Infographic
Rohit Sodhi
Infographic Proposal
1. Identify/Describe the Technology Topic
The blockchain is a block of chains strung involving digital information that is stored in a public database. The blocks store digital information about a transaction, the participants and information that distinguishes that block from another block. For a block to be added to the chain a transaction must occur, the transaction must be verified by a network of computers which compete to solve a complex mathematical problem that produces a hash value for the block, and the information must be stored in every computer that participates in hashing. The focus of this topic is on explaining how blockchain can be used in banking and financial services. The purpose is to educate the banking sector on how blockchain can be integrated into their banking operations. I selected this topic because of the many misconceptions that surround blockchain and because many people in the banking sector may be afraid of adopting this technology that could save them millions in revenue.
2. Be Sure You're Specific as to What Question
Can blockchain be used in banking and financial services? I seek to describe how blockchain works and its application to the banking industry. The vast dissemination of blockchain and the overwhelming popularity of cryptocurrencies have caused financial organizations to take interest in this technology.
3. Identify/Describe Target Audience(s)
The target audience are professionals in the banking sector. I chose this group because I would like them to discover the potential of integrating blockchain in their business processes.
4. Identify Statistical Data and Information Sources
DataMarket will provide statistical information on the usage of Blockchain yearly. ("Various bitcoin currency statistics", 2018)
Journalistsresource will provide information about hashing. (Trilling, 2018)
Forbes will provide a practical guide to how blockchain can be implemented in the banking industry. (Marr, 2018)
5. Annotate your Information Sources
Data Market
This is a website that provides data from external sources and makes it available for analysis by users. This source will provide the statistical data. DataMarket has information on how the usage of blockchain has evolved over the years; this is a crucial part in convincing my target audience that blockchain is not a scam and it is well accepted by many as time goes by. The information on the website is accurate and up to date and can be used in the infographic.
Journalists Resource
What is blockchain
Satoshi Nakamoto first introduced blockchain in 2008. The blockchain is an online ledger of all transactions and it is available for any person to view. The ledger is not controlled by anyone. It is stored in a network of computers, and it is always updating newer transactions. It is open and decentralized hence a transaction cannot be faked.
How Blockchain works
1. Transaction. Two parties A and B decide to exchange a unit of value and initiate the transaction.
2. Block. The transaction is packed with other incomplete transactions thereby creating a “block”. The block is sent to the blockchain system’s network of participating computers.
3. Verification. The participating computers (miners) evaluate the transaction and through mathematical calculations determine whether they are valid, based on agreed-upon rules. When a number of computers label the transaction as valid the transaction is considered verified.
4. Hash. Each confirmed block of transactions is time-stamped with a cryptographic hash. Each block holds a reference to a previous block’s hash thus creating a chain of records.
5. Execution. The unit of value moves from the account of party A to party B.
This is a website that helps journalist access research done in a more friendly and synthesized manner. They also reformulate complex terms used in the academic world to a language that is easily accessible to all. This source will provide me with background information on blockchain and how it can be used in various ways like in bitcoins trading. This information is relevant because it provides the distinction between blockchain technology and bitcoins. This source is reviewed by hundreds if not thousands of users this leads me to trust that the data, they give is correct and credible. Also using my knowledge in blockchain, I can tell the information provided is credible.
Forbes
Blockchain technology can disrupt the financial industry as it is today, here are some of the ways it can change banking and finance.
Smart Contracts
Blockchain can store any type of digital information, including code that can be run immediately two or more parties use a digital key, it enables us to have smart contracts. The code can be structured to create contracts once a certain set criterion is met.
Fraud Reduction
The dependency on a central database can hurt a financial institution in case of a cyber attack or failure. The blockchain uses a distributed ledger, each block has a timestamp and holds batches of transactions with links to a previous block. This will reduce the crimes that occur online today.
Know your customer
Blockchain can allow an organization to verify a client by accessing the client’s information from other financial institutions so that the process will not have to start over again. This will reduce administrative costs and compliance costs significantly.
Payments
Blockchain will allow higher security and low costs for banks when they process payments between banks themselves and organizations. This will get rid of the current intermediaries in the process of making payments.
Trading platforms
There is a great risk of operational errors and fraud in trading, the use of blockchain will dramatically reduce this.
This is a business magazine. It incorporates original articles in investing, finance among other business-related topics. This source will provide statistical and background information on how blockchain can be used in the banking and financial services sector. This information will be relevant in explaining how to apply blockchain technology in the banking sector, it will educate the readers on a practical way to apply the technology. Forbes is a reputable magazine with renown writers the information they provide is well researched and credible.
References
Marr, B. (2018). Practical Examples Of How Blockchains Are Used In Banking And The Financial Services Sector. Retrieved from https://www.forbes.com/sites/bernardmarr/2017/08/10/practical-examples-of-how-blockchains-are-used-in-banking-and-the-financial-services-sector/#e408a901a116
Trilling, D. (2018). Bitcoin, blockchain and ICOs: Confused? We explain - Journalist's Resource. Retrieved from https://journalistsresource.org/studies/international/global-tech/bitcoin-blockchain-cryptocurrencies-ico-explainer
Various bitcoin currency statistics. (2016, July 20). Retrieved from https://datamarket.com/data/set/4aq9/various-bitcoin-currency-statistics
Fortney, L. (2018, November 9). Blockchain, Explained. Retrieved from https://www.investopedia.com/terms/b/blockchain.asp
Comments on Proposal:
Infographic proposal defines the scope of the project but the Forbes article used as a statistical source would not be considered as such.Think of statistical sources as 75% numerical rather than textual.