assignment 5

Discussion 1

Blockchain is a term that has been gaining popularity in today's technological, financial, and business sectors very rapidly but the truth is that not everyone is aware of what this technology and how it is aiding the transactions and traction processes. As per the name suggests that blockchain is a chain of blocks that contain information but the information is in the digital form. Each block is different from the other and they contain detailed information from the participating parties and their details to what time, date the transaction was made, and how much amount was there.

If one thinks of its origin, blockchain technology was invented to aid the bitcoins which is a digital currency but with time, the blockchain has gained immense popularity among many sectors of the financing world. As bitcoins are stored in digital wallets, they need secure passage of transaction and blockchain offers that path where not only the information and private data remains protected but also, without confirmation from the other side, no transactions are made. Perhaps that is why blockchain is gaining popularity this rapidly. But sadly, the elder financers are not aware of this technology, hence no fully committing to it.

An interesting fact about the blockchain which can also be another reason for its popularity is that each block of the blockchain is different from another which means that a blockchain can contain loads of data. That is why it is referred to as a digital ledger that has all the right information in the digital form and that data can be shared through a different location. In the world of business and finance, it is reaching new heights in terms of success and popularity but because it is operated through the Internet of Things (IoT), a lot of people are not fully enjoying it despite having the knowledge what this technology is.

“All these advantages make blockchain an emerging way of making and verifying transactions in businesses, industries, and public organizations. However, as with every new technology, blockchain will have to face a lot of hurdles before it gets widely adopted and graced with open arms by businesses and organizations globally” (Sukhadeve, 2017). Businesses are dependent upon the transaction and for that, they have to rely on banks, lawyers, and other third-party involvements but blockchain technology has provided that facility where not only the transaction takes minimum or almost no time but also, the involved cost is reduced and a lot can be saved in terms of transactions such as extra fees, etc. It is because the blockchains contain blocks that are distributed among different computers due to interconnectivity.

Discussion 2

Blockchain technology has some promising applications that make the business, government and logistic systems more reliable, trusty and safety. There are some disadvantages as well that mostly surround around costs and the implementation process of the technology. In the Blockchain technology, blockchain creates each block with different information. All these blocks are connected to each other. The proof-of-work is used for the Blockchain’s secure and safety. Since each new block is connected to the blockchain, it is almost impossible to change or delete these blocks. So, at its most basic level, blockchain is literally just a chain of blocks, though not exactly in the traditional sense of those words. Each block is digital information (the “block”) stored in a public database (the “chain”). There are many practical applications of blockchain for example in banking, Cryptocurrency, healthcare, property record use, smart contracts, supply chain and voting’s as well. One of the main core values of a blockchain is that it enables a database to be directly shared without a central administrator. Blockchain transactions have their own proof of validity and authorization to enforce the constraints instead of a centralized logic. Hence, the transactions in blockchain can be verified independently as there is a mechanism that ensures the nodes stay in sync.

Some of the advantages that aid in the increasing support for blockchain are advanced verification without human involvement, decentralization that makes it hard to hack or tamper with, transactions via blockchain are secure, private and efficient and last but not the least, the transactions are transparent.

Some of the disadvantages of utilizing blockchain are the cost aspect as the blockchain has significant cost issues, the transaction rate is low, and it is susceptible to being hacked.

Please make sure two response posts to given discussions substantive. A substantive post will do at least TWO of the following:

1.Ask an interesting, thoughtful question pertaining to the topic

2.Answer a question (in detail) posted by another student or the instructor

3.Provide extensive additional information on the topic

4.Explain, define, or analyze the topic in detail

5.Share an applicable personal experience

6.Provide an outside source (for example, an article from the UC Library) that applies to the topic, along with additional information about the topic or the source (please cite properly in APA)

7.Make an argument concerning the topic.

8.At least one scholarly source should be used in the initial discussion thread. Be sure to use

information from your readings and other sources from the UC Library. Use proper citations and references in your post.