How open API standards will transform financial services Open standards will have a huge impact on driving innovation in banking. Learn the status in the U.S. and the bold new opportunities open standards are set to usher in. Register here The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Register now! The ability to embed analytics within transactions in real time can be traced back to the mainframe platforms that have enabled this capability for decades. But as data is increasingly processed and analyzed at the point where it is created and consumed, the need to analyze transactions and other events in real time has become more pressing. VentureBeat caught up with Hazelcast CEO Kelly Herrell to get a better appreciation for how in-memory data grids and event streaming processing platforms are being combined to drive the new class of translytics applications that are transforming IT. This interview has been edited for clarity and brevity. Venture Beat: Translytics as a concept has been around for some time now. Whats actually changing? Kelly Herrell: The big move is data in motion. IDC most recently said we will generate more data in three years than we did in the last 30. Thats going to be a head-snapper. The preponderance of data is newly generated. Its an event or its a stream. It could be an event from Kafka. It could be an IoT stream. It could be a stock trade. It could be a clickstream. In this new world, theres an opportunity to process data in real time rather than wait until its stored. Its about doing analysis and performing transactions on that data in the instant in which it is born and then combining it with context from databases into a single unified workspace. VentureBeat: Where does that fit in the current IT environment? Herrell: This is basically a new layer in the architecture that is rapidly evolving. It loves databases and systems of records because thats where it pulls its context from. It also loves sources of data in motion because thats where it pulls its events and streams from. It unifies those two things. Its extremely complementary. What youre seeing is customers building a new breed of applications that are strategically incredibly valuable. VentureBeat: Can you cite an example? Herrell: Weve got customers using our two products, one is an in-memory data grid and the other is an event streaming platform in conjunction with each other to do risk calculations for large financial services companies. They conduct all these trades all day and then at the end of the day they stand up a batch process to calculate how much risk theyre sitting on. That batch process runs all night long. In the morning, they need to make sure they have enough cash to cover those risks. Thats an overnight batch process based on old, stale data. Weve got customers turning that into an all-day continuous process so they dont have to wait until they wake up in the morning to see where they stand. At the end of the day, they know where they stand. VentureBeat: Where does that platform typically run? Herrell: Its going everywhere. This is happening in the cloud. Its happening in the datacenter, and its happening at the edge. Our system is very small. Its a 12MB JAR file on a single node. We do demos on Raspberry Pi systems or as big as a massive cluster that we spun up and Amazon to process 1 million events per second, with 20 milliseconds of latency for events. Were also working with a large streaming company to turn that billion into 10 billion events per second. Our mission is to empower users to act instantaneously on data everywhere. Not just look at it but actually act on it. VentureBeat: Where does AI fit in that equation? Herrell: AI is simply going to be a part of applications. Its just going to be another set of logic that goes into applications. There is not going to be an AI industry. Its just an additional way to write very intelligent applications. And that those intelligent applications can perform in real time with very low latency. Thats where you start unbuckling the value. VentureBeat: Whats the biggest challenge getting organizations to appreciate this new IT architecture? Herrell: I think the biggest thing is people kind of standing back and saying, Wait a minute, what is this big-picture change thats happening? Every piece of data is born in real time. This is going to be a new category. It doesnt replace anything. It simply takes advantage of [the datas] existence and pulls pieces together in a unified way to create a new breed of applications. VentureBeat VentureBeats mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. 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source https://patabook.com/blogs/108124/Hazelcast-CEO-on-the-rise-of-real-time-translytics
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