Technology Importance in Strategic Planning – Response
Respond to below two discussions seperately. Each 150 words. INSTRUCTIONS Please make your response posts substantive. A substantive post will do at least TWO of the following: Ask an interesting, thoughtful question pertaining to the topic Provide an outside source (for example, an article from the UC Library) that applies to the topic, along with additional information about the topic or the source (please cite properly in APA) At least one scholarly source should be used in the initial discussion thread. Be sure to use information from your readings and other sources from the UC Library. Use proper citations and references in your post. DISCUSSION 1 Blockchain is the distributed database that maintains a list of records. These records are called blocks. Each block contains the history of every block that came before it down to the second it was added like a chain. Hence blockchain. This whole operation of blockchain is end to end encrypted every transaction is linked to a unique cryptographic signature that is easy to verify and nearly impossible to falsify because blockchain is maintained by a scalable network of computers which are called nodes worldwide which are referred to as a blockchain network. The network of computers maintains this file which is an append-log and the file itself and all these computers around the world that are coordinating with one another to make updates to the file in a lockstep fashion. Usually to verify the transaction from person to person there is a centralized bank which verifies the log and keep its record. Whereas blockchain is decentralized and each log of the transaction is verified and keeps its copies in multiple nodes worldwide at the same time and uses both private and public keys for the encryption which is means it uses two keys for one lock and as it is decentralized and blockchain is public anyone can view it. Hence there is no need of banks to verify and no central database in a particular location to hack it. We have to understand nothing on the internet is completely unhackable. Bitcoin is one such blockchain arguably the first and largest of all the different blockchains. With Bitcoin widely accepted and traded around the world hundreds of blockchains emerged into the exchanges. Many of them failed and very little survived, though all the blockchains are decentralized some are trying to bring centralized blockchains but it defeats the purpose. The differences in between these blockchains are using different hashing algorithms, different types in transactions authentications, Varying transaction times, different mining techniques Some of the block chains are Bitcoin is decentralized and uses peer to peer network. Ethereum is decentralized platform that runs smart contracts.Ripple is a real-time gross settlement system, Currency exchange and remittance network.Litecoin is similar to Bitcoin. It uses peer to peer network and open source software project released under the MIT/X11 license. References : Blockchain Revolution: How the Technology Behind Bitcoin and Other Crypto currencies Is Changing the World (Tapscott, Don, Tapscott, Alex) DISCUSSION 2 Cryptocurrencies A cryptocurrency incorporates protocols and even other extremely complex systems that are coded for the encryption of sensitive data transfers hence; ensuring secure exchange units. Consequently, it is believed that there is no government manipulation which is associated with the transaction of cryptocurrencies. On the cryptocurrencies is ethereum, which has been indicated to be an alternative of bitcoin (Reiff, 2020). Therefore, ethereum incorporates decentralized software that allows the use of smart contracts hence; running without downtime. Moreover, it integrates a platform-specific cryptographic token, which is used for running the concept. Most developers make use of ethereum to run their applications, and it can make purchases on other currencies. Another cryptocurrency is Ripple (XRP), which is considered to be a global settlement network issuing quick and reduces costs on international payments (Reiff, 2020). Therefore, Ripple is majorly established for settling cross-border payments while ensuring that there is the preferred privacy. Both ethereum and Ripple are involved in the exchange of currency through the incorporation of tokens. There is usually an evaluation of the symbols by analysts so that they can rank the coins as required by the person doing the transaction. Ripple is said to speed up the confirmation of purchase, although it does not offer a specific time (Martucci, 2018). On the other hand, ethereum usually enforces the performance of an individual transaction, and it emphasizes on doing away with agreements. However, there is a way to ensure that refunds are done on a particular part in case a violation of agreement happens. I do not have any experience of using cryptocurrencies, although the aspiration is there because I am informed of their different types and their usefulness. Reference Martucci, B. (2018, May 23). What is Cryptocurrency – How it Works, History & Bitcoin Aternatives. Retrieved May 10, 2020, from moneycrashers.com: https://www.moneycrashers.com/cryptocurrency-history-bitcoin-alternatives/ Reiff, N. (2020, January 8). The 10 Most Important Cryptocurrencies Other Than Bitcoin. Retrieved May 10, 2020, from investopedia.com: https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/