FinTech 101 with Guy Anderson (Guest Host) | EP20

Understanding FinTech terminology

In this 20th episode of the Fintech Impact podcast, Jason Pereira is actually the one getting interviewed this time by his colleague, financial advisor Guy Anderson. The goal will be to identify and define the acronyms, nomenclature, and tech speak that is typically used in Fintech Impact, and in the industry at large. Consider this Fintech 101.

●02:38 – API: stands for application protocol interface. APIs are rules or a language that a company puts out there for something else to talk to its programs.

●05:10 – AWS: stands for Amazon Web Services for cloud computing. Companies that use AWS include: Netflix, and Dropbox.

●08:37 – GDPR stands for General Data Protection Regulation, a series of data regulations and digital rights established by the European Union. 

●17:36 – Whatever you put online, consider there forever. Stupid things posted in the past could prevent you from getting certain jobs in the future.

●18:02 – Platforms: technological systems that allows other people to build other functions over top of it.

●20:31 – Narrow AI is artificial intelligence that essentially focuses on one task, like Apple Siri. Machine learning is throwing a ton of data at a computer system for it to mine and look for patterns of recognition that the human mind can’t recognize—teaching itself to learn as new data comes in.

●27:00 – Blockchain: the underlying architecture and code of every cryptocurrency that exists, creating a timestamp and transaction data that is resistant to modification of the data, and is an open, distributed ledger that can record transactions between two parties.

●34:11 – Cryptocurrency transactions aren’t instantaneous but they are ultra-fast compared to bank transactions: which are “controlled ledgers.”

●34:49 – So much of the financial system before cryptocurrency has been based on trust.

●35:50 – You have to convert money into cryptocurrency coins, transfer those coins to who you are doing your transaction with, and then they convert it back to money again.

●37:36 – You can send money anonymously from other users with cryptocurrency anywhere in the world because they are sent to private keys, and there are also public keys.

●37:50 – People can create their own cryptocurrencies relatively easily.

●42:20 – Bitcoin has implications for impacting anti-money laundering.

3 Key Points:

1. API: stands for application protocol interface. APIs are rules or a language that a company puts out there for something else to talk to its programs.

2. You have to convert money into cryptocurrency coins, transfer those coins to who you are doing your transaction with, and then they convert it back to money again.

3. You can send money anonymously with cryptocurrency anywhere in the world because they are sent to private keys, and there are also public keys.

Podcasts that explain Crypto & Blockchain

https://tim.blog/2017/06/04/nick-szabo/

http://investorfieldguide.com/hashpower/

Tweetable Quotes:

-“APIs allow integration across different modules.” – Jason Pereira.

-“I think I once saw a survey that something between 40-60% of all cloud services offered on the internet are offered through AWS .” – Jason Pereira.

-“Europe typically looks at it (technology) from a consumer-first standpoint. As opposed to the North American attitude of looking at it from a business-first standpoint.” – Jason Pereira.

Resources Mentioned:

●LinkedIn – Jason Pereira’s LinkedIn

●Facebook – Jason Pereira’s Facebook

●Woodgate Financial – Website for Woodgate Financial