Information Tech

Question 1

What are some examples of P2P services?

Answer 1

Open source software: anyone can modify the code.

Bit torrent: anonymous file-sharing platform where up-loaders & down-loaders meet to swap media and software files.

Air Bn B: allows property owners to lease accommodations to short-term renters.

Uber: a platform for car owners to offer livery service to people seeking a taxi ride.

Spotify: streaming audio online.

Etsy: marketplace for private buyer and seller of goods.

Question 2

What is P2P?

Answer 2

• Peer to peer.
• a decentralized platform whereby two people interact with each other, with no third party intermediation.
• brings together individuals, as opposed to bringing together businesses (B2B) or consumers to businesses (B2C)

Question 3

What are the risks of P2P transactions?

Answer 3

When a third party is removed there is a greater risk that:

• the provider of the service will fail to deliver.
• the service provided won’t be good.
• the buyer won’t pay.

Question 4

What is B2C?

Answer 4

Business to consumer -

business conducted between a business and a consumer.

Question 5

What is B2G?

Answer 5

Business to government -

Business conducted between a business and a government.

Question 6

What is B2B?

Answer 6

Business to business -

Commerce conducted between businesses.

Question 7

What is data mining?

Answer 7

• A process used by companies to turn raw data into useful information.
• by using software to look for patterns in large batches of data, businesses can learn more about their customers and develop more effective marketing strategies and increase sales.
• often used by large grocery stores.

Question 8

Air Bn B

Answer 8

An online community marketplace that connects people looking to rent their homes with people seeking accommodations.

Question 9

Problem with most start up company inventions/ideas

Answer 9

They’re informed by the ambition of the creator rather than the needs of the consumer.

Question 10

What is the biggest problem with making objects “smart”?

Answer 10

Nearly all smart objects can track their users. They can be used for surveillance.

Question 11

Flash trading

Answer 11

• Controversial practice of using high-speed computers and stripped fiber so traders can view orders from other market participants fractions of a second before others in the marketplace.
• the traders are able to gauge supply and demand and recognize movements in market sentiment before other traders.
• sometimes flash traders can see orders placed and quickly buy up all the shares and then put them back on the market at a higher price. - Or they quickly bid up the price. (This is a type of front-running).