This week, what is Blockchain and how does it work?
Welcome to The Digital Eye, your weekly roundup of the latest technology news.
Our team of experts has scoured the internet for the most exciting and informative articles so that you can stay up-to-date on Digital, Data, Blockchain, AI & Analytics, and Digital Transformation.
Featured Article:
SEE: Algorithms as a Service: The Future of Computing
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Article by @danfiehn
Algorithms as a Service: The Future of Computing
Algorithms as a service, or AaaS for short, is the term given to a new area of cloud computing in which algorithms are offered as an AI service.
Introduction
As business leaders, you know that computing has changed dramatically in recent years.
The Cloud, Big Data, and Artificial Intelligence are all reshaping how we do business. But what’s next?
History may offer a clue.
Before the turn of the century, organisations frequently invested in building bespoke business systems. Large teams of in-house software developers produced millions of lines of computer code, often with little engagement from the business. These systems replicated standard business processes electronically and were transactionally based rather than customer-centric. As a result, building systems internally rarely differentiate organisations from one another.
The secret to successful citizen data science programs
Putting data and visualization tools in the hands of business people is one thing; getting IT out of the business of running reports is quite another.
What’s one way to get CIOs griping and venting about their data strategies? Ask them how successfully they get their business users to migrate off their mega spreadsheets and onto data visualization and other self-service business intelligence platforms.
Then, ask chief data officers (CDOs) how hard it is to lead data governanceprograms that include more support for citizen data scientists who want to integrate, prep, analyze, and share insights over a growing number of data sets.
Blockchain to make insurance settlements faster and cheaper
Blockchain can automate and streamline the entire process of the complex insurance business, right from taking a policy to disposing the claim, and thus reduce the costs.
Insurance is getting more coverage, especially against the backdrop of recent pandemic, which caught the people unawares but instilled a greater awareness among more people to be prepared for the unexpected. More coverage also means more complications, settlement issues, frauds and compound processes. Because, insurance has become complex with paper contracts and high human involvement at different levels, with brokers, insurers, reinsurers and consumers.
According to estimates from Indiaforensic Research, insurance frauds alone in India happen to the tune of Rs. 30401 crore every year, constituting about 8.5% of the total revenues. Though there are several other issues, disagreements and delays in settlements are major concerns. Recently, the Supreme Court warned the insurance companies not to refuse claims on `flimsy grounds’. Thus the companies and the customers are equally worried about the settlement issues, which need to be solved amicably and faster.
This Expert is Looking to Solve the Technology Ethics Equation
In many ways, AI will remain ethically stupid. And that’s probably a good thing, according to philosopher Brent Mittelstadt.
Life or death decisions don’t come around very often — unless you’re a doctor.
Even the routine choice of whether or not to order another test could mean the difference between detecting a cancerous tumor early or letting it spread. During the COVID-19 pandemic, doctors were forced to decide which patients should get access to ventilators in short supply. Big or small, decisions like these require ethical considerations that are rarely simple. Now, with the rapid ascent of AI in medicine, an urgent question has emerged: Can AI systems make ethical medical decisions? And even if they can, should they?
How embedded insurance may close coverage gaps
Property and casualty insurers have successfully applied the concept of embedded insurance to their distribution channels for years.
Embedded insurance is a growing focus area of digital distribution across the insurance industry. By making insurance available in conjunction with other products on existing online services, customers can easily add insurance protection that fits their needs and budget as part of a customer journey linked to an established need.
Insurers, meanwhile, provide greater convenience and link insurance protection with brands that consumers know and trust. Most importantly, embedded insurance offers the opportunity to greatly expand the reach of insurance, educate customers and ensure financial protection for all.
Featured Article
What Is Blockchain And How Does It Work?
Blockchain is the innovative database technology that’s at the heart of nearly all cryptocurrencies. By distributing identical copies of a database across an entire network, blockchain makes it very difficult to hack or cheat the system.
Article by @Forbes
What Is Blockchain and how does it work?
At its core, blockchain is a distributed digital ledger that stores data of any kind. A blockchain can record information about cryptocurrency transactions and ownership of Non Fungible Tokens (NFTs).
While any conventional database can store this sort of information, blockchain is unique in that it’s decentralised. Rather than being maintained in one location by a centralised administrator – think of an Excel spreadsheet or a bank database – many identical copies of a blockchain database are held on multiple computers spread out across a network.