Introduction to Emerging

Technologies

Introduction to Emerging Technologies Assignment I

Name ID Number
 What is blockchain technology?
Blockchain technology is a decentralized, distributed digital ledger that
records transactions across many computers in a network. It is the
underlying technology that powers cryptocurrencies like Bitcoin.
Blockchain technology is an advanced database mechanism that allows
transparent information sharing within a business network.A
blockchain database stores data in blocks that are linked together in a
chain. The data is chronologically consistent because you cannot delete
or modify the chain without consensus from the network. As a result,
you can use blockchain technology to create an unalterable or
immutable ledger for tracking orders, payments, accounts, and other
transactions. The system has built-in mechanisms that prevent
unauthorized transaction entries and create consistency in the shared
view of these transactions.
Why is blockchain important?

Traditional database technologies present several challenges for

recording financial transactions. For instance, consider the sale of
a property. Once the money is exchanged, ownership of the
property is transferred to the buyer. Individually, both the buyer
and the seller can record the monetary transactions, but neither
source can be trusted. The seller can easily claim they have not
received the money even though they have, and the buyer can
equally argue that they have paid the money even if they haven’t.
To avoid potential legal issues, a trusted third party has to
supervise and validate transactions. The presence of this central
authority not only complicates the transaction but also creates
a single point of vulnerability. If the central database was
compromised, both parties could suffer.
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Blockchain mitigates such issues by creating a decentralized,

tamper-proof system to record transactions. In the property
transaction scenario, blockchain creates one ledger each for
the buyer and the seller. All transactions must be approved by
both parties and are automatically updated in both of their
ledgers in real time. Any corruption in historical transactions
will corrupt the entire ledger. These properties of blockchain
technology have led to its use in various sectors, including the
creation of digital currency like Bitcoin.
What are the key characteristics of
blockchain technology?
 Decentralized - There is no single authority or central point of
control. The network is maintained by a decentralized network of
computers (nodes).
 Distributed Ledger - All transactions are recorded in a digital ledger
that is shared across the network. Every node on the network has a
copy of the complete transaction history.
 Transparency - The transaction history is transparent and can be
viewed by any participant in the network. This provides
accountability.
 Immutability - Once a transaction is recorded in the blockchain, it is
extremely difficult to modify or delete it. The transaction history is
permanent and tamper-resistant.
 Consensus Mechanism - The network uses a consensus protocol
(like Proof-of-Work or Proof-of-Stake) to validate new transactions
and add them to the blockchain. This ensures the integrity of the
network.
How does blockchain technology differ from
traditional database systems?
Properties Traditional databases Blockchain
Security vulnerable to single points of failure and Decentralized nature and cryptographic security
potential data breaches. measures make it more resistant to hacking and data
tampering.
Speed process transactions quickly due to their May take longer to process due to the consensus
centralized nature. mechanisms involved.
Transparency private and controlled by the owner. with the entire transaction history visible to all
participants in the network.
Trust Rely on a centralized authority to maintain Decentralized consensus mechanism, eliminating
and secure the data. the need for a trusted third-party.
Data Immutability Allow for easy modification or deletion of Immutable - once a transaction is recorded, it
data. cannot be altered or deleted without the consensus
of the network.
Data Structure store data in tables, with rows and stores data in a series of interconnected blocks,
columns. forming a chain
Decentralization centralized and controlled by a single with the ledger distributed across a network of
authority or organization. computers (nodes).
Different industries use blockchain?

Finance:
 Cryptocurrency and digital payments
 Cross-border money transfers
 Trade finance and supply chain finance
 Lending and borrowing platforms
 Securities and asset trading
Supply Chain Management:
 Tracking and tracing of products
 Improving supply chain transparency and efficiency
 Ensuring authenticity and provenance of goods
 Managing logistics and inventory data
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Healthcare:
Secure storage and sharing of patient medical records
Tracking the supply chain of pharmaceutical drugs
Managing clinical trials and research data
Facilitating insurance claims and payments
Logistics and Transportation:
Tracking shipments and assets in real-time
Automating and streamlining logistics processes
Improving transparency and reducing fraud
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Logistics and Transportation:

 Tracking shipments and assets in real-time
 Automating and streamlining logistics processes
 Improving transparency and reducing fraud
Energy:
 Peer-to-peer energy trading and distribution
 Managing renewable energy certificates and credits
 Tracking energy production and consumption data
Real Estate:
 Automating property transactions and title management
 Improving transparency in property ownership records
 Enabling fractional ownership of real estate
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Voting and Elections:

 Securing and verifying voting processes
 Ensuring the integrity of election results
Identity Management:
 Secure and portable digital identity solutions
 Managing personal data and consent
Intellectual Property:
 Tracking and protecting digital assets and copyrights
 Enabling decentralized marketplaces for digital content
Governance:
 Improving transparency and accountability in public records
 Enabling secure and tamper-resistant record-keeping
What are the key challenges in adopting blockchain technology
across different industries?

Scalability:
 Blockchains can struggle to handle high transaction volumes due to the time
required for consensus and validation.
 This poses a challenge for industries that require fast and high-throughput
transaction processing, such as finance and e-commerce.
Interoperability:
 Different blockchain networks and platforms often lack the ability to seamlessly
communicate and exchange data with each other.
 This can create siloed ecosystems and hinder the integration of blockchain
solutions with existing legacy systems.
Regulatory Uncertainty:
 Governments and regulatory bodies are still grappling with how to effectively
regulate and govern blockchain-based applications, especially in areas like
cryptocurrency and decentralized finance.
 Lack of clear regulations can create uncertainty and hesitation for businesses to
adopt blockchain.
 Con’t
Energy Consumption:
 Some consensus mechanisms, like Proof-of-Work used by Bitcoin, require significant
energy consumption to maintain the network.
 This raises concerns about the environmental sustainability of certain blockchain
implementations.
Privacy and Data Protection:
 The transparent nature of blockchain can raise privacy concerns, especially when dealing
with sensitive personal or financial data.
 Integrating blockchain with robust data privacy and protection measures is an ongoing
challenge.
Complexity and Technical Expertise:
 Implementing and maintaining blockchain-based systems often requires specialized
technical expertise that may not be readily available in many organizations.
 The complexity of blockchain technology can pose a barrier to adoption, especially for
smaller businesses.
Adoption Inertia:
 Replacing well-established legacy systems and business processes with blockchain-based
solutions can be a significant challenge, as it often requires a major shift in mindset and
organizational culture.
 Disadvantages of blockchain?
Scalability Limitations:
 Blockchains can struggle to handle high transaction volumes due to the time required for
consensus and validation processes.
 This can lead to network congestion and delays, particularly for time-sensitive
applications.
Energy Consumption:
 Some blockchain consensus mechanisms, such as Proof-of-Work (PoW), require
significant energy consumption to maintain the network.
 This raises concerns about the environmental impact and sustainability of certain
blockchain implementations.
Regulatory Uncertainty:
 Governments and regulatory bodies are still developing appropriate frameworks and
guidelines for blockchain-based applications, especially in areas like cryptocurrencies and
decentralized finance.
 This regulatory uncertainty can create barriers to adoption and implementation.
Privacy Concerns:
 The transparent nature of blockchain can raise privacy concerns, especially when dealing
with sensitive personal or financial data.
 Integrating robust privacy-preserving measures with blockchain technology is an ongoing
challenge.
 Con’t
Complexity and Technical Expertise:
 Implementing and maintaining blockchain-based systems often require
specialized technical expertise that may not be readily available within many
organizations.
 This complexity can pose a barrier to adoption, particularly for smaller
businesses.
Interoperability Challenges:
 Different blockchain networks and platforms often lack the ability to seamlessly
communicate and exchange data with each other.
 This can create siloed ecosystems and hinder the integration of blockchain
solutions with existing legacy systems.
Adoption Inertia:
 Replacing well-established legacy systems and business processes with
blockchain-based solutions can be a significant challenge, as it often requires a
major shift in mindset and organizational culture.
Potential for Misuse:
 Due to its decentralized nature and anonymity features, blockchain technology
can also be exploited for illegal activities, such as money laundering, tax evasion,
and the sale of illicit goods.
 What are the types of blockchain networks?

There are four main types of decentralized or distributed networks in the blockchain:
 Public blockchain networks
Public blockchains are permissionless and allow everyone to join them. All members of the blockchain have equal
rights to read, edit, and validate the blockchain. People primarily use public blockchains to exchange and mine
cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
 Private blockchain networks
A single organization controls private blockchains, also called managed blockchains. The authority determines who
can be a member and what rights they have in the network. Private blockchains are only partially decentralized
because they have access restrictions. Ripple, a digital currency exchange network for businesses, is an example of
a private blockchain.
 Hybrid blockchain networks
Hybrid blockchains combine elements from both private and public networks. Companies can set up private,
permission-based systems alongside a public system. In this way, they control access to specific data stored in the
blockchain while keeping the rest of the data public. They use smart contracts to allow public members to check
if private transactions have been completed. For example, hybrid blockchains can grant public access to digital
currency while keeping bank-owned currency private.
 Consortium blockchain networks
A group of organizations governs consortium blockchain networks. Preselected organizations share the
responsibility of maintaining the blockchain and determining data access rights. Industries in which many
organizations have common goals and benefit from shared responsibility often prefer consortium blockchain
networks. For example, the Global Shipping Business Network Consortium is a not-for-profit blockchain
consortium that aims to digitize the shipping industry and increase collaboration between maritime industry
operators.
Cyber Security
 what is cyber security?

Cyber security is a discipline that covers how to defend devices and

services from electronic attacks by nefarious actors such as hackers,
spammers, and cybercriminals. While some components of cyber
security are designed to strike first, most of today's professionals
focus more on determining the best way to defend all assets, from
computers and smartphones to networks and databases, from attacks.
Cyber security has been used as a catch-all term in the media to
describe the process of protection against every form of cybercrime,
from identity theft to international digital weapons. These labels are
valid, but they fail to capture the true nature of cyber security for
those without a computer science degree or experience in the digital
industry.
 Objectives of Cybersecurity
Confidentiality:
 Ensuring that sensitive information, such as personal data, financial records, and
intellectual property, is accessible only to authorized individuals or entities.
 Preventing unauthorized access, disclosure, or theft of confidential data.
 Implementing access controls, encryption, and other security measures to protect the
confidentiality of information.
Integrity:
 Maintaining the accuracy, completeness, and trustworthiness of data.
 Preventing unauthorized modification, tampering, or corruption of information.
 Implementing measures to detect and mitigate any changes to data to ensure its
reliability and authenticity.
Availability:
 Ensuring that authorized users have reliable and timely access to information and
resources when needed.
 Protecting systems and networks from disruptions, such as cyberattacks, hardware
failures, or natural disasters, to maintain the availability of critical information and
services.
 Implementing redundancy, disaster recovery, and business continuity plans to ensure the
continuous availability of resources.
 Key Components
 Access Control: Implementing robust authentication mechanisms, such as
passwords, biometrics, or multi-factor authentication.
 Threat Detection and Response: Monitoring systems for signs of malicious
activity and responding promptly to incidents.
 Encryption and Cryptography: Protecting sensitive data by converting it
into a coded format that can only be accessed with the correct decryption keys
or algorithms.
 Firewalls and Network Security: Establishing secure perimeters around
networks and systems to control and monitor incoming and outgoing traffic.
 Software and System Patching: Regularly updating software, operating
systems, and applications to address known vulnerabilities and security
flaws.
 Security Awareness and Training: Educating employees about cybersecurity
best practices, such as recognizing phishing attempts and reporting
suspicious activities.
 Disaster Recovery and Business Continuity: Implementing robust backup
and recovery strategies to ensure the resilience of systems and data in the
event of a successful attack or other disruptions.
 Importance
 Protecting against cyber threats, such as malware, hacking attempts,
data breaches, and other forms of cyber attacks.
 Maintaining the confidentiality, integrity, and availability of sensitive
information and critical systems.
 Ensuring the reliability and trustworthiness of digital infrastructure
and services.
 Complying with regulatory requirements and industry standards
related to data protection and privacy.
 Preserving the reputation and trust of organizations and
individuals in the digital landscape.
 Pro’s And Con’s of Cyber Security
Pros of Cybersecurity
Protecting sensitive data and critical systems:
 Cybersecurity measures help safeguard confidential information, financial data,
intellectual property, and other mission-critical assets from unauthorized access,
theft, or damage.
Maintaining business continuity and resilience:
 Robust cybersecurity practices ensure that organizations can withstand and
recover from cyber attacks, minimizing the impact on operations, reputation, and
financial performance.
Compliance and regulatory requirements:
 Effective cybersecurity helps organizations meet various industry regulations and
standards related to data privacy, security, and information management.
Enhancing customer trust and confidence:
 By demonstrating a strong commitment to cybersecurity, organizations can build
trust and credibility with their customers, partners, and stakeholders.
Preventing financial losses and legal liabilities:
 Cybersecurity measures help mitigate the risk of costly data breaches, fines, and
legal consequences associated with security incidents.
 Con’s Of Cyber security

Complexity and ongoing maintenance:

 Implementing and maintaining a comprehensive cybersecurity program can be complex and
resource-intensive, requiring specialized skills, technologies, and continuous monitoring
and updates.
Cost and budgetary constraints:
 Investing in cybersecurity measures, such as security tools, software, and personnel, can be
a significant financial burden, especially for smaller organizations with limited resources.
User resistance and training challenges:
 Changing user behavior and ensuring compliance with security policies can be challenging,
as some employees may resist or struggle to adapt to new security protocols and measures.
Potential for false sense of security:
 Over-reliance on technological solutions without addressing underlying human and
organizational vulnerabilities can create a false sense of security, leading to complacency
and increased risk.
Evolving threat landscape:
 Cyber threats are constantly evolving, and keeping up with the latest attack methods,
vulnerabilities, and countermeasures can be an ongoing challenge for organizations.
What are the common types of cyber attacks, and
how can they be prevented or mitigated?
Malware Attacks:
 Description: Malware, such as viruses, worms, Trojans, and ransomware, can infect systems and
networks, causing damage or disrupting operations.
 Prevention/Mitigation:
• Implement robust antivirus and anti-malware software.
• Keep software and systems updated with the latest security patches.
• Educate users on identifying and avoiding suspicious downloads or links.
• Regularly backup data to prevent data loss in the event of a ransomware attack.
Phishing Attacks:
 Description: Phishing involves using deceptive emails, messages, or websites to trick users into revealing
sensitive information or executing malicious actions.
 Prevention/Mitigation:
• Educate employees on recognizing the signs of phishing attempts.
• Implement email filtering and security measures to detect and block phishing emails.
• Encourage the use of multi-factor authentication to prevent unauthorized access.
• Regularly review and update security awareness training for employees.
 Con’t
Distributed Denial-of-Service (DDoS) Attacks:
 Description: DDoS attacks aim to overwhelm a system or network with
excessive traffic, causing it to become unavailable to legitimate users.
 Prevention/Mitigation:
• Implement robust network and server capacity planning to withstand sudden traffic
spikes.
• Use DDoS mitigation services or solutions to detect and mitigate DDoS attacks.
• Ensure that systems and servers have the necessary safeguards and redundancies to
maintain availability during an attack.
SQL Injection Attacks:
 Description: SQL injection exploits vulnerabilities in web applications that use
SQL databases, allowing attackers to gain unauthorized access to sensitive data.
 Prevention/Mitigation:
• Implement proper input validation and sanitization on all user-supplied data.
• Keep web applications and their underlying frameworks up-to-date with the latest
security patches.
• Regularly audit and test web applications for SQL injection vulnerabilities.
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Insider Threats:
Description: Insider threats involve malicious actions taken
by individuals with legitimate access to an organization's
systems or data, such as employees, contractors, or partners.
Prevention/Mitigation:
• Implement strict access controls and user privileges based on the
principle of least privilege.
• Monitor user activities and establish incident response protocols
to quickly detect and respond to suspicious behaviors.
• Conduct thorough background checks and security screenings
for personnel with access to sensitive information or systems.
Ransomware:
– Description: Ransomware is a type of malware that encrypts a
victim's data and demands a ransom payment to restore access.
– Potential Impact: Ransomware can disrupt business operations,
cause significant downtime, and lead to data loss if the ransom is not
paid or if the decryption process fails. It can also result in financial
losses, reputational damage, and legal consequences.
Data Breaches:
– Description: Data breaches involve the unauthorized access, theft, or
exposure of sensitive information, such as personal data, financial
records, or intellectual property.
– Potential Impact: Data breaches can lead to identity theft, financial
fraud, loss of customer trust, regulatory fines, and long-term
reputational damage for the affected organization.
Phishing Attacks:
 Description: Phishing involves using deceptive emails, messages, or
websites to trick users into revealing sensitive information or executing
malicious actions.
 Potential Impact: Phishing attacks can lead to financial losses, identity
theft, and the compromise of corporate networks and systems, which
can further enable other cyber threats, such as data breaches or malware
infections.
Insider Threats:
 Description: Insider threats involve malicious actions taken by
individuals with legitimate access to an organization's systems or data,
such as employees, contractors, or partners.
 Potential Impact: Insider threats can result in the theft or destruction of
sensitive data, the sabotage of critical systems, and the disruption of
business operations. They can also be difficult to detect and mitigate, as
the perpetrator often has authorized access and knowledge of the
organization's infrastructure.