Course: Information Technology in a Global Economy A) How do you feel blockchain will change the global economy or will it? Explain your answer. Please make your initial post and two response post
Substantive replies for the below posts:
Post 1:
Discussion 2
COLLAPSE
Top of Form
Block chain technology is applied in the field of finance profoundly in recent times. Earlier everyone believed that there is need for third party like banks or government to perform and to trust transactions that are recorded to financial data. Block chain technology essentially works as a new type of database which allows the exchange of digital value without the need for third party agencies to maintain the trusted records data. Any changes to data like financial transactions can be stored on a shared public ledger which is maintained by a large network of companies. There are several block chain crypto currencies like Bitcoin, Ethereum, Ripple being the popular among all of them.
Bitcoin was the initial blockchain token developed. It has been effectively in market from 2009 without many errors. Bitcoin allows participants in the network to confirm the transactions without a need for a third party. This helps in reducing risk and overhead involved with payments. This technology has transformed the way financial systems work. According to a survey conducted by Gartner, blockchain’s economic value-add on a global scale could reach over $3 trillion by 2030. This technology is changing the way we conduct business and will have a positive effect on industries such as trade finance, customs clearance, logistics and transportation. Blockchain technology brought revolution in health sector, to safeguard voting system and for securing data. Block chain technology addresses the trust, traceability, accessibility and streamlining processes involved in international trade. This technology helps in creation of global value chains for effective scrutiny and optimize them.
References:
Norberg, H. (2019). Unblocking the Bottlenecks and Making the Global Supply Chain Transparent: How Blockchain Technology Can Update Global Trade. The School of Public Policy Publications, (9), 1. https://doi.org/10.11575/sppp.v12i0.61839
Stephen Pair( Apr 10,2019) HOW BLOCKCHAIN TECHNOLOGY IS CHANGING THE GLOBAL ECONOMY Retrieved from Blog. https://www.techalpharetta.com/how-blockchain-technology-is-changing-the-global-economy/
Bottom of Form
Post 2:
Blockchain is a type of ledger that keeps track of transactions and is difficult to change or hack the system. Blockchain is mainly applied in the field of finance where a third party such as government or other banks get involved. It is operated as a new database for third parties that enables exchange of digital values such as Bitcoins. Bitcoins are revolving around the world since decade and is now considered as the best way to exchange goods and services instead of using paper money. The world is used for digitization and is moving forward with it. Blockchain not only impacts financial institutions but it will also have impact on every other industry that is based on huge transactions such as construction, real estate, mining etc. There are few key components in the blockchain technology like peer-to-peer networking and consensus protocols. Decentralization is a process of transfer of an activity to several local authorities than one single one. Blockchain is benefitted by decentralization because blockchain is more trusted than any other sources. Blockchain technology has made a major impact in the global economy and many industries have already adopted this technology and many people will start using this technology.
References
Daniel Tse, B. Z. (2017). Blockchain application in food supply information security. IEEE Xplore, 1357-1361.
Nguyen, Q. K. (2016). Blockchain - A Financial Technology for Future Sustainable Development. IEEE Xplore, 51-54.
