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Discuss two of the technology In Trends 6 through 11,

Instructions

  • Click reply to post your answer the discussion questions (approximately 150-300 words)

choose trends from ppt.

Module 2 Session 4

Trends 6 thorugh 11

Blockchains and Distributed Ledgers

Blockchain is an architectural concept that enables the decentralized, secure, direct, digital transfer of values and assets.

Distributed ledger consensus of replicated, shared digital data spread across multiple sites, countries, or institutions. No central administrator or centralized data storage.

Blockchain vs. distributed ledger

Blockchains – public, decentralized, peer-to-peer network

Distributed ledger – usually private, distributed network

What is Blockchain?

Technical Definition

A blockchain is a linked list that is built with hash pointers instead of regular pointers

Socio-political-economic-semi-technical libertarian definition

A blockchain is an open*, borderless, decentralized, public, trustless, permissionless, immutable record of transactions

* All terms in red are debatable

Financial-accounting definition

A blockchain is a public, distributed ledger of peer-to-peer transactionspage

Growth of blockchain

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Block 0

Block 1

Block 2

Block n

Types of networks (from the viewpoint of control)

https://blog.maidsafe.net/2015/12/04/evolving-terminology/

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Immutable Once committed, data cannot be changed. No updates. Only append. How is that possible?

Consensus The network uses consensus (some form of agreement) to add data to the blockchain

Censorship resistant Anyone can join. Transactions/nodes/users cannot be censored so long as they adhere to protocol rules

Distributed/decentralized

Peer-to-peer network

No single point of control or failure

Peers can join and leave as they wish

Network functions even when peers may be

Selfish

Competitive

Dishonest

Adversarial

Malicious

Ledger Records transactions

Trustless No requirement for a trusted intermediary. The trust is in the software/network even when peers are outright malicious.

Cryptographic Identity Peers assume any number of cryptographic identities. No central authority issues identity.

Some definitions

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Why Blockchain technology will change the world

Enhanced security. Resists hacking by decentralizing the data storage layer. Spread the data thin, make it more difficult to attack. It is easier to attack a single central database than to attack numerous copies of the decentralized database.

Append only. No updates and deletes. Makes it an immutable record of historical facts. Proof of State.

Can be used to store anything of value that can be digitized.

Improves efficiencies in transaction clearing especially when dealing with multiple agencies.

Lowers transaction fees (?)

No central authority means no central trust. The blockchain itself provides digital trust. It is trustless.

Open and transparent. All transactions in history can be seen, tracked, and validated by anyone.

May become the ultimate proof of value ownership, bypassing governments, corporations, individuals, and criminals.

Provides powerful audit trails.

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Where is blockchain?

It is decentralized

Nodes on the network hold copies of the blockchain (not all nodes need to have the entire copy)

When a new block is relayed, the other nodes validate it and add it to their blockchain

You can think of it as nodes (participants) each having a copy of the entire database of transactions

Any attempt to tamper with the history of the database will be evident to all other nodes and they will immediately reject the change

All nodes abide by the same consensus rules that govern the creation and validation of transactions. Otherwise other nodes will reject the offending transaction

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Proof of State

The blockchain provides a Proof of State:

Existence: system of record, with timestamp

Ownership: who owns what

Integrity: no double spend of digital assets

Provenance: history of owners

Traceability: trail of movement

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Blockchain Used in Practice

Financial transactions

Bitcoin

Smart contracts

Protecting ownership

Real property

Intellectual property

Verifying identity and credentials

Promoting traceability in the Supply Chain

Improving the banking industry

Cutting out the middleman

Making crypto currency more mainstream

Key Challenges for Blockchain

New technology

Need a clear plan to use blockchain

How to Prepare for Blockchain

Keep abreast of the blockchain technology

Begin to consider practical applications for blockchain

Cloud and Edge Computing

Cloud computing – Storing and processing data on other people’s computers (data centers) via a network (internet)

Access to huge amounts of computing power and storage

Can be scaled up or down

Edge computing – Processing data on devices like smart phone

Collecting and processing of data is done at the source

Unnecessary data is eliminated at the source – like security cameras reporting only on anomalies

Cloud and Edge Computing Used Practice

Internet usage

Social media

Apps

Consumer-facing apps – Netflex and Spotify

Business uses

Salesforce marketing cloud

Airline services

Insurance

Edge usage

Online games

Automated vehicles

Smart cities

Remote facilities

Manufacturing

Cloud and Edge Computing Key Challenges

Cost

Security

Reliance on a third party

Bandwidth on edge computing

Cloud and Edge Computing Preparation

Cost of infrastructure

Look for “quick wins”

Services offered by cloud provider

IT can turn to a more strategic role in technology

Need relevant expertise in security and data management

Need to assure you have a good internet provider to support the transition

Digitally Extended Realities

Virtual reality

Using computer technology to fully immerse the uses in a simulated digital environment

Typically uses special headsets or glasses

Augmented reality

Rooted in the real world

Images are overlaid on what the user sees

Mixed reality

Brings virtual and real world together

Can interact with objects being overlaid onto the real environment

Digitally Extended Realities Used in Practice

Used in gaming and entertainment

Boosting brand engagement

Letting customers try before they buy

Enhance customer service

Making workplace learning more effective

Improving other organizational processes

Manufacturing

Facial recognition

Recruitment through a virtual tour of company

Digitally Extended Realities Key Challenges

Assessibility and availability

Cost

Equipment bulkiness

Privacy

Potential mental and physical impact

Social risks

Digitally Extended Realities Preparation

How Is XR used in your industry?

How might XR be used in marketing and branding?

Internal business processes?

Necessary technical skills in-house

Digital content needed?

Hardware needed?

Digital Twins

A digital copy of an actual physical product, process, or ecosystem that can be used to run virtual simulations

Used by NASA to recover astronauts safely back to earth

Let’s us see what happens if adjustments are made to a process

Drives efficiency and growth within existing operations

Monitor impact on the environment of processes

Relies on data processing taking place in the cloud and at the edge

Gartner survey of businesses shows that 62% of respondents are in the process of establishing digital twin technology

Digital Twins Used in Practice

NASA continues to use digital twins

Used in Formula One racing to assess car performance and pit stop simulations

Windfarm monitoring

In healthcare – building digital twins of people using data from digital watches and other sensors

Smart city to help with traffic, geographic ecosystems, predicting natural disasters

Digital Twins Key Challenges

Depends on three factors

Quality of data

Security

Task it is used for

Digital Twins Preparation

Data is current and accurate

Scalable solutions as applications grow

Digital security strategy

Mist serve a clear business need

“Quick win” applications first

Natural Language Processing

Technology that allows computers to understand human language

Uses algorithms extract rules form unstructured language data and convert the data into a format that machines understand

Alexa, Siri, Google assistant

The technology is advancing at an incredible rate

Natural Language Processing Used in Practice

Best know applications are Alexa, Siri, Google assistant

Email spam filters

Search engines

Grammarly

Business Uses

Marketing tools for social media

Creditworthiness of customers

Answering banking questions for customers

Analyzing job applicants

Analyzing risk in non-disclosure agreements

Natural Language Processing Used in Practice (cont.)

Transforming journalism

Bloomberg’s Cybprg tool changes financial reports into articles

Helps reporters with first drafts

Robot reporting tool

Healthcare

Analyze risk of heart failure

Create clinical guidelines

Transcribes clinician’s speech

Natural Language Processing Key Challenges

Does a natural language processing tool need to be developed for each language?

Issues with extracting large amounts of text or speech

Issues with graphics, tables, and notation

Issues with deriving context from language

Natural Language Processing Preparation

Hugh investment needed for the technology

What is the strategy or implementing the technology?

Adapting and learning is necessary

Voice Interfaces and Chatbots

Communication with computers through commands or written text

Chatbots

Alexa and Siri

Woebot chatbot therapist that interprets data on mental health

Voice Interfaces and Chatbots Used in Practice

Customer service

Sales

Conduct surveys

Book flights and hotels

Gather employee feedback

Responding to medical questions

Digital fitness coach

No warm and cozy feeling for customers

Voice Interfaces and Chatbots Preparation

Many tools are available as-a-service

Identify goals and audience

Check out how competitors are using the technology

Match with communication style of organization

Choose a platform and provider

Don’t be afraid to experiment

Adapt and learn as you go

How will success be measured? (ROI and desired results)