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Blockchain Press Releases

Demand for Advanced Data Storage Solutions Will Drive Cloud Data and Analytics Services Revenue in Video Surveillance Market to US$25 Billion in 2030

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NEW YORK, Aug. 10, 2023 /PRNewswire/ — Video surveillance revenue models are evolving as customers search for advanced data storage and video analytics services. According to global intelligence firm ABI Research, customers will increasingly demand scalable data-centric solutions, creating ample opportunity for cloud providers and driving global cloud data and analytics services revenue in the video surveillance market to US$25 billion in 2030.

“The video surveillance market is experiencing a transformation as more cloud video surveillance systems emerge, diversifying a market that capital expenditure costs have historically dominated,” says Lizzie Stokes, IoT Networks & Services Analyst at ABI Research. “Enterprise companies, lines of business, and small and medium enterprises (SMEs) are looking to take advantage of surveillance insights and are searching for new storage and analytics service models to ease implementation, drive faster time to market, lower costs, and improve ROI.”

High upfront on-premises installation and integration costs traditionally drove video surveillance market service revenue. Professional services revenue dominated the market, facilitated by System Integrators (SIs) who often design and install customers’ surveillance systems. However, two prominent market trends have led video surveillance users to divert investments away from new camera deployments to cloud data services.

Stokes explains, “First, as video resolutions have improved, data loads have become heavier and more costly to store. At the same time, regulation is driving more firms to save their video footage. These market dynamics have created a demand for scalable and cost-effective cloud data storage solutions. Second, video surveillance users increasingly view video data as untapped business intelligence. Video surveillance cameras are already tracking employee behavior, observing customer actions, and monitoring goods as they journey through the supply chain and the factory floor. Many video surveillance users—enterprises and SMEs—are searching for streamlined cloud video analytics services to mine raw video data for operational insights.”

Video Surveillance-as-a-Service (VSaaS) companies are responding to these market trends, offering cloud data storage, cloud video analytics, and Software-as-a-Service (SaaS) applications that produce vertical-specific insights. New customer demand will eventually diversify the market’s revenue structures, with more customers paying for video surveillance services through recurring fees. Traditional video surveillance companies providing on-premises and cloud offerings include Honeywell, Milestone Systems, and Bosch. Newer companies featuring cloud video surveillance services include Verkada, Eagle Eye Networks, and Wasabi Technologies.

“VSaaS vendors are redefining how video surveillance can be offered and deployed,” Stokes concludes. “As video analytics applications expand and video data in the market explodes, new video surveillance companies have the opportunity to disrupt the market’s traditional revenue structure.”

These findings are from ABI Research’s IoT and Video Surveillance: Revenue Model Evolution application analysis report. This report is part of the company’s IoT Networks and Services research services, which include research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present in-depth analysis on key market trends and factors for a specific technology.

About ABI Research

ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.

ABI Research是一家国际科技情报公司,为全球科技领袖、创新人士和决策者提供实用的市场研究和战略性指导。我们密切关注一切为各行各业、全球经济和劳动市场带来颠覆性变革的创新与技术。

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.

Contact Info

Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]

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Blockchain Press Releases

aelf Leads the Fusion of AI and Blockchain to Shape the Future of Technology

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Singapore-based blockchain pivots to artificial intelligence to unlock new frontiers in blockchain efficiency, scalability, intelligence, and security; and deploys $50 million ecosystem fund to support the AI transformation initiatives.

SINGAPORE, April 12, 2024 /PRNewswire/ — In a transformative move for the blockchain industry, aelf, a pioneering blockchain network, has announced its strategic shift to integrate artificial intelligence (AI) within its blockchain. This significant leap forward marks the beginning of a new phase for the aelf blockchain, transitioning from a decentralised network to a vibrant ecosystem enriched with state-of-the-art AI models and agents, broadening its functionalities and enriching user experiences.

“The integration of computation, LLM (large language model) and agents within the aelf’s blockchain is not just an enhancement; it’s an evolution,” stated Auric, Founder of aelf. “7 years ago, we have identified blockchain’s future and been relentlessly developing modular systems, parallel processing, cross-chain bridges and cloud-native architecture, which are now what the industry has been talking about. Now, we envision AI as the next catalyst for the future of blockchain and are determined to be the first in Asia to bring this evolution to fruition. This AI transformation is about cultivating a self-evolving system—a smarter, self-learning blockchain where each new block is more advanced than the last.”

To nurture and accelerate the convergence of AI and blockchain, aelf Ventures, aelf’s investment arm, will be strategically deploying its $50 million Ecosystem Fund to support innovative AI initiatives seeking blockchain enablement. With the roll-out of developer-friendly toolkits, aelf will further catalyse this AI blockchain innovation by empowering the community to utilise those new technologies for data pre-processing, model training, fine-tuning and deployment, agent development, on-chain deployment and monetization with the aelf blockchain environment.

Existing projects and games on the aelf blockchain are set to integrate these AI capabilities while new projects will benefit from aelf’s robust foundation, offering a dynamic and responsive blockchain ecosystem that delivers enhanced efficiency, strengthened security protocols, and sophisticated intelligent automation.

This AI transformation embodies aelf’s commitment to fostering an environment of continuous innovation and maintaining its position at the forefront of blockchain technology. With a steadfast dedication to expanding its capabilities, aelf remains focused on generating user-centric value and propelling the entire blockchain domain forward.

About aelf

aelf, the pioneer Layer 1 blockchain, features modular systems, parallel processing, cloud-native architecture, and multi-sidechain technology for unlimited scalability. Founded in 2017 with its global hub based in Singapore, aelf is the first in the industry to lead Asia in evolving blockchain with state-of-the-art AI integration, transforming blockchain into a smarter and self-evolving ecosystem.

aelf facilitates the building, integrating, and deploying of smart contracts and decentralised apps (dApps) on its blockchain with its native C# software development kit (SDK) and SDKs in other languages, including Java, JS, Python, and Go. aelf’s ecosystem also houses a range of dApps to support a flourishing blockchain network.

For more information, visit https://aelf.com.

View original content:https://www.prnewswire.co.uk/news-releases/aelf-leads-the-fusion-of-ai-and-blockchain-to-shape-the-future-of-technology-302115323.html

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Blockchain Press Releases

Bitrue Gears Up for 2024 Bitcoin Halving with Trading Competition

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SINGAPORE, April 12, 2024 /PRNewswire/ — Leading cryptocurrency exchange Bitrue unveiled a new competition available to all users on the platform that comes with a total prize up to $850,000 USDT in a recent X announcement.

The contest is being held in honor of the much anticipated Bitcoin Halving – an event that occurs once every four years to regulate the supply of new BTC entering the digital asset economy, and helps ensure long-term value through scarcity of supply.

The competition will rank traders according to their trading volume on the exchange during the contest period. The competition begins on Thursday April 11th and will continue until the halving event occurs (estimated April 20th). The prizepool will increase according to the number of valid participants in the competition, with the grand prize winner set to take home 25% of the total reward (212,500 USDT). All participating users will have a chance to win prizes regardless of their final rank.

With all eyes on this historic event, Bitrue is thrilled to be able to offer an exciting and rewarding way for its 10 million users to mark the occasion and provide them with an opportunity to earn a life changing amount of money. Interested parties should sign up on the Bitrue exchange now in order to be ready for when the contest goes live on April 11th.

About Bitrue

Launched in July 2018, Bitrue is a diversified digital exchange that supports trading, loans and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. It has offices in Asia and Europe, and continues to develop new features at a rapid speed to fully service the new wave of the digital economy. More information is available at Bitrue’s website.

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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