Let’s proceed to the next and, last two topics in this series.
Blockchain is a distributed digital ledger. Cryptocurrencies work upon blockchain technology.
The two types of distributed ledgers are,
- Open (Public or Unpermissioned) – It is accessible to everyone over the network. Every participant can access copies of every transaction, add a new block to the chain, and validate new transactions. An example is Bitcoin.
- Permissioned – More centralized. There will be a marker in permissioned ledgers to control and identify the role of participants, enable participants to be part of the network and to provide the encrypted keys for block-validation to the participants. An example is Corda.
To understand the technology in blockchain, read: https://www.nodericks.com/buzzword-talk-blockchain/
Open distributed ledgers like bitcoin can be told as open because they rely on crowd-sourcing, avoiding power-centralisation on any one authority. Blockchain technologies have the potential to replace third-party intermediaries. All these make the blockchain the most popular digital technology, especially with robust security as well as trust, in online financial transactions, currency as well as storage.
- Internet of Things
Internet of Things (IoT) is the technology of interconnecting devices (i.e. ‘Things’) via embedded sensors or other computing devices to enable communication (sending/receiving data) between these devices.
Read more about IoT here: https://www.nodericks.com/iot/
Use of IoT is getting expanded to various sectors, creating a revolution via data science. New open source technologies are being developed worldwide, making seamless integration with an open API to any ecosystem possible. This will bring in flexibility opening door to wide possibilities for developers to create more specific applications, making IoT popular among open source technology trends.
Open source is spreading fast, and in 2018, it is going to be the highest driving force behind most of today’s technology innovations.