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ITC571 Emerging Technologies and Innovation Oz Assignments
In recent times it can be stated that there are different forms of technology which ae in the sector of the innovation. These innovations are playing a very vital role which would be altering the viewpoint of each of the organization (Sompolinsky, Lewenberg & Zohar, 2016). On the other hand, it can be stated that there are different types of competitive advantage that an organization can directly gain from the concept. The main aspect which can be related to the concept of the cryptocurrency is that it is directly connected with the aspect of the power electronic transaction which can be done between two users who interact with each other.
The main focus point of the report is to take into consideration different aspects which is linked to the concept of the cryptocurrency so that the sector which is related to the working of the technology can be directly be enhanced with the working of the concept. The main risk factors which can be included into the working and the mitigation plan which is related to the concept is directly stated in the report.
Research problem overview
The main sector which is relate to the concept of the research problem overview are stated below:
1. Price manipulation: One of the important sector which is related to the concept can be the extreme volatility which is excessive. The price which is related to the cryptocurrencies on the platform of exchange can be stated to rise and fall dramatically over a time span which is very short (Narayanan et al., 2016). It can hamper the overall involvement of the technology which is related to the concept of the operation which is related to the interaction of the users in the working of the technology.
2. Activity of the cybercriminals: The sector which is related to the concept of the cryptocurrency can be stated to be one of the sector in which is attackers indulge their direct interest (Cooper et al., 2017) It can be stated that there are high number relating to the profile of the hackers of the cryptocurrency which directly heists in the sector of the resulted in the millions of dollars being directly stolen.
3. Lack of uniformity in price: The concept which is related to the commodity and assets can be stated to be an essential part. The main problem which is related to the concept can be seen in the sector of the price of the cryptocurrency which can vary considerable in the sector of the different platform which is related to the concept of the exchange.
4. Transaction delay: In the sector of the cryptocurrency market it can be stated that it is directly plagued with a litany of delay across almost most of the transactions. It can be stated here that from the aspect of the trading account there are different sequences which should be followed (Park et al., 2015). These aspects can be considered to be very much time consuming. The issue which is related to the aspect of the scalability is also identified in the sector of the implementation of the technology.
Application of technology
The concept of the cryptocurrency can be directly related to the aspect of the block chain technology. In most of the cases it can be stated that the application of the technology is a single version relating to the truth made very much possible by a secure time and time stamped ledger which directly copes the factor which is related to multiple parties. The application or the implementation of the technology secures the data and the transactions which are linked to the previous on (Oh & Nguyen, 2018). This aspect is very much beneficial in the sector of the changing the older records without having the concern which is relate to the changing the ones which are subsequent.
The technology which is related to the concept of the Cryptocurrency is based on the concept of the block chain. The main application which is related to the technology may be considered in the field of the two entity to send different types of money related aspect over the network or platform which is very much secured without the aspect of revealing the identity of the person engaged in the sector of communicating. In the concept it can be stated that there is no need for the transaction to be verified from the end of the third party (Anderson, J. C. (2018). At the end of the inception it can be stated that the main aim of the technology was the sanction, enable and the concept of the cryptocurrency register transfer.
In main concern area which is related to the concept can be seen in the sector of the security and safety of the technology. One of the implementation which can be stated here is that both the parties who would be engaged in the concept of the fund transfer hold two keys to the vault which is related to the private and the public key (Kim et al., 2016). The vault can directly open if both of the parties agree on the use of the key after they see that they are authenticated users who can access the data.
Research issue and challenges
In the sector of the working of the cryptocurrency it can be stated that there are different issue and challenges which are majorly faced within the working of the concept. One of the important sector which should be taken into consideration is the aspect of double spending. It can be stated as a technique which is related to the fraudulent activity which can be related to the concept of the spending the same mount twice.
The network which is related to the concept of the cryptocurrency is based on the concept of the absolute consensus relating to all the participants relating to the legitimacy of the transaction and the balances. If the different nodes which are present in the network does not agree on the single balance the system would be directly resulting in the concept of the breakdown. On the other hand, it can be stated that there are many rules which are predefined and directly programmer into the network that directly prevent this concept from happening.
One of the aspect which can be related to the work mainly focus on the aspect of generation of a security mechanism which would be securing the data which would be saved in the concept. It can be stated here that since there is more than one node which is related to the running of the network one would have to gain direct access control mechanism relating to more than half of them.
The proposed solution to resolve the research issue
In the context of every transaction it ca be stated that there is always a file which consist of the recipient and senders public key which is known as the public key and the amount of coin which is transferred. It can be stated here that each of the transaction which is done in the context should be signed off by each of the senders with is with their public key (Fry & Cheah, 2016). This concept can be related to the concept of the basic cryptographic function. After the process is conducted the transaction is put over to the concept of the network but it needs to be confirmed before the actual ERP implementation of the process.
In the network which is related to the cryptocurrency, only the miners can directly confirm the transaction by means of solving the cryptographic puzzle. They directly engage into the concept and make them very much legitimate and make them spread across the different network. after this sequence every node which is related to the network adds itself to the database (Li & Wang, 2017). It can be stated that once the transaction is directly confirmed it directly becomes irreversible and unforgeable and a miner reward plus the fees which is related to the transaction.
The main judgment which is related to the experimental analysis can be stated to be one of the factor which is related to the proper working of the concept (Wustrow & VanderSloot, 2016). The main sector which can be stated here is that how the overall transaction in the process would be initiated and how it would be helping in the sector of the removing all the problem which is related to the concept. The main sector of implementation in the sector is the cryptography and the securing of the data which would be involved into the operation.
The report can be concluded on a note that there is different section of technologic implementation which can be done in the concept of the Cryptocurrency. As majorly discussed in the report it can be seen that it is one of the most important sector which should be given top most priority and majorly include division of security mechanism into the concept of the working. The sector of the Cryptocurrency can be considered as a technology which is at the section of research and it can be stated that in the future the technology would be playing a more dominating role.
1. Recommendation 1: In the system the security of the data which would be prevailing in the system should be secured so that the system should be secured from different activity relating to the intruders. There should be installation of firewall in the network access area so that there are no problem relating to data breaches which are seen within the working of the concept.
2. Recommendation 2: The users who would be interacting in the system or linked in the sector of the exchange of the fund should be legitimate users. The section of the authentication can be considered to be very much important in the sector of the working of the concept.
3. Recommendation 3: The monitoring of the system should be done in a proper manner so that any problem seen in the sector can be mitigated which would be maintaining the integrity of the system. The schedule which is related to the monitoring can be stated to be very much important in the sector of working of the technology.
4. Recommendation 4: Controlling of the system can be stated as one of the major factor which is related to the working of the technology. Every use case which is related to the concept should be taken into consideration so that there is no security issue involved into the working of the technology.
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