Discussion 1
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University of the Cumberlands *
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531
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Information Systems
Date
Dec 6, 2023
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docx
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Uploaded by RonithReddy
Hello Everyone
My name is Ronith Reddy Gottam and I am from India and currently located in
Salt Lake City, Utah. At present, I am pursuing my 5
th
semester in PhD IT and working as a Full
Stack .Net Developer for an application where I am mostly focused on implementing the finest
security features for the webpages by implementing strong encryption and hashing algorithms,
responsible for producing code using . net languages such as C# and VB. Net developers create
applications from scratch, configure existing systems and provide user support. Also, net
developers can write functional code with a sharp eye for spotting defects. I hope to learn more
from this course to gain knowledge and achieve my future goals.
Thank You
INTEREST IN BLOCKCHAIN TECHNOLOGY
Decentralization: Traditional systems often rely on central authorities to validate and oversee
transactions, which can lead to inefficiencies, single points of failure, and vulnerabilities.
Blockchain, on the other hand, operates on a decentralized network where consensus
mechanisms ensure data integrity without the need for a central entity.
Transparency: Transactions recorded on a blockchain are visible to all participants in the
network. This transparency can help build trust among parties and reduce the likelihood of fraud
or manipulation.
Security: Blockchain uses cryptographic techniques to secure data, making it extremely difficult
to alter or tamper with recorded transactions. This makes it highly secure against unauthorized
changes.
Immutability: Once a transaction is added to a blockchain, it becomes a permanent part of the
record. This immutability can be valuable in scenarios where an unchangeable history is crucial,
such as supply chain tracking or legal contracts.
Smart Contracts: Blockchain platforms like Ethereum introduced the concept of smart contracts,
which are self-executing contracts with the terms of the agreement directly written into code.
These contracts automatically execute when predefined conditions are met, removing the need
for intermediaries.
Now, let's discuss the impact of blockchain and Bitcoin:
Blockchain Impact:
Supply Chain Management: Blockchain can improve transparency in supply chains, allowing
consumers to trace the origin and journey of products, enhancing accountability and reducing
fraud.
Financial Services: Blockchain has the potential to revolutionize financial systems by reducing
transaction costs, increasing transaction speed, and enabling cross-border payments without
intermediaries.
Identity Verification: Blockchain-based identity systems could provide individuals with more
control over their personal data and streamline verification processes.
Bitcoin Impact:
Decentralized Currency: Bitcoin introduced the concept of decentralized digital currency,
allowing peer-to-peer transactions without the need for intermediaries like banks.
Store of Value: Many people view Bitcoin as a store of value similar to gold, especially
considering its limited supply (21 million coins) and its resistance to inflation.
Financial Inclusion: Bitcoin enables individuals without access to traditional banking systems to
participate in the global economy by providing them with a way to store and transfer value.
Three Questions:
1.
According to Don Tapscott, what are the seven design principles for blockchain networks
in the digital age?
2.
In the context of Bitcoin, what does the term "mining" refer to, as explained by
Nakamoto in the Bitcoin whitepaper?
3.
In her book "Blockchain Basics," what are the three major types of blockchain networks
that Tiana Laurence categorizes based on who can participate?
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