Response to discussion 2 Info tech Strat Plan
Prashanthi
Amy-disucussion2Infopost1.docxBlockchain technology is an evolutionary form of technology that can be utilized in several industry for processing and storing information in an intuitive manner. Blockchain technology is most often associated with Bitcoin; however, many different applications exist that use this technology. Some cryptocurrencies, which are virtual or digital forms of money, use a blockchain technology to keep a running record of transactions, which are added to an ever changing ledger. The ledger uses cryptography to protect the record, and each ledger entry is a block which is chained to the other entries, thus the name blockchain (Makridakis & Christodoulou, 2019). Bitcoin is the most commonly known and utilized cryptocurrency; however, there are many other cryptocurrencies that utilize the blockchain technology. Two other cryptocurrencies that exist are Ethereum and Cardano.
Ethereum is a cryptocurrency and software platform that utilizes blockchain technology. Ethereum allows developers to create and implement a decentralized application ((Makridakis & Christodoulou, 2019). This blockchain framework is an open source public application now accounts for approximately 80% of all blockchain type projects (Tarzey, 2019). This platform and cryptocurrency was the first to fully enable smart contracts, allowing for seamless creation of initial coin offerings (Tarzey, 2019). This application has numerous applications including, but not limited to, electronic voting, compliance, and trading ((Makridakis & Christodoulou, 2019). Cardano is another cryptocurrency that utilizes blockchain technology. Cardano and Ethereum are both cryptocurrencies and have similarities, but they also are vastly different.
There are several unique values that blockchain technology, including Ethereum and Cardano, provides to those utilizing it, including trustworthiness, transparency, disintermediation, no system downtime, no third part interference, and continuous improvements to the technology(Makridakis & Christodoulou, 2019). Additionally, Cardano is similar to Ethereum in the fact that both of these cryptocurrencies allow for the ease and use of smart contracts, which enforce the terms of an agreement without needing individuals to sign a legal document (Makridakis & Christodoulou, 2019). The biggest difference between Ethereum and Cardano is that Cardano is the algorithm, “ouroboros”, that consumes much less energy than those used by other systems that create smart contracts (Makridakis & Christodoulou, 2019). Lastly, Cardano also differs because it offers a traditional debt card that is funded from the user’s wallet and can be utilized for purchases (Makridakis & Christodoulou, 2019). Both cryptocurrencies have many benefits that can be utilized in a number of different industries.
I personally have not had any experience with cryptocurrencies, including the most popular form, Bitcoin. I am aware of Bitcoin and its popularity but have not engage in use of this cryptocurrency. I am also unaware of any blockchain technology at work. I currently work in higher education and based on my understanding of this technology, I do not think we have any systems that use blockchain. This assignment has really allowed me to explore this concept further and gain more awareness of the various forms of cryptocurrency.
References
Tarzey, B. (2019). Inside Blockchain and Its Various Applications. Computer Weekly, 16-20. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&AuthType=shib&db =f5h&AN=138681123&site=eds-live
