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:
1. METAVERSE
2. ARTIFICIAL INTELLIGENCE
3. BLOCK CHAIN
4. QUANTUM COMPUTING
5. 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
1. Public block chain
2. Private block chain
3. Consortium block chain
4. 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.

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)
Encryptoconsulting.com, (2023). Explanation of cryptography. [online]
Available at: http://www.encryptoconsulting.com (accessed 23 March 2024)