Module 18 Business Application of Technologies

Question 1

Internet of Things (IoT)

Answer 1

• a set of computing devices which are integrated to allow transfers of data between them with no human interaction or intervention

Question 2

Benefits of IoT in Businesses

Answer 2

• Monitoring the business
• Improving the customer experience
• Save time and money
• Improve health and safety
• Improve cross-functional working

Question 3

Disadvantages of IoT in Businesses

Answer 3

• security and privacy of data as discussed
• lack of storage for the contents of IoT
• environmental impact of using IoT
• most powerful machines do not have judgement
• devices are not necessarily compatible with each other

Question 4

Examples of IoT Already in Use

Answer 4

• Healthcare
• Farming
• Smart Homes
• Smart Cities

Question 5

IOT Farming

Answer 5

• Soil scanning for water levels, light, humidity and temperature
• Positioning technologies
• Climate change tracking

Question 6

5G network

Answer 6

• Support communications that require low latency known as Ultra-Reliable Low Latency Communication (URLLC)
• Self-driving motor vehicles require URLLC
• Smart cities need 5g to reach full potential
• Allows transmission of a high volume of data in real time.

Question 7

Two types of AI

Answer 7

• applied
• generalised

Question 8

AI benefits for businesses

Answer 8

• Lower operational Risk
• Gives employees more time for more analytical tasks
• More efficient
• Less exposure to processing failures
• Identifies patterns
• Cost reduction

Question 9

AI as a Service

Answer 9

• make AI accessible - off the shelf ready to use with the cloud
• IBM, Microsoft, Google, etc. are currently the leaders in AIaaS

Question 10

AI Examples - Financial Sector

Answer 10

• underwriting decisions for loans or credit cards
• help to perform risk analysis and predictions

Question 11

AI Examples - Customer Service

Answer 11

• used to create “chatbots
• reduce employee costs and free up employee time

Question 12

AI Examples - Trading

Answer 12

• used to identify patterns in large data sets

Question 13

AI Examples - Cybersecurity and Fraud Prevention

Answer 13

• can identify when a “bot” has infiltrated a system
• can also identify when information has been compromised

Question 14

AI Examples - Travel Industry

Answer 14

• AI works in the background to identify the cheapest rates and to price match these on the website
• flight, hotel and car hire deals

Question 15

Robotic Process Automation

Answer 15

• process by which machines can perform high frequency, repetitive tasks replacing slow and repetitive work traditionally performed by junior members of staff
• systems which can check, in seconds, 12,000 documents which would have taken
  360,000-man hours

Question 16

Computer Vision

Answer 16

• when machines can identify, analyse and process visual data mimicking human eyesight

Question 17

Disadvantages of Using Machines

Answer 17

• Cannot make snap judgements and does not have a “gut instinct”.
• Cannot use emotion or perform critical thinking
• Must consider the privacy of customers and making sure that data is always kept secure
• Must be sure that customers have given permission for their data
• Need to train ML machines on non realistic data sets
• Expensive to implement
• Risk that there are some jobs which AI just cannot perform.

Question 18

Blockchain

Answer 18

It is a distributed ledger system

Question 19

How many nodes are required to verfity a blockchain?

Answer 19

6 nodes

Question 20

Why are cryptocurrency’s created and awarded

Answer 20

• for solving the mathematical equations and guessing the hash correctly

Question 21

What is required in blockchain verification

Answer 21

• Is the receiver addresses correct?
• If a currency transaction, does the sender have enough cryptocurrency to send? If the sender has promised that money to two different receivers, the receiver who was promised it first receives the currency.

Question 22

Using Blockchain in the business

Answer 22

• anti-money laundering checks

Question 23

Benefits of Blockchain

Answer 23

• blockchain is public, therefore anyone and everyone can see it. This can assist with transparency
• There are no intermediary banks who are performing the transaction on the user’s behalf
• There is also no central authority who controls the blockchain
• Stops any transactions being falsified
• Verification process is also constantly being reconciled

Question 24

Disadvantages of Blockchain

Answer 24

• computer power required to solve each block is so massive that individuals would not be able to perform this verification
• blockchain is an expensive process and it can be time consuming
• There are transaction fees charged for making cryptocurrency blockchain transactions

Question 25

Non-fungible tokens

Answer 25

• Non-fungible items cannot be interchanged
• NFTs are digital assets that live on blockchain
• Could take the form of contracts, paintings or codes, they are one-of-a-kind assets that can be bought and sold cannot be interchanged