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New World Technologies
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or
transmitted in any form or by any means—electronic, mechanical, photocopy, recording, or any
other except for brief quotations, not to exceed 400 words, without the prior permission of the
publisher.
10 9 8 7 6 5 4 3 2 1
Keywords
3D printing; artificial intelligence; augmented and virtual reality; blockchain; digital
transformation; drones; emerging technologies; Internet of Things; robotics; technology
planning
Preface
This book is for everyone in Business and Technology, interested in Digital Transformation
and Emerging Technologies
When I started writing this book, many different ideas crossed my mind. On one hand, it’s
obvious that technology makes our life a lot easier and therefore has a positive impact on society
and business. On the other hand, certain technologies outsmart humanity and threaten our
survival as the leaders on the planet, scary, but also a feasible scenario. No one can say right now
with total certainty what’s going to happen within the next 30 or 40 years.
But let’s look at technology in a positive way though. You may have heard this phrase about fast
pacing technology “There have been more changes in technology in the past two years than the
previous fifty years.” While it’s clear that changes in our business models don’t have the same
speed. For this reason, it’s necessary to select new technology very carefully to stay in line with
your slower changing business models.
Many managers are wondering how to deal with the overload of technologies and are afraid to
select the wrong technology to improve their business. Since they own the technology budgets,
they need to be sure that the money will be spent wisely. But unfortunately sometimes they
overlook difficulties in selecting new technology.
In general, large enterprises are well positioned to adopt innovative, new technologies, and
jump into this brave new world. The ecosystems around them such as vendors and partners are
more than willing to support. And even with tight budgets, large companies have sufficient
funding and resources for projects. Whereas small and medium businesses normally don’t have
sufficient resources to hire external experts to advise on the right technologies. So they are going
to try it themselves. And that can lead to disappointment, because they may lack the required
knowledge.
I want to thank everyone who helped in the creation of my book. In technology projects, many in
the role of client, employer, or colleague helped me directly or indirectly to obtain the proper
image of the impact technology has on business. I would also thank the many online experts and
content publishers who increased my knowledge of technology.
I hope you enjoy reading while improving your business and technology skills and knowledge
with New World Technologies World: 2020 And Beyond.
Over the past several years, the term “digital transformation” has entered the realm of
enterprise IT. Digital transformation is frequently misinterpreted and misunderstood. What
does “digital transformation” really mean? What essential components does it include, and how
does it impact the enterprise? Figure 1.1 illustrates that digital transformation should be
regarded as business transformation.
The Global Center for Digital Business Transformation says that “organizational change is the
foundation of digital business transformation.” That’s because changing the nature of an
organization means changing the way people work, challenging their mindsets and the daily
work processes and strategies that they rely upon. While these present the most difficult
problems, they also yield the most worthwhile rewards, allowing a business to become more
efficient, data-driven, and nimble, taking advantage of more business opportunities.
In my opinion, there are three essential components for businesses going through digital
transformation efforts.
Engagement
Through content marketing, you can educate your customers about topics important to them
and eventually your business offerings. It gives your brand a voice to engage with your target
audience and establish a strong, trustworthy relationship with them. Setting up real good
engagement with your audience is not as simple as it may look like. Sure, one of the main
reasons for brilliant content creation is ultimately to create leads and increase revenue. But it
shouldn’t come across that way. No one likes being pressurized into buying something without
having the time to research or think about it first. Instead of trying to sell to your audience, try
to help them. Your customer will be coming to you because they are looking for a product that
you provide. So, producing content that answers their questions surrounding that product will
build trust and leave a lasting impression.
Exposure
Going viral on social media is what every business wants to do. All the attention and all the
respect can take your business to the next level. The problem is doing it. I’m a regular follower of
social media and I’ve experimented with different strategies to garner more interactions. This is
how you can improve exposure and reach:
• More content is better than less, but too much content is not the name of the game
• Client engagement is your goal, drive traffic to the best-converting pages
• Connect with your customers—let them speak to their needs and drive trust and reach for
your brand by leveraging their experiences as part of your Social Media and Content strategy
• Identify opportunities to repurpose your existing content to drive active visitor and
audience participation
Technology
Without implementing the right technologies, it would be fairly impossible to successfully
migrate from a traditional business to a digital company. The most important technologies to
use are marketing automation, big data, and business intelligence. Big data empowers other
emerging technologies such as blockchain, Internet of Things, augmented and virtual reality, 3D
printing, artificial intelligence, drones and robotics.
Many of the discussions surrounding digital transformation have focused on the technology:
mobile applications, cloud platforms, artificial intelligence, big data, and so on. However, having
the technological foundation to support such innovations is only one piece of the digital
transformation puzzle.
To fully embrace this growing trend and reap all the benefits it offers, corporations need to make
a major change to their company culture. Digital transformation is about more than just
adopting new technologies: It’s about reinventing your business to be driven by data—and that
starts with your team.
Source: Capgemini consulting and MIT center for digital business, 2012
Beginners
Pharmaceuticals: Executives see threat in digital transformation but less opportunity than other
industries do, perhaps because of regulation. Many are building capabilities in analytics and
worker enablement, but most firms are just beginning their digital journeys, leaving many
opportunities untapped.
Consumer Packaged Goods (CPG): Digital opens new possibilities for firms to engage directly
with customers. Twenty-four percent of firms surveyed stand out as digital masters, while others
lag far behind. Generally, less-mature CPG firms can improve through stronger visions, greater
digital investments and more robust transformation management.
Manufacturing: Traditionally slow to react to digital, manufacturing is on the cusp of emerging
from “beginner” status. Efforts in digital remain focused on operational efficiencies and worker
enablement, but the B2B nature of many companies may limit their attention to digital
customer engagement. Manufacturers see less opportunity and threat in digital transformation
than other industries. To mature, firms may need a transformative digital vision, plus the
engagement and governance to develop impetus for digital investments.
Conservatives
Insurance: High expectations for digital and strong vision and governance suggest that the
insurers should be leading the digital revolution. Yet, this is not the case for most firms.
Generally, scores for engaging customers through social media and mobile are lower than
average, suggesting that the combination of strong digital governance capabilities, regulatory
worries, and a risk-averse culture would not be an innovation enabler.
Utilities: For the conservative utilities industry, efficiency is the name of the game in digital
transformation. Constant pressure to reduce costs and the advent of smart metering create
digital opportunities in customer experience, worker enablement, analytics and process
improvement.
Fashionistas
Telecom: Facing ever-increasing levels of connectivity and data consumption, telecom firms
have been quick to respond. Of the organizations in our study, 78 percent are high on digital
intensity (Digital Masters or Fashionistas) and Beginners are almost nonexistent. To
complement their digital strengths, telecom firms can focus on stronger digital leadership to
integrate and align initiatives across silos.
Travel and hospitality: Since the advent of the Web, digital has turned the industry upside down.
The industry has responded, with 81 percent of firms in the Digital Masters or Fashionista
quadrants and no Beginners. Opportunities exist to improve worker enablement in many
companies. To make the jump into Digital Masters territory, Fashionistas will need to build
levels of excellence in transformation management to match their high digital intensity,
including a transformational vision for the future.
Digital Masters
Banking: Digital is revolutionizing the relationship between customers and retail banks, who
have responded with strong capabilities in customer service, analytics, and even social media.
Banks have an opportunity to parlay these successes into new innovations in mobile or social
customer engagement and internal knowledge sharing. In addition, opportunities exist to
integrate initiatives and processes across corporate silos.
Retail: A decade-long history with digital disruption has seasoned retailers and produced a
number of digirati (26 percent of firms surveyed). Retailers are generally confident in the
potential for social and mobile, as well as their digital skill set. Moving forward, firms may want
to focus on cross-channel consistency and worker enablement while building analytics
capabilities.
High-Tech: For high-tech, digital is close to home. Firms generally enjoy well-developed
capabilities and high digital maturity. They are also—not surprisingly—enthusiastic about
digital’s potential. This momentum may create further opportunities in mobile and embedded
devices.
The culture aspect and the technology demand equal attention from the application leader,
because culture will form the backbone of all change initiatives for their digital business
transformation. The staff trapped in a ‘fixed’ mindset may slow down or, worse, derail the
digital business transformation initiatives of the company,
In order to drive that cultural change, businesses need to invest in it. An online clothes and shoe
retailer, Gartner cites, instructs all of its new hires to experience its call center. This, the
company believes, allows employees to gain a holistic view of the business and helps them
understand why customer service is the backbone of it.
If you’re looking for a plan to drive the cultural change, here’s a four-step plan recommended by
Gartner:
• Create a compelling vision: Your vision should be able to inspire and motivate desire for
change. Craft it carefully, share it with stakeholders, and ensure that everyone is on the same
page as you are—seeking and pursuing growth. “A growth mindset demands people to be
comfortable with the speed of the digital era, and they must be willing to make quick and risky
bets instead of slow and safe bets,” said Gupta.
• Define: “What gets measured, gets managed,” said management guru Peter Drucker. When
you’re pursuing a mindset change, similarly, you need to ensure your staff knows what
behavioral attributes reflect the change and the individual key performance indicators (KPIs)
or goals that must be targeted.
• Implement: To make the concrete changes and give employees a strong sense of direction,
the human resources (HR) function must update individual job descriptions. Doing so involves
a lot of extra effort but can help make a profound impact because it adds stability to how
change is introduced, facilitated, and managed. “Acceptance will happen only if the change is
visible throughout the organization. You should incentivize people to share knowledge or learn
new skills,” said Gupta.
• Measure, monitor, and wait: Inspiring a change in your employees’ mindset isn’t going to
be quick but it’s going to reap significant dividends in the long run. Gartner advises business
leaders to allow some time for changes to percolate and to continuously survey employees
about how they understand and perceive the change. “Be patient. Fostering a growth mindset
culture that requires behavior changes among your staff takes time. However, the rewards are
considerable as everyone perseveres, learns, grows and accepts that potential is nurtured, not
predetermined,” explained Gupta.
Digital innovation is changing the world faster than we can imagine. The only way that
organizations can keep up with this speed is by thinking outside in, outlining key business
outcomes, and working backward to adopt agile methodologies and right mix of technology,
which will ultimately help them secure their market share and stay ahead of the curve.
Engagement
Customers are increasingly empowered and businesses that do not provide a fast, multichannel
experience will start to lose these customers. For this to happen “consistent, tangible feedback
around the customer’s perceptions, motivations and expectations” is needed, and for the results
for such surveys to be meaningfully analyzed. One of the core instruments to improve customer
engagement is content marketing.
Content Marketing
Content marketing is a successful digital marketing strategy that can reach consumers and
spread brand awareness. More than half of businesses spend time and money on content
marketing, a number that will grow as more companies recognize its utility.
Most businesses publish a variety of content frequently, but many still want to make
improvements to their content, such as creating more original and visual content.
Visual content, such as videos, images, and infographics, engages consumers and keeps their
interest piqued for the whole post. Visual content stands out among other text-rich blog posts.
It’s always nice to break up text with visuals because we’re all such visual learners. Our attention
spans keep decreasing, so visuals keep a reader’s attention. It breaks up the monotony and leads
the consumer through the content pieces. Consumers are more likely to read and stay engaged
with your content if it is visual.
Exposure
Having a strong social media presence can help your business in several ways. Social media
platforms of the business act as multiple gateways to a business’s website, creating an external
linking structure and more opportunities to appear in search results. Social media creates a way
to increase brand awareness and customer base. Any company has the ability to connect with
customers in diverse ways while also driving traffic to their website to generate conversions. So
let’s see how you can maximize your social media presence.
Social Media
Social media marketing remains the lynchpin of all other inbound marketing strategies,
including e-mail marketing and content marketing. Creating a social media presence for your
business can open up new growth opportunities by expanding your brand’s exposure and
affinity. Every business should have established objectives before tinkering with their social
media presence. Set goals early and monitor them constantly. Simply having a Facebook
account is meaningless if you don’t create value for your customers.
Provide Value
Share content, self-produced or not, that provides utility for your customers. This could even
include a funny meme or a how-to guide from an industry publication. You’re essentially
establishing your own syndicated content platform. Encourage your customers to turn to you for
news and information. Provide value that will entice users to engage with your brand in the first
place.
As an added bonus, the content you share will provide valuable backlinks for your website and
help improve its search engine rankings. This will align perfectly with your multichannel
marketing campaign. Your highest shared and compounding posts could also be featured on
your website and in a company e-newsletter.
Analytics
Finally, assess how well your social media strategy is aligning with your bottom line. Actively
track KPIs, such as the amount of referral traffic generated from social media channels and the
social signals each piece of content is acquiring. There are many analytics tools your business
could use, such as Hootsuite and Buffer.
If you have Google Analytics activated on your website, you can insert a tracking code that will
track the amount of times somebody shares a blog post from your website. The important thing
to remember is patience.
Final Thoughts
Social media is a community platform, not a marketplace for your brand. The focus of any
inbound marketing strategy is to pull customers closer to you and this requires consistent
engagement and value-added content. Align your content marketing strategies with your social
media outreach to retain customers and create demand for your products. In an interconnected
world, brand affinity remains the most effective weapon in a business’s arsenal to separate itself
from the crowd.
Technology
Too many organizations are stuck in an “old school” seven-year cycle of technology
implementation that is susceptible to budget overruns, delays, and major capital outlay without
benefit. As a result, boards lose faith in technology departments, and are less open to trying
again. In fact, Chief Information Officers (CIOs) are less likely to lead innovation across the
business than their global counterparts (18 percent versus 26 percent) and are more likely to
take a secondary role in driving transformation.
It is clear that while technology is a driver and enabler of transformation, it is not the answer in
its own right. Successful technology transformation in today’s fast-paced world requires a fresh
approach—one which is about the business model and people—not just technology.
Marketing Automation
Media and marketing are inevitably linked. With the extensive number of media platforms
available to consumers and marketers and the wide reach of those digital platforms, marketers
are now looking at the scale and volume of marketing operations that offer personalized
customer experiences. Marketing automation can power campaigns, help identify leads,
influence a buyer’s decision, and so much more.
The global marketing automation software market is anticipated to grow up to a compounded
annual growth rate (CAGR) of 9.26 percent by 2022. The market has generated a revenue of
$3.86 billion in 2016 and is anticipated to reach up to $7.63 billion by 2025. Marketing
automation categories make up a significant subset of marketing technology. All of these areas
of marketing have been impacted by predictive analytics, machine learning and AI, and higher
personalization of content.
Big Data
The power of predictive analytics and advanced data science is the reason behind the
implementation of future strategies and immediate changes in the global businesses today. Big
data and analytics are entangled with each other today to deliver best end-results unlikely
following the traditional approach. Earlier, analytics and data management used to be two
different sections under one enterprise. With the emergence of advanced data science, such
organizational barriers are broken. The integration of business operations with information
technology has brought about successful enterprise transformation.
The need for better business analytics has also arisen for business transformation. BI (business
intelligence), with its skills and technological efficiency, continues to explore and investigate on
past business performances to gain insights and deploy business planning. The integration of
big data with traditional business analytics helps in creating a data ecosystem that enables
businesses to generate new insights.
However, there are some types of content that engage large business audiences. I have reviewed
the most engaging business content published this year and identified 10 key content types that
work well to drive B2B engagement.
Here’s a summary of the top 10 most engaging forms of B2B content:
1. React and respond to all questions in a timely manner (consider implementing chatbots).
2. Be polite and professional.
3. If you were wrong about something, apologize.
Type of Users
Marketing automation platforms are used by marketers while CRM programs are utilized by
sales people. Both offer automation, analytics, and reporting features to streamline daily tasks
and provide users with important metrics and insights on the progress, efficiency, and
effectiveness of marketing campaigns as well as sales activities and efforts.
Key Function
The primary function of marketing automation is to generate leads from marketing campaigns. A lead can
be an individual or business that expresses interest in your product or services and may come as
a result of referral or through direct response to your campaigns such as promotion, publicity, or
advertising.
On the other hand, CRM assists the sales team to nurture those leads from information collected in the
contact or lead database. Sales people use CRM to analyze the information gathered, categorize and
qualify contacts, and follow through with offers or discounts and other similar campaigns, all
aimed at transforming leads in to buying customers. CRM is also used for retaining existing
customers.
Goal
Marketing automation is designed to help generate marketing-qualified leads (MQLs) to be
handed over to sales. Meanwhile, CRM’s goal is to convert MQLs to sales-qualified leads (SQLs)
and ultimately to sales. Although the respective goals are different as you can see where one
ends and the other begins in the sales funnel, marketing automation and CRM have
complimentary roles in the effort to transform leads into customers.
Role in the Buyer’s Journey
Marketing automation is to create awareness of your products and services while CRM is to set
up or prepare for purchase. They are separate roles but at the same time complementary,
unifying the two funnels that make up the buyer’s journey.
Features of CRM
CRM software is the main platform of your sales team and sales agents to improve their productivity and
enhance customer interaction with the end goal of closing sales. For this purpose, CRM software
brings with it features and capabilities such as the following:
• Contact management organizes your contacts by categories for easy sorting or retrieval.
For all intents and purposes, this feature is sufficient for a small business to undertake a CRM
program like e-mail campaigns or classifying customers based on their records.
• Sales automation is the main component of CRM software automates the sales process
from prospecting to customer inquiry and sending out replies to order taking.
• Communication channels gives you the capability to connect, respond, and interact with
customers and prospects from various channels including e-mail, phone, instant messaging
(IM) or live chat, social media, and forums.
• Task/workflow management lets you efficiently manage activities and schedules, and
come up with a contact plan.
The great thing is that CRM integration features allow it to work with most marketing
automation platforms, giving your sales team access to customer information collated by your
marketing them. Likewise, marketing automation integration means the software can connect
with CRM tools and make available relevant information from the marketing end.
To Conclude
CRM and marketing automation differs in purpose, users, and uses. It is, however, not a choice
between two systems since each plays an important role in your business—driving productivity
and efficiency of your sales team and marketing team, and ensuring the effectiveness of your
marketing campaigns and sales efforts.
Source: PwC, “How can boards tackle the essential eight and other emerging technologies?,”
June 2017 © 2018 PricewaterhouseCoopers LLP, a Delaware limited liability partnership
Blockchain
A blockchain is a distributed electronic database or, more broadly, an electronic ledger that uses
software algorithms to record and confirm transactions with reliability and anonymity. The
record of events is shared between many parties and information once entered cannot be
altered, as the downstream chain reinforces upstream transactions.
Internet of Things
The Internet of Things (IoT) is a network of physical objects—devices, vehicles, appliances—
embedded with sensors, software, network connectivity, and computer capability enabling them
to collect, exchange, and act on data, usually without human intervention. The Industrial IoT
(IIoT) refers to its use in the manufacturing and industrial sectors, or Industry 4.0. IIoT adds
sensors to people, places, processes, and products across a value chain to capture and analyze
information to advance the goals of the organization.
Augmented Reality
Augmented reality (AR) is a visual and/or audio “overlay” on the physical world that uses
contextualized digital information to augment the viewer’s real-world view. AR-enabled
smartglasses help warehouse workers fulfill orders with precision, airline manufacturers
assemble planes, and electrical workers make repairs.
Virtual Reality
Virtual reality (VR) is an example of creative destruction. In a computer-generated simulation of
a three dimensional image or environment viewers can use special equipment to interact with
the simulation in realistic ways. However, VR has the potential to transform many other
industries as well, especially in the realm of experiential training where workers can be thrown
into hazardous, difficult, or cost-prohibitive situations without the intense risks associated with
these activities in the real world.
3D Printing
3D printing creates three-dimensional objects based on digital models by layering or “printing”
successive layers of materials. 3D printing has the potential to turn every large enterprise, small
business, and living room into a factory.
Artificial Intelligence
Software algorithms are automating complex decision-making tasks to mimic the human
thought processes and senses. Artificial Intelligence (AI) is not a monolithic technology. A
subset of AI, machine learning, focuses on the development of computer programs that can
teach themselves to learn, understand, reason, plan, and act when blasted with data. Machine
learning carries enormous potential for the creation of meaningful products and services.
Drones
Drones vary greatly in their capacity based on their design. Some drones need wide spaces to
take off while quadcopters can squeeze into a column of space. Some drones are water-based;
some can operate and navigate autonomously (via remote control) or fully autonomously (via
onboard computers). In June 2016, the US Federal Aviation Administration cleared a path for
commercial drone use, establishing safe-use rules that include airspace, speed, pilot
certification, and other guidelines for operators.
Robotics
Robots are machines with enhanced sensing, control, and intelligence used to automate,
augment, or assist human activities. The robot market, which has grown quite large for
industrial applications, is poised for radical growth in a broad range of services applications.
These applications are transforming manufacturing and nonmanufacturing operations with new
capabilities that address the challenges of working in changing, uncertain, and uncontrolled
environments, such as alongside humans without being a danger to them.
Summary
Over the past several years, the term “digital transformation” has entered the realm of
enterprise IT. Digital transformation is frequently misinterpreted and misunderstood.
What does “digital transformation” really mean? What essential components does it include,
and how does it impact the enterprise?
In the business world, everyone is talking about digital transformation—from AI to robots to the
IoT. But according to many top experts in the field, most people are missing the point.
Technology alone doesn’t provide value to a business. Instead, technology’s value comes from
doing business differently because technology makes it possible.
Since technology is changing fast, it would be wise to develop a twelve-month roadmap. The
reasons for developing such a roadmap are not self-evident. Certainly technology is important,
but why must the business meticulously plan out their strategy for a year into the future,
especially if the environment is working just fine as it is? The truth is that there are many
reasons to draft your roadmap, and some of these reasons will be more or less relevant to
different businesses depending on their industry.
Digital maturity is a combination of two separate but related dimensions. The first, digital intensity,
is investment in technology-enabled initiatives to change how the company operates—its
customer engagements, internal operations, and even business models. Firms maturing in the
second dimension, transformation management intensity, are creating the leadership capabilities
necessary to drive digital transformation in the organization.
Digital transformation changes the DNA of an organization. It breaks down the silos, rinses
existing processes, and makes sure the business is leaner, faster, agile, and more responsive
than ever before. However, business leaders forget that for such a transformation to be
successful, it needs to be backed by a corresponding cultural shift. Culture will form the
backbone of all change initiatives.
Creating business content is complex. It has to satisfy various needs such as raising awareness,
driving traffic, generating leads, and ultimately converting customers. Content is often aimed at
specific niche audiences of buyers and hence it doesn’t get widely shared.
However, there are some types of content that engage large business audiences. I have reviewed
the most engaging business content published this year and identified 10 key content types that
work well to drive B2B engagement.
The world of social networks is rising at an astonishing pace. To put yourself on the radar of
your customers, deliver a personalized approach, and improve your conversion rate, you need to
create a solid digital marketing campaign.
Customers’ expectations for better and innovative experiences have been growing. This has
forced businesses to transform themselves and rethink their service delivery to meet these
demands. However, this transformation process needs to be fast. Organizations and their
leaders need to keep up with the pace at which the world is evolving if they want to sustain their
position in the market and grow. Digital innovation is changing the world faster than we can
imagine.
Having a strong social media presence can help your business in several ways. Social media
platforms of a business act as multiple gateways to a business’s website, creating an external
linking structure and more opportunities to appear in search results. Social media creates a way
to increase brand awareness and customer base. Customers are increasingly empowered and
businesses that do not provide a fast, multichannel experience will start to lose these customers.
For this to happen “consistent, tangible feedback around the customer’s perceptions,
motivations and expectations” is needed. Without the right technologies, it would be fairly
impossible to successfully migrate from a traditional business to a digital company. The most
important technologies to use are marketing automation, big data, and business intelligence. Big
data powers other emerging technologies such as blockchain, Internet of Things, augmented and
virtual reality, 3D printing, artificial intelligence, drones, and robotics.
Homework Assignment
For students: consider a brick and mortar banking company that delivers products and services
to the business-to-business (B2B) market.
For professionals: consider the company you’re working for or have been working for.
Your VP of business development wants to transform the company to a digital leader. As a C-
level business manager with more than average interest in everything digital, you are asked by
the VP of business development to conduct a research study, which will lead to a digital
transformation strategy. Include exposure, engagement, and technology. Add opportunities to
unlock new business values and increase competitive advantages.
You can do this exercise alone. However, for best results, consider forming a team with two
colleagues with a business background and two with a technology background. You or someone
else can take up the role of facilitator. The other team members will do their questions and
answers. At the end of the session, the facilitator will wrap up the results.
The initial tasks are involving:
The homework assignment to be conducted is to draft a short report (4–8 pages), which
addresses the following questions and topics:
Blockchain
Introduction
Blockchain technology, illustrated in Figure 2.1, is an algorithm and distributed data structure
designed to manage electronic cash without any central administration. The original blockchain
was invented in 2008 by Satoshi Nakamoto to support Bitcoin, the first large-scale peer-to-peer
cryptocurrency, completely free of government and institutions. Blockchain is a distributed
ledger technology (DLT). Most DLTs have emerged in Bitcoin’s wake.
The central problem in electronic cash is double spend. If electronic money is just data, nothing
physically stops a currency holder trying to spend it twice. It was long thought that a digital
reserve was needed to oversee and catch double spends, but Nakamoto rejected all financial
regulation, and designed an electronic cash without any umpire. Each attempted spend is
broadcast to a community, which in effect votes on the order in which transactions occur. Once
a majority agrees that all transactions seen in the recent past are unique, they are
cryptographically sealed into a block.
A Bitcoin balance is managed with an electronic wallet, which protects the account holder’s
private key. Blockchain uses conventional public key cryptography to digitally sign each
transaction with the sender’s private key and direct it to a recipient’s public key. The only way to
move Bitcoin is via the private key: lose or destroy your wallet, and your balance will remain
frozen in the ledger, never to be spent again.
The Blockchain’s network of thousands of nodes is needed to reach consensus on the order of
ledger entries. The order of entries is the only thing agreed upon by the blockchain protocol, for
that is enough to rule out double spends. The integrity of the blockchain requires many
participants. One of the cleverest parts of the BTC blockchain is its incentive for participating in
the expensive consensus-building process. Every time a new block is accepted, the system
randomly rewards one participant with a bounty.
Benefits
• Resilience: Rather than using one centralized database,
a blockchain approach uses multiple copies of that same database, spread across as many
computers as desired.
• Unalterable: The term “Blockchain” refers to how the data is arranged in batches—called
blocks—that are chained together as follows: a digital fingerprint is taken from each block.
Each successive block uses the previous block’s fingerprint as an input to the generation of the
current block’s fingerprint. As such, if any transaction in any of the preceding blocks is
changed, it affects not only that block’s fingerprint, but all successive blocks’ fingerprints.
• Reduces sensitive information: Usernames and passwords are used in many traditional databases.
When you log in, you have to provide your password. A malicious third party can access your
account if it intercepts your password. A blockchain database doesn’t require a password.
Instead, it requires a one-time use code that’s mathematically tied to your password and the
specific transaction you’re authorizing. Even if that code is intercepted, it’s useless to the third
party.
• Efficient: A network can verify a transaction nearly instantly with a blockchain approach, as
opposed to a traditional, centralized approach. The traditional approach often includes layers
of security and, in some cases, manual review of transactions before they’re approved. With a
blockchain approach, security is still important, but it’s perhaps less arduous than with a
traditional database.
Drawbacks
• Underpowered network: The phrase “safety in numbers” applies to blockchain technology. A
blockchain database with a small number of computers could easily be compromised by
malicious actors, simply by being outpowered.
• Bugs in the protocol: An improperly written blockchain protocol—much like a website with
improper security—can potentially be exploited, undermining the system.
• Compromised protocol: Consider how the blockchain protocol is deployed to the network’s
computers. Each computer plays by the same rules, but if the deployment of those rules is
centralized, a hacker could rewrite those rules if he gains access to the computer that deploys
those rules.
• Lost or stolen private keys: Much like losing your bank account password, losing your private
key to your account in a blockchain database means you’re no longer the only person who
controls that account. Anyone using the network who has private keys should ensure those
keys are kept safe.
The genus Zygophylax, from 500 fathoms off the Cape Verde, is of
considerable interest in having a nematophore on each side of the
hydrotheca. According to Quelch it should be placed in a distinct
family.
Order V. Graptolitoidea.
A large number of fossils, usually called Graptolites, occurring in
Palaeozoic strata, are generally regarded as the skeletal remains of
an ancient group of Hydrozoa.
The principal genera are Monograptus, with the axis straight, curved,
or helicoid, from many horizons in the Silurian strata; Rastrites, with
a spirally coiled axis, Silurian; Didymograptus, Ordovician; and
Coenograptus, Ordovician.
Fig. 136.—A portion of a branch of Cryptohelia ramosa, showing the lids l 1 and l
2 covering the cyclosystems, the swellings produced by the ampullae in the
lids amp1, amp2, and the dactylozooids, dac. × 22. (After Hickson and
England.)
Spinipora is a rare genus from off the Rio de la Plata in 600 fathoms.
The branches are covered with blunt spines. These spines have a
short gutter-like groove at the apex, which leads into a dactylopore.
The gastropores are provided with a style and are situated between
the spines.
CHAPTER XI
HYDROZOA (CONTINUED): TRACHOMEDUSAE—NARCOMEDUSAE—
SIPHONOPHORA
During the growth of the Medusa from the younger to the adult
stages several changes probably occur of a not unimportant
character, and it may prove that several genera now placed in the
same or even different families are stages in the development, of the
same species. In the development of Liriantha appendiculata,[325] for
example, four interradial tentacles appear in the first stage which
disappear and are replaced by four radial tentacles in the second
stage.
The character of the manubrium and the position of the sexual cells
suggest that Limnocnida has affinities with the Narcomedusae or
Anthomedusae, but the marginal sense-organs and the number and
position of the tentacles, showing considerable similarity with those
of Limnocodium, justify the more convenient plan of placing the two
genera in the same family.
Fam. Geryoniidae.—In this family there are four or six radial canals,
the statorhabs are sunk in the mesogloea, and a tongue is present in
the manubrium. Liriope (Fig. 137) is sometimes as much as three
inches in diameter. It has a very long manubrium, and the tongue
sometimes projects beyond the mouth. There are four very long
radial tentacles. It is found in the Atlantic Ocean, the Mediterranean
Sea, and the Pacific and Indian Oceans. Geryonia has a wider
geographical distribution than Liriope, and is sometimes four inches
in diameter. It differs from Liriope in having six, or a multiple of six,