Today, most businesses use modern technology, especially due to the wide range of social media platforms. In a relatively short time, modern businesses have successfully reached massive success. One example of huge technological success is the jump in the use of cloud servers.
Cloud servers have many advantages. Deloitte’s case studies showed that a food retailer saved $50 million by investing in cloud technology. However, this was even though most companies aren’t aware of obtaining maximum benefits from cloud technology.
The idea of cloud servers got the attention of many modern businesses across the globe. Below, you will find an overview of the data server industry and its use of cloud technology. Let’s discuss the idea of cloud servers.
What is a Cloud Server?
Cloud servers are defined as vast space for storage and processing in an environment that does not depend on your devices. An allocation of rented storage and processing space through a cluster of machines is largely undisclosed locations.
With cloud server technology, modern businesses can protect their online data. Many IT experts from various companies work on a website and get a good review from their clients by providing them with professional and secure technical service.
Types and Features of Cloud Servers:
There are three primary types of cloud servers:
Public Cloud Servers: This is the most common type of cloud server. It is operated by a third party and delivered through the internet. With a Public Cloud Server, all software, hardware, and other infrastructure are controlled by the provider. Examples of public cloud servers include Azure. With a public cloud server, you can easily share the same data, storage, hardware. You can have control over your account by using a web browser.
Let us read about some advantages of public clouds.
No Maintenance: Cloud server providers give us all the maintenance we need.
Lower Cost: You do not need to pay for software and hardware; you will only pay for the cloud server services you use.
Unlimited Scalability: You will get a resource as per your need to fulfill your business
1. Private Cloud Servers:
Private cloud servers are used by one organization or business. It may be available on your company’s site, or it may be hosted by a third party. All the infrastructure and services are maintained on a private network in a private cloud server. Using this cloud service makes it more convenient for organizations to manage resources to fulfill their IT requirements. A private cloud server is mostly used by Government or financial institutions that seek control all over the environment.
Some benefits of a private cloud are as follows:
Flexible: A private cloud server is more flexible as it is customized according to your business need.
Controlled: With a private cloud server, you do not share resources with anyone, so you have a high level of privacy and control in your hands.
More Scalability: It offers more scalability than other cloud servers.
2. Hybrid Cloud Server:
If we talk about the third type of cloud server, the Hybrid Cloud Server, it provides many advantages to your organization, such as more security, flexibility, and more value.
There are several advantages of a Hybrid Cloud Server.
Controlled: Your company has control over private infrastructure so that it can protect sensitive information.
Flexibility: Your company can take additional resources’ benefits if it needs them.
Cost-Effectiveness: You can only pay for a service that you need.
Benefits of Cloud Server:
1. Secure, Powerful, and Fast
It is secure, fast, and strong. Cloud servers keep away the hardware issues.
2. Provide Quick Services:
Businesses can get quick services and greater resources by using a cloud server.
3. Provide Well Balanced Services:
It provides a business using secure and well-balanced services. Whether we are working as an IT specialist or not, we are all aware that our data’s security is the topmost priority.
4. Centralized Data
Our data is centralized with a cloud server, so it is easy for us to share our work and collaborate with different companies on projects. It makes communication convenient between you and your business partner.
5. Use Anytime from Everywhere:
With the cloud server used with your technology platforms, people can use their accounts from everywhere, at any time. You can work on different devices at any location by using an internet connection. Because you are not bound to a particular location, users have more freedom to do their work. Working with the upgraded system is also essential. Cloud servers provide an automatic upgraded system, so users do not face any downtime deployment.
Cloud servers also benefit scalability, which means you can increase or decrease it according to your workload. The need for cloud server usage can be increased or reduced, corresponding to the company’s changes or growth to meet the company’s requirements. Your company will only have to pay for the cloud server services you use.
7. Save Money and Time:
We used to purchase expensive hardware in the past, but today the cloud server is the best option to save your money and time. It does not require a lot of time to install software, and you will also no longer pay for your IT maintenance.
The cloud server market is rapidly growing. The study showed that it would reach $761 billion in 2027. We do not even imagine what kind of role cloud servers will play in modern business in the future.
If we compare the cloud server of today with the past, we can see that this service is more critical today. Companies with a remote-friendly environment want to have a strong cloud server to fulfill their workers’ requirements.
How Can Cloud Server Usage Cross $761 Billion in 2027?
Flexibility is one of the most interesting parts of the cloud server. Those businesses that do not prefer the cloud server face many difficulties. Instead of utilizing cloud storage, they spend extra amounts for other servers that may get stuck or run out of storage.
The cloud server provides a solution to handle these issues. Businesses that require more storage can expand their account size, depending on their required time. They can also save their organization’s money by using a smaller part of the service.
For enterprise data, a cloud server is a new and unique thing that is on-demand. Businesses need to be flexible to adapt to new technology and make a way in the real world. It may be hard for several companies to use a cloud server, and it is even more difficult to implement this.
How is Cloud Server Impacting on Our Daily Lives?
If we talk about the uses of the cloud server, we can observe that it is not only used by modern businesses, but it is also a part of everything we do daily. Below you can find out how cloud servers impact our everyday lives.
There several social media platforms that we use, such as LinkedIn, Twitter, Facebook, Pinterest, and Tinder. These social media platforms help us connect with friends and family, know about current affairs and issues worldwide, shop and run our business, and even find good people who stay with us last longer.
These social media platforms are cloud-based services and store our information in the cloud to provide us with the best services.
When we use YouTube or Netflix, we use the cloud.
Cloud servers also play an essential role in our health. How?
For instance, by using an online database, doctors can access the patient’s information and check their medical records quickly.
They can easily deliver their medical services without a regular visit to patients.
With the Covid19 pandemic, a data server helped the Government with patient information. It helped them detect those affected and how much risk there was for other people to get affected.
By getting a proper data server, the Government, Doctors, and concerned people can obtain relevant information and make decisions based on that cloud server info.
At the workplace, when we share work with our colleagues and use Google Drive to open our documents, we use cloud services. By using cloud services, we never lose our digital data to avoid the benefits of cloud services.
Cloud servers also help us learn more about security than ever before. We also consume different models for movies, music, and almost everything. In the past, we had to purchase CDs or DVDs, and in exchange, we became the owner of those CDs.
In today’s era, we have moved toward other subscription models. We pay monthly to get access to data, but we have ownership of nothing. You get access to thousands of movies, hundreds of TV channels, and infinite music tracks.
The cloud server is a part of everyone’s lives now, and it became a lifestyle for active social media users. This makes the cloud server mandatory in our modern lives.
Cloud Server and IoT:
Now we will take a look at IoT.
IoT is extensive internet connectivity for physical objects or devices that we use every day. Before IoT, our devices worked with their primary functions alone. But now, with the help of IoT tech, these devices have become “smart” and can transfer, calculate, and detect data through the internet.
Today, everything can be connected with the internet somehow, such as our home appliances (fans, refrigerator, televisions, door locks, CCTV cameras, light bulbs, etc.).
Athletes wear such clothes that monitor their heart rate performance to get aware of any medical risk; this is just because of IoT sensors. IoT can enhance the safety and luxuries of our lives.
There is no disadvantage with using IoT; it is completely beneficial for all of us. To be successful, IoT devices need to connect with a cloud server. Cloud servers establish a connection between these devices, and the user can interact through the internet.
In the past, we have listened to some real horror stories about IoT. For instance, Chinese hackers taking control of Tesla. It was an online connection that interfered with car locks. So, if a driver is operating a car, it could be dangerous.
Modern technology in various industries are aware of the risks with IoT and are working on solutions to secure and protect its users. As time passes, security layers and services will improve, and you can expect to see changes implemented for better alignment in cloud service usage.
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu 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 Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
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!
UK seizes web3 opportunity simplifying crypto regulations
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!