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TRENDS, ISSUES & CHALLENGES IN IT, A block representing the…
TRENDS, ISSUES & CHALLENGES IN IT
Part 1
Block Chain, Bitcoin & Cryptocurrencies
Blockchain ?
- Digitize ledger of all cryptocurrencies transactions that are open to public access.
- A technique that originally described in 1991 by a group of researchers.
- Chains of blocks. A distributed ledger that is completely open to anyone.
- Once data has been recorded inside the blockchain, it becomes extremely hard to change.
- An open ledger that stores a history of financial transactions.
- Blockchain can be adapted to store any kind of digital information.
- An online currency/cryptocurrency, Bitcoin uses Blockchain technology that focuses on letting everyone in.
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How it secured
Several security properties / technologies is implemented in Blockchain in order to make it secure.
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Bitcoin ?
- Created in 2009 by Satoshi Nakamoto (claimed).
- It is the first created Online currency / Cryptocurrency. The security system ran by a massive network of total strangers.
- Examples of cryptocurrencies using Blockchain technologies:
- Ether / Ethereum by Vitalik Buterin
- Litecoin by Charlie Lee
- Namecoin by NMC
- Dogecoin by Jackson Palmer & Billy Markus
How to acquire ?
- Accept them as payment for goods and services
- Exchange them for a more traditional form of currency
- Become a Miner and mine them. You will get a salary from mining the coin.
Stages of Miners resources:
- Processor – Slow.
- Graphic Card - power hungry & emits a lot of heat.
- Reprogrammed chips to mining bitcoin – power hungry.
- ASIC – Application-Specific Integrated Circuit chips – faster & using less power.
Bitcoin Mining Process
- A Bitcoin owner needs a Private Key
- The other half of the digital signiture is the Public Key
- When Bitcoin is used to purchase something, request need to be broadcasted.
- The request will be received by all the computers on the Bitcoin peer-to-peer network
- Miners scoop up the most recent requests into a Block. The Miners run a new block and the previous blocks through a set of calculations called hashed function.
- After solving a block, the miner tacks it at the end of the block chain, and they broadcast it to their peers who check the work and start using the new version of the blockchain.
- The first miner who solve a block is rewarded with some newly minted bitcoins, but minting coins is not the only point of mining.
- The main reason being, the puzzles are so complex that every new blocks makes the previous blocks and the whole blockchain will be more secure.
Cryptocurrency?
- Form of digital money that is designed to be secure and, in many cases, anonymous.
- Currency associated with the internet that uses cryptography, the process of converting legible information into an almost-uncrackable code, to track purchases and transfers.
Part 2
Impact of IT Revolution
- Education
- Business/Work
- Healthcare
- Culture
- Environment
- Communication
IT Revolution
- Information Technology (IT) has transformed the world over the last two to three decades.
- It has transformed the whole world into a global village, where it seems like we are living in a neighborhood, easy to communicate with each other.
Impacts on Education
Advantages:
- IT complements traditional educational techniques.
- Access to more information resources.
Disadvantages:
- Information overload
- Information may not be reliable
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Impacts on Healthcare
Advantages:
- Led to the use of Telemedicine in solving medical problem across the globe.
- Self diagnosis
Disadvantages:
- Self medication
- Sometimes it is difficult to ascertain the quality of service
Impacts on Environment
Advantages:
- Enabled the understanding of physical and ecological process.
- Reduction of paper usage.
Disadvantages:
- Global warming.
- E-wastes (discarded e-equipment)
Impacts on Culture
Advantages:
- Promotion and sharing of culture.
- Today’s societies are multicultural.
Disadvantages:
- Blind copying of other culture (eg; western)
- Cultural appropriation problem?
Impacts on Communication
Advantages:
- New forms of communication – mobile phone, teleconferencing.
Disadvantages:
- Reduces interpersonal contacts.
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- A block representing the transaction is created
- The block is broadcasted to all the odes of the network
- All the nodes validate the block and the transaction
- The block id added to the chain
- The transaction gets verified and executed
- A user requests for a transaction