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What is cryptocurrency? Beginners Guide for Digital Currency

Raktim Singh
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What is cryptocurrency? Beginners Guide for Digital Currency

What is cryptocurrency?

If you are looking to know more about What is Cryptocurrency and How cryptocurrency works and what are the top cryptocurrencies to follow in 2021.

Then check this article till the end …

So, Let’s Start with

What is cryptocurrency?

Cryptocurrencies are digital money in electronic payment systems. Please remember that cryptocurrencies are different from the blockchain.

 A blockchain, contains, list of records (say blocks), which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. 

Blockchain technology can be used for various business use cases. One of the use-cases is cryptocurrency.

Other use cases of Blockchain are, smart contracts, storing land records, citizen identity record,s etc in a temper-proof way.

A cryptocurrency is a digital currency that is secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain. This makes it very hard/impossible to counterfeit.

Cryptocurrency generally does not require government backing or the involvement of an intermediary, such as a bank.

In cryptocurrency here, users of the system validate payments using certain protocols.

It does not exist in physical form (like paper money), and it is not issued by a central authority.                 

How does cryptocurrency work?

Cryptocurrencies are virtual “tokens” represented by ledger entries.

They allow performing secure payments. “Crypto” means different algorithm and cryptographic technique that safeguard these entries, such as hashing function, public-private key pair, and elliptical curve encryption.

Types

Bitcoin was the first blockchain-based cryptocurrency, and it’s still valued. Currently, there is a varied alternative like clones or forks of Bitcoin and many others which started.

Other popular cryptocurrencies are Litecoin, Peercoin, Dogecoin, Gridcoin, Ethereum, Ripple, EOS, namecoin.

As per statistics, over 18.6 million Bitcoin circulated in the market with a total cap of approx. $927 billion

Currently, the aggregate value of all cryptocurrencies in existence is around$1.5 trillion, of which Bitcoin represents more than 60% of the total value.

Advantages Associated with Cryptocurrency 

Cryptocurrency helps in the easy transfer of funds between two parties, without the need for any third party such as a credit card company or bank.

These transfers are secured by the public key and private keys and various forms of incentive system, like proof of work or maybe proof of stake.

In the current system, a user’s wallet or account address has a public key, while the private key is known only to the owner, which is used to sign transactions.

Disadvantages

Most Important – Illegal activities can be easily carried due to their semi-anonymous nature.

It’s not regulated by any government or central body. So basically, underneath cryptocurrency, there is no intrinsic value.

If you go back in history, you will realize that earlier our ancestor’s used the barter systems.

For example, one farmer needs to give ten kg of rice and in exchange, get various household utensils.

Later, various kingdoms started exchanging gold, spices, metal, food.

Post that they floated their own coins/currencies. Once sovereign nations formed, they crea

ted/floated their own currencies, which were backed, primally by gold.

Normally, a currency is backed by a government. Governments keep a ‘gold’ reserve or equivalent, which determines the value of that currency.

In other cases, underneath a currency, some other underlying (fuel, art-piece, precious metal,) is there.

But in case of cryptocurrency, underlying is only some algorithm !!!

There is always a lot of price volatility because which threat of large losses is always there.

 Cryptocurrencies, by their nature, are virtual in nature. Hence, they are not stored on any central database.

It’s very important to take them back up of private keys because a digital cryptocurrency balance can be wiped out by the loss or destruction of a hard drive.

Most Popular Digital Coins and How they are used….

                    Coin       Total Market Value
Ethereum (CRYPTO:ETH) $390 billion
Binance Coin (CRYPTO:BNB) $79.5 billion
Cardano (CRYPTO:ADA) $66.3 billion
Dogecoin (CRYPTO:DOGE) $63.4 billion
Tether (CRYPTO:USDT) $58.2 billion
XRP (CRYPTO:XRP) $51.8 billion
Polkadot (CRYPTO:DOT) $30.5 billion
Internet Computer (CRYPTO:ICP) $25.6 billion
Bitcoin Cash (CRYPTO:BCH) $20.1 billion
DATA SOURCE: COINMARKETCAP.COM. *AS OF 5/17/2021.  

 

Below are some of the most important digital currencies.

  1. Bitcoin is regarded as the first decentralized cryptocurrency using blockchain technology to facilitate payments and digital transactions.

2 Ethereum (ETH)

The first alternative of Bitcoin Ethereum(Ether), 

It is a decentralized software platform, and it enables Smart Contracts.

 And Decentralized Applications (DApps) to be built and run without any downtime, fraud, control, or interference from a third party.

3.Litecoin (LTC)

Litecoin, which was launched in 2011, was among the first few cryptocurrencies after Bitcoin, and It has often been referred to as “silver to Bitcoin’s gold.” 

It was created by an MIT graduate Charlie Lee, an MIT graduate, and former Google engineer. 

Litecoin is developed on an open-source global payment network that is not controlled by any government body.

 It uses “scrypt” as proof of work.

4.Stellar (XLM)

Stellar was founded by Jed McCaleb, 

He was a founding member of Ripple Labs and developer of the Ripple protocol.

Stellar is an open blockchain network designed to provide enterprise solutions by connecting financial institutions for the purpose of large transactions.

 

Every new technology will have a degree of uncertainty about the future,

And the same case is with cryptocurrency.

While the popularity is growing, and also the demand is growing Still 

it is too early to know just how big of an impact cryptocurrency will have in Financial Ecosystem.

 As a potential financial revolution, 

it’s worth keeping an eye on it and learning and understanding more about it till it becomes legal.

Hope Now you understand the basics of  What is cryptocurrency? 

 

What is Machine learning with Examples and Why it is Important ?

Raktim Singh
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What is Machine learning with Examples and Why it is Important ?

Let’s understand What is Machine learning with Examples and Why it is Important?

Machine learning (ML) is the study of computer algorithms that improve their outcome & result automatically while processing various types of data.

Machine learning algorithms build a model based on sample data.

This sample data is known as “training data” in order to make predictions or decisions without being explicitly programmed to do so. (Wikipedia)

To put this in simple terms, now machines are able to learn on their own. That is, with one initial algorithm, computing power & big abundance of data, machines keep on improving the initial algorithm. 

As a part of scientific research, machine learning came from a curiosity for artificial intelligence. 

Basically, Machine learning is a field of digital science, computer science, and artificial intelligence.

Or We define Machine learning as the Automatic detection of Meaningful patterns from data, and now Machine Learning has become a powerful source to extract powerful patterns through any form of data.

It all started when during the early days of AI evolution, many researchers started experimenting with Machine learning from the data.

They tried to solve the problem with different symbolic methods and

these were mostly perceptron (algorithm for supervised learning of binary classifiers) and other models that were later found to be reinventions of the generalized linear models of statistics.

Later in the 1990s, Machine learning was reorganized as a separate field. It changed its goal from acquiring artificial intelligence to tackling the solvable problem of a practical nature.

Now Machine Learning has conquered the Industry. 

It is now the main reason for the existence of the number of high-tech products.

Like Powering Smartphones, Intelligent searches, Recommended products, and much more.

Nowadays, AI is a big topic, and ML is the main reason behind this.

How Machine Learning Help Business?

1) It eliminates manual entry and reduces personal involvement

2) It is a very helpful in voice command related work

  • For Amazon, the voice assistant is Alexa
  • Google Assistant.
  • Apple has developed Siri as their voice assistance
  • Microsoft has Cortana
  • and Samsung has Bixby

3) Image recognition 

This technology is widely used in car parking, Toll roads, offices, and many other places,

Face recognition is now widely used in Smartphones, entry and exit points, and many other places.

Basically, Image recognition enhances the overall customer experience.

4) It helps in Financial analysis. It’s very useful in Share markets analysis, various report regeneration where big data (related to purchase, sale, gains, tax..etc)is involved.

5) Medical Diagnose

6) Cybersecurity 

and many other dimensions.

What is the basic premise of machine learning?

Machine learning is working on the principle that digital machines “learn” the way humans learn and process information. Or this is also known as algorithm training that is automated. 

Machine learning is the use of techniques to automate the analysis and production that is trained on. It uses techniques to achieve automated data and algorithm analysis.

What is machine learning with Examples and its model?

A machine learning model is a set of inputs and outputs which helps achieve the tasks to be accomplished. 

It is the end result of the trained machine. A machine learning model can be in any format. Once trained, the model can be used across multiple different tasks and industries.

How can machine learning models be used?

Once trained, machine learning models can be used in any digital or manual process that needs automated learning to do something. In practical terms, the model can be used in areas where the traditional workflow process is inefficient.

 For example – A product manufacturing environment where the humans can be slower and resource-intensive. 

It also can be used in other industries such as healthcare and banking.

We can say that Machine learning works in a way that the digital machines “learn and understand” the way humans learn and process information.

When do we Need Machine Learnings? 

The answer lies in two major aspects 

1) How complex is the problem.

2) Task that is beyond Human capabilities to Solve it.

In simple words, a task that requires huge memory and very good processing speed.

Approaches for What is Machine Learning with Examples)

Machine learning approaches are divided into three categories, depending on the nature of signal or feedback accessible to the learning system.

  • Supervised learning: In this approach, the “teacher” presents the computer with the desired output, and the target is to learn a general rule that maps input to output.
  • Unsupervised learning: The learning algorithms are not labelled, leaving on their own to find structure in its input. Unsupervised learning can itself be a goal or a means towards an end.
  • Reinforcement learning: A computer application interacts with a varied environment in which it performs a certain target. As it comes across the problem space, the program is provided with feedback that is similar to rewards, which it tries to maximize.

For machine learning, input data is key. With respect to data, 2 things are important. Based on algorithm, either data is ‘Classified’ or ‘Put in Clusters’.

I hope you got a fair idea of What is Machine learning with Examples and Why it is Important?

In future articles, I will be talking more about ‘Classification’, ‘ Clustering’, ‘Exploration’, ‘Exploitation, various techniques like “Random forest regression’, ‘Upper Confidence Bound’, ‘Multiple Arm Bandit & ‘Thomson Sampling’ etc.

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What is Big Data Analytics and Why is it so Essential?

What is Digital Wallet and How it Works? A Beginner’s Guide

Raktim Singh
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What is Digital Wallet and How it Works? A Beginner’s Guide

What is Digital Wallet and How it Works?

Do You know that Cashless transactions and Digital Payment are the future….

The birth of Digital Wallet and the subsequent development of advanced versions of Digital Wallets are the most important events in the world of managing Fund and Cash at the individual and corporate levels. 

We all use traditional leather wallets to hold our cash, credit & debit cards, driver’s license, insurance identification, shopping loyalty cards, and more.

But your wallet or purse grows thicker and more unwieldy. 

Also, carrying a leather wallet may be risky as sometimes you may forget the place where we have kept it, or might any thief that gets his hands on your physical wallet can easily blow all of your cash and do much more damage with other valuable information.

What is Digital Wallet and How it Works?

A digital wallet is an app on your phone or tablet or any other mobile device.

 It allows you to store virtual versions of items you would generally find in a physical wallet, like credit cards, debit cards, driving licenses, gift cards, coupons, even event tickets, and boarding passes. 

The information may be stored either on the device itself or in the cloud. 

It actually helps in getting mentally free from carrying any cash or other money-related instruments.

The digital wallet comprises of software and information. The users need to have a secured and encrypted transaction. 

A survey states that in Asia, one consumer out of five uses a digital wallet.

As per analysis, around 48.5% of consumers made purchases using smartphones in India, Singapore, and China. 

The Indian consumer is leading with around 76.4% using a smartphone to purchase.

This gives a boost to companies like many companies including famous e-commerce websites like Amazon, Flipkart, and many other companies.

How Digital wallet Works?

When you add your personal information into a digital wallet, that data is then converted into a unique code via encryption that authorized entities can only access. 

Digital wallets go a step further by also adding in tokenization.

It takes that sensitive encrypted data and replaces it with a non-sensitive digital equivalent known as a token.

 These unique tokens are randomly generated every time a user makes a payment, and only the merchant’s payment gateway can match this token to accept the payment.

Ultimately, your information is useless and unreadable to fraudsters when encryption and tokenization are used together.

There are different types of digital wallets. 

1- Closed Digital Wallets: These ones are simple to make as they will help one make payments only for a simple application or a website.

It is for one particular brand name that doesn’t allow you to make payments outside, like in the case of Walmart Pay.

This is basically for those companies that have been in business for a long time, but the integration of e-wallets came in some time later.

These support only a specific application.

2- Semi-Closed Digital Wallets: Offering a broader scope of making payments, this type is different than the one we discussed earlier.

Allowing the users to make payments at stores that have an association with the app, this type can be used for online payments as well as payments at stores or restaurants.

However, not all stores and shops might be able to receive money through this medium, hence the name semi-closed e-wallets.

3- Open Digital Wallets: These are the most used Digital wallets as they allow the users to make payments online and at stores at any time.

In this type of digital wallet, the users can easily do monetary transactions by sending money through the platform directly to the accounts of other users.

The service provider allows them to make any transactions from any place in the world, provided both the sender and the receiver have their accounts on the same app.

Advantages of using Digital wallets  

After knowing What is Digital Wallet and How it Works?  Let’s understand the advantage of it.

1. Security: The most significant advantage of a Digital wallet is security. As explained earlier, it’s very difficult for someone to steal your mobile phone, unlock that & use your digital wallet for doing financial transaction

2.    Convenient

 It offers more convenience for many consumers. Users are able to get through a purchase in mere seconds; all you need to do is tap your device to the payment receptacle, or have your mobile device scanned, to pay for the items you are purchasing.

So, the experience of buying items becomes quicker and easier – leading to a greater sense of satisfaction.

Furthermore, with faster transactions, checkout lines within stores become much shorter.

3.    More option

Digital wallet applications provide a more convenient transaction processing method for customers, giving businesses that employ this technology a competitive edge in the market.

It redefines the user experience of paying and incorporates a novelty aspect to each purchase.

Freecharge allows you to use Digital cash in a number of places such as train tickets, bus tickets, gas, water, electricity, etc. PayPal also has partners such an s eBay, best buy, southwest, and many more.

Thus, Digital wallets offer a variety of options and save your time.

4 – Incentives and Promotions

Each wallet comes with its own set of incentives.

Digital wallets give plenty of money-saving avenues through discounts, cashback, offers, and free gifts.

You can benefit the maximum by going through their offer section and making optimum use of promo codes.

5- Range of uses

 Starting from bill payments for DTH, post-paid, data card, and broadband to buying air, bus, or train tickets, you can use an e-wallet for a variety of transactions.

From paying at your local grocery stores to paying for your utilities like gas, water, and electricity, the reach of mobile wallets has gone far and wide.

 6. Financial Inclusion: Digital wallets do not require a bank account with a physical firm or branch, often allowing those in poorer and rural areas to be served as well and therefore enables a more comprehensive financial inclusion.

Money can be deposited in the digital wallet prior to any transactions, or in other cases, an individual’s bank account can be linked to the digital wallet.

Users might also have their gift card, driving license, health club card, and other ID documents stored within the wallet. 

How has Digital Wallets played a vital role in the current situation of the pandemic?

The current pandemic has brought new social norms of social distancing and lockdown.

This gave a boost to online modes of buying essential things and commodities. 

A survey conducted by MasterCard in just three Asia-Pacific nations – Thailand, India, and Australia reported that 88 percent of the respondent in these nations have at least used one online payment mode.

Nearly two-thirds said they tried a new payment method because of the pandemic. 

As vendors, especially small businesses, start to realize the need for adopting a modern POS solution to accommodate changing shopper behavior, those businesses will likely gravitate towards payment solutions that handle both online and in-store payments, like Square and Stripe, as they’ll allow merchants to accept the same wallets across channels.

During this pandemic time, Digital Wallet is really helping customers to pay to the merchant while literally sitting at home/maintaining the required social distance. 

A simple, convenient, and social-distancing friendly mode of option.

Hope you got clarity on  What is Digital Wallet and How it Works?

Also Check one new Article on Cyber Security

Why Cyber Security is Important for Business in Current Times?

What is Big Data Analytics and Why is it so Essential?

Raktim Singh
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What is Big Data Analytics and Why is it so Essential?

What is Big Data Analytics and Why is it so Essential?

If you are thinking of ….

Collecting and Processing large data sets and also wanted to analyze and find the hidden trends, important correlations, and other deep insights than you are thinking of Big Data Analytics.


Do you know … The vast amount of stored data is valuable information in raw format. By inspecting, cleaning, transforming, and modeling the data, companies find useful information that leads them to accurate decision-making and meaningful actions.

“It is the way to examine large amounts of data to uncover hidden patterns, connections, and valuable insights.”

Now using the latest technology, it is possible to analyze data and find the answer to what you are looking for.

In this article, we will understand the definition of big data analytics and why it matters.

First, Let’s Understand Big Data

The term “Big Data” can mean various things to different businesses of today. Depending on the business size, role and the reason behind obtaining the data determines the definition of big data for many organizations.

In layman’s terms, big data can be defined as the structured and unstructured data moving throughout the organization.

The structured internal data includes processed transactions, customer insights, payable information, and receivables.

While the unstructured data includes emails, photo images, customer reviews, and social media posts.

In conclusion, the data is extracted from ATMs, sensors, smartphones, web clicks, GPS signals, and many more to name a few.

Big data in simple words are massive amounts of stored data that can be analyzed for business profit.

Companies keep a track of their customers and all this structured data is stored in the form of spreadsheets or tables.

This can be carefully examined to understand the behavior of customers.

Using data through business analytics can lead to smart decision-making, optimize business outcomes & offer ‘personalized offer’ to customers.

What is Big Data Analytics?

Big Data Analytics involves

  1. Extracting data from different sources
  2. Cleaning & Transforming it in a way that it becomes available to be consumed by analysts
  3. Doing an analysis of this data to derive insights, which are useful to the organization’s business.

The process of converting large amounts of unstructured raw data, retrieved from different sources to a data product useful for organizations forms the core of Big Data Analytics.

The process and tools required to extract insights from massive amounts of data are part of big data analytics. The data is often defined by the 3Vs – Velocity (high), Volume (large), or Variety (extreme).

Big data analytics works efficiently to derive conclusions and correlations from the large chunks of unused data. It’s done with the help of tools such as python, Hadoop, R, and others.

 

Why is Big Data Analytics Essential?

The importance of big data analytics is becoming more apparent among various industries.

Big data analytics helps businesses to extract value from their data and create new opportunities.

This leads to better decision-making for the business, efficient operations, higher revenue, and satisfied customers.

Big corporations and enterprises utilize big data analytics to provide an excellent customer experience.

Big data helps businesses to use their data efficiently and create new profitable opportunities.

The data can predict the potential success of products among customers based on their interaction by using different techniques and algorithms.

 

Here are 2 major reasons why big data analytics matter 

Enhanced Decision-Making – Teamed with great speed of Hadoop and in-memory analytics and the ability to analyze new data, organizations can examine information quite rapidly and make better decisions from the collected insights of the customer behavior.

New Products and Services – Analyzing collected data can help immensely with predicting the success rate of new products and services. It also helps companies to create products and services based on analytics of customer preference.

Now companies can really understand each of their customer & offer ‘personalized solution’ to the customer, in his context. No, one size fits all or even, segmentation of customers.

In conclusion, big data analytics is vital because it helps organizations to optimize their performance and efficiency.

Implementing analytics into the business models reduce costs by figuring the most efficient way to do business and predicting the success rate of new products and services.

Industries Benefiting from Big Data Analytics

Any business that functions on quick, agile decisions to stay relevant and competitive in the market combined with innovative products/services is most likely using big data analytics to its advantage.

Here the most common sectors that benefit the most using big data analytics-

  1. Retail

The retail industry is one of the ficklest sectors that changes every season. The sector is entirely dependent on creating customer-centric products.

Big data analytics is the best way to gain customer insights and their preference.

According to the study from IBM, 62% of retail respondents confessed to having a competitive advantage by using information and analytics.

With more online shoppers, keeping track of retailers’ needs is a driving factor in generating revenue.

Retailers must know what and when a customer needs a particular product. Keeping the stock available at the right time is what big data analytics attempts to do.

It meets the fluctuating demands of the customer without losing them. The analytics provides infinite information, from buying habits to social media and various other in-depth knowledge of the customers.

Big data analytics is preferred for predicting trends, and the success rate of new products that eventually boost revenues.

 

  1. Medicine

The medicine industry is incredibly dependent on specialized equipment to diagnose, assist and track various medical procedures.

Using big data analytics tools, the industry is able to improve health in several ways.

The compiled data of patients’ family history provides comprehensive views about their well-being, potential risk, and various in-depth information about their health.

In other cases, public health departments use big data and analytics to prioritize food safety inspections.

  1. Banking

Banking is getting immensely reliant on digital technology infrastructure, and now many banks are getting innovative by using analytics.

For instance, Bank of America uses Erica, a virtual assistant that applies predictive analytics and natural language processing to view banking transaction histories or information about potential bills.

Virtual assistance does more than transactions, it also provides insightful financial advice to customers based on their banking habits.

Now banks are offering, totally personalized ‘financial solutions’ to their customers.  Big data analytics also help banks with detecting frauds.

  1. Transportation

Using big data analytics, customer journeys are getting more personalized and have a high chance of successful journeys.

Bus representatives inform travelers of the people on the given bus or reduce the distance the travels have to walk to board buses.

Not just in the bus sector, analytics is also used in the railway & air-travel.

On one hand, it is helping aero-plane companies in doing proactive maintenance of their various heavy equipment.

On other hand, by analyzing the data of their frequent passengers, they are able to roll out, various offers & new flights/connecting flights to the benefit of their customer.

In upcoming posts, I will explain various techniques & concepts like ‘Classification’,’ Clustering’, ’Exploration’, ’Exploitation’ , ‘Upper Confidence Bounds with clusters’ ,‘ Behavior Constrained Thompson Sampling….etc.

Hope you got most of your Questions Answered regarding 

What is Big Data Analytics and Why is it so Essential?

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Why Cyber Security is Important for Business in Current Times ?

Raktim Singh
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Why Cyber Security is Important for Business in Current Times ?

COLD WAR MAY BE OVER. WELCOME TO CODE WAR.

The world is getting more and more reliant on the internet and technology for almost every human need that is the reason this Question Why Cyber Security is Important for Business can not be ignored.

Although life is getting easier and connected with the internet, it is also opening doors for the massive cyber threat.

People are more likely to experience fraud, identity theft, malicious attacks, and other threatening behavior due to the growing connectivity of data on the internet.

Cybersecurity plays a vital role in securing the world’s data and protecting it from hackers, fraud agents, and cybercriminals to prevent such global damage.

By utilizing cybersecurity, governments and organizations can prevent themselves from data breach campaigns.

As the cybersecurity risk is at an all-time high right now due to the usage of cloud-based services to store sensitive and personal data.

The poor structure of cloud services leads to the growing cyber-attacks by sophisticated online attackers to steal organization’s data.

The outdated antivirus software and simple firewalls are no longer responsible for protecting your data, leaving business leaders with no other choice than to reach out to cybersecurity professionals.

Almost every business on the planet is affected by cybercrime of many kinds which results in irreversible damage to the companies.

To spread awareness and prepare your organization against the growing cybersecurity risk, you must educate the staff about “phishing”, ransomware attacks, and other malware designed to steal people’s personal data.

Here’s more about Why Cyber Security is Important for Business and How cybersecurity to help you prevent any data risk –

 

  1. What is Cybersecurity?

Cybersecurity is the practice of securing computer systems, networks, devices, and programs from any malicious or cyber-attacks.

Since the entire world is now getting connected (phone, laptops, smart lights, smart air-conditioners, Smart TV, medical devices, smart cars, aero-plane, …), cyber attackers use these instances to extract sensitive data like credit card numbers, social security numbers, and bank account details.

Their increasingly advanced and dangerous new ways to invade sensitive data are backed by social engineering and artificial intelligence.

In 2019, cybercrimes cost the world about $2 trillion, and by 2021, more than $6 trillion damage is estimated by Cybersecurity Ventures.

Thus, prompting the world to immediately invest $10 billion in cyber-security measures by 2027 to secure data against the data-risks.

Cybercrimes aren’t just limited to big corporations and governments, the average consumer is also likely to experience various cyber attacks in the form of phishing, ransomware attacks, identity theft, and financial loss.

The advent of new technology increases the risk of everyday individuals.

 

Fun (Or Not) Fact: It takes less than five minutes to hack an internet-connected device including your smartphone, smartwatch, home control systems, television, and many others.

 

 

  1. Types of Cybersecurity Threats

The importance of cybersecurity can be greatly expressed by introducing the threats that are happening to people every day.

Here are some of the ways hacker infiltrates your systems and attack or steal your personal data –

  • Malware: This type of attack comprises spyware, ransomware, worms, and viruses.
  • They bait people by sending suspicious email links or by downloading risky applications.
  • Once people are inside a network, the attackers steal sensitive information and go on to damage even more.
  • Denial-of-service (DoS) Attacks: This type of attack includes bombarding the network with a request to exhaust bandwidth.
  • In most cases, DoS attacks are meant to be more of an inconvenience than anything else.
  • Man-in-the-Middle Attack: This type of attack happens when hackers interrupt a two-party communication/transaction.
  • They insert themselves through public Wi-Fi and steal their information without ever getting caught.
  • Phishing: As the name suggests, criminals bait innocent people by sending out malicious emails or texts, pretending to be from reputable and well-known sources.
  • By getting people to click harmful links, they steal the victim’s data by invading their personal information.
  • Once the individual clicks the risky link, hackers get access to sensitive data such as credit card, bank account details, login information, and social security.
  • Confidentiality: This relates to information disclosure. For example, if some other person reads all your e-mails & can hear all your communications.

 

  • Integrity: This relates to tampering of data. For example, some other person can modify the mail & other communication before it reaches you. Also, you don’t know that someone has modified the data.
  • Authentication: This relates to spoofing. Another person logs into a website by successfully guessing the credentials.
  • Authorization: When privileges are compromised. So, some other person can enter a building or a computer room, even though he doesn’t have permission.
  • Non-Repudiation: If someone performs some activity (say the transfer of fund from an account to his account) and later denies that.
  1. Why is Cybercrime Increasing?

Cybercrime is generating large lumps of money by exploiting people and since the world is incredibly reliant on the internet, it’s easy to trap people.

Mostly influenced by the growing exposure of personal data on the web via cloud services, public Wi-Fi, or Bluetooth.

But the intention isn’t limited to the open exposure. Identity theft isn’t the only goal of cyber hackers, many cyber-attacks aim to comprise data validity to cause distrust in an organization or the government.

Cyber attackers are getting more advanced and sophisticated in stealing and targeting people.

Their new ways of attacking organizations and security systems are incredibly smart.

Crimes like social engineering, ransomware, phishing, and spyware are some of the most common cyber attacks happening with people every day.

The ongoing data breached focus on obtaining financial information such as credit card numbers, bank account details, intellectual property, or trade secrets.

Other forms of data breaches include unintentional information disclosure, information leakage, data spill, or cloud leakage.

 

Another factor that is causing cybercrime growth is the shared nature of the internet. The growing use of mobile devices, the internet of things, and more opportunity to profit off from the dark web. 

Another important Aspect in identifying Why Cyber Security is Important for Business is

  1. How to Protect or Indorse Cybersecurity in Your Organization?

You can ensure various cybersecurity measures within your organization to strengthen data security and reduce the risk of any cybercrime. Here are some of the three best ways to protect your organization –

  1. Educating the Staff – Teaching your organization at every level about the risk of social engineering and other common scams like phishing emails, typosquatting and others to stay alert if ever happened to them.
  2. Invest in Cybersecurity technology infrastructure – Leveraging secure tools that limit information exploitation, monitor any possible cyber risk, and constantly scan for any kinds of data exposure and leakage credentials.
  3. Vendor Risk Management Questionnaire – Using technology to send out vendor assessment questionnaires to help identify potential weaknesses among the third-party vendors and partners that can cause data break, data leak, or other types of cyber risk.

The risk and outcomes of cybercrimes are apparent so there’s no reason to question the need for cybersecurity within organizations. Comply with the above cybersecurity measures to protect your company from any cyber-attack and strengthen your data security today.

Hope you got a better understanding of “Why Cyber Security is Important for Business”

YO may also check Un-learning and Learning in Digital World

What does Digital Transformation for Business Actually Means ?

Raktim Singh
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What does Digital Transformation for Business Actually Means ?

This is really a very Important Question which everyone is asking is as to What does digital transformation for business really means …

The term “Digital transformation” is getting more and more popular among any up-and-coming businesses.

Said to be the next “big” change every business is expected to witness. With the growing buzz, companies across the globe are worried about how to adapt to this new change.

In my honest opinion, digital transformation is real, effective and critical for every business in the coming years.

Like it or not, we have to make a piece with it. If you still haven’t understood what truly defines digital transformation, we’ve got you covered.

Before we dig deep into the definition of digital transformation, we like to say that digital transformation can mean many different things to different businesses.

It is because every business is unique from one another. Digital transformation can mean different solutions or concepts to businesses to be future-proof for success.

What is the meaning of Digital Transformation?

In simple terms, digital transformation is the new change of using technology to innovate and create different ways to do business to drive growth, revenue and enhance customer experience.

According to the experts like Brain Solis, a renowned digital anthropologist and futurist, “(…) the realignment of, or new investment in, technology, business models, and processes to drive new value for customers and employees.”

He says that the realignment is to help businesses compete better in the ever-changing digital economy.

At the core, digital transformation is about adapting to new, futurist and innovative concepts and ideas to bring in value for customers and employees, rather than enhancing or improving the traditional methods.

Nowadays, businesses find most of their targeted customer online than offline or at the store. So in the coming years, customers with a very short attention span and millions of brands option will make new or old businesses struggle. Digital transformation is all about preparing businesses to adapt to the recent digital changes.

In my opinion, we do business transformation to provide a Digital experience to the customer. 

The major change has happened in terms of ‘What and How’ of doing business. Our ‘What’ part has remained the same, like, watching movies, reading books, ordering groceries but, the ‘HOW part has changed. Now we watch movies on Netflix, read books on Kindle, order through Amazon.

So now FAAAN (Facebook, Amazon, Apple, Alphabet, Netflix) are providing us true digital experience, that is you are able to consume these services (watching movie..) at any time, any place, anywhere. Also, they provide totally personalized experience.

I call this as ‘Digital Experience’

Digital transformation consists of four aspects:

  1. Understanding the true meaning of digital experience & applying it in your context.
  2. Understanding the cultural mindset & ground realities of your organization. Why digital transformation failed at many other companies.

There are WISE problems; you need to solve.

WISE (W – know your WHY, I –   Integration with the ecosystem, S –   Silos in the organization, E –   Environment & Cultural aspect)

  1. Understanding new technologies & using them properly to transform the business process around us. Technology is an enabler only. Don’t run behind each shiny object. You need to properly understand, which technology to use and why?

According to me, you need to apply ACID (A – Artificial Intelligence, C – Cloud, I – Internet of things, D – Data) formula.

  1. Understanding Digital Anthropology, to change your mindset & subconscious mind. First, we see what we like, later we start liking whatever is shown to us.

To future-proof digital transformation, we need to understand our subconscious mind & digital anthropology plays a key role here.

To conclude, digital transformation focuses on innovative new ways to improve businesses & provide personalized value to each customer, by using digital technology.

The Growing Spending on Digital Transformation

According to IDC Worldwide Semiannual Digital Transformation Guide, the worldwide spending on digital transformation is said to reach $2.3 trillion in 2023.

According to Eileen Smith, program vice president with IDC’s Customer Insights and Analysis Group, “Worldwide DT technology investment will total more than $7.4 trillion over the next four hours.”

Shawn Fitzerald, research director, IDC’s Worldwide Digital Transformation Strategies, says, “The shift toward capital funding is an important one as business executives come to recognize digital transformation as a long-term investment.”

While Statistic states that from 2020 to 2024, the total investments into digital transformation is estimated to reach $7.8 trillion.

Benefits of Digital Transformation

The advantages of digital transformation are many. Here are some of the significant points –

Improving Customer Experience

As stated earlier, the core of digital transformation is to improve customer experience. The significant importance of customer engagement with a company product or service is not worth neglecting at these times. More and more companies realize its gravity, with 92% of company leaders creating sophisticated digital transformation strategies to transform the customer experience.

Hyper personalization is key here.

digital transformation for business

 

More Agility and Innovation

Digital Transformation has the potential to reshape the market faster with improved agility and innovation than any other. Digital businesses employ agility to innovate rapidly to the market change and use their innovation to gain market share and scale faster than their competitors.

Accurate and Data-based Insights

By studying the customer purchase pattern and history, business not only gains the advantage to determine the next product to add to inventory and what to remove but also recreate business strategies. Companies can track metrics and analyses the data collected during the digital marketing efforts and tailor it to make the next product. The data-driven insights help with better decision-making and creating new ways to drive higher ROI.

Room For Collaboration Across All Departments

Teamwork is the keyword for running a successful business. When the entire team of people collaborate and improve the work for your customers, the outcome will truly earn success. In times like COVD-19, collaboration is a much-needed asset any business can leverage. DT is all about using technology to bring people from different departments and work together to create something greater. Without running in a separate direction, the team can make a major plan to draw in more customers and benefit the customers.

What are the Leading Drivers and Examples of Digital Transformation?

The leading drivers of digital transformation are Uber, Ola, Burberry, Net-A-Porter, Airbnb, LiquidSpace, Trivago, and many more. Uber’s entry into the transportation industry made other car rentals and taxi companies adopt similar initiatives like ride-sharing and on-demand service, including bikes and scooters.

What digital transformation is doing is to transition from the outdated processes and use technology to offer better service. The growing need for current businesses to adopt agile principles and improve efficiency with technology is felt significantly.

Here are some of the best examples you can take inspiration from –

TGI Fridays and IHOP – These restaurants are experimenting with virtual assistants to help customers with mobile ordering.

Porsche – The German automobile manufacturer improved customer experience by understanding more about their drivers.

Porsche major strategy was to place all customer data into a central CRM data centre and document every customer interaction.

The data-driven insights help with segmentation and predictive intelligence.

The result of the experiments was brilliant to generate an increase in overall sales conversation rate as the Porsche only contacted the customers who were interested in purchasing a car.

 

Anthem – The insurance company reinvented healthcare with digital transformation after Anil Bhatt, the vice president and head of digital solutions at Anthem.

He employed deep digital transformation into the financial, HR, and other departments to build agile structure, hire the best talent, and establish the right leadership to increase output.

Audi – The company shifted from traditional showrooms to virtual showrooms with multi-touch tables, tablet-user interfaces and power walls. The result, as expected, was phenomenal. At Audi City London, the immersive experience causes a 60% sales increase.

Daimer – The US leading steam cleaner company brought more than 1 million customers with their innovative digital transformation.

There’s more to digital transformation than we can imagine. In the coming years, companies willing to adopt and transform digitally will experience better advantages and revenue than the ones still stuck with outdated ways of doing business.

What are your thoughts on digital transformation for your company?

Are you confused between Agility & CI-CD?

Raktim Singh
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Are you confused between Agility & CI-CD?

Agility and CI-CD are often some of the most common terms used in software development and testing circles.

If you are confused between both of these terms, then we must start understanding what each term means –

Lets understand – Agility :

The term, agile refers to the set of frameworks and practices that follow the official principles of “The Manifesto for Agile Software Development”, containing 4 values and 12 principles.

It is a document with key values and principles that help the development team work efficiently and sustainably.

It signifies iterative and incremental methods such as Scrum, Scaled Agile Framework (SAFe), Kanban, Lean Development and Extreme Programming (XP).

More than anything, Agility focuses on predictability.

As you are doing the demo of product, after completing of each feature, you are able to get immediate feedback and you can incorporate those feedback/change management, at regular intervals.  

This is achieved through dynamic collaboration, iterative feedback cycles and cross-functional teams that work on processes and tools designed for specific tasks.

In agile development, the priority is set on collaborations and self-organization.

Here, the team creates a solution in a team and work cross-functional.

It means that there is an indisputable division between the teams. From the testers to developers, everyone is equally involved from the beginning of the process.

Also, as each process hasten, people’s feedback is taken into account.

Agile testing is perfect in cases where both business and technical demands change as the project advances.

Since this is true with many digital projects, agile works the best in the development approaches.

So Agile is best suited for an environment, where requirements are not fully clear, team members need to learn new skills & customer is ready to experiment with you.

Remember, finally, it’s a win-win for both vendor & customer as, overall rework ( Testing, fixing, ..) cost comes down.    

In conclusion, contrary to the traditional methods when companies used to manufacture cars, they used to prepare the blueprint.

They used to detail out, for a car, which/how various parts will be added and how the assembly line will look like.

Once you know, how to successfully manufacture one car, you can just replicate and produce millions of those cars, with a very low defect rate. But this is not true for the knowledge industry & software.

You don’t write software for one bank & get money for replication of the same code.

Here every time, you are producing a new car, there’s a new approach involved in each step.

Earlier, in a waterfall model, one used to gather requirements & prepare a design. But this was different from the blueprint.

No one was able to correctly envisage, how the final software will look & work.

So, after putting effort for 6-8 months, both customer and vendors would end up disputing with each other as the end product is not what the customer expected (though it matches the requirement document).

Hence there was a need felt, to show the MVP (Minimum Viable Product) at regular intervals to customers and incorporate changes.

Agility is all about the ability to handle and incorporate change management.

CI-CD (Continuous Integration & Continuous Delivery) is the way to show/deliver these changes to the customer.

But after showing it to the customer, if you are not able to incorporate the change, the whole purpose of agility is lost.

CI/CD :

CI/CD comprises the practices for software engineering and deployment. It refers to the engineering practices where members of the development team integrate their code at the highest frequency i.e. daily and even hourly.

Earlier, integration has always been a time and effort-consuming work, but CI tactics utilize automation tools that execute build and testing.

The focus of CI is to establish a software-defined lifecycle the reduce the effort for building and integration.

And with CI use, the frequent integration resulting in detecting errors in the code quite early, causing no room for any defect.

While CD or Continuous Delivery refers to the practice that ensures the code remain in a deployable state.

Meaning that all the new features, bug fixes, experiments, configuration changes incorporated into the code always remain ready for deployment to a production environment.

The focus of CD is to make deployments routine events to take place at any minute on demand.

Whether that development occurs to a large-scale distributed system or embedded system or complex prod environment.

CD also refers to Continuous Deployment, a practice where all changes are automatically deployed into production.

Contrary to Continuous Delivery, there’s no final manual approval step before realizing it into production.

To execute any of these practices, it’s vital to have the right CI/CD tools at pace.

What is Big Data and Why it is so Important?

Raktim Singh
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What is Big Data and Why it is so Important?

There is a lot of buzz around What is Big Data, but there is also a lot of confusion as to why it is so important.

How big is big data –  First Lets Understand it

Big Data is a combination of structured and unstructured data collected by organizations to extract information. It’s later used for machine learning, predictive modeling, and other analytics applications.

Big data is growing out to be significantly crucial for companies as they utilize it to modify their operations, resulting in better customer service, personalized marketing campaigns by checking on specific customer preferences, and ultimately increasing sales.

An organization using big data has the upper hand over businesses that haven’t yet.

Big data increases the competitive advantage by letting the company know more about their customer and making better decisions.

In an era of massive marketing, setting your target right can garner big customers.

If you aren’t familiar with your customers, there’s no point in spending millions on marketing and customer engagement.

However, companies gain valuable insights into their customer preference, choices, and purchase habits that result in improved customer engagement and conversion rates through big data use.

Apart from retailers, big data use has also helped medical researchers to identify disease risk factors and diagnose illnesses.

It is becoming more and more critical for keeping people healthy.

Data from Electronic health records (EHRs), web, social media and other areas illustrate updated insights on infections, disease threats or outbreaks of a person to the healthcare provider or the government agencies.

Apart from healthcare, big data also helps determine potential drilling locations and regular pipeline operations for the energy industry.

The Breakdown

Big data comprises a wide range of data types, including structured data in databases and data warehouses based on Structured Query Language (SQL), unstructured data, such as text and documents filed stored in Hadoop clusters or NoSQL database systems.

All different ranges of data types can be stored together in a data lake.

It is based on a cloud object storage service or Hadoop.

Big data applications comprise numerous data sources that might not be integrated.

Data analytics is taken from all different places to project a product’s potential success and conversion rates by correlating past sales data, online buyer review or return data.

The question is at what velocity can the big data be generated, processed and analyzed?

In most cases, big data sets are updated daily, weekly or every month in traditional data warehouses.

Big data applications take the incoming data, correlate and analyze it to form an answer/result based on the overarching query.

Data scientists and analysts process a detailed understanding of the present data and find their answers from it that’s valid and up to date.

Big data can be described by the following characteristics:

  • Volume
  • Variety
  • Velocity
  • Variability

Storage and Processing of Big Data

The amount of big data handling is a unique challenge on the underlying compute infrastructure.

The computing power necessary to process high volumes and types of data isn’t possible with a single server or server cluster.

To acquire the velocity required to achieve big data tasks, businesses require adequate processing capacity, which asks for hundreds or thousands of servers to process work and operate together in clustered architecture with technology like Apache Spark and Hadoop.

Attaining the required velocity at an affordable range is also a big challenge.

It’s challenging to invest in an extensive server and storage infrastructure that supports big data workloads, especially those that don’t run 24/7.

Hence, public cloud computing is used for hosting big data systems.

Public cloud computing stores petabytes of data and scales up the required servers long enough to complete a big data analytics project.

With the public cloud, the business only has to pay for the storage and compute time and can turn it off whenever needed.

To enhance service levels, even more, the public cloud offers big data capability via managed service, including Amazon EMR, Microsoft Azure HD Insight, and Google Cloud Dataproc.

In cloud environments, big data is stored in Hadoop Distributed File System (HDFS), lower-cost cloud storage (S3), relational databases and NoSQL databases.

The organization that needs to deploy on-premises big data systems use Apache open source technologies in addition to Hadoop and Spark.

More include YARN, MapReduce, Kafka, HBase and SQL-on-Hadoop.

what is big data
what is big data

 

Challenges of Big DATA

Apart from the processing capacity and cost problems, designing significant data architecture is also a big challenge for the users.

Big data systems need to be designed according to the particular needs of the businesses.

Despite designing, deploying and managing extensive data systems also needs new skills from database administrators (DBAs) and developers focused on relational software.

Although all these issues can be resolved using a managed cloud service, IT managers need to be attentive about cloud usage to ensure the charges don’t exceed the limit.

Shifting on-premises data sets and processing workloads to the cloud is also a complex process for many businesses.

To make the data in big data systems accessible to data scientists and analysts is also tricky, especially in distributed environments that comprise different platforms and data stores.

To make relevant data accessible for analytics, IT and analytics work hard to build data catalogs that use metadata management and data lineage functions.

Also, data governance and data quality are a priority to ensure that big data sets remain clean, consistent, and used rightly.
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What are the important pillars of Agile ?

How does Digital Transformation Improves the Four Main Industry ?

Raktim Singh
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How does Digital Transformation Improves the Four Main Industry ?

An insider secrets of How Digital Transformation (DT) helps in bringing a personalized experience in Four Key Areas…

All different areas which need attention and effort are transformed digitally. 

Around 15% of the world population or around 1 billion persons need special help.

Even before COVID, you were not able to see these persons on-road as many of them are confined to their homes. 

Digital Transformation can help people to live a normal life.

The special need can be in terms of term mobility, speech, or hearing impairment.

  1. How Digital Transformation Enhances the Lives of Special Needs?

It is estimated that about 36 million people in the world are visually impaired, while 216 million live with moderate to severe visual impairments.

The World Health Organization calculates that about 80% of vision impairment can be avoidable if treated early.

If people have better access to treatment, then the count for blindness or low vision among the global population can be diminished.

Technology has been playing a prominent role in breaking down those barriers and via, Artificial Intelligence, these problems have been improving significantly.

Mobile is helping our visually impaired finds by using voice on mobile to get answers for many things.

For instance, Microsoft’s Seeing AI, an app that’s designed to help people with low vision or blindness.

The app enhances the surrounding around the user with rich audio descriptions.

It can read a handwritten note or scan a barcode and let the user know about the product.

If you point the camera at something, the app will describe the people it can see and where they are in the image- center, top left, and so on. 

On similar lines, the mobile app can help friends, who can’t speak. You type on mobile and it will announce to the crowd in a loud way, in any language.

Now can also have eyeglasses/specs for friends, who can’t hear.

They can wear these glasses and that glass can interpret the lip signs of other persons and put those lines on his glasses or show in one app on his mobile, which he can read.

We have access to chips installed on all wheelchairs and that data can be collected to find out, which places, buildings are wheelchair friendly.

This can be made available in the public domain.

This may help/incentivize various commercial building owner to make their building, compliant with those needs.

  1. Digital Transformation to Improve Healthcare

DT enhances care for the elder population advice for the young population.

Today, for many of us, we don’t have any medical/gene records of our great grandfathers.

Now think of scenarios in the future, where medical data for your full family history is maintained.

Based on that, from a young age itself, personalized advice can be given to young family members.

Also, as of today, also, personalized care can be provided to the elder population.

Personalized care is the priority for many healthcare providers and due to DT, it is possible to offer to patients.

Through wearable technology, people no longer have to check in with their doctor every few weeks or months, rather the device lets them know something goes wrong.

Doctors are now focusing on prevention and maintenance, without complicating the patient’s health.

Hospitals have been proactively investing in wearable technology devices that offer up-to-date monitoring of high-risk patients to figure out the possibility of any major health risk.

The most common device includes heart rate sensors, exercise trackers, oximeters, swear meters, and many more.

The use of AI has proven many benefits to the healthcare department, through chatbots and Japanese nurse robots.

The biggest influence of AI can be felt in the areas like precision, medicine, drug discovery, medical imaging, and genomics.

Earlier, cancer patients met with cookie-cutter treatment options with high failure rates.

But with AI’s pattern recognition, now patients have access to personalized therapies that are tailored to their genetic makeup and lifestyle.

In oncology, the AI-powered computer programs analyze thousands of pathology images of different cancers to provide highly accurate diagnosis and predict the best suited anti-cancer drug combination.

In the area of medical imaging diagnostics, AI helps radiologists find details that are not visible to the human eye.

  1. The Need for Digital Transformation in Education

Many of us don’t know our strengths and areas of improvement. Our education teaches as if one size fits all.

Can we provide personalized education, based on areas of strength/liking of a student? Yes, we sure can.

Access to personalized learning approaches has been the biggest reason for the digital transformation in education.

Rather than trying every student to fit into one single box, schools and programs have started to value offering an adaptable solution for students based on their strengths and weaknesses.

Personalized learning has provided students with a plethora of benefits and understanding their skillsets.

When students get to learn in a way that’s tailored to their own learning approach, it helps them to understand, absorb and retain critical information.

Personalized education actually helps them build interest in studying and strive forward in pursuing education.

Students value their time while studying and feel encouraged enough to earn degrees and pursue job opportunities in their interesting subjects.

When students partake in studying a particular subject, they also become keen on pursuing it even more.

Schools that have made personalized education accessible manage to improve kids’ retention rate.

This in return, increases the school’s reputation and improves its ability to prepare students for their next big step in education or job training.

In many counties, including India, we have a very peculiar situation. We have many Engineering graduates, but they are jobless.

Irony is that companies are also short of human talents.

They want to hire but many of these Engineering graduates are ‘not having relevant & necessary skills to do the job, as per the requirement.

This is true for almost all other industries. We have ‘fully educated’ young members but they lack the skills to do a job.  

  1. Digital Transformation affects the Environment

DT also impacts farming efficiency. No ‘one size fits all’ solution to all farmers in a state.

Based on the condition of the soil, weather, and the water of your own agricultural land, advice is provided to use a type of seed, pesticide, urea, etc.

The IoT sensors are used to track down the soil moisture, soil carbon, micronutrient levels, change in the microclimate of a field, and the rate of plant growth throughout harvest cycles.

Apart from the soil and harvest state, the device can be used to control and monitor production processes such as irrigation to specific areas in a field at the right time, given the grown and characteristics of the field’s crops. These devices are used almost everywhere in modern farming.

Drones and robotics can also optimize farming operations and reduce labor work.

Conclusion

Insights from ‘Storage of experience’: In the present world, when a person retires from a job/profession, all his experience goes along with him.

This is true for all sectors, especially the service sector.

So once a doctor or driver or bank person retires, all his experience is not stored anywhere.

Think of a scenario, where all data & experience of a person is stored for decades.

New things can be created in the future by gaining insights from this historical data.

In the year 2040, one scientist can investigate the medical, virus, hospital, patient data of 2020 and create new things.

Many more things, like this, are possible.

Let’s create a beautiful future for our coming generation, by adopting Digital Transformation in our work.

 

Advantage of Cloud Computing

Raktim Singh
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Advantage of Cloud Computing

The year 2020 makes cloud one of the strongest players in technology. Cloud computing isn’t just robust, but it’s more critical than ever for our use.

When the pandemic hit, the world massively shifted to using SaaS and cloud-based services. The decision to shift overnight was to connect with people, especially by companies.

Although the importance of adopting cloud was done way before by some companies, the competition has only increased in recent years.

Cloud Computing Jargons

Cloud-first, cloud-native, cloud-ready, and many more other jargons are often used to describe cloud computing. In simpler terms, the cloud works as a fantastic storage centre that’s easily accessible can provide you unlimited hardware, without paying anything upfront. Adopting cloud gets you access to enterprise-class technology, making it possible for many businesses to scale faster than their established competitors. Cloud isn’t just crucial for the IT department; it also affects other parts of the organisation such as Payroll, HR, Customer Relations, Finance, and Creatives. Take Amazon, for instance. Their cloud platforms have been an excellent resource for frameworks, principles, style design and practices.

Here are the 4 mega benefits of Cloud Computing

1. Flexibility in terms of converting CAPEX to OPEX

Contrary to the IT infrastructure, running the cloud is quite reasonable. For the hardware, you need not pay upfront. While running and maintaining your server, you may have to come across unexpected expenses with the system and hardware management. However, with a cloud service provider, every need for your work is fulfilled at an agreed cost with no upfront investment required. Moreover, the cloud provider is in charge of the maintenance while getting everything you need at a reasonable price in real-time.

In case of need (quarter-end, sales and promotion day), you can get more hardware copies, where you can run your application, cloud helps with proper utilisation of the copies. When you work with a cloud-based model, the cloud provider’s server infrastructure is shared between your workload and the computing needs of other clients. So, depending on your workload, the cloud ensures the complete utilisation of hardware sources.

2. Backup, Security and Disaster Recovery…Peace of mind

Unexpected damage is a significant problem for many IT houses. You can’t rely on single hardware to keep things running. There must be backup that’s there in case of any damage from the system crash
or failure.

Buying new hardware will only cause more financial loss along with the destruction of data and work that’s lost. Even if you don’t use hardware, they still require regular maintenance. Which also results in unnecessary money spending. To avoid such detrimental investments, move to the cloud for inexpensive maintenance and data recovery. A cloud service provider relies on several data centres and ensures backup by replicating your data.

Whenever there’s a disaster such as fire, system crash or flood, you won’t experience any problem as the system will bring up another CLOUD copy/node & operations will run automatically
in time.

Must Read: The Amazing Little Perks and Challenges of Internet of Things 

3. Different Models Tailored to your needs so that you can focus on your primary Job

When you are shifting to the cloud, there are three prominent models to choose from. These are IAAS, PAAS, and SAAS. They are simply the three ways which you can use for your business. The IaaS is a cloud-based, pay-as-you-go for services for networking, storage and virtualisation.

The PaaS is a hardware and software tool available over the internet and is currently the most used in all three. At the same time, Saas is software that’s available via a third-party over the internet. All these three models are different, and based on your needs, and you can pick the suitable one.

For IaaS, user pay-as-you-go instead of purchasing the hardware outright. The Iaas infrastructure is scalable depending on the storage and processing requirements. Iaas is the best pick for enterprises who want to cut the cost of buying and maintaining their hardware. Since the data is uploaded on the cloud, IaaS does not carry any chance of failure. It has virtualisation for administrative tasks, resulting in time for other work.

PaaS is the best platform with tools to test, develop and host applications in the same environment. It allows businesses to focus on development without having to stress over the underlying infrastructure.

PaaS providers take care of the security, operating system, backups and server software. It also allows collaborative work when the workforce is running remotely. And lastly, SaaS provides users with software and applications through a subscription plan. With SaaS, users don’t have to manage, install or upgrade the software. It does so on its own. The data stays secure in the cloud, and no hardware failure results in any loss of data.

You can offload all this work by choosing the correct model ( IAAS, PAAS, SAAS..) to the third party. Now you and your team can concentrate on the main work.

4. Efficient, Agile and Going Global

Organisations adapted to the cloud are way ahead of their competitors with outdated architecture, hardware and systems. The pandemic intensified the gap between companies with cloud computing against others who have yet to make the shift. For companies with cloud computing, the outbreak didn’t create much business interruption instead of other companies who lost contracts and
experienced massive loss from their business shut down.

Apart from adapting well to serious global shutdowns, the cloud also helps businesses go international in no time. It allows easy deployment of applications in several different regions of the work in just a few clocks, within reduced latency and better customer experience at a lower cost. And if your vendor tells you that its application is CLOUD ready, ask him, whether it adheres to the 12 Factor App methodology.

The Twelve-Factor App methodology is a methodology for building software as a service application. The 12 factors help programmers write modern apps in a declarative way, using clear contracts deployed via the cloud.

Conclusion

These were the four significant reasons why every company needs to shift to the cloud immediately if it still hasn’t already. Organisations with cloud as their leading platforms can now focus on different work like coming up with creative solutions and experience less time in dealing with their data and server access.

Hope you got some insights regarding the advantage of Cloud Computing.

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