Data Science PPT

 

We are at the half-way point of this class. This week’s assignment is not an essay. Instead, it is a review of material previously covered submitted in a presentation format via Microsoft PowerPoint.  This content review and presentation preparation will be useful to you for the activities expected in our upcoming residency.

Review the short video in this week’s content folder on APA format for PowerPoint.

Create a PowerPoint presentation that contains the following information:

a. Overview of methods (clustering, association rules, regression, classification, time series analysis) Explain what the method is and provide one tangible example. Use at least one slide per method (minimum # of slides for this portion is 5)

b. Overview of your previously discussed problem and approach from Week 6. Include industry and problem, proposed data elements, and proposed approach (minimum # of slides for this portion is 3)

c. Summary of applicable method for your previously discussed problem from Week 6. Include the method, reason chosen and one alternative choice and why it was not the best choice (minimum # of slides for this portion is 3)

Guidance:

• Use APA Formatting with Title slide, Reference slides, in-text citations, and cite/reference all graphics
• Use a template & colors of your choice. Minimum total # slides = 13

Running Head: BITCOIN BLOCKCHAIN 1

BITCOIN BLOCKCHAIN 7

Varaprasad Mareedu

ID: 002836646

ITS 836 Data Science & Big data

Week-6

Professor: Dr. Helen Schleckser

Date: 02/15/2020

Bitcoin Blockchain

Introduction

The biggest problem facing the Bitcoin community today is the political in-fighting and it’s potential to split the blockchain. Right now, Bitcoin has many advantages in the market, including being the most well know cryptocurrency, being the most supported fiat-to-cryptocurrency exchange method and being the largest blockchain by market cap. While Bitcoin is not innovating as quickly as other blockchains, they are making a good attempt at being the go-to cryptocurrency for investors. So long as no one rocks the boat, they can maintain this momentum. However, if a failure happens with the Segwit transition and the chain splits, all of this momentum can be halted.

The problem comes down to a lack of leadership. Since the departure of many key figures in the Bitcoin community, most importantly Satoshi Nakamoto, there is a distinct lack of moral authority around the community. Instead, you’re seeing a lot of foul play and high visibility exits with no one leading the ship. If Bitcoin is to survive unscathed, they need a strong figure to re-emerge and start directing action.

Challenge Facing Bitcoin Blockchain

Slower Transactions

One of the biggest challenge before Bitcoin is the issue of slower transactions. The duration for a transaction to be approved has increased drastically (CryptoScores, 2018). This has made Bitcoin take a hit. A number of businesses, who were initially very enthusiastic about Bitcoin, have stopped accepting Bitcoin. The issue of slower transaction was always around the corner since 2009. And, this only adds to the misery that how did the developers fail to come up with a solution until now. The average time taken for a Bitcoin transaction to be verified and approved is 43 minutes. And, there is a possibility that some Bitcoin transactions remain unverified forever.

The reason behind this is the transaction fee. Those who offer higher transaction fee gets verified before others who do not. This leads to formation of a queue in the list of transactions. This becomes painful for those who pay less or do not pay transaction fee. They are kept in waiting for hours and in very few cases, for even days to get their transaction completed or verified. This has enabled other cryptocurrencies such as Litecoin to eat up the market of Bitcoin.

Expensive Transactions

Every transaction through blockchain is subjected to a transaction fee which creates a queue. The order of business changes according to the highest payer. In simple words, whoever pays the highest amount for transaction fee gets their transaction approved before other. So, if a person has to send the money across instantly, he/she will need to pay an extraordinary amount of money which will directly make the whole transfer expensive (Shi, 2019). This has been widely criticised by people and analysts around the world. This has led a number of people to search for alternative options in cryptocurrencies.

Privacy

Since Bitcoin operates on a public blockchain, it does not offer privacy. This drawback of Bitcoin has been used by other cryptocurrencies as their unique feature. A large number of people want privacy in transaction and hence considering a switch. Contrary to popular misconception, Bitcoin is not private but anonymous. No Bitcoin transaction is encrypted, each transaction is hashed. So, every transaction is public. In place of counting this as advantage, the point has been advertised by others as a disadvantage. Rival cryptocurrencies have addressed the same to their profit.

Bitcoin Technical Challenges

Blockchain is decentralized, this implies that no one is responsible for system security as well as maintaining. In blockchain, every node can secure the system by processing transaction. Blockchain transactions are directly linked to the user hence anyone can create a new wallet secretly and can transact through that wallet (Ahmed, 2020). Identity verification data like security numbers that cannot be openly stored in public smart contracts. Credential management is another factor which is not managed in an open, ultimately unsecured smart contracts.

Formal authentication of smart contracts is a big issue in blockchain. Formal verification is used to determine whether the program behaves as per the specification or not. One of the main issue with implementing blockchain into everyday lives is with the fact that all the projects, companies, firms etc. that utilizes Blockchain have made it seem too technical hence it stands out as something for only the tech people. The term blockchain alone scares the common man because of the way it has been presented. Also blockchain platforms don’t have any centralized authority to control and it’s completely trustless and open system where no one responsible for setting and maintaining standards.

Solving Bitcoin Blockchain Challenges

Testing has become the most important aspect in success of implementation of blockchain Technology due to decentralized peer to peer architecture with shared ledger available to the network nodes. This ensure that all the transactions are capture within the block which is continuously and securely linked to chain. Blockchain technology apply Smart Contract rule which is absolute, means once implemented it stays permanent (Michaud, 2018).

In an event a newer version of the contract is comes up, due to production error, then manual transfer of stored data is needed, which is a tiresome process. Blockchain application requires all the standard testing and validations such as functional, integration, security & performance with specialized testing as well as Smart Contract testing, Node testing, & advance level non-functional testing.

Integration testing – Blockchain always works with integration of other interfaces so key obligation is to facilitate consistent feedback from all nodes and avoid any system failure. Proper information should be provided to the testing team for all interfaces along with their response status.

Performance- Performance testing is challenging for blockchain as it is very difficult to replicate production like environment for performance testing. It needs to be tested for network latency in relation to node size, network range, possible transaction rate and time it takes to process a transaction. Blockchain platform performance, scalability and stability

Security – it is critical to determine network integrity at all time. All blockchain transactions are encrypted but once the identity layer is compromised the instant transaction cannot be stopped. In security several testing must be done such as blockchain access testing, secure hash algorithm testing, blockchain wallet signature testing.

Conclusion

Blockchain might be one technology but it has applications across multiple industries. Whether we talk about healthcare or finance, politics or manufacturing, there are ways to implement the technology in different ways. For instance, transparency and accuracy in voting can be achieved with tokenized votes in any major election. In the same way, banking services can be made more accessible, affordable, and faster with cryptocurrencies. There are many other applications of blockchain and change has already begun. It won’t be wrong to assume that a major shift in blockchain adoption can be observed within the next 5 years. Blockchain can possibly change the manner in which all industries operate, especially the manner in which business transactions are conducted as well as verified.

It will be easy for organizations to find the right people to fill a certain position within the organization as there will be a database containing this information. Vetting and screening candidates will be easy. The social effect of blockchain innovation has just started to be acknowledged and this may simply be a hint of something bigger. Cryptocurrencies have just created doubts over financial services through computerized wallets, the rollout of ATMs and the arrangement of advances and installment frameworks. While considering the way that there are in excess of 2 billion individuals on the planet today without a bank account, such move is surely an actual life changer and must be a positive one.

Reference

Michaud, K. (2018). Why Blockchain: The Complete Guide to Understanding Bitcoin and Blockchain. Kyle Michaud.

CryptoScores. (2018). Bitcoin, Blockchain, & Cryptocurrency: A Complete Guide. Author.

Baker, C. (2019). Bitcoin and Blockchain Technology! The Ultimate Beginner’s Guide Informazioni Su Bitcoin, Blockchain, Blockchain Applications, Cryptocurrency Mining and Investing.

Shi, N. (2019). Architectures and Frameworks for Developing and Applying Blockchain Technology. Hershey, PA: IGI Global.

Ahmed, M. (2020). Blockchain in Data Analytics. Newcastle upon Tyne, PA: Cambridge Scholars Publishing.

View of Beyond Cryptocurrencies: Influence Of Blockchain in Future. (n.d.). Retrieved from https://archives.ourheritagejournal.com/index.php/oh/article/view/2575/2452