Who will be the first to implement the new suite of Watson services? From the newly formed Watson Financial Services division, IBM has released the first suite of services covering regulatory requirements, financial crime insights, and financial risk modelling. These cognitive tools have been made possible following IBM's 2016 acquisition of global consulting operation, Promontory Financial Group. Promontory was originally working to provide support to banks dealing with the growing and tightening regulation and risk management within the financial services. It was the knowledge and expertise accessed in this acquisition that brought life to the new financial services-focussed Watson services, with regulation and risk accounting for two thirds of the suite, and a financial crime tool completing the set.
If you ask IBM about its plans for a given business opportunity--health care, financial services, pharma, even sports coverage--the answer will likely center on Watson, IBM's take on artificial intelligence, or cognitive computing, in IBM parlance. Since beating human champions in Jeopardy six years ago, Watson has been very long on promise and generated untold numbers of headlines. It's unclear as IBM (ibm) chief executive Ginni Rometty has said the company does not break that out in order to protect this crucial but nascent business. Over the past year, critics have voiced skepticism about Watson's real-world prospects especially as AI competitors--from Google (goog) to Microsoft (msft)--have brought their AI software offerings to market. The perception now is that Watson has not met lofty expectations.
I'm pleased to announce that the IBM Watson IoT Platform now has the ability to add Internet of Things (IoT) data, to Blockchain transactions. Leveraging blockchain for your IoT data opens up new ways of automating business processes amongst your partners without setting up an expensive centralized IT infrastructure. This gives you the potential to improve business networks, reduce costs, increase trust and open up new markets. A solution brief provides an overview of the capabilities and use cases being announced. The new features within the Watson IoT Platform are available through two new Lab Services Offerings.
Weather Underground makes weather forecasts based on 8,000 public and 192,000 privately constructed weather stations across 195 countries. The company is adding 400 new stations across Asia, South America, and Africa, and it'll be integrating all of them with IBM's Watson language-learning AI (the one that played Jeopardy! So what exactly does this mean? It is creating a global weather forecast system tied into a number of worldwide businesses, and with that, a hope to outmaneuver one of the most costly, damaging variables in global industry--weather. When IBM bought The Weather Company/WU last October it immediately announced its intention to merge WU's 200,000 weather stations with Watson through the Internet of Things.
Today we're excited to announce that Grain is powered by IBM Watson, unlocking a new way to connect your personal world to the world of investing. Our iOS app, where you can invest alongside friends and family, now runs on one of the most powerful cognitive engines in the world. It's a different kind of tool for a new era of computing, where people and computers work together instead of at ends. It's illumination of an aspect of life that was formerly dark. It's a way for you to take control, to build a portfolio as unique as you are.