Fintech, Regtech, 4IR, Blockchain, AI, and IoT are the buzzing words nowadays. That's why today in this blog post these terms will be defined shortly for having quiet knowledge.
1. Fintech (financial technology)
This term refers to financial services and products offered over the internet. Fintech companies provide banking, payments, lending, remittances, e-commerce, and related services via online channels. Online payment systems have become immensely popular in recent years and have changed the way people pay for goods and services.
2. Regtech (regulation technology)
RegTech is the use of information and communication technologies (ICT) to create regulation. The goal of regtech is to make regulations more effective, efficient, and transparent. Regtech can be applied to any industry where rules need to be enforced and compliance monitored.
3. 4IR (Intelligent Regulation)
The fourth industrial revolution is changing how we live, work and play. Today's technological advancements have created a world where machines can do many tasks once reserved for humans. One area where automation can help us is government. In order to take advantage of these innovations, governments around the globe are developing their own regulatory framework. This framework is often referred to as intelligent regulation (4IR).
Blockchain is a database system that runs off the principles of cryptography and decentralization. Decentralized networks are robust due to being able to withstand attacks from malicious nodes. As a result, blockchain networks are resistant to censorship, fraud, downtime, and cyberattacks.
5. AI (Artificial Intelligence)
Artificial intelligence can be described as a branch of computer science dealing with the creation of intelligent machines. These machines mimic human cognitive abilities such as learning, problem-solving, decision-making, and creativity. There are three major branches of artificial intelligence: natural language processing, expert systems, and machine learning.
6. Machine Learning
Machine learning is a subset of Artificial Intelligence. It involves the collection of data sets and algorithms that allow computers to learn without being explicitly programmed. A machine may be trained using this algorithm to perform specific actions or predictions based on previous experiences.
7. IoT (Internet of Things)
IoT is a network of physical devices, vehicles, buildings, and other items that are connected through sensors and actuators. These objects communicate and exchange data via the Internet. IoT makes connectivity possible between objects that were previously unconnected. An example of IoT in action is the smart home. Sensors collect information about a building’s environment, appliances report back if they malfunction, and control units can adjust lighting, temperature, air quality, and even music volume.