The Emergent Stack for Financial Services
Cognitive Computing, IBM Watson, BlockChain, Linux Hyperleger
In this vision for the future, scale is a given based on Big Data and how to handle it to advantage in securely navigating the continuum of competitive advantage.
The cognitive paradigm is a systematic technology and process to understand, reason, and learn consequential things. This paradigm underlies and assures an enterprise’s drive to sustain a continuum of competitive advantage.
IBM Watson is not simply Cloud and Big Data. Instead IBM Watson is an n-dimensional ecosystem not a 2-3 dimensional landscape. In a most notable breakthrough, people do not program IBM Watson; instead people work with IBM Watson. IBM Watson delivers a head start in cognitive computing to its using industry sectors and a first mover advantage to using customers.
In a word, the intended outcome of the emergent stack is “trust” where risk and compliance go hand in hand. Accelerating achievement of the outcome is assisted by open standards that disambiguate and clarify gray areas greatly assisting the community in arriving at one version of the truth.
In this vision for the future, the vendor supplies the innovation leaving the user to focus on its application. In a world of unlimited combinations and data relationships and confusing regulations, old style legacy systems that are costly and error prone to use and maintain, resistant to accommodating changing regulations, and unable to keep pace with ever increasing scale must be discarded in favor of a well bundled stack aimed at smart and trusted outcomes and a continuum of competitive advantage.
Residing in the cognitive computing infrastructure of this emergent stack for Financial Services is BlockChain and the Linux Hyperledger. Just as the Internet transformed information, BlockChain is transforming transactions with traceability and authenticity based on immutable and permissible transactions resting on standards-based governance, all of which deliver trusted outcomes that are open and transparent.
BlockChain is a disruptive method of money transfer whose foundation is trust among strangers. BlockChain consists of linked blocks of time stamped transactions in the form of a chain that securely resides across a distributed network where every node has a copy of the chain.
Supporting BlockChain is Linux Hyperledger serviced by the open source Linux Foundation. Hyperledger is a general purpose distributed ledger with a private network focus and available as a managed service.
The question remains, is BlockChain susceptible to cascade triggers? For example, the Banking and Finance sector must remain ever vigilant during the trading day for evidence of triggers that might impede next day opening of the market.