Blockchain technologies Week 3

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Nov 24, 2024

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Running Head: Blockchain Technology 1 Blockchain Technology Isaq Ahmed Khan University of the Cumberlands Dr. Lenore Pollard 09.09.2020

Blockchain Technology 2 Introduction Blockchain Technology involves a system used to record information in a manner that makes it difficult for hacking, cheating the system, and changing information. Therefore, a blockchain is considered a digital ledger for performing transactions that is duplicated and circulated across the computer system networks. The technology has experienced continuous growth in database distribution that ensures protection against tampering and data revision ( Bussgang, Berk & Schwalb, 2018) . An example of blockchain technology is the introduction of the cryptocurrencies such as the bitcoins. The bitcoin uses the blockchain concept to maintain its public ledger for all the transactions that are made with the bitcoin. The benefits realized from this technology has resulted in its increased application in industries and government. Question 1 The technology has already revolutionized the applications of blockchain in industries through provision of solutions and facilitating revolutions in economic activities. It has enhanced the transparency of operational processes through redefining trust and allowing a more secure, reliable, quick, and transparent private and public results ( Morkunas, Paschen & Boon, 2019) . The increased number of chains in the blockchain makes it harder for modifications on the previous blocks hence building a higher level of trust. For instance, business that deal with high value products such as diamond trading benefit from the transformed transparency and trustworthy in supply chain that result from the blockchain technology ( Hughes, Park, Kietzmann & Archer-Brown, 2019) . In government, blockchain application is fundamental in building of trust with their citizens, protecting the organizational sensitive data, and reducing of costs and promoting efficiency. Many citizens do not trust the government in its operations due to various complex

Blockchain Technology 3 and numerous reasons. However, blockchain has the potential of reversing the trend ( Zhu & Kouhizadeh, 2019) . Blockchain solutions provide transparency through decentralized practices that allow participants to verify data. For instance, citizens can verify independently the government claims. This provides for quick resolving of disputes on property through shared access of data by the government and the citizens. Blockchain technology has also been widely applied in government cyber security to protect the sensitive data of the government. The technology has the potential of revolutionizing the management practices of the online cyber issues. Question 2 The blockchain is also faced with several barriers and challenges in its adoption. For instance, in supply chains, the challenges are as a result of lack of standardization. Changes with the internal organization systems for new standards in sustainability and blockchain would have an effect in difficulties in establishing the blockchain connections between entities due to varied system architecture ( Sadhya & Sadhya, 2018) . The other barrier in blockchain adoption is cultural differences of the partners in supply chain and different geographical and organizational culture of the partners and actors involved in the supply chain ( Bussgang, Berk & Schwalb, 2018) . These factors impede the acceptance of the blockchain technology. Failed governmental policies is also a major barrier to the success of blockchain with their citizens. Large business organizations experience trouble in adapting and replacing the existing systems. This serves as a barrier to adoption of blockchain because they do not understand the need for the implementation of new technology. The low level of understanding and skills is a challenge bearing the difficulties in finding a specialist who is qualified to assist in the adoption of the blockchain technology adoption ( Hackius & Petersen, 2017) .

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Blockchain Technology 4 Conclusion Blockchain technology is a technology that strives to develop an information recording system that is difficult to hack or change information. The common type of the blockchain technology is the cryptocurrency such as bitcoins, which has experienced increased adoption. The technology is widely applied in industries such as health care services, supply chain operations, manufacturing and in government practices. The technology provides solutions that have revolutionized economic activities in various industries. In governments, blockchain technology facilitates the protection of sensitive data of the government and enhancing trust between the government and its citizens However, the technology is faced with various barriers that affect its adoption. Some of the barriers are like cultural differences, lack of government policies, and organizational cultures.

Blockchain Technology 5 References Bussgang, J. J., Berk, E. B., & Schwalb, N. (2018). AirFox (A): Embracing the Blockchain and an ICO. https://www.hbs.edu/faculty/Pages/item.aspx?num=54474 Hackius, N., & Petersen, M. (2017). Blockchain in logistics and supply chain: trick or treat?. In Digitalization in Supply Chain Management and Logistics: Smart and Digital Solutions for an Industry 4.0 Environment. Proceedings of the Hamburg International Conference of Logistics (HICL), Vol. 23 (pp. 3-18). Berlin: epubli GmbH. https://www.econstor.eu/handle/10419/209299 Hughes, A., Park, A., Kietzmann, J., & Archer-Brown, C. (2019). Beyond Bitcoin: What blockchain and distributed ledger technologies mean for firms. Business Horizons, 62(3), 273-281. doi:10.1016/j.bushor.2019.01.002 Morkunas, V. J., Paschen, J., & Boon, E. (2019). How blockchain technologies impact your business model. Business Horizons , 62 (3), 295-306. https://www.sciencedirect.com/science/article/pii/S0007681319300096 Sadhya, V., & Sadhya, H. (2018). Barriers to adoption of blockchain technology. https://aisel.aisnet.org/amcis2018/AdoptionDiff/Presentations/20/ Zhu, Q., & Kouhizadeh, M. (2019). Blockchain technology, supply chain information, and strategic product deletion management. IEEE Engineering Management Review, 47(1), 36-44. doi: 10.1109/EMR.2019.2898178.

Blockchain technologies Week 3

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