Module 18 Business Application of Technologies Flashcards
1
Q
Internet of Things (IoT)
A
- a set of computing devices which are integrated to allow transfers of data between them with no human interaction or intervention
2
Q
Benefits of IoT in Businesses
A
- Monitoring the business
- Improving the customer experience
- Save time and money
- Improve health and safety
- Improve cross-functional working
3
Q
Disadvantages of IoT in Businesses
A
- 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
4
Q
Examples of IoT Already in Use
A
- Healthcare
- Farming
- Smart Homes
- Smart Cities
5
Q
IOT Farming
A
- Soil scanning for water levels, light, humidity and temperature
- Positioning technologies
- Climate change tracking
6
Q
5G network
A
- 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.
7
Q
Two types of AI
A
- applied
- generalised
8
Q
AI benefits for businesses
A
- Lower operational Risk
- Gives employees more time for more analytical tasks
- More efficient
- Less exposure to processing failures
- Identifies patterns
- Cost reduction
9
Q
AI as a Service
A
- make AI accessible - off the shelf ready to use with the cloud
- IBM, Microsoft, Google, etc. are currently the leaders in AIaaS
10
Q
AI Examples - Financial Sector
A
- underwriting decisions for loans or credit cards
- help to perform risk analysis and predictions
11
Q
AI Examples - Customer Service
A
- used to create “chatbots
- reduce employee costs and free up employee time
12
Q
AI Examples - Trading
A
- used to identify patterns in large data sets
13
Q
AI Examples - Cybersecurity and Fraud Prevention
A
- can identify when a “bot” has infiltrated a system
- can also identify when information has been compromised
14
Q
AI Examples - Travel Industry
A
- AI works in the background to identify the cheapest rates and to price match these on the website
- flight, hotel and car hire deals
15
Q
Robotic Process Automation
A
- 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
16
Q
Computer Vision
A
- when machines can identify, analyse and process visual data mimicking human eyesight
17
Q
Disadvantages of Using Machines
A
- 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.
18
Q
Blockchain
A
It is a distributed ledger system
19
Q
How many nodes are required to verfity a blockchain?
A
6 nodes
20
Q
Why are cryptocurrency’s created and awarded
A
- for solving the mathematical equations and guessing the hash correctly
21
Q
What is required in blockchain verification
A
- 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.
22
Q
Using Blockchain in the business
A
- anti-money laundering checks
23
Q
Benefits of Blockchain
A
- 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
24
Q
Disadvantages of Blockchain
A
- 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
25
Q
Non-fungible tokens
A
- 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
