14 Jan Explain how the currency system addresses the limitation of double coincidence of wants faced by the barter system

Description and Deliverable

We have discussed the history of payments, IS infrastructure, and cloud computing. In this assignment, you will be asked to review, revisit, and apply some of the concepts we learned. There are 7 questions in this assignment. The points each question is worth are listed next to it.

The sections that require your answers are marked in blue with “[Insert your answer here]”. Please make sure to insert your answers to those fields. Please leave the color unchanged for your answers (i.e., please leave it in blue).

You will be graded based on the quality of your answers to the raised questions. Please make sure to use your own words in answering the following questions. Directly copying sentences from the slides or transcripts will not receive credit.

Please name your finished Word document as “[FirstName] [LastName] Assignment 1.docx” and submit it to the assignment folder.

Assignment Questions

1. In your own words, in 2-5 sentences, please explain how the currency system addresses the limitation of double coincidence of wants faced by the barter system (10 points).

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2. In your own words, in 2-5 sentences, please describe why currency backed by physical commodities (such as gold) has inherent value, while fiat currency does not have inherent value (10 points).

[Insert your answer here]

3. In your own words, in 2-5 sentences, please explain why APIs are like sockets (10 points).

[Insert your answer here]

4. In your own words, in 2-5 sentences, please explain what is an IP address, why is it needed, and what is the biggest difference between IPv4 and IPv6 (10 points).

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5. In 2-5 sentences, please explain the two reasons why using Cloud Computing can lead to cost reduction (10 points).

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6. Mike had dinner at a restaurant. When he asked for the check, the waiter came with a wireless portable device to collect the payment. Mike tapped his credit card on the portable device, and the payment went through. The device then asked Mike to enter the tip on a touch screen. After Mike selected the tip, the device printed out a receipt.

In the example above, what hardware, software, and networking components are facilitating the process? Please describe at least 2 hardware components, 1 software component, and 1 networking component (20 points).

[Insert your answer here]

7. Pick one of the following technologies that we’ve talked about:

· Mobile Devices – e.g., mobile phones

· Internet of Things (IOTs) – e.g., RFID, wearable devices

· The Internet

· Cloud Computing

Please explore relevant news articles and describe in 2-5 sentences regarding each of the following:

a) Which technology did you choose, and how has this technology transformed payments (5 points)?

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b) What payment scenarios have been made possible through this technology (10 points)?

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c) What were payments like before this technology was adopted (10 points)?

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d) Please cite at least two resources and list your cited resources below (5 points).

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