smoothly by delivering real time data on aspects ranging from energy consumption, to air quality. An example illustrating how nano sensors are utilized in homes involves smart thermostats. These innovative devices employ nano sensors to keep track of temperature, humidity levels and occupancy patterns in order to optimize heating and cooling settings. Not does this help homeowner save money on their energy bills but it also contributes to reducing their impact, on the environment by lowering their carbon footprint.

Applications of Nanosensors

Nanosensors operate by employing technologies, like optical, electrical or mechanical methods to identify alterations in their surroundings. Their applications are diverse include monitoring air quality as well as detecting illnesses within the human body. As we continue to explore novel uses for these devices the potential, for their utilization seems boundless.

Medical 

Nanosensors hold potential to revolutionize the field of medicine enabling real time monitoring of patient health. These miniature devices, smaller than cells can be inserted into the body or attached to the skin to keep track of vital signs identify diseases and even administer medication directly to affected cells.

One compelling application of nanosensors in the realm of medicine is their role in cancer detection. By utilizing nanosensors to identify biomarkers in the bloodstream doctors can diagnose cancer at an earlier stage when it is more manageable. Researchers at the Massachusetts Institute of Technology (MIT) have made strides in developing a non-invasive nanosensor for detecting lung cancer. Furthermore, nanosensors can also be employed to monitor the efficacy of cancer treatments by measuring changes, in tumor size and metabolism.

Environmental 

Nanosensors have the potential to completely transform environmental monitoring by providing up to the minute information about the quality of air and water. For example Razzberry, a startup based in the United States has developed portable chemical nanosensors that can detect real time changes in chemicals found in water, soil and the environment. In addition, NT Sensors, a startup offers a variety of nanotube based sensors that can instantly measure the concentration of ions in agricultural samples. These small sensors have the ability to identify pollutants and toxins at levels previously undetectable by traditional methods. This advancement allows for precise and timely responses, to environmental threats.

For example, Nanosensors have the potential to monitor the quality of water in rivers and lakes effectively identifying chemicals and bacteria that can pose a threat to aquatic life and human health. Similarly, when it comes to air quality nanosensors can detect particulate matter and other pollutants enabling us to pinpoint sources of pollution and devise strategies, for emission reduction.

Industrial 

Nanosensors find wide use across various industries serving purposes such as checking the quality of food and pharmaceuticals as well as safeguarding workers, in dangerous work settings.

Industries can enhance their efficiency cut down on costs and minimize waste by utilizing nanosensors to monitor processes in time. For instance, in the field of manufacturing nanosensors have the ability to detect defects in products at a stage enabling adjustments to be made before large quantities are produced. This ultimately saves companies both time and money. In a development reported by the American Chemical Society (ACS) Nano in February 2023 researchers successfully created a self powered nanosensor called triboelectric nanosensor (TENS) using an array of mercury sensitive tellurium nanowires. These remarkable nanosensors are capable of detecting trace amounts of mercury ions present, in water or food and providing instant reports on their presence.

Advantages and Limitations

Nanosensors have advantages compared to traditional sensors. Their compact size allows for integration into various devices and systems. Moreover, they consume energy and can operate at higher frequencies enabling faster and more precise data collection. Additionally, nanosensors are capable of detecting and analyzing multiple parameters making them valuable in complex applications like medical diagnostics and environmental monitoring.

Despite these benefits nanosensors do have some limitations. One significant challenge is their susceptibility to factors such as temperature and humidity which can impact the accuracy and reliability of their measurements. Another drawback is the cost involved in manufacturing nanosensors since it can be quite expensive. Furthermore integrating nanosensors, into existing systems can be a process that requires specialized expertise.

Future of Nanosensors

The potential of nanosensors in the future is truly thrilling. Ongoing research and development are expected to bring about advancements in the capabilities of these minuscule sensors. One field that holds promise for nanosensors is healthcare. By detecting diseases at a stage nanosensors have the potential to save numerous lives. Moreover, they can also play a role in monitoring vital signs and offering real time feedback to both doctors and patients.

Another industry that stands to benefit from nanosensors is environmental monitoring. By detecting pollutants and other harmful substances in the air and water nanosensors could aid in preventing disasters and safeguarding wildlife. Additionally, they could be utilized to monitor food safety ensuring that our food supply remains free, from contaminants.

Conclusion

Nanosensors are often play a crucial role in today’s technology offering the benefits of nanotechnology within reach. These tiny devices have the ability to detect even the slightest changes in our surroundings promising a multitude of improvements in various aspects of our lives. Their potential spans, from transforming healthcare practices to protecting and preserving our environment. As scientists explore frontiers in the realm of nanoscale possibilities nanosensors are poised to become even more indispensable shaping the trajectory of our future.

 

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Global Logistics, Global Trade Daily, Technology

Costs to Consider When Switching Your Business Car to EV

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Electric vehicles are getting increasingly popular these days, with data from Goldman Sachs predicting that EVs will make up about half of all vehicle purchases worldwide by 2035. Countries worldwide are pushing for more EV adoption, with governments offering perks like number-coding exemptions, streamlined registration processes, and even tax incentives. Proponents are touting electric cars’ lower costs in terms of consumption and maintenance. Because of this, some business owners are starting to shop around to change their business cars to the more environmentally friendly option. But is it really the best choice?

The Costs of Switching to Electric Vehicles For Business

Like all aspects of business, important decisions must be made based on logical and empirical evidence. In this article, we’ll examine the costs associated with switching to an electric vehicle for your business. 

Purchase price

By the end of 2022, the difference between the average cost of an EV and a traditional internal combustion engine (ICE) vehicle was around $16,000. While the upfront cost isn’t the most crucial consideration when switching your business vehicle to an EV, the large price disparity might raise eyebrows and turn a few interested businesses away. In some instances, $16,000 is enough to buy another ICE vehicle.

There are a few reasons why electric cars are more expensive. Here are the notable ones:

  • New Production Requirements: Electric vehicles in their current form are a relatively new technology, which means producing cars is more expensive. Charging infrastructures, regenerative braking, advanced driver assistance systems, interconnectivity protocols for updates, and parts production need to be done from scratch and can bring higher EV prices.
  • Research and Development: Developing existing electric vehicle technology, including efficient electric motors and advanced battery management systems, requires significant investments in research and development. While different governments give manufacturers incentives and allow more relaxed regulatory requirements to increase production, R&D costs are typically passed on to consumers.
  • Battery: Like with the engine assembly for an ICE car, the battery serves as an electric vehicle’s heart and sole energy source. These rechargeable batteries require pricey raw materials like lithium, manganese, and cobalt. 
  • Lower competition: Tight competition is often followed by favorable market prices for any product. And while many car manufacturers are stepping into the EV scene, the market is still not crowded enough to warrant a price war that will make said cars more affordable.
  • Limited Production Scale: EVs have not yet achieved the same mass production level as traditional vehicles (although Elon Musk and Tesla are certainly taking a stab at it with their promised 20 million cars produced yearly by 2030). In the meantime, economies of scale are not fully realized. As production volumes increase and the production process gets cheaper and faster, the cost per unit is expected to decrease.

The silver lining

As with all new and emerging technologies, prices tend to slope downward as time passes. We’ve seen this trend with personal computers, storage devices, televisions, solar panels, etc. Therefore, it’s only reasonable to expect EVs will become cheaper to produce in the future, resulting in more affordable prices for consumers. 

Insurance

Expensive things tend to cost more to insure, and electric vehicles are more expensive than ICE cars. But how much more expensive is it to insure electric vehicles than regular cars? 

A limited study conducted by MoneyGeek involving 17 electric vehicle models found that the EV cars were approximately 15% more expensive to insure, and 15 of the 17 vehicles’ premiums are above the national average for monthly insurance payments. 

Forbes did similar research with a more expanded sample size (41 of the top-selling EVs in 2022) and arrived at the same conclusion. They noted that EV insurance premiums reach up to $2,280 per year and are about $100 more annually than traditional ICE vehicles on average. That extra hundred dollars might not seem like a considerable sum, but it might be a dealbreaker for some businesses. 

Taxes

In the United States, the IRS offers up to $7,500 in tax credits for people and businesses that purchase qualified electric vehicles from 2023 onward. The IRS also expanded its qualifications to include mineral and battery component requirements. 

Several EU member states and Asian countries like the Philippines and China offer similar incentives to promote the adoption of electric vehicles.

However, some taxes are levied against EVs. In the US, for example, 33 states charge EV owners an additional yearly fee to drive their cars. Texas, the state that most recently enacted the tax, is asking EV owners to pay $200 on top of their usual auto registration fees, which will go towards maintaining roads. 

California has a similar arrangement; EV owners pay an additional $100, which goes up annually. Oklahoma charges an annual EV licensing fee based on weight, with vehicles weighing more than 26,000 pounds being charged $2,250 yearly. 

The point is that businesses looking to buy electric vehicles must conduct in-depth research on applicable taxes before switching.

Charging costs

Pure electric vehicles and hybrids can be charged through designated charging stations. Some stations are free to use, while some require payment and may charge based on usage, kilowatt per hour, or charge time. It is no secret that electric vehicle charging is notably cheaper than filling up a gas-powered car or truck. How much cheaper depends on the model and battery size, but we can safely say that it is priced lower than gas or diesel across the board. Some sources claim that a full charge can cost between $10 and $30, which can present massive savings for businesses, especially over extended periods.

However, a few factors can affect charging costs for EVs. Businesses that require multiple EVs for fleet operations may need to look into installing their own charging stations, as public charging stations may not be the most reliable option for their on-demand charging needs. 

Type of charging stations

There are three levels of charging stations. Level 1 chargers are better for residential vehicles due to their slow charging times and other limitations.

Level 2 chargers, meanwhile, are more suited for cars and other light-duty vehicles up to trucks. Each of these stations can cost up to $6,000 to install. 

Level 3 chargers are used for heavy-duty vehicles and can reach up to $80,000 in installation costs. 

Maintenance and repair costs

Traditional ICE vehicles require routine maintenance to keep all systems running in decent condition. The frequent maintenance visits are a direct result of the complexity of a gas-powered vehicle, i.e., more parts mean more points of failure. Electric vehicles have fewer moving parts, so they don’t need to be serviced as frequently. However, not frequent doesn’t mean never. 

Most sources agree that electric vehicles are cheaper to maintain (up to $949 less annually). This is for regular maintenance checks and typical consumable replacements. The biggest cost of EV maintenance comes from its lithium-ion battery. Most EV manufacturers cover battery replacements for the first eight years and 100,000 miles of ownership. Out-of-warranty battery replacements are estimated to cost between $4,400 and an unreasonable-sounding $17,600.

While maintenance is cheaper overall, EVs are more expensive for things like system failure and collision repairs. Minor fender-benders are expected when using any vehicle for business or otherwise. The final cost is highly dependent upon the make and model of the vehicle, but they’re generally more expensive than ICE vehicle repairs because parts aren’t as widely available.

Another thing to consider is the availability of repair. Finding authorized repair shops that handle EVs may be difficult, especially for less urbanized areas. While it is technically possible for businesses to perform DIY repairs, they do run the risk of voiding long-term warranties. Furthermore, proprietary parts like automated systems and computer-controlled functions need specialized attention. 

Are EV vehicles worth it?

Reading through this article might discourage business owners from switching to electric vehicles due to the possible costs. However, we need to remember that EVs also present massive benefits in the long run. From maintenance costs to eliminating fuel expenses, an EV can help businesses save money throughout their operations in many ways. 

Aside from tangible savings, EVs are also immensely beneficial for the environment. Zero-emission vehicles bring us closer to minimizing our carbon footprint and help avert the disastrous effects of climate change. 

Additionally, more brand-centric businesses using EVs can attract more customers — and investors. Environment, Social, and Governance (ESG) investing is becoming increasingly popular as the world becomes more environmentally conscious. 

At the end of the day, it is the business’s responsibility to weigh the potential costs of switching to electric vehicles against their inherent benefits before considering the switch.