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5 Industries Being Impacted by Cloud Technology – ReadWrite



Deanna Ritchie

Every day, cloud technology becomes more critical for businesses across a variety of sectors. Even industries that have historically been reluctant to adopt cloud-based systems are becoming more open. Knowing and understanding cloud-based tech has opened the door for unparalleled innovation and ML, and has fostered what many experts feel may be a Fifth Industrial Revolution.

Which fields are feeling the most significant impact from cloud-related solutions? Five of the top include telecommunications, education, manufacturing, healthcare, and finance. Below, we’ll examine how each trade has been impacted and changed by the cloud.

Industry #1: Telecommunications

For years, telecommunications providers, especially communications service providers (CSPs), dealt with infrastructure and equipment. As such, workers focused mainly on installing and maintaining hardware. However, this limited their ability to scale quickly.

Research from SaaS experience provider Plume suggests telecommunications corporations that invest in the cloud will be tomorrow’s CSP leaders. The reason is simple: They’ll be able to tap into a burgeoning smart home marketplace worth an estimated $300+ billion by 2026.

By reducing their reliance on limiting equipment and dated physical frameworks, CSPs can move faster and solve customer problems. They can also extend their reach without the use of wires or cabling. Having to rely less on cables gives them a tremendous advantage as they compete with each other and alternative solutions such as 5G adoption.

Final thoughts: CSPs and other telecommunications businesses are tethered to low-tech infrastructure, tools, and equipment. By reducing their dependence on hardware, they can improve service and value to their customer base.

Industry #2: Education

From preschools to colleges, education got a jolt during Covid. Forced to move lessons and learning online quickly, plenty of public and private institutions adopted a cloud-first mentality. As a result, schools were able to continue educating students despite pandemic lockdowns.

Though 2020 wasn’t the first year to see cloud adoption in education, it presented the perfect opportunity for facilities to test cloud systems. For instance, many schools gravitated toward using top online learning management systems like Canvas, Schoology, and Moodle. Accordingly, teachers and learners became more familiar with the possibilities inherent in education without geographic barriers.

Moving forward, educators and students seem poised to make e-learning via the cloud even more popular. According to Campus Technology, nearly three-quarters of surveyed university students favored virtual classes. Students with the preference to go virtual don’t mean the brick-and-mortar lecture is going out of style, of course. Nevertheless, the move toward cloud learning platforms gives people more freedom to upskill and reskill.

Final thoughts: The issue of equity and access has plagued the education system in recent years. Cloud-based systems and options may create a more level playing field where all learners and teachers can thrive.

Industry #3: Manufacturing

Modern manufacturers are leveraging the cloud in significant ways. Though manufacturing has traditionally been viewed from a “nuts and bolts” perspective, advanced manufacturing is anything but antiquated. The biggest and fastest-growing manufacturers rely on cloud systems to carry out a variety of tasks.

A good example of cloud tech in action happens within the process of supply chain management. Having a centralized, cloud-based portal allows manufacturers to see all supply chain materials in real-time. Consequently, they can anticipate delays and shortfalls, enabling them to bypass issues before they occur.

Cloud technology also eliminates the need to invest in purchasing, upgrading, and repairing servers and related equipment. Manufacturers can instead spend money in other areas of their businesses. They can also give their customers access to vital need-to-know information on their cloud systems.

Final thoughts: Manufacturing has become highly competitive. Cloud-based systems allow start-ups and smaller manufacturers to compete on a global scale.

Industry #4: Healthcare

It’s no secret that healthcare has been one of the slowest industries to adopt cloud computing. Quite honestly, healthcare has lagged in terms of technology. Yet this is beginning to change as patients are demanding better and more access to their records. They’re also clamoring for online wellness solutions such as virtual appointments and the ability to self-schedule appointments.

Interestingly, some of the most prominent proponents of cloud-based technology in recent years have been the biggest provider networks. Nationally recognized and honored hospitals and healthcare systems are exploring improving effectiveness and efficiencies via the cloud. These include connected devices which make use of the Internet of Things (IoT).

To be sure, patient privacy remains a concern for all healthcare providers. But as The New York Times notes, data sharing can lead to exceptional results for all. Resultantly, many healthcare systems are working hard to figure out how to protect patients’ interests while collecting essential information.

Final thoughts: Wellness has taken center stage since the onset of Covid. Healthcare entities can improve their patient relations and outcomes by using cloud technology to its fullest capacity. As long as they have safety and security measures in place, healthcare institutions can offer consumers a buffet of choices.

Industry #5: Finance

Banks. Mortgage lenders. Credit unions. Credit card issuers. They’ve all leaned into the cloud, particularly as consumers have become more digitally savvy. It’s hard to find a legitimate financial institution that doesn’t offer some type of cloud-based portal and corresponding app.

Indeed, the cloud has completely altered the face of finance and helped equalize access to money management. No longer do customers need to get to a bank during business hours. Instead, they can simply move their money, report issues, and even apply for loans 24 hours a day, seven days a week.

As healthcare providers, financial companies have been somewhat cautious about their use of the cloud. They’ve spearheaded steps to reduce the risk of costly and embarrassing data breaches. They’ve also brought about some wonderfully time-saving innovations that people have begun to take for granted. For instance, customers have no qualms taking pictures of their checks and submitting those images for instant deposit through cloud systems.

Final thoughts: Allowing customers to control their financial destinies through cloud platforms makes sense. It also helps financial institutions differentiate their offerings.


In a relatively short amount of time, the cloud has gained momentum across a wide swath of industries. It may even have ushered in another industrial era. Though it remains to be seen how far the cloud can take humanity, it’s already made its mark on at least five major industries.

Image Credit: eberhard grossgasteiger; pexels; thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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