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Explore what the Internet of Things healthcare is with seven benefits it provides the industry with.

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Modern solutions have penetrated into numerous industries including the financial field. Every day we interact with various gadgets and do not even realize how they improve our life and the state of the economy. In this article, we are going to consider the IoT in banking: the benefits of different systems and reasons to start their implementation.
<h2 dir="ltr">What is IoT Technology?</h2>
The IoT technology in any enterprise is a set of devices connected to the Internet. The holistic system is managed by special software with or without Artificial Intelligence (AI). True smart solutions, which we deploy, are able not only to collect but also to analyze data by representing it in a meaningful way.
Without a doubt, the Internet of Things is a leading technology in the near future. Specialists have estimated that the IoT market had exceeded $500 million in 2021. And the growth is going to continue: by 2027, the market will cross the $2 trillion mark.
<h2 dir="ltr">Benefits of the IoT in the Banking Industry</h2>
The Internet of Things is usually associated with smart homes but actually, the technology has a significant spread in the production and service spheres. Let&rsquo;s find out what the IoT might offer you as an entrepreneur and your clients.
<ul>
<li dir="ltr" aria-level="1">
Personalized service. The IoT systems are about gathering and analyzing data related to the needs and habits of your audience. As a result, you are able to provide services that would meet all users&rsquo; requirements. According to some research, one in three millennials can easily change the bank if the convenience of use and banking offers don&rsquo;t match the initial expectations.
</li>
<li dir="ltr" aria-level="1">
Boosting business processes. The mainstream among the mobile banking trends is the refusal of human labor because it&rsquo;s too expensive and irrational. Automated systems can easily replace a part of employees by processing requests and operations. A good example is a time for opening a new account, which is reduced to five minutes in some modern banks and is performed in a mobile app.
</li>
<li dir="ltr" aria-level="1">
Simplified switching to the online business model. There are financial establishments, which don&rsquo;t even have branches: they are operating completely online saving a decent amount of income. IoT solutions allow you to adapt faster and easier to the ever-changing world.
</li>
</ul>
Moreover, implementing IoT solutions lays the foundation for a structural transformation of your business in the future by simplifying it.
<ul>
<li dir="ltr" aria-level="1">
Expanding the range of services. If you know the hobbies and preferences of customers, you can offer more services. You are able to link the financial industry to channels where users leave their money. The bottom line is to provide bonuses and financial rewards to an audience segment, which takes advantage of the offers of your partners. The list may include gyms, restaurants, train stations, and so on.
</li>
<li dir="ltr" aria-level="1">
Simplifying the decision-making process. The main benefit of IoT in banking is receiving answers to numerous questions about your clients. Thanks to the IoT, banks get a huge amount of information that helps them make the right decisions regarding the launch of new products and development in general.
</li>
<li dir="ltr" aria-level="1">
Eliminating fraud. It&rsquo;s a merit of technologies that enhance the security level.
</li>
</ul>
Each of the mentioned things leads to one crucial goal of any company: increasing revenue by improving customer loyalty.
<h2 dir="ltr">How to Apply the Internet of Things to Banking?</h2>
It&rsquo;s impossible to cite all existing scenarios of using IoT technologies within the article. So, we are going to list the brightest ones.
<h3 dir="ltr">Security</h3>
A high-security level is the basis of the financial industry. So, in order to have a clue about who is making a transaction or trying to access a certain resource, companies must perform authentication.
Technologies aimed at your clients:
<ul>
<li dir="ltr" aria-level="1">
Logging to ATMs using a smartphone. Let users scan a QR code on the ATM screens to enter their personal accounts. It will allow your clients to have an expanded range of services and secure their operations;
</li>
<li dir="ltr" aria-level="1">
Approval of payments. If the system sees a new recipient and the amount of money is decent, it may ask for the transaction approval through a phone call or an SMS code. The first method involves a robot that requests the user to tap, for example, the number 1 on the keyboard.
</li>
</ul>
IoT in banking aimed at your employees:
<ul>
<li dir="ltr" aria-level="1">
Video surveillance. It&rsquo;s not necessary to keep records 24/7: smart systems allow starting the process after detecting movements. Moreover, there are solutions, which are able to recognize people (of course, if they are close enough to the camera and are looking straight into the lens);
</li>
<li dir="ltr" aria-level="1">
Pass system. To know who comes in and out, you should take care of passcards. All the employee needs to do is scan it. After that, the data about the person will be recorded and the door will open.
</li>
</ul>
Thus, The Internet of Things provides strong data protection with multiple authentication options.
<h3 dir="ltr">Expediting assistance</h3>
Modern technologies make visiting bank branches more organized: people can sign up for an electronic queue in a special self-service terminal. The computer will display a message when it&rsquo;s your turn.
In order to save time and money, modern banks have refused the use of paper bills and documents: the operations are performed electronically; clients sign documents on a tablet and then receive a receipt by email or in a bank application. So, the benefits of IoT in banking are obvious: such an approach to the assistance process is fast and eco-friendly.
<h3 dir="ltr">Offering a unique user experience</h3>
Wallets look different nowadays: it&rsquo;s usually smartphones with NFC chips. However, there are other options: smart bracelets, smartwatches, or even rings! Everything of these is a big part of the Internet of Things, which generates a new user experience.
The last thing we would like to mention is control over cars/planes, which are in rent. IoT solutions allow tracking their locations and parameters inside them such as temperature, humidity, and so on. It&rsquo;s important to keep the transport in proper condition.
<h2 dir="ltr">Main Risks You Should Be Aware Of</h2>
We have listed numerous reasons why you should implement IoT systems. However, we are going to be honest with you: there are certain risks if you entrust the development to an unprofessional team.
<ul>
<li dir="ltr" aria-level="1">
Using uncertified hardware. Such devices have an insufficient level of cyber security and do not often receive updates. As a result, storing data on them becomes insecure.
</li>
<li dir="ltr" aria-level="1">
Lack of visibility and device management. Unmonitored and untracked devices cause suffering. IoT in banking is about convenience and complete control, not about trying to make solutions work.
</li>
<li dir="ltr" aria-level="1">
Stealing data. Such endeavors should be prevented at the hardware and software levels. Modern gadgets have special chips, which make it impossible to compromise information.
</li>
<li dir="ltr" aria-level="1">
Ill-considered decisions at the very beginning of implementation. It&rsquo;s a big problem taking into account the conservatism of the banking industry. You cannot sometimes follow the mobile banking trends because your financial establishment requires preparation. And it may cost an arm and a leg.
</li>
</ul>
Agilie is here to help you implement all your ambitions despite the existing challenges. We know what a quality product should look like and how to ensure an unprecedented level of security.

Our team has the necessary expertise and resources, so feel free to get hold of our manager to start working on your project. We can also help in <a href="https://agilie.com/blog/how-to-create-a-mobile-banking-app" target="_blank" rel="noopener">creating a fintech app</a>.&nbsp;

Gain insights into the benefits of IoT in banking with effective examples.

Gain insights into the benefits of IoT in banking with effective examples.

IoT in Banking and Fintech: The Main Benefits and Bright Examples | Agilie

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Embrace the essence of smart contracts, areas of usage, and analyze what are the benefits of smart contracts.

Embrace the essence of smart contracts, areas of usage, and analyze what are the benefits of smart contracts.

Blockchain Smart Contracts: Implementation and Benefits | Agilie

NFTs are unique products of cryptography. Each of them is inimitable and exists in a single copy. Being stored in the blockchain, it is immune to fakes. That's why NFT tokens are attracting more and more attention. Among those fascinated by them are ardent collectors seeking to own unique digital objects.&nbsp;
The popularity of NFT-based art is growing year by year, especially during the pandemic (whereas sales of physical art have plummeted). And the demand keeps growing: the total value of NFT transactions at the beginning of 22 amounted to more than $300 million, which exceeded the sales level for the entire past year.&nbsp;
All of the above leads to a logical conclusion: it's high time to develop an NFT platform and start making money on it. And in our article, we&rsquo;re going to tell you how to do it.
<h2 dir="ltr" style="text-align: justify;">What is an NFT Marketplace and How it Works</h2>
<h3 dir="ltr" style="text-align: justify;">How the NFT Marketplace Works</h3>
An NFT marketplace represents the online platform where the users can sell and purchase non-fungible tokens. These tokens play a central role as they grant ownership and promote the trade of digital assets like a piece of art, music, virtual collectibles, etc. Each NFT has its unique identification code, which makes them non-fungible or distinguished and non-replaceable. The identification code alleviates the process of token transfer and verification.&nbsp;
A non-fungible token platform operates on the basis of so-called smart contracts. Their peculiarity is that they&rsquo;re self-fulfilling and don&rsquo;t depend on the human factor. An NFT smart contract is a programmatic code that contains the rules of the non-fungible token in the blockchain. Additionally, blockchain is a basis for non-fungible tokens, smart contracts, and crypto wallets. If you are interested in clarifying&nbsp;<a href="https://agilie.com/blog/how-to-create-a-bitcoin-wallet-app" target="_blank" rel="noopener">how to make a Bitcoin wallet</a>, feel free to read the linked article.
From this point, this type of programming contract ensures the seller&rsquo;s ownership of the digital asset. Therefore, the parties to the transaction don&rsquo;t have to trust each other.
<img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1723531111587.png" />
Smart contracts supplement a token with unique data about the product it&rsquo;s connected to, after which the NFT item is open to sales or auction. And the purchase money is debited from the buyer's account only if the terms of the transaction are met. Otherwise, the deal is considered invalid, which leads to its automatic termination. Of course, such an approach reduces and even eliminates fraud attempts. That's why smart contracts are so popular right now.
As you can see, the whole thing is very clear and simple.
<h2 dir="ltr" style="text-align: justify;">Top 3 NFT Platforms</h2>
Rarible&nbsp;
Rarible is an NFT art marketplace that offers versatile opportunities like mining, buying, creating and trading tokens via online auction. The uniqueness of this platform is its blockchain flexibility. Users can tailor their NFT based on multiple blockchain platforms, such as Solana, Ethereum, and Polygon.&nbsp;
OpenSea
Users can place and distribute their tokens at a fixed price. The marketplace operates blockchain networks like Polygon, Bitcoin, and Ethereum. Buyers have two options: to purchase the token of a valuable collectible, like a music piece, or a digital asset like the domain name.&nbsp;
Mintable
Mintable sells digital art, photography, and games. The trade platform&rsquo;s unique feature is its blockchain architecture. The marketplace represents the peer-to-peer transaction, which excludes the necessity of the third party&rsquo;s participation. The platform is Ethereum blockchain-based.
<h2 dir="ltr" style="text-align: justify;">Must-Have Features of Your NFT Marketplace</h2>
<img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1723531130174.png" />
Let's consider the most essential features, without which your resource won&rsquo;t work as it should:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Account-related features. We see no point to detail the features common to almost all sites and applications: registration, account creation &amp; management, and so on.
</li>
<li dir="ltr" aria-level="1">
Storefront. Any store, including those based on NFT, should have some kind of storefront. This applies to both physical stores and online ones. Therefore, you must provide the user with the opportunity to create his seller page in a few clicks, without extra steps.
</li>
<li dir="ltr" aria-level="1">
Search system. Also, features of your NFT marketplace should include the ability to search for products. Pretty obvious, right?
</li>
<li dir="ltr" aria-level="1">
Filters. The feature is related to the previous one: to be precise, before initiating a search, the customer specifies his wishes using filters.
</li>
<li dir="ltr" aria-level="1">
Creating listings. The feature is targeting sellers. They create listings and manage the sales process.
</li>
<li dir="ltr" aria-level="1">
Buying or bidding. Don't forget about buyers either: offer a simple, clear way to purchase the NFT item (through a traditional sale or with the help of an auction).
</li>
<li dir="ltr" aria-level="1">
Digital wallet. And of course, you need to add a wallet, without which it&rsquo;d be very difficult to perform monetary transactions.
</li>
</ul>
These features are quite enough to build an NFT marketplace (in the end, it's better to start small than not to start at all). However, if you want more, consider additional options such as:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Interactive chat&nbsp;to initiate real-time communication between buyers and sellers;
</li>
<li dir="ltr" aria-level="1">
Wishlist: the perfect solution to boost sales. The user may be limited in funds right now, but it doesn't mean he won't be able to buy the product of interest later. And there are more chances to make this happen if the desired items are placed in a separate list (Wishlist);
</li>
<li dir="ltr" aria-level="1">
Chatbot, whose task is to answer users' questions around the clock (even at midnight);
</li>
<li dir="ltr" aria-level="1">
Comparison of goods, which will also make your resource more attractive in the eyes of users.
</li>
</ul>
And now it's time to discuss the NFT-platform development process, step by step.
<h2 dir="ltr" style="text-align: justify;">How to Create NFT Marketplaces in 7 Steps?</h2>
<h3 dir="ltr" style="text-align: justify;">Initial preparation&nbsp;</h3>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
You should start by understanding what you have to deal with.&nbsp;
</li>
<li dir="ltr" aria-level="1">
How long will the project last?&nbsp;
</li>
<li dir="ltr" aria-level="1">
What budget do you need to implement it?&nbsp;
</li>
<li dir="ltr" aria-level="1">
What will increase the chances of its success?&nbsp;
</li>
</ul>
The smartest option is to order the&nbsp;<a href="https://agilie.com/expertise/discovery" target="_blank" rel="noopener">discovery service</a>&nbsp;instead of trying to do research on your own. Experienced professionals will determine the key project requirements and suggest the best way to act.&nbsp;
<h3 dir="ltr" style="text-align: justify;">Hiring performers</h3>
If you hire discovery specialists to carry out the preparatory stage of the project, you&rsquo;ll be able to find the developers much easier. The thing is, Discovery and Delivery teams often work together.
<h3 dir="ltr" style="text-align: justify;">UI/UX</h3>
The discovery phase often involves creating an initial prototype of your website or app. And in this case, you can immediately proceed with building a detailed interface design. Otherwise, you'll have to start with prototyping.
<h3 dir="ltr" style="text-align: justify;">MVP</h3>
If you're on a tight budget, start small by developing an MVP (an NFT trading platform with a minimal set of features). You can improve it later when you realize you&rsquo;ve chosen the right strategy.
<h3 dir="ltr" style="text-align: justify;">Testing&nbsp;</h3>
Test your project on end-users. Do they like what they see? What should be improved?
<h3 dir="ltr" style="text-align: justify;">Project release</h3>
So, you've added new features to the project and corrected its shortcomings. Now you can release the final version of the NFT marketplace. Of course, you'll keep improving it in the future, because working on a digital product is an endless process, but the first difficult stage has remained behind.
<h3 dir="ltr" style="text-align: justify;">Project improvement</h3>
As we said, keep evolving your product: collect user feedback, implement new features, and improve old ones. Updating functionality is the only way to succeed in building an NFT platform.&nbsp;
<h3 dir="ltr" style="text-align: justify;">Tech Stack to Build an NFT Marketplace</h3>
Of course, the developers you hire know how to create NFT marketplaces (at least they should). But just in case, we&rsquo;d like to show what technologies will help you implement the project.
<img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1723531150376.png" />
<h2 dir="ltr" style="text-align: justify;">How to Make Money with NFT Marketplace?</h2>
We&rsquo;re 100% sure you&rsquo;re eager to learn how NFT marketplaces make money and how you can monetize your own NFT platform. The most optimal ways are:
<ul>
<li dir="ltr" style="text-align: justify;" aria-level="1">
Sales commission. If you want to create your own NFT marketplace you have to know that the seller pays a certain commission for each NFT product sold (usually about 5-10%).
</li>
<li dir="ltr" style="text-align: justify;" aria-level="1">
Ads. Advertising is a great way to monetize any website or application, including platforms for NFT trading. Just make sure your ads aren't too intrusive (or you risk annoying your users).
</li>
<li dir="ltr" style="text-align: justify;" aria-level="1">
Paid promotion. If you want your NFTs to get to the top more easily, you are welcome to resort to a paid promotion.
</li>
<li dir="ltr" style="text-align: justify;" aria-level="1">
Listing fees. Another commission option, this time it's a per-listing fee.
</li>
<li dir="ltr" aria-level="1">
Paid features. And finally, why not make some of the features (those that aren't included in the basic set) paid?
</li>
</ul>
<a class="incut--wrap" style="transition-property: all;" href="https://agilie.com/blog/tips-and-tricks-for-creating-online-marketplaces" target="_blank" rel="noopener" aria-label="incut"><img style="float: left;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1723474786769.png" width="100%" height="100%" />Thinking of creating an online marketplace? We have a few useful tips to help you with such a challenging task!</a>
<h2 dir="ltr" style="text-align: justify;">Conclusion</h2>
We've elucidated versatile details on how to build your own NFT marketplace. When you get started with crafting non-fungible token platforms, you need to keep in mind major performers, UX/UI, MVP, and testing. You can achieve token monetization by ads, paid promotion, listing fees, and paid commissions. Now you know how to approach the NFT-platform development process without unnecessary risks. And if you're ready to move from words to deeds,&nbsp;<a href="https://agilie.com/contacts" target="_blank" rel="noopener">write to us</a>, and we'll discuss your project in more detail.

Learn how to create an NFT marketplace. Dive into the specificity of non-fungible tokens, NFT blockchain-operated platforms, and steps to build your NFT.

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