Technology platforms serve as the foundation for some of today’s most innovative ideas. Platforms have become the basis upon which new technology, processes, websites, and applications are built. They are a beginning point, providing all of the tools and services required to launch the next big thing.

Technology platforms are like distinct species, developing from hardware, software, or a combination of the two. They are also not industry-specific; they serve a wide range of industries and may be tailored to the demands of a variety of audiences.

What makes technology platforms special

Infrastructure is the backbone of technology platforms, consisting of both physical components such as servers and less visible but equally important components such as software, that work together to ensure that everything runs properly.

Cloud computing and microservices architecture are now the go-to for technological platforms, providing a flexible and economical option.

Platforms provide a one-stop shop for data storage, processing, analytics, communication, and security. APIs, which are like the platform’s hidden language, allow developers to tap into its power.

Platforms also frequently include ready-made tools, code libraries, and frameworks that make developing apps and products simpler. They typically provide testing tools and instructions to assist developers get started.

A strong community of developers, users, and partners is critical to a platform’s success. They offer comments, support, and develop new products and services to help the platform flourish.

Technology platforms that have transformed industries

Disruptive platforms are modern-day rebels, upending old practices and generating totally new marketplaces. They are like trailblazers, utilizing new technologies to provide customers with a better experience.

• Uber: They turned the taxi business on its head by delivering a very simple ride-hailing service using an app
• Airbnb: They transformed tourism by allowing people to rent out their spare rooms or full homes
• Amazon Web Services: AWS transformed how organizations utilize IT by making powerful processing and storage affordable and accessible to everyone
• Netflix: This streaming powerhouse shook up the TV industry by providing on-demand shows and movies
• Shopify: This platform made it easier for small enterprises to develop online storefronts and sell their products straight to customers
• Swiggy: This food-ordering platform, and its competitors, have given foodies a lot of options by making meal delivery as simple as a few clicks

Why technology platforms are important

Are technology platforms really such a huge deal? Yes, they are, since they have a significant impact on businesses, customers, and society in general.

Economically, technological platforms assist in developing new sectors and increase employment, while also increasing business efficiency. Consider all of the people currently working as delivery partners for online food and grocery delivery companies. These occupations did not exist previously, just as the facility for organizations to make fast data-driven decisions did not exist.

Socially, technology platforms have altered how we communicate with one another, share ideas, and consume news. Consider dating apps that can help us overcome loneliness and even find our life companions. This was not possible earlier, just as it was not possible to get news as it happened, instead of the next day.

Culturally, they have offered us new methods to enjoy entertainment and express ourselves. Consider watching episodes and movies on streaming platforms as and when you want. We couldn’t do it previously, just like we couldn’t share our lives with the world before the emergence of social media platforms.

Platforms, like technology, are constantly developing. The next generation of platforms will be built on new technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT). These platforms will be smarter, more connected, and even more personalized to our specific needs.

Platform technology in payments

This brings us to the payments industry. While technological platforms have driven modern innovation, the payments industry has yet to be challenged in a meaningful way.

We feel that payments represent the next major frontier for technological platforms. The payments industry has created numerous products and services that are transforming the way we transact. With the proper platform, these products and services may continue to evolve and impact the financial industry and consumers’ lives.

Which brings us to FSS BLAZE™ – a state-of-the-art, new-age payments technology platform. FSS BLAZE™ has a multi-layered architecture that decouples core services for modular development, easy upgrades and integrations.

Find out more about FSS BLAZE™ here

To understand the role of technology platforms like BLAZE™ in the payments industry, download our whitepaper – Reimagining Payments – The Platform Way.