The Future of Github and the Impact of Data Hosting in the Industry

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During June of last year, one of the biggest providers of version control services, Github, was acquired by Microsoft. What repercussions does this entail and how is the future of such services? What can we extrapolate of such decision? To truly understand the questions in matter, we need to focus on what we are storing. Data is vital to every aspect of development, ranging from how we manipulate it, where we store it and who do we entrust our precious information with. Who has access to it, what law protects it from unintended use and what projects may branch out of it. Information has become so critical to us that in order to keep it safe, we have developed mechanisms to keep a tight control on how we collaborate and store it.

Data hosting services are nothing new, we’ve had Rapidshare, Megaupload and other companies all provide data hosting services for years before Github was even a thing. While the services they provide are in essence different, they are all handling and storing data for end users with paid and free hosting paradigms. These free plans were the first step towards the snowball that slowly led the industry to accommodate to newer and different approaches to paid and free repository services.

To show, or not to show?

GitHub has always had a free storage option, but in the past, that free tier was limited to public repositories, where everyone is able to see and fork a copy of your hard work. If you were an aspiring developer who wanted to delve into source control at first, the best affordable option was to make your code public. Even after landing your first developer job, when it comes time to move on or work on a side project, you might not want to have your work out, available for anyone or for your current employer to see and make assumptions out of. A company that in the past held a free Github account for their source code in serious business projects usually had as much credibility as a three dollar bill.

Repercussions

At the end of the day, the deal was almost inevitable, whether it had been Google, Apple or another company within the cloud of conglomerates that could have bought Github. So what does it mean for the world’s biggest crowd-sourced code repository to be bought by the world’s biggest software company? For starters, it means that now Microsoft has the ability to access the repositories of roughly 28 million developers and organizations. Secondly, Github suddenly becomes a standard for future companies that might ever want to start with a source control service. Developers won’t be settling for less than the minimum they obtain for free, and from our perspective, freelance software developers won’t be settling for anything else.

With this being said, the future holds new and exciting plans as these platforms will continue to shift into different pricing plans, now instead of being a nuisance to developers and logistics, they will move to providing different tools along with the hosting service they provide and for one, I am curious of what we will see in the following years as we expect more and more companies adhere to these new plans.

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The Future of Auto Mobility and Insurance

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Mobility has taken over every industry and has dipped its proverbial toes in the auto insurance industry as well. With GPS and accelerometers as high-tech accessories, mobile technology for the automotive industry too has come a long way and has many more miles to go. In an age where digitization and mobility is one of the bare necessities, most auto insurance providers are lost under heaps of paperwork. That’s the reason why the concept of auto mobility has shifted its focus to the insurance industry.

A combination of mobility solutions – telematics, analytics and communications, has eased the burden for auto insurers through information on driving style, collection of the same, analyses and reports that benefits all the stakeholders.

User-Based Insurance (UBI)

Insurance providers struggle with allocating premium amounts for their clients. Despite their best calculations, they have incurred losses. Traditionally, insurance companies calculate premiums based on driving records, vehicle use, previous claims, insurance scores based on credits and so on. Policyholders believe that these premiums are usually a fixed value.

Telematics technology will change the face of auto insurance through the usage-based insurance (UBI) pricing system where clients pay as per their usage, driving behavior that is. Pay-as-you-drive gives clients and insurers the freedom to calculate premiums based on not just driving records and vehicle usage but actual or real-time driving information.

Real-time Information

Telematics can calculate every minute detail of the client’s driving style, including every hard brake, rapid acceleration, parking style, etc. Analytics will amalgamate, analyze and interpret this data, simplifying it to understand the driving patterns of the client and the risk(s) involved. This driving information will be shared with the insurance provider who can use the same to allocate the insurance premium amount for the respective client.

Vehicular insurance companies have realized the difference that real-time information makes in processing claims. With the ability to capture real-time data in the form of images, videos, driving information, etc., there will be adequate information to process a claim or to decide the insurance amount for a client. It will eliminate the possibility of modified data and increases the accuracy of information analyzed.

Time and Efficiency

Time is everything. Waiting for weeks for insurance agencies to process a claim can be painstaking. Insurance companies will soon provide every client a more personalized and expedited service. Mobile devices will enable evaluation of claims or consultation with clients in their comfort zone. In the case of an accident, real-time data can be captured in the form of videos or images, eliminating the possibility of improper claims or incomplete information, which can prove to be a loss for both parties. Automation will reduce paperwork and redundancy. At the same time, it will increase efficiency and accelerate processing of claims.

Management of Data

With the reduction of paperwork and introduction of technologically advanced analytics frameworks, managing vast quantities of data has become a child’s play. Analytics use complex algorithms and mathematical equations to organize, analyze and interpret huge volumes of information. The ability to retrieve relevant information instantaneously and accurately will save a lot of man-hours.

Beyond Insurance

Mobility solutions for auto insurers come with additional services such as roadside assistance in case of an emergency, geo-fencing for parents to monitor their teenager’s driving, customer engagement to ensure the loyalty of the client, driving suggestions and other customizable options. Insurance companies will be able to go beyond their regular services for the client’s convenience.

Challenges of Telematics

However, there are a few concerns with telematics being used by insurers. Standardized regulations on data capturing and its process is yet to be determined. This raises concerns for loss of privacy or misuse of data. The other concern is when the client wants to switch to another insurance provider. The new insurer might not accept their driving data as the method of data collection is different. This could result in the client losing his benefits and has to start from scratch.

Nonetheless, telematics technology is relatively new and is yet to take over the market fully. Like any new technology, there will be glitches which will be fixed in due time. These challenges will not be an obstacle for auto mobility to be integrated with insurance, as the pros of auto mobility outweigh the cons. Gradually all insurance providers will largely depend on mobility solutions in order to develop their business and will become inevitable for auto insurance to use.

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Future Of Blockchain Teclnology In Insurance Industry – Blockchainerz

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What is Insurance?

Insurance is a method for security from money related loss. It is a type of risk management, principally used to support against the danger of an unexpected misfortune.

An Insuree may report a misfortune or a claim to a broker, and with the required data submits it to the Insuring specialists, specifically the Insurer, if applicable, the Reinsurer. The claim accommodation is confirmed by a receipt to the Insuree.

From that point onward, the Claims Agent may ask for extra data for the claim, through an outer source. After these step, if every one of the conditions is fulfilled, the claim is affirmed, and the installment is started via the Insurer’s Claim Agent. Insurance is revealed to a variety of fraud schemes. From sharing insurance plan after divorce to disguising medicinal diagnoses. Then how blockchain helps in this field?

Blockchain technology future is viewed as the greatest of an image of the fourth industrial revolution and a potential disruptor for some organizations and businesses including the insurance field. Even the technology is still in its an early phase, it has just demonstrated what it can do: streamline printed material, increment information security and spare organizations cost by removing tedious cases forms.

Recap On Blockchain Technology:

  • The blockchain is an extensive, decentralized advanced record that is dependably up to date and holds a record of the considerable number of exchanges made. Blockchain systems are intended to record anything from physical resources for electronic money and are openly accessible for all the included gatherings to see.

  • After check process, the block of a transaction is time-stamped and added to the blockchain network in a straight sequential request. The additional block is then connected to previous blocks, making a chain of blocks with data of each transaction made ever in the history of that blockchain.

How Blockchain Technology Can Benefit The Insurance Industry:

Blockchain was acquainted with the majority through Bitcoin, however, its applications go past simply recording of electronic cash. It can likewise empower inventive and troublesome changes in different industries other than finance, for example, insurance business model. Other than recording electronic cash and financial transactions, this technology can became part of insurance, healthcare project.

  • An insurance company mainly manages various procedures consistently that includes an insurance contract to be signed. The processes can be anything from getting an insurance policy, rating a customer, claiming or managing a fraudulent policy.

  • Since blockchain technology deals with smart contracts then, specialists from insurance industry claim this technology can possibly change the way insurers deal with customers. Insurance industry depends on lots of data much like various industries, blockchain may well end up empowering all or most data-related transactions for this industry through smart contract.

  • In this, the smart contract can encourage, execute, and enforce the negotiation or application of an insurance contract through blockchain tehcnology. Insurance contracts are unpredictable and hard understand, so the smart contract can empower productivity in the insurance esteem chain wherever time, exertion or money is spent to affirm information before preparing transactions.

OR

Key Points Of Blockchain Which Impacts On Insurance Industry:

1. Improve trust:

There’s an emergency of trust in the financial services industry. Despite the fact that the big banks are the main point, the disintegration of trust impacts all businesses. An absence of trust, high expenses and inefficiency of the insurance business all plays a part in the extraordinarily high levels of underinsurance. Blockchain technology encourages building trust of customers since it gives straightforwardness and transparency.

2. Enhance efficiencies:

While changing insurance agencies or healthcare suppliers knows how wasteful the information section process is to get coverage or care started. Moreover, customers have an undeniable dread of losing control over their own information. Blockchain gives an answer for drive efficiency and security that would enable the individual information to be controlled by an individual while confirmation is enrolled on the blockchain.

3. Enhanced claimsprocessing through smart contracts:

The insured and the insurer each as of now have issues that blockchain and smart contracts could resolve. Insured people commonly discover insurance contracts long and mystifying, while the insurance agencies are battling a various fraud which is extraordinary. Through blockchain and smart contracts, both of them would profit by overseeing claims in a responsive and transparent way. And it begins with recording and confirming contracts on the blockchain. At the point when a claim is submitted, the blockchain could guarantee that only substantialor valid lone cases are paid. But when network founds multiple cases are cliams submitted from same accident then blockchain could trigger installment of the claim with no human mediation, thus its improves speed of resolution for claims.

4. Fraud detection and prevention:

A standout amongst the most convincing reasons insurance agencies ought to research blockchain is its capability to detect & prevent fake or illegal activity. An expected 5 to 10 percent of all cases are fraud. Blockchain technology’s decentralized store and it’s historical record which can autonomously check clients, policies, and transactions for authenticity. Each insurance agency needs to make a move today to make sense of how blockchain innovation can affect the way they work together today and later on.

This is the manner by which blockchain technology will help or takes a part in an insurance industry in future. In the event that you need to refresh to concepts or want to read latest news related to Blockchain & Cryptocurrency Technology at that point remain associated with us.

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