Executive Summary
ITEC FPX 5030 Assessment 1 Blockchain is a distributed ledger technology that maintains a progressively longer ledger of transactions across numerous networks, stored on tens of thousands of computers. Due to its decentralised nature, it is very secure and almost impossible to hack, which is transforming the banking industry [CITATION Ram20 \l 1033]. With increasingly more and more blockchain entering everyday life, its business uses are proving to be very handy. In contrast, artificial intelligence (AI) refers to the replication of human intelligence in computer systems programmed to perform tasks that normally need human thought, such as problem-solving and learning [CITATION Fra20 \l 1033].
Emerging Technologies
Introduction
Artificial intelligence (AI) and blockchain are two of the most pervasive technological advancements of our times. Even though they have different uses and intentions, their convergence has been of high interest [CITATION BBV19 \l 1033]. Blockchain can be imagined as a decentralized ledger that stores encrypted data, and AI as the “brain,” which can utilize this data to make decisions. Conducting a SWOT analysis—reviewing strengths, weaknesses, opportunities, and threats—allows businesses to establish their position in the current moment and look to plan for the future. For example, at Forged in Ashes, a neighborhood axe-throwing bar, we use the Square Up platform for business operations. Though yet to be completed, this essay outlines how blockchain and AI can be applied to our business procedures.
Cryptocurrency
Cryptocurrency is digital or virtual money in the form of coins or tokens.
Although a couple of cryptocurrencies have diversified into physical applications like credit cards, the majority exist as entirely intangible [CITATION Rei00 \l 1033]. Some of the best known among them are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Bitcoin, initiated in 2009 under the pseudonym Satoshi Nakamoto, is a peer-to-peer electronic currency that varies from fiat money released by the government [CITATION Rei201 \l 1033]. Ethereum, as a blockchain protocol used to facilitate decentralized applications and smart contracts, could also be regarded as competing against Bitcoin in the context of exchange [CITATION Rei201 \\\\l 1033]. Bitcoin Cash is a straightforward development to eliminate the defects in Bitcoin, and that is particularly the time involved in processing. Bitcoin Cash enables faster transactions through increased block size to 8 MB from 1 MB from Bitcoin [CITATION Rei202 \\\\l 1033].
Litecoin (LTC), or more commonly known as the “younger brother” of Bitcoin, is the seventh-largest cryptocurrency based on market capitalization as of May 2020 [CITATION Fer20 \l 1033].
It distinguishes itself in offering faster transactions and generating a higher number of coins than Bitcoin, as well as employing the Scrypt algorithm rather than the SHA-256 of Bitcoin.
ITEC FPX 5030 Assessment 1 Though these cryptocurrencies offer decentralized financial services, each offers unique strengths and weaknesses. Forged in Ashes, however, has no plans to adopt cryptocurrency into its operations.
Blockchain Technology
Blockchain offers a safe way of keeping sensitive data, and hence, it is the best solution for companies looking to safeguard their data.The key advantages of the technology are improved transparency, security, and cryptographic immutability, which enhances efficiency and security in different sectors. Blockchain uses vary from sharing medical data to tracking royalties in the music business, business payments, and even advertising information. For our application at Forged in Ashes, we will utilize the Square Up system to allow clients to store their data securely, book appointments, and receive advertising messages. We will also be assisted by Square Up in propelling social media advertising while simultaneously maintaining customer confidentiality in their data.
Artificial Intelligence
Artificial intelligence mimics human intelligence operations in machines, with different AI depending on the complexity.
These categories include reactive AI, limited memory AI, theory of mind AI, and self-aware AI.
The most primitive type is reactive AI, which reacts to stimuli without memory, whereas limited memory AI can learn from previous experiences.
Sophisticated AI such as theory of mind and self-aware AI is still in the process of being 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
ITEC FPX 5030 Assessment 1 Combining blockchain technology and artificial intelligence can make a huge difference in the efficiency of business, protect sensitive data, and gain valuable insights. For us at Forged in Ashes, utilizing Square Up enables us to integrate the advantages of both technologies into one platform that delivers 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
