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SALT is a lending program that makes credit scores unnecessary

(BUSINESS NEWS) A new cryptocurrency lending program has entered the room and it will shake up traditional lending in the best ways.

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New blockchain lending

In my ongoing campaign to be your one-stop shop for millennial stereotypes, allow me to present a few of my generation’s favorite things: cryptocurrency and debt!

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In short, here’s SALT. No relation. It stands for Secured Automated Lending Technology (mine stands for Sleepy Author Languorously Typing Expert Ruminations) and it’s a straight-up new way of lending money based on digital cryptocurrencies. Bitcoin and the like.

Interest piqued

As the self-proclaimed in-house blockchain guy here at AG, I’m naturally intrigued, but seriously, if you’re interested in the making and moving of money, you should be too.

The TL;DR is this: traditionally, bitcoin or any other digital cryptocurrency has two big selling points.

First, SALT is peer-to-peer. No banks, no governments, just an encrypted record of who has what, and buyers and sellers determining how much they’re willing to buy and sell stuff for. Second, it’s secure.

Even cryptocurrency users who aren’t opposed to banks and governments on principle are concerned about the security of their financial information, and let’s be real: that’s pretty valid. Tech security, including financial security, is, to say the least, imperfect.

Fixing the flaw

For a while now, however, there’s been a major flaw in the cryptocurrency model: for a lot of folks, it’s not real money. At present, most of the people who sell houses and sandwiches and salad spinners favor dead presidents over the mysteries of blockchain.

Banks in particular tend to assign roughly as much value to cryptocurrency as they do to my fat stacks of septims in Skyrim.

You cannot trade those for goods and services. I asked.

SALT foresees an opening, a potential third benefit to digital cryptocurrency. Given a pool of investors willing to lend, cryptocurrency goes beyond buying and selling to the magical land of credit.

Obviously, loans in cryptocurrency have always been an option: you can do whatever you want with the stuff as long as buyer and seller, or lessor and lessee, agree. That’s sort of the point.

SALT Collateral

What SALT is offering is one step beyond: liquid cash for crypto collateral. The difference is simple and huge: banks don’t recognize bitcoin and its kindred as valuable – SALT does.

That’s the new part, a new community of borrowers and lenders in both cryptocurrency and liquid cash, accepting cryptocurrency as collateral in exchange for “real” money or to guarantee other assets. No credit history, no legal limitations, because per the institutions that exist now, what is being accepted or disbursed is worthless.

This could be huge

That’s sort of huge. The word “disruptive” gets thrown around lots these days. I should know. Frankly, it’s starting to mean “pay us to make this cheaper and worse.” SALT, if it works, and if people buy in, means more. It constitutes a new way of lending people money, based on a kind of money that didn’t exist ten years ago.

That’s disruptive.

#SALT

Matt Salter is a writer and former fundraising and communications officer for nonprofit organizations, including Volunteers of America and PICO National Network. He’s excited to put his knowledge of fundraising, marketing, and all things digital to work for your reading enjoyment. When not writing about himself in the third person, Matt enjoys horror movies and tabletop gaming, and can usually be found somewhere in the DFW Metroplex with WiFi and a good all-day breakfast.

Business News

Court green lights demoting an employee for physical disabilities

(BUSINESS NEWS) Court rules the Americans with Disability Act doesn’t fully cover employees – but is the law actually open to some interpretation?

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Wrongful termination is a hot topic these days, especially in relation to employees with disabilities. It’s commonly thought that if you have a disability, you’re safe and that no one can fire you for simply being disabled. But did you know that’s actually a myth?

When ex-Sheriffs Deputy Brigid Ford injured herself on the job, she was faced with the hard truth about the law surrounding disabilities.

Ford, who worked 12 years as a Sheriff’s Deputy, was injured when a car ran a red light and ran into her patrol car, smashing her hand. This resulted in constant pain and an inability to use her right hand. She spent the next few months working in alternative, lighter-duty areas of the department. But even after a year, she was unable to return to her initial post.

Because of this, the Sheriff’s department offered her 3 options:

1. She could move to a civilian job, with a cut in pay. This would include any associated accommodations she may need.

2. She could resign.

3. If she didn’t choose either of the above, they claimed she could be terminated.

Ford ended up choosing a demotion, and then elected to sue the department for violating the Americans with Disability Act (ADA). At the end of these proceedings, the court found that the demotion was reasonable.

But is this really the standard application for the law?

Although there are many myths associated with the ADA, the law clearly states that in order to provide reasonable accommodation for an employee, you must go through an “interactive process”, which means there must be some back and forth to accommodate the employee.

In Ford’s case, she was unable to continue her initial job as she was not provided with all the accommodations she requested and therefore, only had enough accommodations to continue with a civilian job.

What’s strange about this situation is that she was provided with a few in-depth provisions that would meet her needs, such as training for her supervisors, extra breaks when needed, so she could deal with her pain, and a more ergonomic work station. However, when she requested a voice-activated software for her computer, which would limit her need to use her right hand, she was denied.

The court stated that if there had been a lateral position available, with no decrease in pay, and Ford was qualified for the job, the ADA would have protected Ford a bit better, favoring this option over demotion.

Nevertheless, with the rise of documented disabilities in America, the lines the ADA draws for employees and employers-alike continue to seem blurred. Just like many other laws, the act seems to be open to some interpretation, but at the end of the day, when something like this is brought to the court system, American citizens are truly at the mercy of our court’s Judges and how they translate the laws.

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Business News

Amazon creates new tool for doctors, but does it actually help patients?

(BUSINESS NEWS) Amazon offers tool for doctors to add recorded conversations to your medical file, are they overstepping their bounds as an online seller?

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On December 2, 2019, Amazon announced the release of its new service for Amazon Transcribe, a medical speech support service. This machine learning service will be able to take out the “middleman” and transcribe medical jargon from physicians in real time to patient charts, claims Amazon.

The release of Amazon Transcribe Medical adds to the company’s muscle bulking stage with its other investments as it prepares to get further into the medical arena. Recently released services like Alexa’s medication management (which allows people to request prescription refills & medication reminders through Alexa) and Amazon Care (Amazon’s own healthcare service for employees) are a few points adding to Amazon’s overall medical category weight. And let’s not forget how Amazon is also testing out the use of Alexa within a hospital context too.

However with further developments with technology into the medical field, it also brings more questions about how harmful this type of technology can be or how helpful it is overall.

Privacy
All throughout the world there are more and more issues of security as newer and advanced technologies are peaking. It is almost as if people aren’t thinking enough of how information can be used negatively, did Amazon think about that? For example, say some extremists dislike a women getting an abortion through legal means and then leek her private information to the world or take their own actions to “solve” it.

What Happens Afterward
We all know that companies like Facebook or Google stores and records our information from every click and video watched, but what will happen once Amazon starts this with medical information? How will Amazon plan on acting with this stored information that physicians will be creating on our behalf? Amazon has yet to say how they plan on deleting this transcribed information afterwards or how they will use this information in the future.

More People Cared For
Who am I to say what will not be beneficial for any doctor that might spend hours trying to fill out all of their charts accurately after their excruciating shift? Maybe this is the type of change that is needed to turn the more time consuming tasks that require the most accuracy for consistent patient care. Thus, leading to doctors being able to manage more people coming through the door, and an overall healthier world.

Medical Breakthroughs
If given consent, maybe having this data transcribed within one place can create better medical breakthroughs for the future. It could allow for easier transfer of data and for easier mapping of different patterns of symptoms that would take long to diagnose. Maybe this could be the 1st step into revolutionizing the procedures of the healthcare industry with more advancements to come for the betterment of the world. Who knows?

It is not hard to see the good intentions that Amazon has and how they are trying to make the world easier to live in. It is honorable, and what this writer is asking more business do. But as the famous quote says “ the road to hell is paved with good intentions”.

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Business News

TrueDialog left millions of your texts unsecured, when will they learn?

(BUSINESS NEWS) TrueDialog has left millions of text messages unsecured, these include university finance, job alerts, business marketing, and account data

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Another day, another data breach. Tens of millions of people were potentially exposed because messages and personal information stored in a database of Austin-based company, TrueDialog, were left unprotected. According to researchers the database was left on the internet without a password and none of the data was encrypted.

Noam Rotem and Ran Locar, a research team at vpnMentor, discovered the breach on Nov. 19, 2019.

“This was a huge discovery, with a massive amount of private data exposed, including tens of millions of SMS text messages,” the research team said on the vpnMentor website. “Aside from private text messages, our team discovered millions of account usernames and passwords, PII data of TrueDialog users and their customers, and much more.”

TrueDialog says it is the leading SMS provider for mass text messaging, SMS marketing and personalized two-way SMS texting, according to its website. The company has been in business 10 years and provides its clients, mostly businesses and higher education organizations, with the ability to send bulk emails to clients and students.

Among the information left unprotected were messages about university finance applications, job alerts, marketing messages from businesses with discount codes, usernames and passwords, TechCrunch reported after examining a portion of the data.

The database was taken offline after TrueDialog was contacted regarding the exposure. Chief Executive John Wright didn’t return TechCrunch’s requests for comment. He did not acknowledge the security lapse to TechCrunch. The researchers at vpnMentor offered assistance to help with the security breach, but TrueDialog officials did not respond.

TrueDialog works with over 990 cell phone operators and reaches more than 5 billion subscribers around the world.

Along with its clients and their customers being left exposed, TrueDialog was also left exposed. Rotem and Locar said the breach has potentially exposed tens of millions of people in multiple ways.

Among the information the pair found were phone numbers (recipients and users), email addresses, message content, full names, and TrueDialog account information.

“It’s rare for one database to contain such a huge volume of information that’s also incredibly varied,” they said.

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