Final Week 8 Crypto & Block Exam 2 Review PDF

10/17/2024 Data Analytics and the Internet of Things (IoT) The Internet of Things (IoT) is vast network of things that are connected and can exchange data. Physical devices, vehicles, many home appliances, and virtually all items that are embedded with sensors and software that allows them to b...

10/17/2024 Data Analytics and the Internet of Things (IoT) The Internet of Things (IoT) is vast network of things that are connected and can exchange data. Physical devices, vehicles, many home appliances, and virtually all items that are embedded with sensors and software that allows them to be interconnected. The task of data analytics is to make “business” sense of enormous amount of data generated from IoT devices—and using it to make data-driven decisions that can benefit businesses—is the task of data analytics. 2  IoT Analytics Uses specialized software to process this massive amount of data and turn it into insights that can be used to increase efficiency, improve business processes, and enhance consumer experiences. Insights can assist in providing monitoring and alerts in real time to help organizations discover and resolve problems and to predict when equipment is likely to fail, thus reducing the cost of downtime. Can help organizations personalize products and services by extracting information about customer usage which leads to greater consumer engagement. 3  AI in Data Analytics: What is IT? AI is that it is a technology that allows computers and machines to simulate human problem-solving capabilities. AI can perform tasks that would otherwise require the intelligence or intervention of human beings. AI includes machine learning and deep learning which use algorithms modeled on the decision-making processes of the human brain. AI algorithms are developed so they can learn from available data and, with that, make accurate predictions and decisions. 4  How AI is Used to Improve Performance Most of the value of AI in business is in its ability to improve the performance of existing analytics. AI can drastically improve preventative maintenance in an organization. AI can predict failures, thus permitting businesses to provide planned interventions that can reduce downtime and result in operating costs savings. AI can improve logistics through its ability to make decisions in real time. 5 How AI is Used to Improve Performance (continued) When it comes to planning delivery and shipping routes, the ability to make decisions in real time can result in substantial value, in terms of financial savings and customer satisfaction. AI is a valuable tool to improve customer service management. Can expect improved speech recognition from call centers in the future, but with AI techniques, customers can experience a more seamless and effective experience. 6 7 Blockchain and Cryptocurrency 8 Use of Blockchain in Today’s Business Environment Blockchain uses computer code that creates concatenated (linked together) blocks of transactions. Business Uses of Blockchain Business Contracts Blockchain can be used to secure business contracts. Monetary Blockchain eliminates the need for banks to handle monetary Transactions transactions. Due to the unalterable nature of information in blockchain, it can make Audits audits more efficient and accurate. Supply Chain Blockchain can also benefit supply chain management by providing a Management way to trace goods while at the in a cost-effective manner. Blockchain can be used to trace mistakes and errors in manufacturing Quality Assurance back to the point of origin. 9 Blockchain The name “Blockchain” refers to how data are stored using this technology. Blockchain stores transaction data in blocks. These blocks are linked together to form a chain. As the number of transactions increases, so does the blockchain. The blocks in the blockchain record and confirm both the time and sequence of transactions, which are then recorded into the blockchain within a separate network controlled by rules and guidelines agreed upon by members of the network. 10 Blockchain (cont.) each block in the blockchain contains a hash (digital fingerprint or unique identifier) security in the blockchain is maintained because the previous hash links the blocks together that prevents any block from being changed/manipulated or a block being inserted between two existing blocks each additional block strengthens the verification of the block that came before it thus increasing the integrity of the entire blockchain 11 The Process of Blockchain Blockchain uses blocks to store data. When a block stores new data, it is added to the blockchain. A blockchain consists of multiple blocks that are linked together. To add a new block to the blockchain, four criteria must be met: a transaction must take place transaction verification transaction storage adding a hash 12 The Process of Blockchain (cont.) Follow the steps below that demonstrate the process of block chain A transaction must take place you decide to make a purchase for a new mountain bike from REI.com Transaction verification the computers in the network confirm the details of the purchase including transaction date/time, amount, and buyer/seller Transaction storage the data for this transaction that is stored in a block includes your digital signature, REI’s digital signature, and the amount of the purchase Adding a hash the last step before the block can be added to the blockchain is the assignment of a hash. A hash is a unique identifying code. 13 Cryptocurrency Cryptocurrencies are digital currencies that only exist on computers and are transferred between peers. There is no intermediary such as a bank or other financial institution. Transactions or exchanges of cryptocurrency are recorded on a digital public ledger called a blockchain. Bitcoin is one of the most popular cryptocurrencies, but other cryptocurrencies exist such as Litecoin and Etherium. Cryptocurrency (cont.) 1 15 How are Cryptocurrencies Created? Step 1: Decide on a consensus mechanism Step 2: Select a blockchain platform Step 3: Design the nodes Step 4: Create the internal architecture for the blockchain Step 5: API Integration Step 6: Interface design Step 7: Compliance 16 Popular Cryptocurrencies Cryptocurrencies use blockchain technology to create secure transactions. Since that time, a number of cryptocurrencies have emerged. Popular Cryptocurrencies Cryptocurrency Details Bitcoin removed the need for banks to be involved in financial transactions involving electronic Bitcoin (BTC) payments. In the United States Bitcoin is accepted by Starbucks, Whole Foods, Nordstrom, and many other businesses. Ethereum (E T H) Ethereum offers cryptocurrency as well as a blockchain-based platform for developing decentralized applications and smart contracts. Bitcoin Cash (BCH) Bitcoin Cash is a forked cryptocurrency from Bitcoin. A fork is when a cryptocurrency is split into two different cryptocurrencies.