Module 19

Question 1

What is the internet of things?

Answer 1

a set of computing devices which are integrated to allow transfers of data between them who no human interaction or interventions.

Question 2

What can be a part of the internet of things?

Answer 2

any device with a unique IP address.

Question 3

What are the benefits of the IOT?

Answer 3

• Monitoring the business -real time info that details efficiency
• Improving the customer experience
• Save time and money
• Improve health and safety -dangerous power station can be run from afar
• Improve cross functional working -teams must work together

Question 4

What are some examples of IOT in use?

Answer 4

• healthcare
• farming
• smart homes
• smart cities

Question 5

What is artificial intelligence?

Answer 5

any computer programme which allows a machine to simulate natural intelligence to perform complex programmes and mimic humans.

Question 6

What is Machine learning?

Answer 6

a way in which a machine learns, using algorithms, statistical models to identity patterns, how perform tasks without needing instructions.

Question 7

What is applied AI?

Answer 7

the most common as a machine is programmed to perform a task in 1 area at a high level

Question 8

What is generalised AI?

Answer 8

can perform many task but less common as difficult to create

Question 9

what are some benefits of AI?

Answer 9

• lower risk -can spot errors
• gives employees more time to perform analytical tasks
• more efficient -no breaks
• less processing failures
• identifies patterns
• cheaper - than employee and can spot waste

Question 10

What are some advances in ML?

Answer 10

• Beat humans in games where independent thought is required

- analyse a message and decide if its positive or negative

Question 11

What is robotic process automation?

Answer 11

process by which machines can perform high frequency, repetitive tasks performed by junior staff.

Question 12

What are some disadvantages of using machines?

Answer 12

• no gut instinct or emotion
• must consider privacy
• expensive to implement -lack of software developers with the skills
• cost of storing AI is expensive
• there are some jobs AI can’t perform age puppy or muffin

agreed that AI should be implemented alongside humans

Question 13

Are machines unbiased?

Answer 13

No, whoever programmed it will have introduced some bias.

Question 14

What is open banking?

Answer 14

a method by which you can share and view your finances in one place - be it on an app or sharing it with potential provider of finance.

Question 15

Can open banking help users with international banks?

Answer 15

Yes! can see Total assets, where money is located.

Question 16

What is blockchain?

Answer 16

a chai of blocks with each block being a timestamped representation of a transaction. It is a distributed ledger system.

A group of computers, known as nodes, form a network and these nodes verify the transaction.

Question 17

What is the unique identifier in the block?

Answer 17

this is known as a hash and the block contains details on the transactions which came before it.

Question 18

How can a blockchain transaction be verified?

Answer 18

by computers or by six nodes.

Question 19

What are some disadvantages of bitcoin?

Answer 19

the number of bitcoin is finite.
there are now billions of blocks in the chain 0 very complex.
-expensive
time consuming

Question 20

What are some advantages of bitcoin?

Answer 20

• public so can anyone can see it - transparent
• no transaction costs
• no intermediaries
• falsified transactions are prevented

Question 21

what are the disadvantages of the IOT?

Answer 21

• security and privacy of data
• lack of storage
• require energy -environment
• dont have judgement
• devices aren’t necessarily compatible
• ethical problem around job losses

Question 22

Why was open banking introduced?

Answer 22

to promote the development of online and mobile banking.