BLOCKCHAIN

TECHNOLOGY
Student Name
Introduction
◦ The technology “blockchain” is a structure that used to store the records of transactions that are
also regraded as block in several database
◦ It is a system of recording information or data which makes it quite difficult to change, cheat or
hack the system.
◦ It is a digital ledger of transactions which is distributed and duplicated across the entire network
of computer system on the blockchain.
◦ Blockchain is an immutable and shared ledger which used to facilitate the recording process
and assets of tracking in a network of business.
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Literature Review
Kou & Chen (2019)
◦ The authors have founded that blockchain
technology highly supports various
industries.
◦ Such as blockchain technology has
transformed the traditional methods of
financial industry.
◦ blockchain technology impacts the
financial transactions from a perspective
of business ethics
Koolwal & Kumar (2019)
◦ It is an innovative technology which used to
provide information by exchanging.
◦ It is an application that varied from
healthcare, cryptocurrency, risk management,
financial services, education, IoT, border
security to public services.
◦ Similarly, blockchain technology effects
security, cryptocurrency’s attacks, scalability
etc., which needs to be considered
Literature Review
Frizzo-Braker (2019)
◦ This technology has a strong potential to
reconfigure the contemporary political,
legal, economic and cultural landscape.
◦ blockchain technology has a power to
facilitate the functions of government as
forming coalition and voting etc.,
◦ This enables the entrepreneurs to be
involved in the corporate governance to
protect their own interests and rights
Paliwal &Chandra (2020)
◦ It is a technology that provides a
foundation to develop a cryptocurrency.
◦ The wider use of this technology has
resulted in its popularity and possible to
be involved in various application.
◦ Transparency and traceability are the key
advantages of applying this technology
Literature Review
Kirbac & Tektas (2021)
◦ Blockchain is a breakthrough innovation in
the decentralized technology of
information.
◦ Blockchain is facing several issues due to
its concerns for privacy and security,
scalability and cyber-attacks etc.,
Weking & Krcmar (2020)
◦ Technology of blockchain highly enables
various ways of organizing the economic
function like reducing time and cost.
◦ Technology of blockchain enables the
participants to trace continuously the
assets and settle down the transaction
autonomously.
Opportunities of Adopting Blockchain
Technology
High Transparency It provides an opportunity to not only add a layer of accountability but
also holds sector responsible to act with integrity towards the growth of
the company

Greater Efficiency The technology of Blockchain has a power to remove the need of middleman
in various business processes like real estate, payments etc., that results in
fast transactions

Improved Traceability In a ledger of blockchain, each time an exchange is regarded good in

recording, a trail of audit to trace where the products came from.
Negative Impacts of Blockchain
Privacy & Security
◦ In cryptocurrency, blockchain is available
publicly and each and every transaction
can be tracked to the first block.
◦ This raises a big concern for blockchain
High Energy Consumption
◦ Blockchain requires high level of energy
power that needs a lot of cooling power
and electricity.
◦ Such as Bitcoin by 2020use as much
energy as Denmark.
◦ Although, it offers various ways to
eliminate the environmental issues but the
negative effects cannot be ignored .
Negative Impacts of Blockchain
Immutable Data
◦ The network of blockchain can be
controlled if the owner has 50% or more
nodes.
◦ However, when the data is written, it
cannot be removes
Health Issues
◦ Once the data of patients have been put
into it, it cannot be changed.
◦ For example, its leads doctor to
misdiagnose the problem with patient and
apply the wrong treatment
Real Case Implementation of Blockchain
Ford Motors
◦ The engineers of Ford are engaged in a
project to track their raw material like
cobalt from suppliers.
◦ They are making efforts to make it sure to
get authentic products to maintain their
quality.
◦ As soon as cobalt is mined, they can get
the ledger and Ford will eb able to track
where it is going
Heren Bouw
◦ Heren Bouw was engaged in applying
blockchain at large scale for their development
projects in the harbor city.
◦ The objective of project was to set the blockchain
that enable their project management to make
their building development life-cycle more
effective.
◦ The entire project was benefited from this
technology as it provides them timely information,
communication, unambiguous and less mistakes.
Future of Blockchain
◦ The technology has a strong and a wider potential to drive out a major change and create new
opportunities all across the industries.
◦ It is been believed by many researchers that this technology of blockchain will transform more in
coming years especially in the sector of IT.
• It is been expected that by 2022, only 10% of the business organizations will gain any radical
transformation by using this technology.
• By 20202, at least one of the innovative businesses will built on this technology will worth about
$10 billion.
• By 2026, the business value added by this technology will grow about
$360 billion and by 2030, it will reach about $3.1 trillion.
Conclusion/Summary
◦ Conclusively, the report briefly examines about the importance of blockchain technology for
businesses in this contemporary and competitive business environment
◦ It has been analyzed by the above analysis that advance and innovative technological utilization
has become vital for businesses’ success
◦ The sectors like real estate, government, finance, healthcare etc., all are using this technology
to add accountability, transparency and security to their activities.
◦ However, it would be suggested that companies must adopt this technology for their success
and growth but must not neglect its negative consequences.