assignment 5

Discussion 1

A Blockchain platform would enable users to buy and sell services and the product through the blockchain platform and create a decentralized market. This platform would create an opportunity to generate revenue in two ways; through transactions using the Blockchain through market makers or market agents. Through the market, fees paid by the end purchasers (Bai & Sarkis, 2020). Market fees would be charged to users at the point of purchase to buy services and provide the product to their customers. It would allow users to create market-based value the Market Value, which would be used to offset fees to market agents. This would generate revenue from both sales and costs (Bai & Sarkis, 2020).

A blockchain is a powerful tool for all people to make a meaningful difference in the world. Blockchain technology is the future of the digital economy and the most revolutionary technology. In the world of the digital economy, where there are many different kinds of currencies, blockchain is changing the digital economy by allowing everybody to make a meaningful change in the way they are not transparent like Bitcoin (Yaga et al., 2019). Blockchain is the most transparent network in the crypto space as it is transparent, and the main reason people are using blockchain is that it is still in the research phase, so we will see how it will get in the future digital economy. There are many different reasons people are using blockchain, but the main reasons are Cost Transparency, Privacy, and Security (Yaga et al., 2019).

Transparency is also the main reason why people are using blockchain. However, the transparency is not very much because the blockchain is still in the early phase of development, many open-source projects are trying to solve this problem but are still in the research phase which is why they are not transparent like Bitcoin is. Blockchain is the most transparent network in the crypto space as it is transparent, and the main reason people are using blockchain is that it is still in the research phase, so we will see how it will get in the future (Yaga et al., 2019).

Privacy and security are the main reason people are using blockchain, but privacy is not very much as we still do not know when the node will be compromised, or it does not have any mechanism to prevent these kinds of attacks. If the node is compromised or is in danger of being compromised, users will lose the data that can be recovered with a backup service. Security is the main reason why people are using blockchain. However, security issues like the node being compromised or being attacked are the main reason why people are not using it in the current stage of development, which makes the security of the network less safe (Yaga et al., 2019).

Discussion 2

The development of new technologies sometimes leads to dramatic changes to traditional financial and social systems. So-called distributed ledger technology (DLT) or blockchain technology is considered by many specialists as one of those revolutionary 21st-century technologies that could shake up the world (Mearian, 2019). In essence, blockchain technology is a system without a well-defined authority. Instead, it keeps track of all information or transactions entered by users so anyone could access it in no time for better transparency (Mearian, 2019).

The innovation and the most significant value of blockchain technology is its ability to avoid "trusted third party" (Kold et al., 2020, p. 9:2). This, in return, means less paperwork and admin work for the organization in hand with cost-cutting and much quicker trustworthy transactions. In order to ensure the users' authenticity, blockchain technology is also using a public key or cryptographic keys. However, security is not the strongest advantage of DLT. Mearian (2019) reported that during the last five years, blockchain technology had been attacked a number of times. Primarily smallest DLT became a target for hackers and also the ones that are part of the cryptocurrency system.

Ruoti et al. (2020), in their paper, argue that DLT could be applied in many industries and not just the financial sector. For instance, blockchain technology could be a great base for the transactions in the insurance industry, considering the involvement of the trustworthy incident reporter. Asset trading might definitely benefit from the use of DLT by avoiding the intermediate participants such as brokers (Ruoti et al., 2020). All in all, the blockchain technology represents excellent potential for diverse industries with human interactions. Yet the maturity level of this technology is not there yet. Moreover, the drastic changes it could bring to society will create resistance from the large group of people who risk losing their jobs, power, and money to this new technology. Please let me know what you think

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.