BTE 210 W8 Final SG
bitcoin (vs blockchain)
- a blockchain application - anonymity is important - anyone can participate - transactions are viewable by all members of the network - based on public-private keys - a cryptocurrency - based on proof of work
blockchain (vs bitcoin)
- a methodology - identity of members is known - permissioned network - transactions are secret or permission viewing - virtual signing - handles many types of assets - selective endorsement
crowdsourcing considerations
- best crowdfunding website will have social tools to assist in sharing your fundraiser on social media - very important that you feel the website and the team behind it are honest, responsible, and legitimate - normal fees for personal fundraising sites range from 7%-12%
NFT application
- cryptocurrency where each piece accompanies artwork or a video clip - therefore, in effect, you are purchasing an original work of art that is simply a digital artwork rather than a physical drawing - Beeple - creator of most expensive NFT art ever, third-most-expensive of all living artists (behind Jeff Koons and David Hockney)
blockchain
- distributed ledger open to everyone - contains information (eg. transaction) - multiple parties (peers) share it by keeping an identical copy - all participants must give approval to the new recording - every recording uses private cryptographic key or digital structure - process repeated over and over
new ledger system
- every record on the has a very secure, un-hackable key - every record is stamped with the unique SEAL of approval - when the next record is written in the ledger, everything in the PRIOR record, including its contents and the unique key is encoded (hashed) and becomes a part of the current record key - technology assures integrity by chaining all of the record together
old ledger system
- fundamental way we store information (eg. record of a house) - problem today: easy to tamper with since written manually - intermediaries
hash function (magic machine)
- if we send "4" machine converts it to "dcbea" nobody knows how it happens exactly - process is irreversible and consistent - trial-and-error, one number at a time
Generative AI applications
- portrait of Edmond Belamy; image created by Obvious, a trio of 25-year-old French students whose goal is to "explain and democratize" AI through art - specifically, they designed an algorithm that referenced 15,000 portraits from various periods (rumor has it they used code by 19-year-old Robbie Barrat, recent high school graduate who shared his algorithms online via an open-source license) - initially valued between $7,000-$10,000; sold at Christi's for $432,500
gartner hype cycle
- separate hype from the real drives of a technology's commercial promise - helps getting educated on an emerging technology within the context of the industry and individual appetite for risk
crowdrise
Crowdfunding Sites: funds charities and causes
quirky
Crowdfunding Sites: funds for investors
indiegogo
Crowdfunding Sites: no specialization
kickstarter
Crowdfunding Sites: specializes in creative projects such as films, games, art and technology; $850m pledged by more 5m people funding more than than 50,000 projects - all-or-nothing funding
invested.in
Crowdfunding Sites: to create your own funding community
donation-based crowdfunding
Crowdfunding Types: a way to source money for a project by asking a large number of contributors to individually donate a small amount to it - ex. gofundme
reward-based crowdfunding
Crowdfunding Types: involves individuals contributing comparatively small amounts of money to projects in return for some kind of reward - ex. Kickstarter
peer-to-peer lending
Crowdfunding Types: the practice of lending money to individuals or businesses through online services that match lenders with borrowers - ex. LendingClub
innovation trigger
Gartner Hype Cycle Phases: a potential technology breakthrough kicks things off. Early proof-of-concept stories and media interest trigger significant publicity. often no usable products exist and commercial viability is unproven
peak of inflated expectations
Gartner Hype Cycle Phases: early publicity produces a number of success stories — often accompanied by scores of failures. some companies take action; many do not.
trough of disillusionment
Gartner Hype Cycle Phases: interest wanes as experiments and implementations fail to deliver. producers of the technology shake out or fail. Investments continue only if the surviving providers improve their products to the satisfaction of early adopters.
plateau of productivity
Gartner Hype Cycle Phases: mainstream adoption starts to take off. criteria for assessing provider viability are more clearly defined. the technology's broad market applicability and relevance are clearly paying off.
slope of enlightenment
Gartner Hype Cycle Phases: more instances of how the technology can benefit the enterprise start to crystallize and become more widely understood. second- and third-generation products appear from technology providers. more enterprises fund pilots; conservative companies remain cautious
generative algorithms
Generative AI: instead of predicting a label given certain features, they attempt to predict features given a certain lable
consistent
Hash Function: every time you send "4" you will get "dcbea"
trial-and-error, one number at a time
Hash Function: the only method to find out what needs to serve as input for the machine to give you 000ab
irreversible
Hash Function: you cannot get "4" as in output if you send "dcbea" as an input
metaverse benefits (companies)
a. New revenue streams for businesses (new sales channels, re-imagine marketing, renting virtual space b. New ways of accessing global talent, new ways to collaborate, improve retention c. Improved safety, and efficiency (energy usage, overhead)
metaverse benefits (government)
a. Re-imagine public services by the governments b. Improved urban planning (traffic, green space) c. Modeling emissions, climate change
intermediaries examples
a. Title agencies, title insurers, title attorneys b. Banks c. DMVs d. Credit agencies
metaverse leverages
a. Virtual/Augmented reality b. Blockchain c. Web3 d. Video games/Virtual platforms e. Digital twins f. Internet of things
business transactions
always happen between, at least, two parties (buyer and seller, no business operates in isolation) - ledger - general ledger
bitcoin
based on blockchain methodology; an unregulated shadow-currency created as a decentralized digital currency exchange system to exchange digital currency without the banks as intermediaries, while keeping anonymity - resource intensive (requires proof of work consensus) - created in 2008 after the Global Financial crisis
cryptography
converts data into a format that is unreadable for an unauthorized user, allowing it to be transmitted without unauthorized entities decoding it back into readable format
system of intermediaries
exists to verify trust-worthiness of the ledger, and of the counter parties involved
discriminative algorithms example
given all the words in an email (the data instance), could predict the probability that an email is spam given the words it contains. it does so by gathering words from the email (input), analyzing it, and assigning a label - "spam" or "not spam"
tangible assets
house, products, cash
crowdfunding
method for obtaining project funding, by soliciting contributions from a large group of people, and especially from an online community - promoted as a way of assisting small businesses and start-ups looking for investment capital to help get their business ventures off the ground - congress recently pasted the JOBS Act, which directs the (SEC) to create rules exempting crowdfunding from the securities registration laws
intangible assets
mortgage, service, digital music/video
SEAL to output
number loaded into the machine that when added to pervious number produces end output
2023 Gartner's Emerging Technology Roadmap
places over 100 disruptive technologies in six sectors 1. Security 2. Digital Workplace 3. IT Automation 4. Storage and Database 5. Computer infrastructure and Platform Services 6. Network
proof-of-work
the action of applying the SEAL
block
the new recording - new concatenated with prior
generative algorithms example
the question it tries to answer is: "assuming this email is spam, how likely are these features?"
discriminative algorithms
try to classify input data; that is, given the features of an instance of data, they predict a label or category to which that data belongs. they simply map features to labels. (models learn the boundary between classes)
hash
unique cryptographic identifier = a fingerprint of a block
adoption timelines
2023 Gartner's Emerging Technology Roadmap: light grey - soonest
deployment risk
2023 Gartner's Emerging Technology Roadmap: red-high, green-low
enterprise value
2023 Gartner's Emerging Technology Roadmap: size of a bubble
crowdfunding sites
- Kickstarter - Crowdrise - Quirky - Invested.in -Indiegogo
blockchain technology elements
1. Distributed 2. Consensus 3. Secured 4. Immutable 5. Provenance
the trust question
1. I have to trust you to transact with you 2. trust is fundamental currency behind each transaction 3. we transact $100 trillion per year between 7 billion people
gartner hype cycle phases
1. Innovation Trigger 2. Peak of Inflated Expectations 3. Trough of Disillusionment 4. Slope of Enlightenment 5. Plateau of Productivity
metaverse attributes
1. Persistent 2. Ubiquitous 3. Interoperable 4. Open 5. Immersive 6. Economic 7. Synchronous
crowdfunding types
1. Reward-Based 2. Donation-Based 3. Peer-to-Peer Lending
NFTs provide
1. a way to authenticate ownership - each owner has a one-of-a-kind token for his or her copy of that piece of digital asset 2. permanency 3. blockchain recorded provenance
each block contains
1. data 2. hash 3. hash of the predecessor block
crowdfunding process
1. develop a business idea or goal 2. choose a crowd funding site 3. crowd funding site screens you for eligibility and fit 4. create your crowd funding campaign describe your business idea or goal 5. share your campaign with family, friends, and social networks 6. supporters pledge funding 7. campaign closes, and you receive funds 8. crowd funding platform subtracts its fee 9. complete your business goal or bring your product to market 10. reward your supporters with equity, product samples, or loan interest
why crowdfunding works
1. small donations from many people can raise a lot of money 2. by tapping into your online social connections, you can reach a much broader audience in less time than a traditional fundraising process
chaining records example
1. when you send money to another person, no physical movement of money is actually happening 2. instead we TRUST A BANK to verify your balance, make a debit record, locate the recipients' account, make a credit record, and verify recipient's balance 3. if a number of people do not want to deal with an intermediary (a. every participant sits with an empty page and pencil b. if a participant wants to send money to another participant, he/she broadcasts the message to everyone c. everyone checks whether he/she has enough money in his account and records it on their page) 4. another participant sends money - process continues, until page is exhausted 5. now time to "file" the completed page and provide everyone with a new black page to continue (before filing a page - stamp of approval (SEAL)
knowledge gap
1436 printing press closed
labor gap
1860 first commercial internal combustion engine closed
distance gap
1983 by connecting people around the globe internet closed
trust gap
1991 and 2008 blockchain expected to close - first outlines in 1991 by Stuart Haber and W. Scott Stornetta, two researches who wanted to implement a system where document timestamps could not be tampered with - first conceptualized by Satoshi Nakamoto in 2008
metaverse
A network of 3D virtual worlds focused on immersive experiences, digital economies, and social connections - term is used for technologies, platforms, and concepts
distributed
Blockchain Technology Elements: - digital ledger technology keeps records of transaction, value, and ownership of assets - copies kept in different databases
provenance
Blockchain Technology Elements: blocks must show connection to (fingerprint of) prior block, keeping a trail
consensus
Blockchain Technology Elements: everyone (or a regulator) must validate and approve the new transaction/block
immutable
Blockchain Technology Elements: ones a transaction is recorded into a block, a block can't be changed nor deleted
secured
Blockchain Technology Elements: uses cryptography to process digital transaction or verifiable digital signature
5 main general ledger account types
Business Transactions: 1. Assets (tangible/intangible) 2. Liabilities 3. Income 4. Expenses 5. Capital
ledger
Business Transactions: system of records for a business - transactions always recorded in - in the selling organization, a transaction removes assets from - in the buying organization, a transaction adds assets onto
stamp of approval (SEAL)
Chaining Records: - makes sure that no more changes are possible; everyone must agree on; if everyone trusts then everyone trusts the CONTENT of the page - one of the most complex parts of the process - previously an intermediary served as assurance of integrity and trust. now, we distribute that authority among the participants
persistent
MetaVerse Attributes: continuity of experience
economic
MetaVerse Attributes: functioning economies
synchronous
MetaVerse Attributes: in real time
open
MetaVerse Attributes: individual agency for all
immersive
MetaVerse Attributes: more than today's internet
ubiquitous
MetaVerse Attributes: physical and digital
interoperable
MetaVerse Attributes: transferable across worlds
virtual/augmented reality (metaverse)
MetaVerse Leverages: allow access to the metaverse
video games/virtual platforms (metaverse)
MetaVerse Leverages: creates social experiences
blockchain (metaverse)
MetaVerse Leverages: enable decentralization of metaverse
web3 (metaverse)
MetaVerse Leverages: focuses users of metaverse on creating value
internet of things
MetaVerse Leverages: physical objects that communicate with each other
digital twins (metaverse)
MetaVerse Leverages: the real-time virtual counterpart of a real object, a component of the metaverse
user health and safety
MetaVerse Risks: effect of AR/AI on a persons health, exposure to harassment
data privacy
MetaVerse Risks: how personal data is stored, accessed, and used?
secure identities
MetaVerse Risks: how to identify "bad actors"?
cybersecurity and fraud
MetaVerse Risks: increased number of touchpoints, theft of identity, and lack of regulation
metaverse benefits (people)
a. Immersive and engaging experiences (shopping, transactions, remote healthcare, live events without restrictions) b. New jobs that enable the virtual economy c. New ways to earn money (play-to-earn, NFTs)
cryptocurrency
a digital currency that used cryptography for security measures - each user has both public and individual private keys - operates independently of a central bank
non-fungible token (NFT)
a unit of data stored on a blockchain that represents a unique item - real-world physical items or digital assets - unlike bitcoin or another cryptocurrency, not mutually interchangeable i.e. not fungible
2023 Gartner's Emerging Technology Roadmap allows you to
a. Calculate technology deployment risksb. Discover opportunities to bring high enterprise value technologies into your tech stack c. Benchmark deployment progress to your peers in midsize enterprises
metaverse risks
a. Data privacy b. Cybersecurity and fraud, d. User health and safety d. Secure identities
AI algorithms
a. Discriminative: models learn the boundary between classes b. Generative: models the distribution of individual classes