Ch. 12 Emerging Technologies: Blockchain and AI Automation

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Components that characterize blockchain

*distributed and decentralized *consensus *immutability *proof of work *proof of authority *proof of stake

Consortium blockchain

*permissioned *allow several organizations to participate *administrators set access rights and permissions *executed only on limited set of trusted nodes *permit more complicated enterprise behaviors

Private blockchain

*permissioned blockchain/enterprise blockchain *require permission to join network *transaction and validation data are restricted *no exposing internal information to the public

Public Blockchain

*permissionless *no access restrictions in viewing or participation *offers economic reward for computational proof of work in mining

Types of blockchains

*public *private *consortium

AI performs tasks that involve human intelligence such as

*thinking logically *acting rationally *visual perception *speech recognition *language transition

In a blockchain system

*transactions involve no middleman *faster transaction time (minutes vs. days) *lower service fee

Helix GLAD (EY)

detect anomalies in large database

Cognitive technologies

employ self-learning algorithms that allow computers to examine connections and notice patterns

T/F: Ethereum mining of ether varies at different rates

False: mining of ether is at constant rate

T/F: In ethereum the account is debited only

False: the account is debited and credited

T/F: Ethereum has lower transaction fee

True

How often is a block added in bitcoin?

every 10 minutes

How often is a block added in ethereum?

every 10-12 seconds

Bitcoin

first cryptocurrency

Feed-forward neural network

information moves in one direction

Artificial intelligence

intelligence exhibited by machines or software; aka cognitive technologies

Machine learning

involves computer's ability to learn from experience rather than specific instructions

When is blockchain useful?

it enables multiple parties that don't fully trust each other to collaborate with a shared source of truth

Examples of cognitive technologies

machine learning neural networks robotic process automation (RPA) bots natural language processing

BDO neural networks

manage info in multiple languages globally

Artificial Neural Networks (ANNs)

mathematical model underlying machine learning; consists of nodes or neurons, inputs, and outputs in one or more layers; can be nested together

CLARA (KPMG)

potential risks.

GL.ai (PWC)

replicate the thinking and decision making.

Deloitte's machine

review contracts, identify key terms

Confusion matrix

table summarizing prediction results

What did bitcoin eliminate?

the ability to double spend

Robotic process automation (RPA)

tool that can perform high-volume repetitive accounting tasks.

Is bitcoin anonymous?

yes and there are no middlemen involved

Is bitcoin public?

yes, people can join and leave anytime

Natural Language Processing (NLP) and Natural Language Understanding (NLU)

•Understand text. •Extract semantic meaning. •Discern sentiment from natural language.

True Negative (TN)

•the correct prediction of negative class. •correct prediction of email that is not spam.

True positive (TP)

•the correct prediction of positive class. •spam email was predicted correctly

False negative (FN)

•the incorrect prediction of negative class. •an email was predicted as not spam but actually was spam.

False positive (FP)

•the incorrect prediction of positive class. •an email was predicted as spam but actually was not spam.

3 important concepts involved in traditional transactions

1. middleman 2. delay 3. service fee

What is machine learning?

a type of AI

What is deep learning?

a type of machine learning

Ethereum

blockchain platform that allows exchange for more than cryptocurrencies

Recurrent neural network

connections between include loops


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