14: Developments in technology Flashcards
What is cloud computing?
on-demand access via the internet to computing resources, applications, servers, data storage, development tools, networking capabilities, etc.
managed by a cloud services provider
A cloud service has three distinct characteristics:
- sold on demand , typically by minute or hour
- it is elastic (little or as much use as needed)
- fully managed by the provider
There are three approaches to cloud computing (… as a service). Name and explain them
Software as a service (SaaS):
- access to software over the Internet
- applications hosted and maintained by external providers
Platform as a service (PaaS):
- development environment delivered over Internet
- allows users to build and test software without underlying infrastructure
Infrastructure as a service (IaaS):
- virtual computing resources over Internet
- e.g. storage space, networking
Advantages of cloud computing: (5)
- Cost-effectiveness
- Flexibility
- Accessibility
- Avaliability
- Automatic software updates
Disadvantages of cloud computing (3)
- Data security
- Accessibility
- Cost
What is a digital asset?
Any text or media file that is formatted into a binary source and that includes the right to use it
Digital files that do not carry this right are not considered digital assets
What is meant by digital distributed ledger technology (DLT)?
encompasses a range of decentralised database systems where transactions are recorded and validated across multiple sites
DLT does not rely on a central authority, enhancing transparency
What is blockchain?
Blockchain is a specific form of DLT that records data in a decentralised and immutable manner across multiple nodes
This structure makes it tamper proof and enhances security by removing single points of failure
system that ensures only valid transactions are recorded
What is fintech?
Financial technology
Software and other modern technologies used by businesses that provide automated and improved financial services
What are some examples of fintech?
- Digital payment companies (Apple Pay)
- crowd funding
- peer-to-peer lending
- online currency conversion
- algorithmic stock trading
What is a cryptocurrency?
A digital asset that is desgined to function as a medium of exchange and store of value
Operates through a decentralised computer network independent of any central authority and is not regulated
What are the risks of cryptocurrency? (4)
- Volatility
- Online digital wallets are prone to hacking
- Difficult to ascertain absolute instrinsic value
- Provides opportunity for money laundering
What are cognitive technologies?
Technologies involving machines that can analyse data to extract patterns and meaning, derive new information and identify strategies on the backing of analysis
What is artificial intelligence (AI)?
the creation of advanced computer systems to perform tasks that would typically require human intelligence
What is machine learning?
capability of computer systems to learn from and make predictions or decisions based on large volumes of training data, without explicitly being programmed to do so
What is automation?
The creation and application of technology to monitor and control the production and delivery of products and services
What is the Robotic Process Automation (RPA)?
A software solution that replicates a business process, designed to do a task that would otherwise be performed manually
Machine learning decisions are based on what two important aspect of analytics?
- prediction analysis - what will happen
- prescriptive analysis - what to do
What is deep learning?
method of processing data in a way that mimics how a brain works
deep learning models can recognise complex patterns in pictures, text, sounds and other data to provide accurate insights and predictions
What is generative AI?
a branch of AI that is designed to generate new content such as images, text, audio, and video based on patterns learned from a training dataset
What is a chatbot?
a software application designed to simulate conversation with human users
What is meant by transformative technology?
The integration of digital technologies into business processes, products, and strategies
What is E-procurement?
involves the use of internet-based technologies to identify and select suppliers, leading to a wider group of potential suppliers to choose from
What is an executive support system (ESS)
software that pools data from internal and external sources and makes information avaliable to senior managers in an easy-to-use form
