게시판 게시물

홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 7월 06일
In SICAN Insights
With digital transformation disrupting the banking industry and creating new competitors in the fintech space, banks have been heavily pressured to develop a solution of their own across their value chain. Investment banking is one of the more obscure sectors that have received less attention than its counterparts for widescale digitalization. Despite digital technologies already being an integral part of every capital markets professional and having transformed the sales and trading business, corporate and investment banks have shown mixed and often disappointing results in regard to digital solutions. However, exploring the different approaches, priorities, and risks that involve digital transformation is crucial given the potential value that such solutions can provide. Investment banks have experienced setbacks due to two overarching reasons in the past: volatile revenues, and increased competition. According to a report from Accenture, “despite significant cost-cutting measures, quarterly revenues in investment banking have been stagnating” (Accenture). The main aspects of the value chain that are driving weak returns are volatility in trading volumes, competitive advisory fees, falling revenues in merger and acquisition activities, and stringent capital and liquidity requirements. Furthermore, the increased regulatory measures have added to the burdens of investment banks and driven more costs. In addition to these trends, the competition in the capital markets industry has been ever-growing with the introduction of FinTechs. Financing through crowdfunding and peer-to-peer lending has eliminated the need for existing investment banking services and brokers, and more and more FinTechs are entering the market and providing alternative services that replicate and improve the services of traditional investment banks. Both of these challenges call for a revamped business model that is driven by digital that can cut costs and also keep up with new trends in the Fintech space. Digital transformation provides great potential in optimizing the business to boost weak returns. The problem around volatile revenues encompasses inefficiencies in the value chain that can be addressed through the implementation of technologies like robotic process automation (RPA), machine learning, artificial intelligence, and data analytics. Ralf Bemman and Bhuvana Karthik from Accenture believe that these solutions alongside other disruptive technologies such as blockchain, virtual customer assistants, and advanced analytics will play a key role in “streamlining and simplifying processes, eliminating redundant ones, and curtailing investments in monotonous and repetitive internal processes” (Accenture). When looking into a traditional investment bank’s value chain, the client onboarding process in front-office operations was determined to show the highest potential and urgency for automation that can reduce the team size and time required for processing client onboarding. Bemman and Karthik also emphasize that new competition should be tackled through both competition and collaboration, allowing banks to improve existing services and tap into innovative ideas, while also developing innovative solutions through digital channels and interactive technologies that retain their existing clients base. Upgrading legacy applications through blockchain and RegTech collaborations is one way that investment banks can upgrade their value chain to address larger clearing volumes, ensure regulatory compliance, consolidate reporting, and provide customized reports. However, despite the advantages of going digital in investment banking, investing heavily in digital is not a clear cookie-cutter answer for all banks. In McKinsey’s report on Digital Success in Capital Markets, analysts outlined that there were two different routes for success in digitalization for investment banks: the all-in route and the targeted route. Determining which route a bank should take depends entirely on its positioning. Banks that have a substantial portion of revenues coming from clients who are focused on executing at low cost and capital markets divisions facilitating adjacent businesses that are going digital, such as wealth management units, transaction banking, and retail banking will require highly digitized service models. However, banks that serve clients with highly customized needs such as pension and insurance funds seeking complex asset-liability management solutions will find digital services less urgent in many aspects of the value chain. Furthermore, banks should evaluate their track record with digital initiatives; those who are “late entrants, that have struggled to deliver historically, or that are constrained by funding” may find it better to explore limited digitization, to begin with (McKinsey). Investment banking may see new opportunities going forward with digital and centering business models around disruptive technologies, but challenges have and always will be present. Assessing previous hiccups in the introduction of digital is key to developing a focused and successful migration path that is set up for success. Previously, banks “have misread the economics of electronic trading, failed to anticipate market structure changes or engaged in expensive ‘me too’ initiatives that were not sufficiently differentiated” (Mckinsey). Alongside these missteps, they have also underestimated the capabilities required for digital transformation to succeed. Moving forward, McKinsey has identified four immediate priorities that address many of these mistakes: clearly defining digital strategy for each sector, building digital capabilities and operating models, implementing “no regret” digital transformations and end-to-end automation, and fueling the innovation pipeline. Text Bemmann, Ralf, and Bhuvana Karthik. “Charting the Digital Journey for Investment Banking: Part 1 .” Accenture, 2018, https://www.accenture.com/_acnmedia/pdf-83/accenture-charting-digital-journey-investment-banking-part-1.pdf. Bemmann, Ralf, and Bhuvana Karthik. “Charting the Digital Journey for Investment Banking: Part 2.” Accenture, 2018, https://www.accenture.com/_acnmedia/pdf-89/accenture-charting-digital-journey-investment-banking-part-2-pov.pdf. Buehler, Kevin, et al. Two Routes to Digital Success in Capital Markets. McKinsey, Oct. 2015, https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Two%20routes%20to%20digital%20success%20in%20capital%20markets/Two-routes-to-digital-success-in-capital-markets.ashx. Franklin, Joshua. “Investment Banks Accelerate Efforts to Automate Junior 'Grunt Work'.” FT, Financial Times, 14 Sept. 2021, https://www.ft.com/content/06b0a82d-b0fa-437f-b640-57bdaa508e59. Springfield, Cary. “Can Investment Banking Successfully Embrace Digitalisation?” International Banker, 24 Mar. 2021, https://internationalbanker.com/banking/can-investment-banking-successfully-embrace-digitalisation/. Photos Buehler, Kevin, et al. Two Routes to Digital Success in Capital Markets. McKinsey, Oct. 2015, https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Two%20routes%20to%20digital%20success%20in%20capital%20markets/Two-routes-to-digital-success-in-capital-markets.ashx. Franklin, Joshua. “Investment Banks Accelerate Efforts to Automate Junior 'Grunt Work'.” FT, Financial Times, 14 Sept. 2021, https://www.ft.com/content/06b0a82d-b0fa-437f-b640-57bdaa508e59. Springfield, Cary. “Can Investment Banking Successfully Embrace Digitalisation?” International Banker, 24 Mar. 2021, https://internationalbanker.com/banking/can-investment-banking-successfully-embrace-digitalisation/.
Digital Transformation: Trends and Outlook in Investment Banking content media
0
0
12
홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 6월 02일
In SICAN Insights
(Wearable device keywords, TechforAging) A representative example of a human-centered design can be said to be a wearable device. Currently, the biggest stake in the wearable device business in Korea is the elderly wearable device. The greatest potential of wearable devices is that they can be a medium for platform linkage. The core of the wearable device platform is to distribute wearable devices to the elderly population by linking institutions such as welfare institutions and telecommunications companies, collect data of the elderly, share it among institutions, and provide linked services. This journal will address the elements necessary for wearable devices to connect with the platform. (Wearable technology daily usage rates, Statista) If wearable devices for the elderly are commercialized in Korean society, they can be said to be an extension of the u-care service, a digital welfare service. Activity sensors, gas and fire sensors, and emergency callers can be installed at home for the elderly living alone, and if the elderly living alone is not active or is significantly lower than usual, the institution can be expanded to check their safety by phone. Furthermore, it is possible to compensate for the problem that the u-care service is not widely implemented due to a shortage of manpower. This is because if the devices are distributed, caregivers can manage the safety of the elderly by integrating them into machines without visiting them in person. Public institutions that can be linked include fire engines, surrounding elderly institutions, and medical institutions. First of all, firefighting agencies can receive emergency calls and fire report signals sent by the elderly to their terminals in real-time. In addition, if an outlier appears in which the degree of water and electricity use measured in the data is lower than the average, it can be dispatched after receiving a report from a nearby elderly institution that manages the device. Elderly institutions can collect GPS data and provide safe zone services with the consent of the elderly themselves or their guardians. When the elderly with dementia leaves the designated place, they can provide a service in the form of notification to local institutions immediately. Medical institutions can collect medical-related data on the elderly and provide appropriate welfare data in connection with welfare institutions. A representative example is the provision of nursing services for stroke patients using k-cluster cluster analysis. Seoul National University's Graduate School of Medicine analyzed the data of stroke patients and divided them into long-term care groups and short-term care groups to provide nursing services for an appropriate period. If the above institution is linked, it is possible to achieve data welfare governance in which institutions and companies cooperate, not central government-centered welfare provision. (Wearable device usage example, Senior Lifestyle) The key to the "platform for all" is to allow as many people as possible to enjoy the benefits of data welfare services without difficulty. This means that the elderly population is more likely to have lower device utilization and judgment ability than other generations. The screen should be composed of large letters, simplified screens, and pictograms so that there is no inconvenience in use, and interfaces using touch (vibration), vision (red use in emergency situations), and hearing should be configured. You will also need a shortcut button to contact the emergency contact network. The limitation of the welfare platform through devices is that the national budget alone cannot cover the supply of devices for the entire population. From a long-term perspective, it is possible to earn profits by reducing the labor cost of welfare workers through device distribution, but this takes a long time and even if it earns profits through this, there are budget limitations. Therefore, it is necessary to supplement the limitations of device distribution with data welfare services to be described later and expand the scope of welfare in the form of distributing devices to as many populations as possible by linking them with telecommunication companies and platform companies. (Wearable device industry growth, Business Insider) The closer you are to the city and the center, the more likely you are to see the benefits of technological development, but in farming and fishing villages and provinces, technology alienation is occurring because related infrastructure is inadequate. To solve this problem, a community care system should also be included in the platform that allows locals and businesses to form a cooperative relationship within data governance to enjoy the benefits of data technology development. The basic concept of community care is a policy that integrally supports social services so that residents in need of care can enjoy individual services in the region and live together in the community. The types of subjects of the elderly model are clustered to provide services accordingly. The classification presented by the state is divided into five models, which are health promotion, chronic diseases, and long-term care. Health care/welfare services in the community can be provided to health care targets discovered based on data, and are conducted through cooperation between health centers and private companies. References “Wearable Technology for Seniors.” Senior Lifestyle, 5 Nov. 2021, https://www.seniorlifestyle.com/resources/blog/wearable-technology-for-seniors/. Stewart, Conor. “Wearable Technology Daily Usage Rates 50+ Adults by Group U.S. 2019.” Statista, 28 July 2020, https://www.statista.com/statistics/1088638/wearable-technology-daily-usage-rates-among-older-adults-by-age-group-us/. Intelligence, Insider. “Wearables Usage Has Dropped Significantly - but There's a Silver Lining.” Business Insider, Business Insider, 26 Aug. 2016, https://www.businessinsider.com/wearables-usage-has-dropped-significantly-but-theres-a-silver-lining-2016-8. Wearable Technology for the Elderly: Underutilized Solutions. https://www.researchgate.net/publication/308006477_Wearable_technology_for_the_elderly_Underutilized_solutions. Olmedo-Aguirre, José Oscar, et al. “Remote Healthcare for Elderly People Using Wearables: A Review.” Biosensors, vol. 12, no. 2, 2022, p. 73., https://doi.org/10.3390/bios12020073.
Growth Prospects and Issues in Elderly Wearable Devices content media
0
0
9
홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 5월 26일
In SICAN Insights
Over the past decades, the global society has been rapidly shifting from conventional analog to digital technologies. Such transition has brought about numerous benefits to mankind, such as reinforced international connectivity, enhanced data collection, and freedom from spatial restraints. A less renowned field where digitalization has come into active use is cultural heritage preservation. International organizations, governments, and museums worldwide have made significant progress in this sector, creating a sustainable and inclusive reservoir of heritage. This article looks into the implementation and outcomes of these activities. Being rich in cultural heritage as well as the resources to protect and preserve them, the European Union (EU) and its constituting countries have actively powered cultural heritage efforts throughout the 21st century. The utilization of digital technology has been one of them. From artificial intelligence to 3D tech and virtual reality, these technologies are being utilized to not only ensure preservation but also to promote the European culture and engage broader audiences both in and out of the EU. In 2019, 26 EU countries signed a Declaration of cooperation on advancing the digitalization of cultural heritage. The Declaration “invites the Member States to leverage synergies between digital technologies and Europe’s cultural heritage in three key areas: (i) a pan-European initiative for 3D digitization of cultural heritage artifacts, monuments, and sites; (ii) enhancing cross-sector, cross-border cooperation and capacity building in the digital cultural heritage sector; and (iii) fostering civic engagement, innovative use and spillovers in other sectors” (European Commission). In the following year 2020, the European Commission released the “10 basic principles for 3D digitization of tangible cultural heritage” which served as an important guideline for museums and heritage professionals. The need for digitalization was further highlighted with the start of COVID 19, which caused many cultural institutions to close. However, many were able to quickly respond by expanding their pre-established digital services. The European Commission also offers sustained support for cultural heritage innovation and research through its Horizon 2020 program. From 2014 to 2020, the program has funded around 70 million euros in digital cultural heritage. (damaged Iraq heritage site, UNESCO) The United Nations Educational, Scientific, and Cultural Organization (UNESCO) is another leading actor in the digitalization of cultural heritage. Similar to the activities of the EU, the international organization focuses on preservation through documentation and making culture more accessible to a wider audience. As part of its initiative, UNESCO has launched the #ShareOurHeritage campaign in collaboration with Google Arts & Culture. It is an interactive online exhibition featuring UNESCO World Heritage sites from across the globe, including the Mudejar Architecture of Aragon of Spain, Ngorongoro Conservation Area of Tanzania, and the Pampulha Modern Ensemble of Brazil. Another significant activity of UNESCO is the protection and preservation of cultural heritage in conflict zones. An exemplary case is Iraq. While home to six UNESCO world heritage sites, the country, and its heritages have been constantly affected by unstable conflict situations, which resulted in deliberate and non-deliberate destruction of heritage as well as looting of relics. In response, the Iraqi State Board of Heritage and Antiquities has proposed an initiative to “create a central database and digitally preserve and archive historical documents and photographs related to World Heritage sites in Iraq. The project will collect the pictures and documents held in several archives, digitize them, and catalog them to improve access to crucial conservation material and ensure the documents’ safeguarding” (UNESCO). Similar measures are being undertaken in Middle Eastern and African conflict zones as a sustainable and accomplishable way to preserve valuable information. (before and after digital reconstruction of Leptis Magna of Lybia, CBNC) In addition to nation-states and international organizations, some public sectors have also joined heritage preservation efforts by utilizing digital technology. In 2020, the London-based agency NeoMam Studios and insurance company Budget Direct have collaborated to digitally reconstruct destroyed heritage sites. With input from Turkish and Serbian architects, computer-generated renderings, and animations, the sites were digitally restored to their state before destruction. Museums and universities have also launched digital restitution projects. The ArchAIDE project led by the University of Pisa has developed “innovative software to identify fragments of pottery found during excavations and to store them in a dedicated database” (Cordis). According to archeologist Gabriele Gattiglia, this software will be able to save up to two-thirds of the time and effort spent on the identification of pottery artifacts. The role of digital technology in cultural heritage preservation has increased continuously over the past decade, with funding and involvement of nations, international organizations, and private sectors. While COVID 19 has highlighted the need for digitalization, global demand and the need for digital expansion are prospected to continue in the post-COVID era. Following this, interregional collaboration similar to that of the EU would be much needed for an effective, sustainable, and inclusive digital environment for heritage preservation. References Devčić, Helga Bubanović, and Ivana Šimunec. “How Digitization Can Help to Preserve the Cultural Heritage.” EY, 25 June 2021, https://www.ey.com/en_hr/consulting/how-digitization-can-help-to-preserve-the-cultural-heritage-. “Exploring World Heritage from Home with UNESCO.” UNESCO, 30 Sept. 2020, https://en.unesco.org/covid19/cultureresponse/exploring-world-heritage-from-home-with-unesco. “How Digital Technologies Can Play a Vital Role for the Preservation of Europe’s Cultural Heritage.” European Comission, 16 Feb. 2021, https://cordis.europa.eu/article/id/413473-how-digital-technologies-can-play-a-vital-role-for-the-preservation-of-cultural-heritage. Pitrelli, Monica Buchanan. “Watch These 5 Endangered UNESCO Sites Get Digitally Restored in a Matter of Seconds.” CNBC, CNBC, 30 July 2020, https://www.cnbc.com/2020/07/30/watch-5-unesco-sites-get-digitally-restored-in-a-matter-of-seconds.html.
Role of Digital Technology in Cultural Heritage Preservation: the EU and UNESCO content media
0
0
7
홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 5월 26일
In SI News
Despite the endless chaos surrounding the Ukraine and Russian war, the world keeps moving and there is no time for rest without new surprises. Elon Musk comes out strong with bold statements regarding the acquisition of Twitter, South Korea sees its new president take office in a new era, and the cryptocurrency market warns investors once again of the dangers of alternate vehicles of investment. - #Elon Musk’s deal to acquire Twitter is on hold. On April 14th, Elon Musk offered to buy Twitter for 44 billion dollars, a valuation that prices a share of Twitter at $54.20, 9 dollars above the market value. Elon expressed that he believed that Twitter had huge potential to be a platform for free speech for everyone around the world, but also wanted to make some changes to the way the platform was run. One thing is clear: Elon Musk’s takeover of Twitter is not focused on gains but on shaping Twitter into Musk’s ideal platform for freedom of speech. Musk’s decision to take over Twitter came about after a little incident involving Musk’s interest in the company. Previously, although Musk had attempted to get a minority stake of 15% of the company to make changes to the company, his plans were halted when the underlying offered him a seat on the board of directors, which restricted him from owning 15% of the company and dictating any changes. Thus, Elon Musk attempted to bypass these restrictions by offering to take over the entire firm. Not only did Elon Musk offer to buy Twitter, but SEC filings showing that Musk had sold 8.4 billion dollars worth of Tesla shares also show his commitment to the takeover. On April 25th, Twitter accepted Elon Musk’s offer at a 44 billion dollar valuation, but the deal is far from over. More recently, Elon Musk has put the deal on hold due to pending details on spam/fake accounts on the platform that has to be cleared up, but also highlights that he is still committed to the deal. In the case that the deal does not go through, Elon Musk will have to pay a 1 billion dollar breakup fee and also faces the risk of being sued for a breach of contract. Time will tell whether this deal is serious or just another of Elon’s memes on Twitter. - #New President, new office, new housing market. Yoon Suk-yeol was sworn into office as the new president of South Korea on May 10th. In his inaugural speech, Yoon expressed once more his conservative values and policies: stronger sanctions against North Korea, and closer ties with the United States, among others. And, despite accusations of President Yoon “pandering to widespread sentiment against China as well as an anti-feminist movement led by young South Korean men,” Yoon vowed to stand up for values like freedom and liberal democracy and is set on leaving a good impression on the people (Sang-hun, Choe). One of his first moves as president, a change in the presidential office from the Blue House to the Defense Ministry compound in Yongsan District, displays Yoon’s determination to show the people that he is insistent on delivering change. Aside from the political frictions that come with Yoon’s inauguration, many have turned to the new president for a hope for change in South Korea’s housing market. South Korea’s housing prices saw the largest surge since the early 2000s last year, and policies regarding the housing market has been a major factor in the presidential election. Yoon’s agenda promises the removal of high capital gains taxes on multiple homeowners, which his party believes would encourage the homeowners to sell their properties and ultimately lead to a more stable real state with lower prices. More recently, however, the housing market has seen the opposite effect due to the anticipation of Yoon’s policy changes; “an 84-square-meter apartment which sold for 2.55 billion won in February listed at between 2.7 and 2.8 billion won” in April (Lee, Ho-Jeong, and Eun-Hwa Han). However, expectations for these policy changes remain relatively high, and Korea may be finally seeing concrete changes to the housing market. - #From the moon to the ground Luna, a cryptocurrency, has lost nearly all of its value and collapsed to nearly 0 dollars from an all-time high value of $119. Luna is a cryptocurrency that is affiliated with TerraUSD, also known as UST, which is a stablecoin that stabilizes the price of the underlying to maintain a one-to-one peg with the U.S. Dollar. TerraUSD is able to keep the relative price to the dollar stable through a complex system of minting and burning that involves the burning of Luna cryptocurrency but recently has not been able to maintain the relative price ratio. When TerraUSD’s value fell and become less valued than the dollar, Luna, which is correlated to TerraUSD, quickly fell in price with it. More and more investors have become skeptical of Luna and have started dumping the coin after TerraUSD lost its peg. The mass-selling of Luna was so intense that Binance, one of the largest cryptocurrency exchanges, had “slowness and congestion” due to the “high volume of pending Terra network withdrawal transactions” (Kharpal, Arjun). Furthermore, the cryptocurrency exchange had to suspend the withdrawal of Luna for a few hours during the mass dump. This incident surrounding TerraUSD and Luna brings great skepticism to an already down cryptocurrency market and tests the credibility of investment vehicles. Whether Elon Musk ultimately goes through with the deal with Twitter or not, there will certainly be changes or repercussions to the bold offers made by Musk. We may also possibly see a directional shift in Twitter’s policies and values. South Korea, in a very similar light, is seeing the introduction of a new leader that comes with new ideologies and policies. These changes leave us curious about what the future may hold. The cryptocurrency market, which has already taken a beating in recent quarters, continues to be disappointed by examples like Luna, which continuously shed a skeptical light on the technology. Sources (of research and visuals) Hawkins, Andrew J. “Elon Musk Buys Twitter: All the News You Need on One of the Biggest Tech Deals of All Time.” The Verge, The Verge, 16 Apr. 2022, https://www.theverge.com/23026874/elon-musk-twitter-buyout-news-updates. Kharpal, Arjun. “Cryptocurrency Luna Now Almost Worthless after Controversial Stablecoin It Is Linked to Loses Peg.” CNBC, CNBC, 13 May 2022, https://www.cnbc.com/2022/05/12/cryptocurrency-luna-now-almost-worthless-after-ust-falls-below-peg.html. Kim, Sarah. “Korea's New President, Yoon Suk-Yeol, Gets Fresh Start in New Location.” Korea JoongAng Daily, https://koreajoongangdaily.joins.com/2022/05/09/national/politics/Korea-Yoon-Sukyeol-inauguration/20220509230113162.html. Lee, Ho-Jeong, and Eun-Hwa Han. “Yoon Promises to Deliver on Property Campaign Promises.” Korea JoongAng Daily, https://koreajoongangdaily.joins.com/2022/04/04/business/economy/Yoon-Sukyeol-Real-estate-Moon-Jaein-debacle/20220404192009235.html. Sang-hun, Choe. “In Korea, a New President in the South Vows a Harder Line on the North.” The New York Times, The New York Times, 10 May 2022, https://www.nytimes.com/2022/05/10/world/asia/south-korea-yoon-president.html. Sherman, Alex. “Elon Musk Can't Just Walk Away from His Twitter Deal by Paying a $1 Billion Breakup Fee.” CNBC, CNBC, 14 May 2022, https://www.cnbc.com/2022/05/13/elon-musk-cant-just-walk-away-from-twitter-deal-by-paying-1-billion.html.
Insight for new times: new deals, new leaders, old fears content media
0
0
7
홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 5월 02일
In SICAN Insights
With headlines like Beeple sold an NFT for 69$ million circling around the internet, it is easy to understand how NFTs have gained the interest of so many and become one of the defining buzzwords of 2021. Just in the last year, NFTs have become a 40-billion-dollar market with 28.6 million wallets trading these digital assets. And, although these figures depict NFTs in a positive light with a promising future, they also call for a long overdue discussion on its more controversial characteristics: its sustainability and impact on the environment. Non-Fungible Tokens (NFT) are digital assets on a blockchain that utilize unique identification codes and metadata that distinguish them from one other. Because NFT leverages blockchain technology, digital assets that are usually easily replicable can be recorded onto a blockchain that acts as a digital ledger that individuals can refer to for proof of ownership. Jacob Kastrenakes from The Verge simplifies the concept behind the technology in his article explaining that, “NFTs, or non-fungible tokens, are unique files that live on a blockchain and are able to verify ownership of a work of digital art. Buyers typically get limited rights to display the digital artwork they represent, but in many ways, they’re just buying bragging rights and an asset they may be able to resell later.” It is the ability to track a digital asset and prove one’s ownership of such asset that has so many creators, artists, collectors, and even big brands like Coca Cola and Gucci joining in on the movement for new ways of generating profit. From an ecological standpoint, however, the entire process of creating and maintaining NFTs is a mass-scale burden. Because most NFTs are minted on the Ether cryptocurrency and utilize Ethereum for transactions, the carbon footprint that is associated with the Ethereum cryptocurrency is exacerbated by the high-frequency trading that governs the high-volatility NFT market. Memo Akten, an artist and programmer, estimates that “an average transaction specifically for NFTs has a carbon footprint of about 48kg CO2,” which is 20 times that of physically mailing an art print or equivalent to more than a month’s worth of electricity for a person living in the EU (Qiu, Jiahui). Considering that these carbon emissions are incurred every time someone mints or buys an NFT, quickly reveals how damning NFTs can be to the environment. Despite the large carbon footprint of NFTs, there are a few possible solutions that may create a more sustainable and ecofriendly system for these new asset types. One of the main problems with Ethereum in the NFT market is that this cryptocurrency utilizes a Proof-of-Work system that is very energy inefficient. Proof-of-work acts as Ethereum’s security system, as it oversees and verifies transactions through complex puzzles that users, or “miners”, solve in exchange for tokens. However, because of the energy consumption of the “miners” that maintain this system, many newer coins are adopting a Proof-of-Stake system that “validates block transactions based on the number of coins the validator stakes,” which reduces the number of puzzles and computing power necessary to maintain the system (Leonard, Kimberlee). Thus, the NFT market could reduce its carbon footprint by transitioning from Ethereum to cryptocurrencies employing Proof-of-Stake solutions. Furthermore, a higher adoption rate of green energy resources for existing mining facilities that are currently maintaining the Ethereum blockchain could greatly reduce the total carbon footprint of NFTs. Finally, new technologies and features like the ability to batch transactions and process them in bulk, which is being developed by Bitcoin Lightning Network, show hope for possible developments in the efficiency of transactions. Some marketplaces for NFTs have already integrated more energy-efficient blockchains. OpenSea has begun supporting Polygon and Klaytn while Rarible is using Flow and Tezos. These alternatives for Ethereum show great promise for sustainability. For example, Tezos is estimated to consume 0.00006Twh annually compared to the 33.57Twh that are required to maintain Ethereum (Qiu, Jiahui). Other newer projects like one of from Dapper Labs are also using Tezos to provide artists with an eco-friendly way to transform their music into NFTs. Beside marketplaces and projects adopting Proof-of-Stake cryptocurrencies, new NFT sustainability initiatives are also being created. TreeDeFi is a project that “mints NFTs that represent real-life trees that sequester carbon” (Matthews, Leigh). Thus, despite the inefficiencies and complications that come with the current NFT market, many are still confident that developments are coming soon and that NFTs are here to stay. References Calma, Justine. “The Climate Controversy Swirling around Nfts.” The Verge, The Verge, 15 Mar. 2021, https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change. Carter, Rebekah. “18+ Fascinating NFT Statistics &Amp Facts for 2022.” Findstack, 27 Feb. 2022, https://findstack.com/nft-statistics/#:~:text=Around%2028.6%20million%20wallets%20traded%20NFTs%20in%202021&text=According%20to%20the%20company%2C%20though,2020%2C%20per%20the%20DappRadar%20data. Kastrenakes, Jacob. “Beeple Sold an NFT for $69 Million.” The Verge, The Verge, 11 Mar. 2021, https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million. Leonard, Kimberlee. “Why Nfts Are Bad for the Environment.” SeekingAlpha, Seeking Alpha, 18 Feb. 2022, https://seekingalpha.com/article/4488450-nfts-environmental-impact?external=true&gclid=CjwKCAjwopWSBhB6EiwAjxmqDXVIO0C4tgFsRZsHOVO9q6JGd0hcZz5soZRJ_tCjp8pe_WrfTlB9ghoCCdAQAvD_BwE&utm_campaign=14823831578&utm_medium=cpc&utm_source=google&utm_term=128719140158%5Edsa-1427141793820%5E%5E549166468495%5E%5E%5Eg. Matthews, Leigh. “How Some Nfts Are Becoming More Sustainable.” LeafScore, 7 Jan. 2022, https://www.leafscore.com/blog/how-some-nfts-are-becoming-more-sustainable/. Qiu, Jiahui. “What Are Nfts, and What Is Their Environmental Impact?: Earth.org - Past: Present: Future.” Earth.Org - Past | Present | Future, 5 May 2021, https://earth.org/nfts-environmental-impact/. Photos Bhattacharjee, Ananya. “Ecology: Are Non-Fungible Tokens (NFT) Bad for the Environment?” Yoair Blog, 15 Jan. 2022, https://www.yoair.com/blog/ecology-are-non-fungible-tokens-nft-bad-for-the-environment/. Saul, Josh, and Crystal Kim. “Bitcoin Miner TeraWulf Buys 15,000 Computers for Upstate N.Y. Facility.” Bloomberg.com, Bloomberg, https://www.bloomberg.com/news/articles/2021-12-21/bitcoin-miner-terawulf-buys-15-000-computers-for-ny-facility. Yee, Ng Chung. “Treedefi: An Eco-Friendly Yield Farming Community.” RSS, https://www.bsc.news/post/treedefi-an-eco-friendly-yield-farming-community.
The Lagging Sustainability of NFTs content media
0
0
6
홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 5월 01일
In SI News
The Will Smith Oscar slap and Bucha atrocities have been at the center of public interest and controversy over the recent weeks. While the two events vary greatly in nature – one being a scandal in the entertainment industry and the other a major humanitarian crisis – both have sparked debate and intense reactions worldwide. This newsletter provides insight on the events and their outcomes. # Will Smith Oscar Slap The Academy Awards, popularly known as the Oscars, were held on March 27 in Los Angeles. During the show, the comedian Chris Rock was on stage as presenter for the Award for Best Documentary. “Jada, I love you, ‘G.I. Jane 2,’ can’t wait to see it,” he commented, comparing Jada Smith’s close-cropped hair to Demi Moore’s buzzcut in the 1997 movie. Jada Smith has alopecia, an autoimmune disorder that can result in hair loss. To this, her husband Will Smith abruptly stormed onstage and slapped Chris Rock. Visibly taken aback and uncomfortable with the situation, Chris Rock replied by saying it was just a joke. However to this, Will continuously shouted for Chris to “keep [his] wife’s name out [his] mouth” along with derogatory remarks. Instead of further reacting to Will’s comments, Chris Rock strived to move the awards along by announcing the nominees for Best Documentary Feature. Shortly after this display of violence, Will Smith was nominated as Best Actor for the film ‘King Richard’. He once again stepped on stage to receive his award. The public showed contrasting reactions to Will Smith’s actions. Some defended him saying that he was just standing up for his wife, while others criticized his actions, saying violence cannot be justified in any circumstances. Some stated that he should have been escorted out immediately after his reactions and criticized the Oscars for their lack of intervention. On April 8, the Academy of Motion Pictures Arts and Sciences released an official letter on the issue. It called Will Smith’s behavior “unacceptable and harmful” and announced that the Board of Governors have “decided, for a period of 10 years … Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards”. Following this, several of Smith’s projects have also been paused or canceled. Bad Boys 4 by Sony and Fast and Loose by Netflix starring Will Smith has currently called off production. # Massacre by Russian Forces in Bucha, Ukraine On February 24th, Russian President Vladimir Putin ordered for the invasion of Ukraine. Shortly afterwards, the Ukrainian city Bucha was seized by Russian troops. The occupation lasted for over a month until the troops withdrew on March 31st. Footage and images of the shocking aftermath were soon released: images from Bucha showed hundreds of dead bodies, some with bullet wounds and others burned or in mass graves, in areas which were taken over by Russian forces. The police chief of Kyiv, Ukraine’s capital, announced that “more than 900 civilian bodies had been found in the region, with more than 350 discovered in the suburb of Bucha”. Ukrainian President Volodymyr Zelensky has accused Russia of genocide. Russia flatly denied this accusation, claiming that the footage was staged. Furthermore, on April 18th Putin declared a decree praising the 64th Motor Rifle Brigade, the Russian unit accused by the Ukrainian government for the mass killings in Bucha, for “defending the motherland”. Russia’s actions have received condemnation worldwide. The U.S. president Joe Biden accused Putin as a “war criminal”. UN Secretary General António Guterres also described the Bucha crisis as “one of the greatest challenges ever to the international order and the global peace architecture, founded on the United Nations Charter”. Martin Griffiths, the UN Emergency Relief Coordinator, is currently tasked to travel to Ukraine and Russia to press for an urgent humanitarian ceasefire. # Global Responses Against Russia To date, more than 10 million people have been displaced by Russian forces. UN Secretary General António Guterres announced that this has been the “fastest forced population movement since the Second World War”. According to UNHCR, more than 4.2 million among the displaced populations have fled Ukraine’s borders. The World Health Organization has reported that 86 health and medical facilities have been attacked as of April 2nd. Following such war crimes and human rights infringements, numerous countries and companies have imposed sanctions and penalties against Russia. The Unites States has imposed economic measures to ban new investment in Russia and has banned the import of Russian gas and oil. All Russian flights have also been banned from the airspace of US, UK, Canada, and the EU. Western countries have also frozen the assets of the Central Bank of Russia. This has caused Russia’s inflation rate to rise by 14%. With mounting pressure for action, renowned multinational corporations have also pulled out from Russia. In the food and drinks sector, McDonald's, Starbucks, Coca-Cola, and Heineken are halting their business in Russia. In retail, companies including L'Oreal, H&M, and Zara have suspended sales. Samsung has also suspended its sales in Russia, and Apple has limited its Maps and Apple Pay services. From these insights, we can see the progress and outcomes of current events related to the fields of entertainment, human rights, security, international relations, and commerce. Responses to these situations will serve as an example and model when similar circumstances arise in the future. Thus, it would of significance to follow the trajectory of the responses and analyze factors behind their successes and failures. References Whitten, Sarah. “Will Smith Banned from Attending the Oscars for 10 Years after Slapping Chris Rock on Stage.” CNBC, CNBC, 9 Apr. 2022, https://www.cnbc.com/2022/04/08/will-smith-banned-from-attending-the-oscars-for-10-years-after-slapping-chris-rock-on-stage.html. Barrera, Daniela. “Fast and Loose: Was the Netflix Movie Starring Will Smith Movie Canceled?” Diario AS, 12 Apr. 2022, https://en.as.com/latest_news/fast-and-loose-was-the-netflix-movie-starring-will-smith-movie-canceled-n/. “Bucha Murders: German Report Says Russian Troops Discussed Killings.” BBC News, BBC, 7 Apr. 2022, https://www.bbc.com/news/world-europe-61028380. Bearak, Max. “In Bucha, the Scope of Russian Barbarity Is Coming into Focus.” The Washington Post, WP Company, 7 Apr. 2022, https://www.washingtonpost.com/world/2022/04/06/bucha-barbarism-atrocities-russian-soldiers/. Halpert, Madeline. “Putin Honors Army Unit Accused of Bucha Killings.” Forbes, Forbes Magazine, 18 Apr. 2022, https://www.forbes.com/sites/madelinehalpert/2022/04/18/putin-honors-army-unit-accused-of-bucha-killings/?sh=711947902162. “Ukraine: Un's Guterres Joins Call for Bucha War Crimes Probe.” United Nations, United Nations, https://news.un.org/en/story/2022/04/1115522. “Which Companies Are Pulling out of Russia?” BBC News, BBC, 11 Mar. 2022, https://www.bbc.com/news/business-60571133. “What Sanctions Are Being Imposed on Russia over Ukraine Invasion?” BBC News, BBC, 11 Apr. 2022, https://www.bbc.com/news/world-europe-60125659. Photo References Will Smith banned from Oscars for 10 years over slap – BBC News https://www.bbc.com/news/world-us-canada-61018821 Workers have been removing civilians' bodies found on the streets of Bucha into body bags – Getty Images https://www.bbc.com/news/world-europe-61028380 EU extends sanctions against Russia for six months over violating Ukraine's territorial integrity – QIRIM News https://qirim.news/en/kryimskie-tataryi-en/eu-extends-sanctions-against-russia-for-six-months-over-violating-ukraine-s-territorial-integrity/
Insight into Violence and its Ensuing Responses: from the Oscars to Ukraine content media
0
0
1
홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 3월 17일
In SI News
There have been numerous changes due to the post corona world and the Russian war. To survive in the flow of change, economic subjects are struggling to make the strategy of survival. Content company Disney starts to directly approach consumers' real life. Matching platform Tinder uses noble techniques and collaborates with non-profit organizations. Nations keep a Russia oil sanction rule. From this newsletter, we can get the insight of these tactics. # Disneys’s content distribution strategy and view Disney’s entertainment business starts with children’s delightful contents, but it has been expanding its border with IRL(abbreviation of in real life) business. Starting from the popular service with the retail crowd, Disney expanded its park division into Asia to the launch of a multibillion dollar streaming service. Disney also has substantial value in every aspect of media and entertainment. And now, Disney results in two main segments: “Media and Entertainment Distribution,” and “Parks, Experiences and Products.” Briefly introduce two mainstream, Media and Entertainment applies to the production and release of content on screens both large and small. Parks, Experiences and Products represents all of the Disney experiences you can have IRL. To analyze two main sectors, Disney owns an 80% stake in network and broadcasting company. These streaming platforms include ESPN, ABC Television Network and eight television stations, FX, the National Geographic branded television network, Marvel Entertainment, and its IP portfolio. IRL products include amusement park industry and leisure service. Disney’s golden goose was powerhouse ESPN, but its subscription number is tumbling. Much of Disney’s growth prospects are anchored to its massive investments in the direct-to-consumer (DTC) space. Disney has to make the DTC route for ESPN to get the next chapter of the growth. With the post corona society, the future of sports programming will extend to “sports betting, gaming and the metaverse. And this is the Disney’s elastic DTC. # Tinder collaborated with the data organization Tinder is opening up new possibilities for digital communication at a time when offline meetings have become difficult due to the COVID-19 crisis. In general, Tinder is viewed as a dating app that only allows one-time encounters. Tinder's role goes beyond simply arranging meetings between opposite sexes. It also helps you meet "mentor-mentee" relationships that want to get help in your career or club members who share hobbies in the same field. As a result of analyzing the cases of Tinder users, there were various stories, such as reuniting with old friends or establishing friendships with actual industry workers. In order to expand the service, Tinder also hosted "Swipe Night," an interactive content, in September around the world, including Korea. Through this management strategy, Tinder is becoming a human platform that opens up new human relationships and communication possibilities beyond just dating apps. Tinder is also gaining ground in the Korean market. Korea is a society in which surrounding human relationships are formed mainly by reference groups. It's so hard to get new contacts, so there's a lot of demand for "Tinder" as a social network app. Along with the expansion of services, Tinder is strengthening its security system using data and AI technology. Regarding artificial intelligence services, AI was introduced for photo authentication. A blue check is displayed next to the user profile that has been authenticated. The blue check is used to ensure that user profile is real when matched with the other party. Tinder has also partnered with Garbo, a background check platform. Using public information gathered by the non-profit personal data check platform Garbo, Tinder will now give its users a free look into partner's pasts, with a focus on arrests and convictions for cert. # Russia’s Ukraine attack and oil supply sanction Russia unpredictably attacked Ukraine, and Russian exports of oil supply yield 8% of the global supply. Russian oil shipments are interrupted, and it marked one of the largest supply disruptions since World war Ⅱ. It led to notable moves by major countries. Oil shock reshaped consumer spending, made a burden on financial markets and strained government budgets in dozens of countries. Analysts made a conclusion of stagflation that the 20$ shock of oil prices would diminish 0.6% of GDP growth in Europe, and 0.3 % of the US and China. Europe and the US are discussing the possibility of banning Russian oil imports. They face the need for finding the alternative oil supply nation. US diplomats have reached out to the Venezuelan regime and Saudi Arabia. Us is asking these countries to increase oil production. In addition to government sanction action, traders at companies are shunning Russian crude oil. For example, Finnish refiner Neste has announced it shifted to non-Russian sources of crude. And fear of running afoul of allied sanctions on Russia also caused the “self-sanctioning”. China is the leading country of self-sanctioning. The largest two state-owned banks decline to finance new expenditures of Russian oil. The result of sanctioning could idle 3 million to 4 million barrels a day of Russian oil. Its amount is approximately 70 percent of Russia's total crude exports, according to the Oxford Institute for Energy Studies. From these insights, we can learn the flow of changes and strategies to face the flow.Socialize platform has a duty to protect users by data collection and machine learning. To overcome the stagflation caused by the Russian War, nations start to find dispensable energy sources. Media companies change their way to get breakthroughs in growth. All of these are linked to survival of the changes. Sources: Baker, Kendall. “ESPN's Grip on Cable TV Loosens as Streaming Strategy Surges.” Axios, Jared Whalen, 8 Dec. 2021, https://www.axios.com/espn-streaming-subscribers-cable-disney-a01c04d2-32e1-417b-a3a4-2c4e31dae1b6.html. “Commemorates 150 Year History - Disney Magic Comes to NYSE in IPO.” Goldman Sachs, https://www.goldmansachs.com/our-firm/history/moments/1957-disney-ipo.html. Perez, Sarah. “Tinder Rolls out in-App Access to Background Checks, Powered by Nonprofit Garbo.” TechCrunch, TechCrunch, 9 Mar. 2022, https://techcrunch.com/2022/03/09/tinder-rolls-out-in-app-access-to-background-checks-powered-by-nonprofit-garbo/. “What Sanctions Are Being Imposed on Russia over Ukraine Invasion?” BBC News, BBC, 15 Mar. 2022, https://www.bbc.com/news/world-europe-60125659.
Insights for post corona world 
: surviving in the war of content, community, and oil content media
0
0
18
홍수민(학부학생/언더우드국제대학 언더우드학부) ‍
2022년 3월 16일
In SICAN Insights
SICAN Insight #08 Digital technology has played a significant role in healthcare for the past few centuries. Electronic health records (EHRs) of patient files came into common practice since the 1990s, and from this developed combined storages and online data space, facilitating analysis, communication, and interprofessional cooperation of medical personnel. Computing and mathematical modelling has also attributed to improving diagnosis precision, prevention of illnesses, and healthcare in rural and underserved communities. Following such advances, the next leap in digital healthcare is Digital therapeutics (DTx). Digital therapeutics are a digital health category defined by the Digital Therapeutics Alliance as products that “deliver evidence-based therapeutic interventions to patients that are driven by high quality software programs to prevent, manage, or treat a medical disorder or disease.” While digital treatments share the characteristics of drugs in that they verify the effectiveness of treatment through clinical trials and undergo screening by regulatory authorities, the Ministry of Food and Drug Safety uses the term "digital treatment device" because they are technically medical devices. As explained by Park An-sun, a researcher at the Korea Electronics and Telecommunications Research Institute, "Digital therapeutics go through clinical trials, doctors' prescriptions, and insurance applications like ordinary drugs, but there is a difference in that they are intangible software that utilizes ICT technologies such as artificial intelligence, virtual reality, chatbot, and game." For this reason, digital therapeutics are classified as a ‘third-generation’ treatment, ensuing the previous first-generation treatments (pills or capsules) and second-generation treatments (biological agents such as antibodies, proteins, cells, etc.). The main advantages of digital therapeutics are safety, cost, and accessibility. Digital therapeutics have high safety because it does not act directly in the body, thus having less toxicity and side effects than conventional treatments. Additionally, the feature of software-based treatments naturally leads to savings in time and cost during the development and licensing process. The development of new drugs originally requires a huge amount of time and money to ensure its safety and ethicality. However, such procedural costs are greatly reduced in the development and commercialization of digital therapeutics." Medical expenditure is currently on the rise due to rising incidences of chronic diseases that are difficult to manage with existing medical systems. Digital therapeutics with high cost-effectiveness are prospected to supplement this problem and alleviate the price burden. Furthermore, digital therapeutics using mobile technologies such as smartphones and wearable devices are much more accessible than conventional offline treatments, making monitoring and appropriate intervention easier. Professor Ahn Woo-young at Seoul National University stated in an interview that through pairing digital therapeutics and portable technology, "it is possible to monitor patients in real time and manage medication, and based on the obtained data, patients can manage the disease on their own and doctors can present customized treatments optimized for patients." The United States is the leading country in the newly emerging digital therapeutics industry. A number of digital treatments have been developed for mental disorders including insomnia and ADHD as well as chronic diseases such as cancer, stroke, and diabetes, and some are already officially prescribed to patients with FDA approval. An example of this are the drug addiction treatments "reSET" and "reSET-O". “reSET” is “a 90-day Prescription Digital Therapeutic (PDT) for Substance Use Disorder (SUD) intended to provide cognitive behavioral therapy (CBT), as an adjunct to a contingency management system” (Pear Therapeutics). The treatments have exceeded 20,000 prescriptions since approval in 2017. On the other hand, it is evaluated that Korea has not yet reached the stage of leading the global digital therapeutics market. Digital treatments under development in Korea include "Nunap Vision," the first clinical licensed digital treatment aimed at treating visual impairment after brain damage, and "efiL Care," a self-health care service for patients with chronic illnesses. However, a clear regulatory system has not yet been established, and it has not reached full-scale commercialization like as in the United States. ex_nunaps and efiL care Digital therapeutics may be the next medical and technological breakthrough of the 21st century. Due to its safety, cost, and accessibility, the use of digital therapeutics is constantly increasing, both independently and combined with first- and second-generation treatments. Following COVID-19 and the spatial limitations it imposes, telemedicine and digital healthcare are drawing more attention than ever. In times like these, it would be important for governments and enterprises to lay a strong foundation for digital therapeutics establishment. Sources: Text “Understanding DTX.” Digital Therapeutics Alliance, 25 Oct. 2021, https://dtxalliance.org/understanding-dtx/. Rampton, Vanessa, et al. “Medical Technologies Past and Present: How History Helps to Understand the Digital Era - Journal of Medical Humanities.” SpringerLink, Springer US, 7 July 2021, https://link.springer.com/article/10.1007/s10912-021-09699-x. “White Paper: Digital Therapeutics: Past Trends and Future Prospects.” Evidera, 8 Mar. 2022, https://www.evidera.com/digital-therapeutics-past-trends-and-future-prospects/#:~:text=Digital%20therapeutics%20(DTx)%20are%20a,1%20DTx%20are%20distinct%20from. “The Digital Transformation of Cancer Care.” European Cancer Organisation, 2020, https://www.europeancancer.org/2-standard/179-european-cancer-summit-2020-digital-transformation-cancer-care. 정진경. “나를 보살피는 무형의 의사, 디지털 치료제.” 대학신문, 12 Mar. 2022, http://www.snunews.com/news/articleView.html?idxno=30443. Photos “Digital Therapeutics: What Are They and Why Do They Matter?” GoMo Health, 29 Jan. 2020, https://gomohealth.com/2020/digital-therapeutics-what-are-they-and-why-do-they-matter/. Lovett, Laura. “PBM RemedyOne Will Offer Pear Therapeutics Reset, Reset-O.” MobiHealthNews, 24 June 2020, https://www.mobihealthnews.com/news/pbm-remedyone-will-offer-pear-therapeutics-reset-reset-o. “뉴냅스.” Tips 프로그램 - Tech Incubator Program for Startup Korea, 2017, http://www.jointips.or.kr/bbs/board.php?bo_table=team&wr_id=403. 기자 오인규. “암경험자 자가관리 앱 '에필 케어' 출시.” 의학신문, 12 Jan. 2019, http://www.bosa.co.kr/news/articleView.html?idxno=2097828.
Digital Transformation in Healthcare: The Future of Digital Therapeutics content media
0
0
9

홍수민(학부학생/언더우드국제대학 언더우드학부) ‍

운영자
더보기