Digital platforms “facilitate commercial interactions between at least two different groups” and can help a business build an audience, it helps matchmaking with likeminded people, groups, businesses, etc. The network effect essentially means that as a business or platform grows it also grows in value and utility. Think of it like this, Instagram with five people would be boring but instagram with millions of people allows for more content on the platform itself which in turn helps the platform grow. Some of the pros of cloud computing are collaboration, scalability, cost, and ease of use. A few of the cons are security, data integrity, availability, and privacy. SaaS or Software as a Service is subscription based which allows subscribers to use already designed software. IaaS or Infrastructure as a service allows consumers to buy things like servers and other types of hardware. PaaS or Platforms as a service sells consumers a software that would allow them to build their own app, think IOS for apple. API’s or Application Planning Interface are a contract for data interaction which allows companies to use other companies data for their business model, think Uber using Google Maps.
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