In a world where centralized finance is struggling, decentralized economics is taking the reins. Also known as DeFi, this exciting new development is made up of a variety of applications that run on top of blockchain technology.
These applications aim to take control away from third-party intermediaries and put it back into the hands of users. In this way, DeFi could help to solve poignant problems that have arisen in traditional finance. But what is DeFi crypto? And is it worth your time? (especially amid the crypto craze when everyone seems to invest in such projects).
Let’s weigh in on hype vs value.
The Basics of Decentralized Finance
Decentralized finance, or DeFi for short, is an umbrella term for a set of projects that aim to bring financial services to the blockchain era. This includes decentralized exchanges, margin trading, prediction markets, and stablecoins. DeFi has seen a lot of growth in recent months, with over $75 billion worth of value locked in DeFi contracts at the time of writing.
Unlike centralized institutions, DeFi offers its users a fluid and global financial system that has no intermediaries, transaction fees, or long authentification procedures. Instead, DeFi participants enter into a “smart contract,” a self-executing code that automatically monitors whether the terms of the agreement between buyer and seller are met.
Moreover, the spike of interest in decentralized finance can be attributed to a few other factors:
- The ease of use and accessibility of DeFi applications
- No intermediaries to create a more fair financial system and reduce fees
- No single point of failure translates into added security
- Faster application development
- All transactions are visible and transparent to the whole network
What Can You Do With DeFi?
Being a broad notion, decentralized finance encompasses a whole range of applications – from decentralized exchanges to lending protocols. DeFi is still in its early days, but there are already a wealth of trailblazing projects being built on top of various blockchains. Let’s take a look at some of the possibilities that DeFi offers and what kind of operations you can handle within this ecosystem.
Decentralized borrowing and lending
Imagine stepping into a free finance universe, where no rechecks are done for approving your loans. This is exactly what DeFi borrowing is about. Just like centralized institutions, the DeFi lending protocol allows you to borrow assets. But instead of physical financial resources, you can secure a crypto loan in mere minutes. In doing so, you don’t need any third-party involvement, since the lending process is carried out through peer-to-peer lending.
Compound is a prominent example of a blockchain-based protocol that allows users to lend and borrow crypto against any other supported asset as collateral. Decentralized lending also gave birth to another crypto-related practice called yield farming. In this case, lenders borrow their assets and get rewards in the form of interest.
Decentralized exchanges or DEXs are the main destinations for blockchain-based trading operations. As such, DEX is a platform for trading digital assets directly between participants (P2P) with no third-party involvement or partial transfer of control over the assets. According to Statista, Uniswap and Sushiswap are the largest DeFi cryptocurrency exchange that accounts for the lion’s market share. Uniswap also allows users to add new tokens for trading.
It should come as no surprise that derivative contracts are gaining traction in cryptofinance markets, given their role in mature, traditional financial systems. DeFi derivatives and protocols are generating a lot of buzz and are quickly becoming equally essential in crypto finance.
Synthetix, for example, is one of the most established protocols in DeFi derivatives. This collateral pool model allows users to exchange some synthetic assets for other assets directly through a smart contract, without the need for a counterparty. This mechanism solves the liquidity and slippage problems inherent in decentralized exchanges.
This set of operations also translates into a bunch of unique DeFi applications that come with one-of-a-kind opportunities for DeFi participants. Let’s have a closer look at these.
What Are The Most Popular DeFi Applications?
There are a lot of ground-breaking projects taking place in the DeFi space. Yet, I have curated one of the widely-known ones and dumped them into a succinct list that includes:
- Decentralized Exchanges (DEX)
- Lending platforms
- Prediction markets
- Wrapped bitcoins
Decentralized exchanges are peer-to-peer marketplaces that serve as an alternative to traditional currency exchange points in CeFi. The core difference is that they don’t have intermediaries to monitor the transaction, yet are fraud-free due to their blockchain nature. DEXs allow users to swap one currency for another, including USD to crypto transactions.
These are cryptocurrencies that peg their market value to a relatively stable underlying asset. The latter can include paper money (fiat assets) or other cryptocurrencies. Their value can also be tied to gold or oil. Stablecoin exchange rates are subject to fewer fluctuations than typical cryptocurrencies. Tether is the most popular stablecoin.
As I’ve already touched upon lending DeFi platforms, these allow users to take out a crypto loan. But instead of going through a long-run and meticulous approval process, DeFi participants are eligible for crypto loans without the use of intermediaries. As collateral, users should deposit crypto or fiat assets. While lenders receive their money back with interest, borrowers get their collateral back after repayment.
Decentralized prediction markets on the blockchain are exchange-trading betting venues that allow users to cash on their ability to forecast future outcomes. DeFi prediction markets allow everyone regardless of their status or location to bet on an event. In this case, the betting process is facilitated through the use of smart contracts.
Wrapped bitcoins (WBTC)
Wrapped bitcoins are DeFi-specific ERC20 token backed 1:1 with Bitcoin. As such, it is an Ethereum token that represents bitcoin (BTC) in the Ethereum blockchain. It is not bitcoin itself, but a separate ERC-20 standard token designed to track the value of bitcoin in the Ethereum ecosystem.
What Are The Main Disadvantages of DeFi?
Accessibility, ease of use, secured transactions, and no chargeback make DeFi a tempting opportunity. However, just like with any other young technology, decentralized finance is subject to some downsides.
Requires third-party audit
Smart contracts, which are the foundation for DeFi, can be susceptible to exploits. To avoid fraudulent manipulations, the code shouldn’t have any grey zones. Therefore, before being rolled out into the blockchain, a smart contract should be closely examined for possible vulnerabilities. Also mind, that once on the mainnet, the immutable nature of blockchain doesn’t allow a smart contract to be changed.
All marketable assets, including cryptocurrencies, require liquidity. Low liquidity indicates that market volatility is present, resulting in price surges in cryptocurrencies. And although most DeFi projects are touted as having high liquidity, there are still no surefire guarantees.
Anonymity is a two-edged sword in the DeFi market that can both bring unrivaled boons and painful surprises. Just like ordinary users, malicious actors can also benefit from the anonymity factor to remain unnoticed. Therefore, added security can also encourage malpractices and malicious manipulations.
Blockchain as a whole is well renowned for its limited scalability options. DeFi scalability is directly related to the ability to support high transactional throughput and future growth. Although DeFi applications can be scaled, added traction can compromise the security or decentralization nature of DeFi.
Yet, despite some evident stumbling blocks, the trade-offs are acceptable to unlock a bunch of unique opportunities of crypto and blockchain.
Thus, DeFi solves the following problems of traditional banking:
- Inefficiency – centralized transactions are costly, slow, and insecure.
- Low accessibility of banks – around 1.7 billion adults remain unbanked.
- Opacity – limited or no transparency since centralized institutions hide their risk exposure from the public.
- Centralized control – an oligopolistic system that imposes high fees.
The Hottest Ticket In Cryptocurrencies
DeFi is an open and global financial system meant for the digital era. Instead of opaque, legacy, and highly centralized banking, DeFi allows you to regain control and visibility of your assets.
Yet, as any fresh-baked technology, decentralized financial systems need polishing in terms of a safer infrastructure (vulnerability-free smart contracts) and scalability. So what’s the verdict?
DeFi enables investors to gain access to new asset kinds, lower costs, enhanced rates, and gain a greater sense of control over their financial future. Yet, you should pay due diligence to consider possible risks and distinguish between long-term DeFi platforms and cash grabs. If you’re looking to launch your own DeFi application, make sure you perform an exhaustive audit to guard against possible frauds.
Seniors Don’t Want to Retire Anymore. Here’s Why and How to Help
Retirement can be a dream for one and a nightmare for another. People treat retirement differently, depending on their requirements and circumstances. While some feel retirement is the time to pack up bags and travel or commit to hobbies they have long paused for, others feel retirement is not the right option.
There may be various reasons behind pushing away retirement: I need the money, I love what I am doing, I can’t imagine myself not doing anything, etc. The recent trend indicates that most seniors are reluctant to retire, and some decide to stay on course past retirement, while others choose alternative careers.
According to a survey by the American Advisors Group (AAG), 46% of seniors (60-70 years) had plans to work part-time jobs during retirement. 18% said they wish to work after passing the age, a rise of 8% from a 2019 survey. 12% of the respondents said they have no plans of stopping full-time work, an increase of 6% from 2019.
Although extending your retirement period or not wanting to retire may have their reasons justified, it may create a tricky situation for the newer generation. As a result of the baby boomers’ late retirement, the next generations may see a shortage of career growth, employment options, etc.
Why are most seniors reluctant to retire?
Some of the reasons why most seniors are reluctant to retire may include a vast number of reasons. People are in much better shape than previous generations and live longer. Some feel they will become bored at home or even doing their activities. Many still want to contribute in some way to society.
Did the pandemic change retirement plans?
Due to the pandemic, many seniors are rethinking their retirement plans. The pandemic has given many people the experience of their retirement days, and many found it boring and meaningless.
Many realized they loved their job and found meaning in what they did. To them, quitting their job to sit at home was not meant for them. Many also realized they might not have enough saved to survive such uncertainty.
Support family and maintain a standard of living.
First, the pandemic and then inflation dipped almost every bank account. Many seniors are draining their savings or depending on their paychecks to stay on track. In addition, about 50% are using up their retirement savings to support their children.
Some seniors are turning their back to retirement to support and maintain their standard of living. They believe they should continue to work to ensure that they have enough financial capacity and the freedom to spend their retirement days as they had hoped.
Debt and broken savings account.
Finances are a significant aspect for almost everybody when considering retirement. The recession has dramatically affected retirees and soon-to-be retirees, reducing their retirement accounts and property value. Most are more concerned about their medical and long-term care costs than their daily expenses.
The most current data shows that Baby Boomers and Gen Xers carry high amounts of non-mortgage debts. The credit card debt alone for Baby Boomers stands at $6,043 and $7,155 for Gen X.
On the contrary, Millennials’ credit card debt balance stands relatively low, at $ 4,322. Not considering the advantages of various financial tools, like debt consolidation, can be why seniors are comparatively behind with a higher debt balance. As a result, they need to continue working to improve their finance.
Increased life span.
Another possible reason for delayed retirement is the increased life span of Americans. A recent survey implies that the average life expectancy of Americans has risen to 78.9 years in 2020 from 39.4 in 1960.
With the rise in life expectancy, an average 60-year-old can expect to live for 15 to 20 years. Back in time, it was easy for retirees to survive with pensions or continue work till they died. However, most view 20 years as a long time to sit around doing nothing and stay using savings. Also, you need to support yourself with healthier health and an increased life span.
How seniors’ late retirement is affecting the next generations?
Although seniors may have their reasons justified with the best interests in mind, late or no retirement can bring various setbacks for the economy, companies, and especially for the next generations. Some of the setbacks are:
Difficulty moving up the career ladder.
While seniors are putting off their retirement plans, the next generation may find it difficult to climb the career ladder. Moving up to the middle and higher position can be difficult if there are no vacant positions. Various surveys show that most employees view career growth opportunities as one of the top factors in employment.
As a result, most younger workers are switching jobs hoping to seek higher positions and increased pay. Ultimately, retaining competent employees is increasingly difficult for companies, which may sometimes harm the business.
With the younger workers switching to seek higher positions and seniors not ready to quit, the next generation is trapped in the middle, without many scopes for promotions or increments.
Unable to make enough money.
The pervasiveness of senior workers in the workforce also affects the economy. With seniors blocking the path for the next generation, their scope of promotions and making more money is limited.
Result: they are not being able to support or contribute to the economy. Also, they are hardly making enough for themselves. Low savings and high debt amounts include their list of concerns. The situation raises concern for the next generation to rethink their retirement plans.
In addition, with the aging workforce, overall productivity also gets tampered since most are hesitant to adopt new technologies.
What can be done to prevent the next generation from facing the same problems?
There are possibilities for the next generation to succumb to these situations and delay or rethink their retirement days too. However, some steps can be helpful to prevent the next generation from facing the same problems.
Make saving for retirement a priority and strategize for it.
It is a common situation that people don’t often plan for retirement until they are halfway nearing their retirement period. There may be various reasons people don’t start saving for retirement earlier in their careers. Examples may include having debts, not having a fat enough paycheck, family responsibilities, etc.
However, it is necessary to understand the importance of saving for retirement before you can see it coming. When you start to save or invest for retirement while you still have a long way to go, you are allowing yourself to build a more considerable fortune for retirement over time.
Build a side cushion to let your retirement account grow.
Another common mistake people make when planning to allocate funds for their retirement is, overlooking the importance of an emergency fund. Increasing your retirement savings accounts is of little use if you have to tap into those accounts in times of dire need.
Building an emergency fund acts as a side cushion for your savings account. Ideally, a side cushion or emergency fund should be able to suffice for all your expenses for a minimum of six months.
It can be helpful to support you in times of uncertainty like the pandemic, loss of job, an accident, etc. You can confidently contribute to your retirement accounts when you have an emergency fund that can support you with expenses for six to twelve months.
You will know that you can let your cushion grow without fear of the need to break into your saving for an unfortunate event before retirement.
Look for ways to pay off debts and handle finances efficiently.
Handling your finances is as essential as having savings for retirement. Financial habits like overspending, paying off your bills late, paying bank fees like overdraft charges, taking out loans, etc., are all examples of poor financial management. When you handle your finances efficiently, you can strengthen your financial grounds with an enormous nest egg.
In addition, it is good to pay off your debts at the earliest possible time instead of paying the minimum amounts and carrying the balance over. Again, taking advantage of the financial tools available to you can be helpful in getting rid of your debts faster.
Financial instruments like balance transfer and debt consolidation are some options you can use to get debt free quickly. Ideally, you should always begin repaying the debt that carries the highest interest rate.
For example, credit card debts usually have high interest, and paying the minimum monthly amount can result in more interest in the long run. Instead, when you decide to consolidate debt, you can obtain a lower interest on the debt, and paying off the balance can become more accessible and faster.
Look for volunteering or part-time jobs to stay engaged.
While more and more seniors wish to continue working for the love of what they do, some seniors have a different reason. They choose to continue working because they want to stay engaged. With an increased life span and good health conditions, people view 20 years as too long for hobbies or to sit around doing nothing. Hence they prefer to stick to their current job for as long as possible.
Instead, it is an excellent time to volunteer for a cause or take up some part-time jobs that can allow free time while also keeping busy for some time with work.
Look for meaningful jobs like mentoring or training.
Reportedly, many seniors want to stay on the field because they love their work. In other words, they love their jobs and wish to continue working for as long as possible. Unarguably, seniors bring to the table years of experience, soft skills, and the capability to work calmly under pressure. They are treasured for the expertise and patience that the newer generations lack.
Hence they can do so meaningfully by imparting their knowledge and experience to the next generation. Creating a working environment with flexible working hours, where seniors can train or mentor their juniors, can benefit all.
Seniors can continue their job while the next generations can learn from them without feeling trapped. The company can get the best from the highly skilled multi-generational set of employees.
Bringing Changes in Working Culture
With many seniors refusing to quit, it may be time to change the work culture. It can be helpful to split C-level jobs into two. This strategy will allow the next generation to perform duties and responsibilities. It gives them a half-promotion, and they will be motivated to stay in the company.
In addition, companies may also consider shifting from the traditional corporate hierarchy to a horizontal hierarchy. This shift in hierarchical structure can motivate employees to work as team members and swap through different positions.
As a result, employees with more skills can select from various career ladders.
Seniors wanting to retire and spend the rest of their lives in tranquility is common. Some seniors are waiting to embrace their retirement days, which has been a commonly anticipated scenario for a long time.
However, nowadays, it is not unusual for seniors to delay their retirement until they enter their 70s or 80s. The Baby Boomers and some Gen Xers and Millennials have a similar perspective, and some may believe they should never retire at all.
You may hear various reasons behind this, from needing finances to flow in, loving what they do, or just needing to stay engaged through their life. An additional factor here is life expectancy.
With the advancements in medical treatment and an increased life expectancy, seniors can expect to live longer and healthier than their previous generations.
On the contrary, delayed retirement in one generation can bring unfavorable situations for the next generation. These situations can be averted by bringing in some changes. For example, seniors who wish to work because they want to be occupied or feel retirement is not the ideal place for them can take up volunteering or some part-time job.
On the other hand, seniors who want to continue working in their field because they love what they do can take up training or mentoring the newer generations. Splitting C-level jobs into two and shifting the hierarchical structure from traditional to horizontal are beneficial strategies companies can adopt to retain employees and boost productivity.
Also, it is necessary to begin preparing or saving for retirement much before you near your retirement period. Analyzing and responsibly managing your finances can help you build a stronger financial future. In addition, creating a side cushion to secure your savings and support you in times of need is vital for a promising future.
Published First on Due. Read Here.
Featured Image Credit: Photo by Anna Shvets; Pexels; Thank you!
How Artificial Intelligence Testing is Top-Notch in Cyber World
In the cybersecurity sector, artificial intelligence testing is crucial. This is because AI has the potential to help cybersecurity overcome some of its major obstacles. And there are many obstacles, including the incapacity of many organizations to stay on top of the numerous new risks and attacks that emerge as the internet and technological usage increase.
AI-powered cybersecurity is expected to change how we respond to cyber attacks. Because of its capacity to study and learn from enormous volumes of data, artificial intelligence will be crucial in identifying sophisticated threats. Moreover, AI testing is an all-in-one answer to safeguard these gadgets from malicious actors, as new technology and gadgets are always available.
This blog will walk you through the difficulties that the cybersecurity sector is now facing, the significance of employing Artificial Intelligence testing to overcome those difficulties and some of the drawbacks of doing so. Finally, we shall examine some actual applications of AI in this area before we conclude.
An Overview of the Cybersecurity Industry
Cybersecurity describes the processes followed by people or organizations to safeguard their online-connected computer hardware and software against cyberattacks.
The proliferation of emerging digital technologies like the Internet of Things (IoT). The rising frequency and intricacy of cyberattacks and rigorous data protection laws for data security. An uptick in attacks that target software supply chains is the key driver of the cybersecurity market.
In addition, the COVID-19 pandemic has increased the incidence of malicious attacks on databases in large enterprises. They are necessitating tighter database protection and fostering the expansion of the cybersecurity industry. In healthcare, banking, insurance, manufacturing, and financial services, growth in adopting organization security solutions is provident.
Some Intriguing Figures Related to Cybersecurity
- The amount of money spent on internal cybersecurity operations is anticipated to increase by 7.2% annually till 2026.
- By December 2026, it is familiar that global spending on cybersecurity services and products will increase by 8.4%. The necessity to fix the network, app, and system vulnerabilities as a result of ongoing corporate and individual cyberattacks are elements that are likely to promote growth.
- The cybersecurity industry was estimated to be worth $156.24 billion in 2020 and is anticipated to grow at a CAGR of 14.5 percent from 2021 to 2026, reaching $350.25 billion.
- Information security products and services generated $144 billion in revenue in 2018, down 12.4% from 2017, according to Gartner Inc.
- According to Gartner’s predictions, information security revenue will increase from $124 bn in 2019 to $170.4 bn in 2022. Additionally, according to their analysis, end-user expenditure on cloud security increased by 4.1 percent between 2020 and 2021.
Glaring Cybersecurity Challenges
You may be surprised to learn that human mistake accounts for 95% of cybersecurity breaches, according to a Google survey. These mistakes might include everything from downloading a virus-filled email attachment to using a weak password to access an unsafe website. According to studies, phishing attacks are among the most common cyber events, CEO fraud, stolen computers, and ransomware assaults. The effects of these attacks are stunning, even though they may seem easy to handle. In small and medium businesses (SMBs), data breaches cost, on average, $3.9 million. The top four are the top four: large-scale data monitoring, a slower turnaround, a lack of threat understanding, and organizational compliance standards.
Delving Into Common Cybersecurity Attacks
Cybercrime is always changing, with hackers constantly refining their tactics to cause the most harm, complicating the issues outlined in the previous section. Malware that could modify its source to evade detection made up 93.67% of the malware observed in 2019. Additionally, within the same year, 53% of consumer PCs and 50% of commercial computers both relapsed the infection. To eradicate this virus from its source, action and awareness are vital.
We should all be aware of the following examples of the typical cybersecurity threats that clever hackers have cleverly created.
When a hacker uses the social engineering technique of phishing, they send you an email that contains a dangerous link. By clicking the link, you could give them access to your computer so they can infect it with a bug and steal all of your personal data.
• Hardware and Software Attacks
If your system’s hardware and software are not updated to the most recent versions, missing critical security updates can be a risk. It can be introduced to “back doors” or “trojans” and obtain access to the system.
• Network Intrusions
Data going to and from a network endpoint can be hindered by malicious actors and decrypted. If they aren’t caught in time, they might alter it, tamper with it, or use it illegally.
• Cloud Data Breaches
Since more people are using private and public clouds, unencrypted data stored there is an open invitation to malicious hackers. Data saved in the cloud can also be composed due to unreliable interfaces or APIs, insufficient access control, and inadequate security architecture.
• Mobile Malware
Mobile devices’ internal operating systems may become unreliable due to this dangerous malware, which could reduce their functionality. This frequently occurs as a result of URLs being insecure online. In addition, downloaded applications with security flaws also contribute to mobile virus problems.
• Ransomware Attacks
One of the most common types of cyberattacks is ransomware, in which the attackers send a virus into people’s personal laptops and smartphones to access and use the data on those devices. They then want a ransom to give you access to it again.
How Can Artificial Intelligence Testing Enhance Cybersecurity?
A notable benefit of AI testing is that it significantly reduces some labor-intensive jobs known to be time-consuming, such as security monitoring, which is unquestionably a significant time-sink for IT security experts. AI testing can do this repetitious labor instead of humans having to keep an eye on numerous gadgets. To enforce proper cybersecurity, decrease attack surfaces, and detect malicious behavior, AI and machine learning testing need to be in collar.
Let’s look at some additional crucial areas where AI testing proves to be of the utmost significance:
• Moving a vast amount of information around
Each day, data of over 2.5 quintillion bytes are produced. Artificial intelligence (AI) technologies can assist in automating data processing. It makes sense of vast amounts of data that would be impossible for humans to understand in a usable manner. Security experts cannot evaluate and classify every piece of information because firms face millions of risks. As a result, it is tough for security specialists to foresee dangers before they destroy IT systems. Artificial intelligence testing can identify numerous cyber-security threats and issues without human analysts.
• Behavioral analytics
By analyzing how users typically interact with their devices, ML algorithms are intelligent enough to learn and create a pattern of user behavior.
AI testing flag the user as suspicious and possibly block them if it notices unexpected behaviors that are out of the ordinary. These actions include altering the user’s typing speed or attempting to access the system at odd times.
• Ability to analyze and comprehend data
AI testing analyzes millions of events and detects a wide range of threats. These threats include malware that exploits zero-day vulnerabilities, phishing attempts, and malicious code downloads. As a result, AI and ML have emerged as essential information security technologies. Companies may better understand dangers and respond to them faster thanks to these insights. It also helps them adhere to the best security procedures.
• Detection of spam
Spam detection, as well as other types of social engineering aided by natural language processing(NLP), is a subfield of deep learning.
In general, NLP employs a variety of statistical techniques and extensively learns typical verbal and nonverbal communication patterns to identify and prevent spam content.
• Systems for detecting and preventing intrusions (ID/IP)
These systems can detect harmful network activity, guard against intrusions, and warn users of potential dangers. Systems using ID and IP frequently prove useful in addressing data breaches and improving the security of user information.
Furthermore, it is feasible to guarantee a more effective operation of ID/IP systems by utilizing deep learning, recurrent, and convolutional neural networks. The methods above will make it easier for security teams to distinguish between safe and risky network activity. In addition, it improves traffic analysis accuracy and decreases false alarm frequency.
• Speedy detection of numerous types of threats
When it comes to hacking networks, cybercriminals are becoming more skilled and quick. The use of cutting-edge technology, such as machine learning, makes it easier to detect cyberattacks. However, it is hard for humans to keep track of every connected system for every possible hazard. These data are used to educate AI-powered devices, which can then learn from real and digital world data.
Wrapping Up: AI Testing Potential in Cybersecurity
Given the rising interest in AI in cybersecurity, it’s realistic to assume that in the future, we’ll see even more sophisticated solutions capable of resolving difficulties in the business that is even more difficult and complex. By automating threat detection, artificial intelligence testing will strive to save cybersecurity and contribute to internet safety.
IT security professionals now utilize AI to reinforce sound cybersecurity procedures. It reduces the attack surface and tracks malicious activity. In addition, it evaluates and deals with massive volumes of data and assesses human behavior.
This is by no means a comprehensive list of its functions. It’s preferable to embrace technology today and keep up with the times if you want to be more prepared for the AI-testing cybersecurity future.
Featured Image Credit: Provided by the Author; Thank you!
Automation in Pharmacy: A Key to Boost Pharmacy Work at 10X Pace
Automation is unclosing the new opportunities for the healthcare sector to thrive without hassle. In addition, it eliminates the extreme workload pressure in the healthcare ecosystem, especially in pharmacy stores.
Automation in pharmacy means peace of mind to patients, staff members, and stakeholders.
The real meaning of automation in pharmacy
People think that automation is all about robots taking charge.
But in reality, it’s more than just a robot.
Automation in pharmacy is an advanced system or software solution that automates repetitive tasks to eliminate manual errors, streamline workflows, speed up the process, ensure operational efficiency, and save time, costs, and resources.
Repetitive tasks include
This means the ultimate goal of the pharmacy automation system is to make life easier for pharmacists using robust tech.
A rise of the new era. The lucrative market is the proof itself.
As per the exclusive report from the Globe News Wire, “The Global Pharmacy Automation Market size is valued at USD 5,083 Million in 2021 and is expected to reach USD 10,402 Million by 2030.”
For pharmacies, improving efficiency and accuracy has always been a significant headache.
When we look at the past, the early forms of the automation system were expensive for pharmacies.
But the current scenario is entirely different. Pharmacies can now quickly implement advanced and robust automation software and machines at an affordable expense.
The adoption of automation is rising at a rapid pace in pharmacies or drug stores.
For instance, automated data-entry and dispensing systems, auto-refill, storage, and retrieval systems are standard automation solutions in pharmacies.
Automation has made a positive impact on the productivity, performance, and efficiency of the pharmacy.
The rising demand for lower medication or human errors will drive the entire pharmacy automation market.
How does automation perform in the pharmacy ecosystem? A technical context
The aim is to automate repetitive tasks. So, let’s explore what cooks behind the doors.
1. Tech scenario
RPA (Robotic Process Automation) drives manual workflows in autopilot mode.
It helps in creating and managing software robots.
Software robots are advanced tech solutions that perform tasks just like humans.
For instance, it understands, manages, and completes the data entry process faster and more efficiently.
2. Now, RPA tools are in action
You can’t build or deploy software robots into the pharmacy system without RPA tools.
UiPath (uipath dotcom) is one of the top RPA platforms to build RPA tech to automate repetitive tasks.
After creating a program, you can download it as a .exe file.
But remember, there are two ways – attended and unattended programs.
Attended means a manual start is needed, while unattended, the program automatically starts as per the scheduled time.
3. Now it’s time to install
Install a .exe file into the computer. Now your computer-based repetitive task is in autopilot mode, just like Tesla.
Pharmacy areas that are experiencing the positive outcomes of the automation
One can automate the following computer-based repetitive tasks in the pharmacy.
- Auto-refill to reduce the hassle of patients’ calls and text messages
- Automated inventory management to avoid the headache of the time-consuming and costly processes
- Automatic billing and invoicing to eliminate tedious procedures and manual errors
- Email and SMS automation to notify the patients about their refills and other things
- Automated pharmacy management to keep everything under the same roof
- Automated patient data tracking system
- Remote dispensing system
Automation brings happiness in the true sense
Automation opens endless possibilities for patients, pharmacy staff, and stakeholders to eliminate their headaches with ease.
- Efficient and streamlined workflows
- It makes the pharmacy ecosystem faster and more flexible
- Allows pharmacists to focus on other key areas
- Humans make mistakes. Automation doesn’t
- It improves the work productivity of the staff.
- Reduces the patient data management hassle
- Helps in avoiding the mess of the inventory management
- Auto-refills prescriptions that save time and resources
- Improves patient care experience and satisfaction
- Eliminates the human errors that enhance the patient safety
- Faster and efficient communication
- Ensures operational efficiency
- Improves the accuracy of the workflows
Technologies in the automation systems
1. RPA (Robotic Process Automation):
We both are familiar with how RPA is becoming a helping hand for the pharmacy. It reduces the work burden of the staff and gives them peace of mind in the true sense.
But there are still limitations of the RPA.
It cannot think for itself and performs the task based on the analysis. This means it performs input for the fixed output.
In addition to this, it also requires well-structured data to perform tasks more efficiently.
2. OCR (Optical Character Recognition):
OCR has emerged as the revolutionary tech solution in almost every sector.
The advanced technology automatically extracts the data from the image, PDF, and written text and converts it into a readable and editable format.
Automating the prescription ordering process is one of the drug store’s most common use cases of OCR.
However, it also needs a well-structured data formation to give an accurate output.
3. Artificial Intelligence:
With zero doubt, AI is now an integral part of the entire healthcare ecosystem.
From improving patient care experience to reducing the burnout of the clinical staff, AI in healthcare has shown positive results in almost every corner.
AI enables the pharmacies to make data-driven decisions and automate manual tasks such as personalized messages to patients etc.
What makes it exceptional from the rest is that AI holds the potential to think for itself for the given task or change in the output.
Lastly, an AI-based OCR system also helps get the ideal outcome even from the unstructured data format.
The future of the pharmacy automation
The pharmacy market is experiencing a growing trend of automation adoption.
RPA, AI, OCR, and ML are creating new opportunities in almost every inch of the pharmacy.
But still, pharmacists are performing double-checking systems on the prescription as automation is still in development.
However, the advancement of these technologies in pharmacy app development and software development has the potential to bring 100% accuracy in the next few years.
More importantly, AI harnesses the true power of big data that allows pharmacists to analyze risk patterns.
Here are some of the future needs for automation in pharmacy.
- Faster and more efficient medication dispensing
- More effective and outcome-driven patient data management
- Better management system for the inventory and resources
- 100% accuracy in the repetitive tasks
To sum it up
Automation is bringing flexibility, scalability, and affordability into the pharmacy sector.
It adds result-driven value to the everyday task of the pharmacy team by allowing them to keep an eye on the other vital aspects of the ecosystem.
As a result, pharmacies can now achieve their business goals without compromising costs, labor, and time.
The aim is to bring magic into the life of the patients, pharmacists, and stakeholders, and automation is doing wonders for the same.