Stephen E. Arnold: Amazon and Special Data — PBI: The Future of Financial Fraud?

03 Economy, Commerce, Commercial Intelligence, Corruption, IO Impotency
Stephen E. Arnold

Amazon and Special Data

Amazon Web Services is ubiquitous with cloud computing and big data power. We all know dozens of companies use these tools, but until recently it was all a little hazy as to who was and how. But, a Silicon Angle gives us some tea leaves to read. According to the story, “In Conversation With: AWS Serverless Chief Tim Wagner Peers at the Future of Cloud Computing:”

“If you have traded any stocks, or had any stocks traded in your behalf, FINRA processes those stock trades at the end of the closing day using Lambda, so there’s a big chance here that the trade you made was evaluated and validated by FINRA using Lambda. Thomson Reuters does four thousand transactions every second with it, Fannie Mae runs its 20 million mortgage calculations through there. So these are not ancillary, some line-of-business, or over-in-the-marketing-department kinds of pieces These are mission-critical software that is now tied at the hip to a serverless architecture.”

Phi Beta Iota: Whoever actually owns the cloud will have unlimited opportunities to “play” the data, inclusive of cross over data exploitation not authorized by individual clients. On a more positive note, if Amazon were combined with Thin Thread, it would rapidly reveal all of the mortage fraud, insurance fraud, and other aspects to corruption that are pervasive across the existing economic-financial-insurance sectors.

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Arnold Amazon @ Phi Beta Iota

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