ITEC FPX 5030 Assessment 1 Emerging Technologies
Executive Summary
Blockchain is a technology for distributed ledgers that keeps an increasingly longer record of transactions across many networks, held on tens of thousands of computers. Because it is decentralised, it is highly secure and virtually un-hackable, and this is revolutionising the banking sector [CITATION Ram20 \l 1033]. With increasingly more and more blockchain being part of everyday life, its commercial applications are becoming extremely convenient. Conversely, artificial intelligence (AI) is the imitation of human intellect in computer software designed to undertake things that typically require human intellect, like problem-solving and learning [CITATION Fra20 \l 1033].
Emerging Technologies
Introduction
Artificial intelligence (AI) and blockchain are two of the most ubiquitous technology developments of our era. Although they serve different purposes and intentions, their intersection has been of great interest [CITATION BBV19 \l 1033]. Blockchain can be thought of as a decentralized ledger that holds encrypted information, and AI as the “brain,” which can use this information to make decisions. Doing a SWOT analysis—examining strengths, weaknesses, opportunities, and threats—enables businesses to determine their position at the moment and to look forward to planning for the future. For instance, at Forged in Ashes, the local axe-throwing hangout, our business operations involve using the Square Up platform. While still underway, this essay explains how we can use blockchain and AI within our business procedures.
Cryptocurrency
Cryptocurrency is digital or virtual money in the form of coins or tokens.
While a few cryptocurrencies have branched out into physical uses such as credit cards, most of them are purely intangible [CITATION Rei00 \l 1033]. Among the most widely known of them are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Bitcoin, launched in 2009 by pseudonym Satoshi Nakamoto, is a peer-to-peer electronic currency that differs from fiat money published by the government [CITATION Rei201 \l 1033]. Ethereum as a blockchain protocol to enable decentralized applications and smart contracts can equally be seen competing with Bitcoin with regard to exchange [CITATION Rei201 \\\\\\\\l 1033]. Bitcoin Cash is the simple extension to remove the imperfections in Bitcoin, and specifically that is processing time. Bitcoin Cash allows for quicker transactions via larger block size up to 8 MB from 1 MB of Bitcoin [CITATION Rei202 \\\\\\\\l 1033].
Litecoin (LTC), also simply referred to as the “younger brother” of Bitcoin, is the seventh-largest cryptocurrency by market capitalization as of May 2020 [CITATION Fer20 \\l 1033].
It separates itself through having quicker transactions and producing more coins than Bitcoin, as well as using the Scrypt hash function instead of Bitcoin’s SHA-256.
While all of these cryptocurrencies provide decentralized finance services, there are different pros and cons. Forged in Ashes will not be utilizing cryptocurrency in any aspect of their business, though.
Blockchain Technology
Blockchain provides a secure method of storing sensitive information, and therefore, it is the ideal solution for businesses that want to protect their information.
The most important benefits of the technology include enhanced transparency, security, and cryptographic immutability, which improves efficiency and security across various industries. Blockchain applications range from sharing medical information to monitoring royalties in the music industry, business payments, and even advertising data. For our Forged in Ashes application, we will use the Square Up system to enable clients to safely store their data, schedule appointments, and receive advertising messages. We will also be aided by Square Up in advancing social media advertising while at the same time keeping customer confidentiality in their data.
Artificial Intelligence
Artificial intelligence replicates human intelligence functions in machines, with varying AI based on complexity.
These types encompass reactive AI, limited memory AI, theory of mind AI, and self-aware AI.
The most basic form is reactive AI, which responds to stimuli without memory, while limited memory AI is able to learn from past experiences.
Advanced AI like theory of mind and self-aware AI is yet to be developed [CITATION Jos09 \l 1033].
AI’s potential business applications span across ten key functions, including marketing, sales, research and development, IT operations, human resources, and customer experience, among others. For instance, in marketing, AI helps businesses target specific customer segments based on interests, browsing history, or demographics, enabling more effective advertising strategies [CITATION Mar20 \l 1033].
Summary
Merging blockchain technology and artificial intelligence can be the game-changer in business efficiency, secure sensitive information, and derive useful insights. For us at Forged in Ashes, using Square Up allows us to combine the benefits of both technologies into one platform that provides a secure, efficient, and convenient experience for our users.
Emerging Technology | Definition | Application |
Blockchain | A distributed ledger that stores encrypted transactions across decentralized networks. | Improves data security, transparency, and efficiency in industries like banking, healthcare, and advertising. |
Cryptocurrency | Digital or virtual currency in the form of tokens or coins, decentralized from government money | Provides decentralized financial solutions, with applications in digital payments and trading. |
.Artificial Intelligence | Simulation of human intelligence in machines to carry out activities such as learning and problem-solving. | Can be used across marketing, IT, customer service, and others, allowing businesses to inform their decisions with data. |
References
BBVA. (2019, May 06). Blockchain and AI: A Perfect Match? Retrieved from OpenMind BBVA: https://www.bbvaopenmind.com/
Fernando, J. (2020, June 21). Bitcoin vs. Litecoin: What’s the Difference? Retrieved from Investopedia: https://www.investopedia.com
Frankenfield, J. (2020, March 13). Artificial Intelligence (AI). Retrieved from Investopedia: https://www.investopedia.com/terms/a/artificial-intelligence-ai.asp Joshi, N. (2019, June 19). 7 Types Of Artificial Intelligence. Retrieved from Forbes: https://www.forbes.com
ITEC FPX 5030 Assessment 1 Emerging Technologies
Marr, B.(2020, March 30).10 Business Functions That Are Ready To Use Artificial Intelligence.
Retrieved from Forbes: https://www.forbes.com/sites/bernardmarr/2020/03/30/10-business-functions-that-areready-to-use-artificial-intelligence/#115db2f23068 Rampton, J.(2020).
5 applications for blockchain in your business. Retrieved from The Economist: https://execed.economist.com
Reiff, N. (2020, June 16). Bitcoin vs. Bitcoin Cash: What Is the Difference? Retrieved from Investopedia: https://www.investopedia.com
Reiff, N. (2020, June 16). Bitcoin vs. Ethereum: What’s the Difference? Retrieved from Investopedia: https://www.investopedia.com
Reiff, N. (2020, January 08). The 10 Most Significant Cryptocurrencies Aside from Bitcoin. Retrieved from Investopedia: https://www.investopedia.com
