Monthly Archive November 2018

ByJayanthi

Tracking

As our dependence on electronic devices increases, from ordering food to paying bills and hailing cab services and making use of online maps to travel to different destinations,  the unseeing eyes are also following us everywhere tracking our every move.

We all know of GPS tracking when hailing a cab but did you know that you are being tracked at all times? By having the smartphone with you at all times, with the ‘Location’ being turned ‘on’, every move is being tracked. Some might not worry about this constant tracking by strange individuals, but I do think that it is necessary  to know all the possibilities that are present before forming our own conclusions about them.

It is quite a possibility that you will be using ‘Google maps’ for taking you to different places and you might be signed onto multiple devices using the same ‘gmail’ account. While, it looks perfectly harmless and seems that your life is getting simplified in every way in this electronic era – the reverse is unfortunately true.

How you are being tracked:

As an example, sign into your Google account and click on ‘Maps’ in the right hand corner. Once inside Google Maps, click on the menu and pick ‘Your timeline’. Now, you can see all the places you have visited in the last couple of years! You can also see the time of visit, the duration of visit,the latitude and longitude of the places that you visited! In addition, all these details are visible for a prolonged period of time too! 

You might have visited 100 places over a period of 5 years and chances are all of them might be listed right there on the screen! You may have forgotten where you went in October of 2017, but your device and ‘Location history’ does not forget!

So, what can be done?

If you would like to delete all of your location data and prevent your  location from being saved in the future, follow the steps below:

  1. After clicking on ‘Timeline’, click ‘Manage Location History’, disable ‘Location History’ under ‘Activity controls’. This makes sure that future Location tracking is disabled. 
  2. In order to delete previous ‘Locations’ go to ‘Timeline’ and under the settings tab click on ‘Delete all Location history’
timeline
Disabling Location history

Once this is completed, your Location history will neither be visible to you or anybody else(at,least for some time!) In today’s age, with so much information and power in our hands, it is up to us to do all the homework and control the data that is exposed to the outside world by disabling the various settings.

Jayanthi Manikandan has an undergraduate degree in Computer Science from India and a Master’s degree in Information systems with a specialization in Information security from Detroit, MI, USA.

She has been passionate about Information security and has several years of experience writing on various technical topics. Additionally, she loves to pen a few personal thoughts here as well! 🙂

ByJayanthi

Can Blockchain prevent another economic crash?

Like any other system, the global economy is susceptible to failure at many different points. Unfortunately, due to the interconnectedness of the world, an economic crisis in one country could have disastrous consequences for other countries. This was the case during the United States economic crisis of 2008 in which the stock market crashed.

Economic collapse on any scale usually happens as a result of disparities in the system that can easily be overlooked in the absence of clarity. However, blockchain technology could help avoid a financial crisis due to its transparency, security and decentralized mechanism. Cryptocurrencies such as Bitcoin are powered by this same technology which acts as a ledger for all transactions carried out on a network.

The endless benefits of the technology have attracted countless investors over the years. Now, it is fast becoming an addition to every major corporation, from IBM and Mastercard to Nasdaq. Its properties are also attractive to financial institutions which constitute the industry that is most in need of the benefits it provides.

The financial crisis of 2008 caused by a lack of transparency, greatly impacted various significant financial institutions and economies on a global scale. Blockchain technology affords banks full transparency, allowing them to spot such a crisis from a mile away. This way, they can take the appropriate preventive measures to ensure that it does not happen again. Banking authorities must make an effort to study the technology and better understand how it can be a force for the prevention of the next financial crisis.

What was the 2008 economic crash?

The economic crash of 2008 was the worst economic disaster in the U.S. and the world since the 1929 Great Depression. The crisis caused a great recession after the cost of housing fell by 31.8%, even lower than that of the Great Depression. Although the crash occurred in 2008, the first signs were observed in 2007 when the prices of homes were too high.

home

As a result, homeowners began to default on mortgage payments, leading to a downward economic turn which spread to the U.S. financial sector and eventually affected other countries. At the time, houses became extremely cheap, and homeowners were given loans worth up to 100% of the value of their new homes. Taking advantage of the profitable real estate sector, banks also made investments in subprime areas.

The affected institutions stretched from investment banking corporations to commercial banks, insurance companies, and lenders. The situation was so bad that financial institutions had to lay off their staff. Apart from financial institutions, the crisis affected individuals and businesses that were reliant on credit payments at the time. The economic disaster led to massive suffering on the part of businesses because banks stopped giving loans out. They did not trust anyone to pay back the loans due to the state of the economy.

Shortly after the crisis began, the American auto industry was on the edge of destruction and pleaded for a federal bailout. Unfortunately, banks were in the middle of damage control and bailouts were nearly impossible to get. Globally, share prices plunged, and the recession trickled down to other countries.

By the end of the year, most countries in the world including Germany, Japan, and China had gone into an economic recession as well. According to the National Bureau of Economic Research, the great recession had begun in December 2007, making it the third longest recession in the country since World War II.

In Europe, investors who had been involved with real estate securities in the U.S. took a hard hit. The same could be said for investors in smaller countries. However, China and Japan were able to escape that situation but registered huge losses where export was concerned. Their American and European markets were experiencing a fall in demand due to the recession.

Developing countries that depended on foreign investments for growth capital also lost their markets and investments. Since the largest countries were in a recession, the situation became a hopeless one with no chance of an easy recovery. Two years after the end of the recession, the unemployment failed to fall below 9 percent.

Why are banks looking to use this technology?

Banks are looking to use blockchain technology because its transparency can reduce the issue of financial losses that stem from a lack of it. There are three major ways in which the banks hope to achieve this:

1. Maintaining financial security

When banks have a bird’s eye view of all the financial transactions within an economy, it is easier to find discrepancies and adjust them. Due to the immutability and append-only function of a blockchain, it is easy for banks to keep open records of transactions that can be tracked easily.

Tracking cash flow can help institutions find and mitigate economic threats that may arise due to bad policy and bank operations. Using this technology, the banks can determine whether a financial institution, including shadow banks, requires support or control.

Another way that blockchain technology promotes financial security as a way to prevent an economic crisis is by providing access to information. With this information, these institutions can determine risks and potential points of failure within the system. It can also clarify the effects of various monetary policies and help out in the gathering of statistics for research purposes. Generally, if the banks have more information, then they can perform better and cut the costs associated with running separate systems as opposed to a single blockchain.

2. Preventing fraud

Banks can prevent fraud and bad debtors using smart contracts and digital cryptographic identities. Each institution can create smart contracts between the customers and banks, as well as between the banks and the central bank. This creates an immutable record of the exact terms of the contract and will only execute when the terms are fulfilled. Banks can also avoid loan fraud by using digital identities to find out the loan history of each customer, drastically lowering the chances of bad debt in the process.

The use of a cryptographic ledger ensures that stored information can only be accessed using cryptographic keys which are usually in possession of the owner of that information. A hacker would have to compromise every single system on a network to break such a system. This makes blockchain a secure way to store information.  

3. Eliminating shadow banking

According to the People’s Bank of China, shadow banking falls into three main asset classes–  entrusted loans, trust lending, and banks’ acceptances — which saw a $555 million increase in 2017. Using blockchain technology, banks can eliminate shadow banking since all transactions will be recorded.

Final thoughts:

The financial crisis of 2008 left many nations utterly devastated. The trickle-down affected various sectors even outside the financial sector, resulting in a near collapse of the economy. However, the world moved on from the effects of that event, and most countries have been able to pull themselves out of recession. However, it is essential to take measures that ensure that the crisis is not repeated.

For banks, the best bet may be the use of blockchain technology to securely store data, access information and ensure transparency in the system. Used properly, it can serve as an open system in which all transactions within the economy are recorded. With a clearer view of all banking processes, banks and other financial institutions can successfully prevent another economic crisis.

This article originally appeared on Mintdice.com

Jayanthi Manikandan has an undergraduate degree in Computer Science from India and a Master’s degree in Information systems with a specialization in Information security from Detroit, MI, USA.

She has been passionate about Information security and has several years of experience writing on various technical topics. Additionally, she loves to pen a few personal thoughts here as well! 🙂

ByJayanthi

Halloween in India?

When I first got married and moved to the US(several years ago! :)) I hardly knew what ‘Halloween’ was. All I knew was kids were dressed up as ghosts and goblins and asked for treats(and that is all I know today, too! ;)) Fast forward, to today – Oct 31st, 2018 and we are celebrating Halloween in Bangalore, India too! I thought I was done celebrating Halloween for my kids once we moved out of US! But no – we celebrated it from the very first year we moved to Bangalore, India and no one was unhappy! 🙂

And so, to answer my title question, yes, Halloween is celebrated in India! – with the usual tricks and treats! 🙂 But of course, not all of India celebrates it  – only the bigger cities of India which are the melting point of different customs and cultures celebrate it.

How do we celebrate it here?

It is a similar celebration as in the US. There are stores that start selling Halloween costumes and masks well in advance of the Halloween day. The entire Halloween preparation is exciting for the kids. While we don’t have explicit pumpkin patch visits and pumpkin carvings – we  still do the other fun things! 🙂

Kids deciding the costumes, picking them up, buying candy  are all the same fun things as in the US. The marked difference is the weather in Bangalore, India is not that chilly as in Detroit for this time of year.

Halloween

The kids go trick or treating in their respective communities and some communities like ours have close to 400+ flats and one can imagine the amount of treats from all the houses! 

The city of Bangalore boasts of Halloween parties for adults too. There are ‘Spooky Halloween Hip Hop night’ and ‘Halloween Vibes’ as you can eat and dance the night away! 

Did I ever feel I left the US?! 🙂

Jayanthi Manikandan has an undergraduate degree in Computer Science from India and a Master’s degree in Information systems with a specialization in Information security from Detroit, MI, USA.

She has been passionate about Information security and has several years of experience writing on various technical topics. Additionally, she loves to pen a few personal thoughts here as well! 🙂