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Emerging technologies: what are they & what do I need to know


The G8 Ladies in July had an incredible session with Sonja Bernhardt OAM, she shared with us her knowledge on Cryptocurrencies, Blockchain, Quantum Computing, Augmented reality, Virtual reality and mixed reality. Her workshops and practical approach took all the jargon, complexity and fear out of these topics. These are my notes on Cryptocurrencies, Blockchain, Quantum Computing.

Blockchain

The mysterious Satoshi Nakamoto published a paper in 2008 “Bitcoin: A Peer-to-Peer Electronic Cash System" is conceptualised blockchain and explained bitcoin as the first cryptocurrency.

So, what is blockchain? It is simply a ledger. Do you remember your bank books when you wrote your ledgers and when you got to the end of page you carried forward the balance to the next page? this means that you always know how the balance has come into being and as the line items could not be changed (the blocks) they could be trusted as accurate, when you linked them all together they create many pages of ledgers (chains) then you had many series of transactions which could be traced and trusted and not changed.

The pages (chain) of ledgers (blocks) are shared for ‘Miners’ (who are individuals or groups) to constantly check and verify accuracy and truth in the blockchain knowing that they would be paid in cryptocurrency by being the first to confirm accuracy.

The other miners follow suit to confirm the accuracy of the blockchain, they will also check that the payer (block chain owner) has the money to pay, and the recipient can receive the money. Once these are confirmed then crypto currency is transferred and the miners will be paid too.

Why is blockchain so much in focus? because it is absolutely right, and it cannot get changed. The trusted network (miners) are watching it so it is used to prevent fraud.

Where is it being used: It is currently being used in war zone refugee camps; crypto wallets are assigned to people and accessed by iris scan, the benefits of this is that it cuts out corrupt governments and bank transaction fees and their prehistoric timeframes.

Finland and Estonia: In Finland all people have blockchain IDs, Estonia re-established itself after splitting from USSR as the centre of block chain.

Quantum computing

Moore’s law states that processor speeds, or overall processing power for computers will double every two years.