Fintech Overview: AI, Blockchain, Cloud, Data, Cybersecurity

What is Fintech? Let's answer this question

Speed. Also how the new generation want to deal with things the new generation doesn’t want to go to a bank branch.

Tesla is a tech company more than an automotive company and has more software engineers than mechanical engineers.

They streamline infrastructure, use data in a much smarter way, automate activities, reduce intermediation, empower the customers and they provide niche specialized products.

AI, also referred to as Machine Learning AI is a "a system's ability to correctly interpret external data, to learn from such data, and to use those learnings to achieve specific goals and tasks through flexible adaptation.

Blockchain is a distributed, peer-to-peer, decentralize and immutable ledger (or database). Blockchains can be public or private, permissioned or permissionless. A public and permissionless blockchain example could be Bitcoin and Ethereum. Private and permissioned could be blockchains using Hyperledger Fabric or Corda, mainly for private business networks.

Blockchain projects are bringing benefits in many industries, including substantial cost reductions, more efficiency, transparency and security, as well as the development of new business models and opportunities.

The blockchain is a distributed database that is used to record some data (assets, transactions, etc), has characteristics such as consensus, provenance, immutability, finality and the blocks of data are connected with hash functions and uses.

A smart contract is a piece of a computer program that can execute a contractual agreement between two parties. Smart contracts can pretty much execute any contractual condition or functions. They are Turing-complete, meaning that they use programming languages with conditional statements and conditional branching. These are the programming languages that have “if, then, else” and they can replicate any computer logic.

Data analytics is a process of inspecting, cleansing, transforming and modeling data with the goal of discovering useful information, informing conclusions and supporting decision-making.

Cloud providers allow on-demand availability of computer system resources, especially data storage (cloud storage) and computing power, without direct active management by the user. Most common providers are AWS, Google Cloud, MS Azure, IBM, Rackspace.

Now let’s check the technology that is the big fintech lever: Cloud. Cloud is what enables us to rapidly experiment AI, blockchain, data analytics and all the infrastructure that most fintech applications use.

Here you can see how cloud is the foundation for Fintech.

No Capex and it’s cost saving: no need to invest in physical hardware and pay only what is used

Competitive edge: have access to the latest technologies, including blockchain, data analytics and AI

Development and deployment speed: very easy to test applications conduct POCs and have better time to market

SLA and reliability: most of the cloud suppliers provide 99,99…% availability and you don’t need to do anything to keep the services available because it’s the responsibility of the cloud provider to keep the infrastructure up and running.

Security - RapidScale claims that 94% of businesses saw an improvement in security after switching to the cloud, and 91% said the cloud makes it easier to meet government compliance requirements.

Chaos Monkey!

Cloud Migration

Hope you have enjoyed!