Even if blockchains provide data immutability, the amount of transaction throughput that blockchains can support compared to those of transaction platforms currently in production is tiny. The best blockchain deployments that are known today maybe can handle 10,000 transactions per second, according to Parizo. “That is controversial because so few people understand the details and those systems are not truly blockchain,” he added. “You have to dissemble blockchain until it is no longer blockchain to get it to scale.” However, blockchain deployments do not need to compete with such implementations. The technology’s sweet spot is in environments where there are low volumes of highly valuable discrete transactions, according to Peter Lindstrom, vice president of securities strategies at IDC and who moderated the panel. Blockchain’s greatest weakness may be its reliance on public key encryption, which can be a single point of failure. “If the key is lost, so is the data and, potentially, the transaction,” said Parizo. “If the key is compromised, someone else can access the data or the related asset.”
“Software will account for 90 percent of future innovations in the car,” Herbert Diess told VW’s annual press conference. Volkswagen is retooling its strategy in the wake of the so-called dieselgate scandal, which has cost it more than 28 billion euros ($32 billion) in fines and penalties after the uncovering in 2015 of VW’s use of engine management software to mask excess pollution levels. Demand for software functions has risen exponentially as customers increasingly expect advanced driver assistance systems, smartphone connectivity and self-driving functions. “Today our 20,000 developers are 90 percent hardware-oriented. That will change radically by 2030. Software will account for half of our development costs,” Diess said. Compared to a smartphone, a car has ten times as many lines of software code, and a self-driving car will have a thousand times that amount, Diess explained.
“The stakes suddenly just got higher, which is why governments are really worrying about it, but on the positive side, what they really want to build in trust and security early.” To address this, Hannigan said there are three key things to do. First, understand the risks better such as the complex and deep interdependencies in modern supply chains. “Many companies do not really understand the vulnerabilities in their supply chains and the risks they are exposed to as a result.” Second, he said, security needs to be retro-fitted to infrastructure that was not designed with security in mind. “An obvious example is the trusted platform module, where industry worked together to show that it can be done. “And the third thing we need to do is to ensure that everything we build is secure by design and by default, and every government is worrying about this,” said Hannigan. “Building in security and trust when you design something is absolutely critical, and every government is looking at regulation on this.”
After the Cambridge Analytica scandal which found Facebook complicit in allowing the firm to harvest millions of user profiles for political purposes without their consent, politicians around the world are demanding Facebook be regulated. Consumer trust in Facebook was shattered following the scandal. A Ponemon Institute survey found a 66% decline in consumer trust in advance of Zuckerberg’s Senate testimony where it was clear that most senators did not understand what Facebook does. So, following a significant data breach, a titanic loss of consumer trust, calls by numerous politicians for regulation, and a massive service outage, Facebook wants to become a bank issuing its own cryptocurrency. A year is a long time in social media. Banking and financial services are built on consumer trust and Facebook is overdrawn in the trust account. Bankers’, politicians’, policy makers’, and regulators’ spider senses are tingling. Whilst the last decade has been a decennium horribilis for the banking sector, from the Lehman Brothers sub-prime mortgage driven bankruptcy to the Wells Fargo account fraud scandal, consumer trust and confidence in banks has also been eroded.
As worker expectations evolve, so must the abilities of employers, who need to recognise the impact that these demands will have on their workplace. Employers should prepare themselves to meet the needs of tech-savvy workers of the future, who will make up the workforce of tomorrow. Millennials are already dominating the workplace – 160 million currently make up the European workforce – and this figure is only set to increase, with millennials due to account for 75 per cent of the global workforce by 2025. The future generation of workers possess the digital skills that organisations need in order to achieve long-term success. They bring new perspectives and habits to the workplace, and their tech-savvy knowhow is invaluable. Consequently, companies must tailor their office set-ups to their needs and expectations, as the numbers of this age continue to swell the working ranks. Research has shown that 25-to-34-year-olds are the most enthusiastic age segment about tech-enabled working conditions. So, when it comes to recruitment, a tooled-up office could help with hiring these younger workers.
Boyd’s analysis revealed that the ace pilots had faster OODA loops: they were able to observe, orient, decide, and act more quickly than their peers. By continually shortening their OODA loops, and thus increasing the tempo of the battle, they consistently caught their opponents off-guard. According to Boyd, when the loop is so fast and tight that a competitor’s response rate drops to zero, the opponent with the faster tempo has disrupted the competitor—and the end result is victory. The same concept applies to today’s uncertain business environment. Disruptors—the most agile, responsive, and aggressive companies—put the squeeze on competitors with a similar dynamic loop. But since a solo pilot’s reaction time is unique to the circumstances and is far faster than an organization’s, we have adjusted the loop to better reflect that business reality. Our business version consists of four repeating aspects: scan, orient, decide, and act (SODA). Disruptors continually scan the landscape, orient themselves to new circumstances, decide how to respond, and act quickly.
“In one case, the company found that people are actually better than any robot when it comes to installing the interior and engine of the car,” explains Adrian. But BMW also found that some of that work requires more strength than the typical worker might possess. So it devised a “co-roboting” system, where a worker’s ability is augmented by a machine. “The operator on the left side of the car guides the installation,” Adrian explains, “while also controlling a robot positioned on the right side, which can apply tremendous torque to complete the fit wherever needed. So strength is no longer a barrier to entry for this role,” Adrian explains. “It’s open to anyone with the right skills.” Diego Hernandez-Diaz, who’s also an engagement manager, visited five factories through the project. “I was really impressed by the lengths to which one electronics manufacturer went to help its people learn new skills,” he says. “It built out a fully-spec’d, virtual version of its factory.
To code or not to code? It seems that you’ve made your choice in favor of the first option. Programming is a great field for professional growth. It gives you an opportunity to take part in interesting projects and work wherever you want. The only obstacle that restrains many beginners from starting a new career is the lack of understanding of how exactly they should learn to code. What’s more important is that even the best universities can’t fully provide a complete programming education that will guarantee a stark career as a software developer. This is because programming is too dynamic and flexible: once you start learning, you better do it for the rest of your life. Some programmers say that they had to try learning how to code a few times before finally reaching their goal. Yes, we all learn by mistakes, but you’ll be surprised how many common lapses there are in mastering this skill.
While technological advancements have been revolutionising the banking space in terms of biometric security through unique identifiers like fingerprints, facial recognition, and voice recognition, the advent of ‘big data’ is one of the most crucial interventions for the banking industry. Through effective storage, analysis, and interpretation of vast and complex sets of data, previously untapped patterns and trends can be uncovered for new client insights. This may result in significant commercial benefits while assuring privacy. Further, data management has the potential to make payments, finance, assurance, engagement, and banking more effective and tailor-made for each client, helping industry partners to optimise their internal processes and add value through a data-based business understanding. By extending these augmented data management competencies directly to clients, banks can make use of insights such as consumer-spending habits as a means of promoting cost saving by identifying frauds or errors, proving to be a source of competitive advantage.
While providing enormous business flexibility, Shadow IT applications can pose a significant operational, regulatory or reputational risk to the business. For example, an uncontrolled spreadsheet might provide calculations that feed into multiple models. ... Worse, there would likely be no visibility of this change, so identifying and remediating it would take time, extending the scale of business and market impact that the Operational Resilience initiative is designed to address. While as yet, the UK regulators haven’t defined or scheduled any regulation relating to Operational Resilience, there’s no doubt that it’s on the horizon. Informal discussions with the regulators allude to this. Financial institutions need to build a framework for Shadow IT risk management. This will enable them to understand their Shadow IT landscape and the critical business services and processes these applications support, define the risk they pose to the institution’s operations, determine the potential financial, operational, regulatory and reputational impact of errors and establish governance processes for change.
Quote for the day:
"Leadership Principle: As hunger increases, excuses decrease." - Orrin Woodward