Cryptocurrency. Blockchain. Cashless transactions are king. And edge computing is highly applicable in the automation of transaction and billing processes in the financial world where low latency is required. Consumers participate in fully automated, intelligent processes to acquire goods and services. For example: Filling up the tank at a gas station is completely automated, including payment. Conditions and results are completely programmed, and as long as the sensors are present for sending and receiving data, the desired result occurs. The data involved in these transactions doesn’t need to go to a cloud – edge data centers located nearby guarantee low latency and real-time data analysis. The physical proximity of an edge data center also increases real-time data availability.
Businesses in the financial sector have been using artificial intelligence (AI) for several years to design their processes more efficiently, understand their customers better and improve the customer experience. The foundation of this is big data and the knowledge gained about the customer base through the extraction, aggregation, and processing via analytics tools.
Developments like cloud computing, the Internet of Things or software-defined networks enable businesses to innovate quickly, but also puts them at risk for new security threats. Banking Trojans, malware, ransomware, and hacking attacks on financial institutions are steadily growing. Because it is a decentralized data bank, blockchain is an important technology for cyber security.