14. Developments In Technology

Question 1

What is cloud computing?

Answer 1

Provides a business with computing research such as software and storage using a network of remote servers hosted on the internet

Question 2

What are common features of cloud computing systems?

Answer 2

• Cloud systems can be either private or public (public systems sell services to anyone on the internet and a private system is a proprietary closed system for a limited set of users)
• They are elastic so users can use little or as much as they need
• The service will be fully managed by the provider in the case of public systems

Question 3

What is cloud accounting?

Answer 3

On application of cloud computing, accountancy software is provided in the cloud by a service provider rather than running the software on a local server

Question 4

What is internet of things?

Answer 4

Internet connected devices continually collect and exchange data

Question 5

What are examples of internet of things?

Answer 5

• Home automation - lighting, heating, security systems enabled through smart technology and home assistants
• Vehicles and transport - connected cars and live traffic monitoring, allow improved fleet management and planning. The ultimate end will be self-driving vehicles

Question 6

What is a digital asset?

Answer 6

Any text or data file that is formatted into a binary source which includes the right to use it; digital files that do not carry this right are not considered digital assets

Question 7

What are the common types of digital assets?

Answer 7

Media assets (images and multimedia) and textual content (documents)

Question 8

What do businesses use to protect digital assets?

Answer 8

Encoding, encryption and watermarks

Question 9

What is distributed ledger technology?

Answer 9

Allows people or organisations that do not know each other to trust a shared record of events

Question 10

What are key features of distrubuted ledger technology?

Answer 10

• a distributed ledger has no central storage and is shared by all parties who require access, each having an identical copy of the ledger
• different parties add to the shared record and procedures (such as blockchain) are used to ensure information is valid before it is accepted
• a lack of a central administrator is the main advantage of the technology as it prevents any one party from dominating or corrupting the process
• security is provided through cryptographic keys and clear signatures of all transactions

Question 11

What is blockchain?

Answer 11

A specific type of database that stores information together in blocks that are chained together. It is a process that is used to ensure on,y valid information is recorded in distributed ledger systems

Question 12

What is blockchain technology used in?

Answer 12

Used by cryptocurrencies such as bitcoin

Question 13

Describe the blockchain process

Answer 13

A new transaction is entered
The transaction is then transmitted to a network of peer to peer computers scattered across the world
This network of computers then solves equations to confirm the validity of the transaction
Once confirmed to be legitimate transactions, they are clustered together into blocks
These blocks are then chained together creating a long history of all transactions that are permanent
The transaction is complete

Question 14

What is fintech?

Answer 14

Software and other technologies that provide automated and improved financial services, includes challenger banks and banking apps

Question 15

What are examples of fintech?

Answer 15

Crowd funding
Peer to peer lending
Online currency conversion
Digital wallets

Question 16

What are crypto currencies?

Answer 16

Digital tokens that allow online trading, there is no involve,ent of a third party (bank) so it is similar to paying with cash

Question 17

What are features of crypto currencies?

Answer 17

Use distributed ledgers and blockchain to record the transfers
Keep currency in a digital wallet
Price of currency is volatile
Risk of hacking the online wallet
Opportunities for money laundering due to the privacy levels

Question 18

What are cognitive technologies?

Answer 18

Computer based systems that represent, reason. And interpret data. In doing so they learn about the structure of the data and analyse it to extract patterns and meaning. They the derive new information and identify strategies and behaviours built upon the results of their analysis

Question 19

What is cognitive technologies used in?

Answer 19

Manufacturing, transport, operations, services

Question 20

What is ai?

Answer 20

Artificial intelligence
Increasing use of computers to perform tasks thought to require human intelligence such as learning and reasoning
- medical diagnosis through interpretation of medical images
- home assistants learn our language and habits to better predict and understand our requirements
Examples include live chat functions where the system the system will direct customers by answering some basic questions first
Analytical AI used cognitive intelligence based on past experiences, human inspired AI will use so,e emotional intelligence as well as cognition, humanised AI used cognition, emotional and social intelligence

Question 21

What is machine learning?

Answer 21

Rather than following explicit programme instructions, machine learning algorithms detect patterns, learn how to make their own decisions and adapt over time
Machine learning uses both predictive analytics (what will happen) and prescriptive analytics (what to do)

Question 22

What is robotic process automation?

Answer 22

The creating of technology and its application to control and monitor activities without human interference. Intelligent systems and artificial intelligence facilitate the process of automation. RPA will be used for routine processes

Question 23

What is digital disruption?

Answer 23

Where technology radically alters the landscape of an established market, significantly changing the way businesses have traditionally operated. These disruptions force industries to adapt or risk becoming irrelevant and can even lead to the birth of a new industry

Question 24

What are examples of digital disruption?

Answer 24

Use of apps within the taxi industry (uber)
Impact of the internet on the hospitality industry (Airbnb)
Growth of semi#autonomous and connected car functionality

Question 25

What are management information systems (MIS)?

Answer 25

Systems to produce information allowing managers to make effective decisions

Question 26

What are examples of management information systems?

Answer 26

Executive information systems or executive support system - a database that oils data from internal and external sources providing easy to use information to seniors to help make strategic decisions
Decision support systems - combines data and analytical ,Odell or data analysis tools to support decision making
Expert system - allow users to benefit from expert knowledge and information. The systems will consist of a database holding specialised data and rules about what to do in, or how to interpret, a give. Set of circumstances
Knowledge work systems - facilitate the creation and integration of new knowledge into an organisation
Office automation systems - systems that increase the productivity of data and information workers

Question 27

What are the risks brought about by the increased use of technologies?

Answer 27

Obsolescence risk - technology goes out of date very quickly so the perceived competitive advantage may be short lived
Inexplicability risk - technology becomes too complex for humans to understand
Data protection - legislation states how long personal data can be held and stipulates the reasons why it can be held
Automation risks - training of staff to be able to work in an automated environment
Ethical risks - who is at fault if a computer makes a mistake? Can machines think ethically?

Question 28

What is a cyber risk?

Answer 28

The risk of financial loss, business disruption or reputation damage that are a consequence of accidents and poor systems integrity

Question 29

What are examples of cyber attacks?

Answer 29

Hacking - the use of specialist software to gain unauthorised access to systems
Phishing - bogus emails that ask for personal or security information
Malicious software (file hijackers/ransomware) - where the users files are hijacked and held for ransom
Distributed denial of service attacks - websites and online services being overwhelmed with large amounts of internet traffic that is designed to crash the system

Question 30

What is cyber resilience?

Answer 30

The ability of an organisation to ensure its data and information is reliable, available, has integrity and is adequately protected from unauthorised access