Dissertation
Michelle_Michy
Dessertation.docx
Emerging Technology : How Blockchains Is Radically Changing The Economy,
Business Innovation and Security
Abstract
The underlying technology of blockchain is the next generation of internet, holding vast promise for every businesses, society and individually. This technology is expected to become a major evolution in digital financial era, which is said to be broader than finance, it can be applied to many multi-step transaction where traceability and visibility is required. The expectation of blockchain technology is high, but it is still uncertain on its impacts and benefit in the real world. This paper attempts to discuss how the blockchain technology has sparked up a lively debate among researchers how this technology is revolutionising the way transaction is performed but also debates its potential influence on business models.
Blockchain technology is expected to revolutionize the way transactions are performed, thereby affecting a vast variety of potential areas of application. While expectations are high, real world impact and benefit are still unclear. To be able to assess its impact, the first structured literature review of peer-reviewed articles is conducted. As blockchain technology is centered around a peer-to-peer network, enabling collaboration between different parties, the service system is chosen as unit analysis to examine its potential contribution. We have identified a set of characteristics that enable trust and decentralization, facilitating the formation and coordination of a service system.
Introduction
“The major evolution in digital financial era comes with the trading of cryptocurrency via blockchain technology in year 2009. This leads to the major transformation in binding more people to use this technology at peer to peer level revolutionising trading of bitcoin (considered as one of the most powerful currency). A blockchain is a chain of blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block which is timestamp and encrypted, and involves record of continuously growing transaction data. It is an open, distributed ledger that record transactions of information in a permanent way between the parties. Once recorded, the data in any given block cannot be altered without alteration of all subsequent blocks, which requires consent of the network majority. Since data is stored across its peer-to-peer network, it mitigates risk for the data which is held centrally. The recent events and movements of blockchain technology showcase its high potential to be applied in area of accounting and finance. This technology can be incorporated in every sphere of different sectors to deliver productivity gains to multiple industries, from financial sector to energy markets, intellectual property management, supply chains, public sector, and beyond. This calls for major attention in the area of finance and its horizon which will lead to formation of digital financial infrastructure which comprise from its makeup to its follow up via digital auditing. Thus, Blockchain technology will form the core means of making data transactions and forming ledgers at distributed level which is cryptographically sealed. This in turn will establish trust through its real time replication and enriching the governance system. The ultimate goal of timestamping is to give an approximate idea of when a document came into existence. “ Reword & condense in order to related to the objective
2. Background
https://www2.deloitte.com/ch/en/pages/strategy-operations/articles/blockchain-explained.html
2.1 Blockchain Technology
2.2 Effects to Economy
2.3 Business Innovation and Security
3. Research Method
3.1 Data Collection and Analysis
4. Result
5. Conclusion
http://repository.psau.edu.sa/xmlui/handle/123456789/4686
file:///C:/Users/pree_/Downloads/WI2017HolotiukPisaniMoormann_TheImpactofBlockchainTechnologyonBMsinthePay.pdf
https://www.ey.com/en_gl/tmt/blockchain-how-this-technology-could-impact-the-cfo
http://scet.berkeley.edu/wp-content/uploads/AIR-2016-Final-version-Int.pdf
