The co-author of the book Blockchain Revolution contends that the technology is going to have a transformative impact on financial services as well as other areas of life and business. Several firms in the finance and audit areas have already invested vast sums of money towards this. One of the areas, Blockchain can have a major impact is in establishing trust between different ends of a business transaction among people who do not generally know each other. Thus, the need for intermediaries gets eliminated. Its superior algorithmic systems are enabling easier payment verification, tax return filing and foreign exchange trades. Office and staffing costs could be reduced as people can now work from any remote location. The huge quantities of data warehousing will also enable easier audit through automatic plug-ins. A digital double-entry bookkeeping system is thus underway. This newfound efficiency will help teams develop more innovations. To make it all successful, seamless collaboration across networks will be essential. The traditional financial service providers will try to gain back market plus there will be regulatory bumps, but all of these will need to be resolved.


Uploaded Date:09 August 2018

Data science is one of the hottest new professions, yet some say that its demise is not far off. A data scientist crunches huge swathes of data to create meaningful information. However, now with data warehousing taking place at larger than ever levels, and extremely precise algorithms created, the need for a scientist of sorts is fading out. Automation is taking a toll on engineering and scientific jobs and may soon do this to data scientists. The human judgement versus automation debate is in full-swing. Even the term “data science” is coming under debate as some say it isn’t a science but an engineering discipline. Some knowledge workers will get replaced by algorithms but not at the pace a few envisage.


Uploaded Date:14 June 2018

The US regulatory bodies have come in for criticism due to Facebook’s role uncovered in mass data warehousing and foreign interference in federal elections. The position of privacy in the digital age also needs much revision. To close this chasm, some strategies have been illuminated. As a first, tech literacy has to be stepped up among the political and administrative elite in Washington, D.C. Then, stronger policies need to be drafted to take care of third party data, currently held by the likes of Apple, Amazon, Google, Salesforce or Facebook. Investment is needed in new platforms or models which are user-centric and thus take pride in their consent. Currently, users tend to quickly scan through consent forms, while their data gets tracked and sent to large corporates who use it for their digital marketing efforts. Data ethics must be a central tenet to all customer-facing digital companies. In this regard, the European Union’s GDPR (General Data Protection Regulation) has been much more stringent in enforcing the laws.


Uploaded Date:05 June 2018

Amazon is renowned for its lightning quick delivery, even for obscure product requirements. This is not usually because of the delivery system alone, but also due to the concept of demand sensing. Top digital firms such as Amazon are noted for the enormous quantities of data warehousing done, which enables them to predict demand. The obscure product gets delivered so quick because based on the user’s historical data, the company may have simply predicted it being ordered, so had shipped the item long before the actual order was placed. This eases the pressure on the supply chain, reducing market volatility. New data sources are now available that can be tapped to get such vital customer insights. This is even happening in low-volume industries such as wind power equipment or aerospace. The former for example is being worked out by The Swedish-Danish duo of Vattenfall and Orsted leveraging existing neural networks. Several business analytics tools are available to glean this information out of platforms such as social media, connected devices, wearables, geo-location devices and digital personal assistants.


Uploaded Date:16 March 2018

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