Latest technology trends Blockchain.pptx

Information about latest technologies, mainly Block Chain.

1. LATEST TECHNOLOGY TRENDS Technology trends can change rapidly, now let us get into some of the most emerging technologies that are set to drive innovation and transformation. By: Relebohile Thahe

2. There are different types of technologies, namely: Metaverse Artificial intelligence Block chain Quantum computing Internet of things I will be talking about block chain.

3. What is Block Chain? A block chain is a decentralized distributed and public digital ledger that is used to record transactions across many computers so that record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the net work.

4. More about Block chain Block chain is a distributed database that maintains a continuously growing list of ordered records called BLOCKS. This blocks are linked using cryptography. Cryptography is the study of securing communications from outside observers.

5. Use of Block Chain It can be used to store and record transactions for cryptocurrency such as Bitcoin. Global Trade and Commerce. Finance(financial services).

6. Other uses of Block Chain Payment processing and money transfers Transactions processed over a block chin could be settled within a matter of seconds and reduce(eliminate) Banking fees. For digital IDS ( identity cards ) Microsoft is experimenting with block chain technologies to help people control their digital identities, while also giving users control over who accesses that data.

7. There are FOUR main types of Block Chain Public block chain Private block chain Consortium block chain Hybrid block chain

8. Public block chain removes the problems that come with centralization, including less security and transparency. ADVANTAGES They are completely independent of organizations. Meaning, if the organization that stated it ceases to exist, the public block chain will still be able to run as long as there are computers still connected to it. DISADVANTAGES “The network can be slow and companies cannot restrict access or use. Meaning, if hackers gain 51% or more of the computing power of a public block chain network, they can unilaterally alter it”, said James Godefroy.

9. Private block chain is a network that works in a restrictive environment like a closed network, or that is under the control of a single entity. ADVANTAGES The controlling organization sets permission levels, security, authorizations and accessibility. Organizations determine which nodes can view, add or change data. It can also prevent third parties from accessing certain information. DISADVANTAGES It is more difficult to fully achieve trust in the information, since centralizes nodes determine what is valid. User’s cannot independently audit or confirm it, which can lead to less security.

10. Hybrid block chain is a type of technology that combines elements of both private and public block chain. ADVANTAGES It protects privacy but allows for communication with the third parties. Transactions are cheap and fast. It offers better scalability. DISADVANTAGES It is not transparent because information can be shielded. There is no incentive for users to participate or contribute to the network.

11. Consortium block chain also known as federated block chain, is a private block chain with limited access to a particular group, eliminating the risk that come with just one entity controlling the network on a private block chain. ADVANTAGES Tends to be more secure, scalable and efficient. It offers access controls. DISAVANTAGES It is less transparent. Can still be compromised if a member node is breached, the blockchain’s own regulations can impair the network.

12. In a nut shell, block chain technology is more reliable for people who use cryptocurrency and also in bitcoins. It can also be useful in big companies because it stores large files. Though it is useful, it increase chances of money laundering. THANK YOU!

13. References Synopsys.com, (2023). Introducing block chain. [online] Available at: https://www.Synopsys.com (accessed 23 march 2024) techtarget.com , (2023). Types of block chain. [online] Available at: http://www.techtarget.com (accessed 23 March 2024) E ncryptoconsulting.com , (2023). Explanation of cryptography. [online] Available at: http://www.encryptoconsulting.com (accessed 23 March 2024)