We live incredible times!
Technological innovation is ongoing, and companies are almost, as if, obliged to adapt to a new reality… A reality that will certainly (re)define significantly how companies provide their services and how they communicate with their stakeholders.
The current framework will force everyone, companies and people, to make a huge adaption effort. More precisely, in the implementation of new processes, new technologies, new software, and the training of human resources.
At UWU Solutions we have found a way to soothe this problem! To be one step ahead. In this way, we can follow these technological developments and prepare, in advance and properly, the entire implementation process.
In fact, at this precise moment, UWU Solutions is already in the testing phase of the document management and reporting solution that will revolutionise the relationship with our customers. Stay tuned, since the same will be presented very soon in an exclusive access event!
I take this opportunity to share with you some concepts that undergird the ongoing digital revolution, such as: Open Banking, Artificial Intelligence and Blockchain.
Don’t fall behind. Come with us towards the future!
Enjoy your summer break!
What if your bank provided access to your bank information so that, later, you could develop new automated systems and applications?
Now you can, and this is what the Open Banking concept is based on.
From now on, with your due permission and undertaking certain factors, your bank may provide an Application Programming Interface (API) so you can develop new systems, applications and interfaces that communicate directly with your bank account information. Thus, although your account data is kept by the bank, these can be accessed, for example, through its management software (ERP).
Imagine that, for instance, in your management software, you issue a payment slip to a supplier and automatically receive a notice from your bank to accept the payment issue! Your payment time would be halved as you would no longer need to enter your bank's website to process payments.
Amazing, don't you think?! And this is just an example of the potential of Open Banking!
The essence of a computer system is its ability to process, analyse, calculate, execute data and deliver results quickly and efficiently. The problem is that, in order to do these tasks, the human "touch" is essential. Namely, to design and program models and processing rules and, obviously, to insert data into the systems per se.
But what if these systems could learn, just like us, and achieve results autonomously?! This is the concept behind Artificial Intelligence.
Artificial Intelligence enables computer systems to learn, adjust to new data structures, recognise new patterns and perform functions just as those of a human being.
Sounds scary, doesn't it?! But if we look around, this is already a strongly present reality in our daily lives. Now, let's see:
- Social Networks suggest content, articles and advertising according to our browsing data;
- Cars already drive on their own! Through the analysis of data (other cars, traffic signals, people, animals, etc.) broadcasted by cameras and sensors;
- Search engines (Google, Bing, DuckDuckGo, Ecosia, etc…) suggest you the search term even before you finish typing it.
If we talk about the giant Google, then the list is endless! For instance, the best known and controversial, is Google Photos. It analyses your photos, recognises the elements of photography (even if often poorly), allows you to search for photos through terms related to them, as well as suggests creating GIFS, Videos, stylised photos, among others…
And these are just some of the most common examples!
What about you? What do you think about Artificial Intelligence? Is it a reality that will replace us? Or is it a way to expand our capabilities and make us more efficient?
We know this technology mostly due to crypto currency, or "virtual coins" as they are commonly known. But despite their relationship, Blockchain and crypto currency are not the same thing! It is important to understand that Blockchain is the technology behind crypto currency, and crypto currency is a product created with this technology.
Let's start by simply understanding what this technology is all about.
Blockchain is a technology that enables the storage and processing of sensitive data, such as financial and banking information, on multiple computers, instead of one place. We can imaginatively view Blockchain as a web, where each intersection is a computer.
Take your business as an example! If you examine your network, or computer system, it is probably centralised on a server and being managed by an administrator. That is, your network performance is entirely dependent on the server and the administrator.
With Blockchain technology, this doesn’t happen! The network is decentralised, all users are equal and, most importantly, the data that already exists in the system cannot be changed. Among other things, this guarantees:
- Security - Information cannot be hacked, stolen or corrupted; and
- Reliability - If your server crashes, your entire system crashes! By having a decentralised system, a crash is virtually impossible.
Crypto currency is thus the best example of how to put this technology into practice. As we know, by using this type of currency, people can transact directly between themselves without relying on third party service providers, such as banks.
In business and companies, the use of this technology is still a little vague. But it could certainly be used to enhance not only security but also the speed of financial transactions. Besides, as this is a decentralised system, the company's energy consumption optimisation could also be explored.
So, how would you implement this technology in your company?! Here’s a challenge!