Question

Conduct research on Blockchain technology and discuss how the use of Blockchain technology could improve the...

Conduct research on Blockchain technology and discuss how the use of Blockchain technology could improve the process, or reduce the cost, or help in general. You must provide detailed information in your post that addresses the following requirements:

1. What industry or sub-industry your paper falls under.

2. Why do you think the Blockchain technology is the right technology to use?

3. What problem(s) it will solve, and why.

4. Explain the positive impact Blockchain technology would have in detail.

Include at least one APA-style reference to your finding. Your post must be at least 2-3 paragraphs, plus your references list.

Note: When researching and then submitting your work it should always be original content. It is never appropriate to copy and paste from the text or any external website. You should take the concepts you've researched and consolidate this into your own words. Even if you have cited your source, copying and pasting is not acceptable.

Homework Answers

Answer #1

step1##

The industry or subindustry the paper falls under is The IT and banking industry.

The cryptocurrencies use the block chain technology for recording the transactions. It is used to to provide confidentiality to the crypto currencies like bitcoins. It also provides decentralization.

step2#Block chain is the right technology to useunder these conditions lke when you need high security, When there is no need for central administrative and when you need full history of transactions.

  • It have distributed nature, IT donot depend on any one for management of data. So due to the decentralised nature there is no centralized attack point. It provides security and there is no point for hacker o get in like database.
  • It stores the whole transaction history. It keeps the record of the history too.
  • It needs huge resources so the tampering of data is also not economical.

step3## It solves problems like

Step4## There are many positive impacts of blockchain like

It have improved traceability:

  • Each time an transaction occcurs it do auditing to find out from where the good came from. It helps in improving the security and decrease the frauds.

It is a service for simpler integration.

  • Block chain as a service allows the business to integrate this technology into the business without interrupting the business process.

It provided grater transparency:

  • This is useful for many business . the transaction ledger for public adress is open for viewing which help in maintaining the integrity in a business. This provides a unprecedented layer of accountability for financial systems and business.
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