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Running head: BLOCKCHAIN AND THE BANKING INDUSTRY 1

Blockchain and the Banking Industry 1

Blockchain and the Banking Industry

Ajay Masand

University of Cumberlands

InfoTech Import in Strat Plan ITS-831-A05

Dr. Aline Yurik

09/06/2020

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Blockchain and the Banking Industry

Introduction Many experts, including IT professionals, believe that Blockchain is a technology that can affect businesses within the next five years. In that case, it is upon business and IT professionals in every sector to start embracing blockchain technology. The structure of blockchain technology stores transactional records in the form of public blocks in several databases (Casey & Vigna, 2018). The blocks are connected to form a chain in a network connected via peer-to-peer nodes (Pejic, 2019). The method of storage is known as a digital ledger. The industry of interest for this particular study is the banking industry. In that case, the paper will describe how training occurs for employees who are willing to embrace blockchain technology. The discussion also extends towards the strategies and security methods used to support blockchain technology in the banking industry.

The Banking Industry

The technology of Blockchain has the potential to solve several major and current problems faced by the banking industry. Currently, many banks store money for their clients, and for that reason, they handle several transfers where the money is the primary commodity. Additionally, Blockchain integrally has a protected system that provides a permanent record of numerous business transactions in the banking sector every day (Lantz et al., 2015). The ledger system might also lower substantial risks by providing secure records of the parties involved (Vigna et al., 2018). Money can also be transfer cheaply and faster, supported by Blockchain's decentralization method (Casey & Vigna, 2018). Perhaps, Blockchain's technology will do to the banking industry what the internet did to the media industry. Blockchain technology can be used to give access to financial services to millions of people across the world. The

financial services are extended to people in third-world countries, especially those who cannot access traditional banking systems (Vigna et al., 2018). For instance, bitcoin allows anyone to send money across any border. The process of sending money is instant and at relatively cheap fees. The best

example is Abra - one startup working on bitcoin-based remittance services. Several banks like Barclays are also working hard to adopt blockchain

technology. They aim to make business operations faster, secure, and efficient (Vigna et al., 2018). With the need for efficient and quality service

delivery, banks are increasingly investing in blockchain projects and startups. According to IBM, more than 20% of banks are predicted to be using Blockchain's technology by the end of 2021 (Lantz et al., 2015). Training Offered for the Team

The training should be started by first recognizing Satoshi, which is the entity that invented Bitcoin. IBM also has good resources on blockchain

technology. These resources are essential for training IT professionals in the bank to implement and adopt blockchain technology (Casey & Vigna, 2018).

Microsoft Azure has also launched a blockchain service, and they have a white paper for Azure blockchain projects. After learning the Blockchain basics, team members will be encouraged to look for hash functions that are used by Bitcoin and Ethereum (Lantz et al., 2015). The hash functions will help IT professionals in the banking sector experience a very cursory understanding of bitcoin technology. The team is also recommended to implement a Merkle tree, which will help IT professionals understand the basics of how nodes are represented in the Blockchain of Bitcoin (Pejic, 2019). The banking industry and IT professionals' team should be in a good position to do the following:

· Be able to define Blockchain Technology. · Understand how Blockchain could potentially impact the banking industry and operations of IT

professionals. · Write a thought leadership piece concerning use cases and Blockchain's potential in the banking industry (Vigna et al., 2018). · Explain

the technology of Blockchain to friends, business colleagues, and friends. · Set the strategy for preparing the business or customers for the emerging

decentralized banking economy. · Identify the various aspects of Blockchain Technology that are essential and relevant to the area of specialization (Vigna et al., 2018). · Establish a strong foundation in blockchain technology because it is the next big thing in the banking industry. · Join the community of

business leaders, entrepreneurs, technologists, and economists who are shaping the blockchain technology (Vigna et al., 2018).

Blockchain Security The security of personal information, more so the ones stored online, is essential and considered part of human rights (Pejic, 2019). For many years. The personal data of many clients have been at constant risk and deteriorated as well.

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In that case, blockchain technology provides an elegant solution to the challenges caused by blockchain security (Pejic, 2019). As the name indicates,

Blockchain is a chain of digital blocks containing a group of transactions. The transactions in the block, including Merkel root and hash, are generated using Blockchain's technology (Casey & Vigna, 2018). Every block in the Blockchain is connected to the previous block via a block hash value. In the process, the

Blockchain is protected from any sort of tampering because a hacker would be expected to change the block containing the transaction and those linked to it as well. The main objective is to avoid exposure to any threat (Lantz et al., 2015). Furthermore, the Blockchain is designed to be secure, immutable, and

tamper-proof. The features that can make these possible include consensus protocol, cryptography & Hashing, and Decentralization (Casey & Vigna, 2018). The network of Blockchain is also secure as the design of its infrastructure. Therefore, when considering establishing a blockchain network, your

organization must have the best platform that will support deployment (Pejic, 2019). Although Blockchain has inherent features that essential for security, vulnerabilities of its infrastructure can as well be manipulated by malicious people (Radcliffe et al., 2019). For that reason, the best approach is to consider having an infrastructure that is designed with integrated security (Casey & Vigna, 2018).

Conclusion

In conclusion, Blockchain is still an emerging technology, and it is expected to get better every day. Researchers of blockchain technology are also

working around the clock to patch up the issue of security susceptibilities. There are also extreme cases whereby a new version of Blockchain can be developed, and for that reason, it is upon the IT professionals in the banking industry to be extra vigilant. Regarding many factors surrounding the banking industry, Blockchain is still considered the best solution to several enterprises. However, business organizations and developers must continue developing and improving blockchain technology. The primary aim is to make technology as secure as possible.

References

Casey M & Vigna P (2018) The truth machine: The Blockchain and the future of everything New York NY: St Martin's Press Lantz L & Safari an

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Casey, M., & Vigna, P. (2018). The truth machine: The Blockchain and the future of everything. New York, NY: St Martin s Press. Lantz, L., & Safari, an

O'Reilly Media Company. (2015). Bitcoin, the Blockchain, and Their Potential to Change Our World. O'Reilly Media, Inc. Boston, MA, Safari. Pejic, I. (2019).

Blockchain Babel: The crypto craze and the challenge to business. London: Kogan Page Limited. Radcliffe, M. F., & Practising Law Institute. (2019). The

future of Blockchain and digital assets: The view of Silicon Valley. New York, New York: Practising Law Institute

Vigna, P., Casey, M. J., Runnette, S., & Macmillan Audio (Firm). (2018). The truth machine: The Blockchain and the future of everything. New York:

Macmillan Audio.

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BLOCKCHAIN AND THE BANKING INDUSTRY 1 Blockchain and the Banking Industry 1 Blockchain and the Banking Industry

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Blockchain in The Banking Industry Blockchain in The Banking Industry Blockchain in The Banking Industry

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University of Cumberlands

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University of the Cumberlands

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InfoTech Import in Strat Plan ITS-831- A05

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InfoTech Import in Strat Plan

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09/06/2020

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Retrieved 2020-06-09

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Blockchain and the Banking Industry

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Blockchain in The Banking Industry

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The Banking Industry The technology of Blockchain has the potential to solve several major and current problems faced by the banking industry.

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The Banking Industry Block-chain technology has the potential to solve several significant problems faced by the banking industry today

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Blockchain technology can be used to give access to financial services to millions of people across the world.

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be used to give access to financial services to billions of people around the world including those

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The best example is Abra - one startup working on bitcoin-based remittance services.

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Abra is one startup that is working on a bit coin-based remittance service

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Several banks like Barclays are also working hard to adopt blockchain technology.

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An example of banks which is working to adopt blockchain technology is Barclays bank

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With the need for efficient and quality service delivery, banks are increasingly investing in blockchain projects and startups.

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Banks are also increasingly investing in blockchain startups and projects

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Training Offered for the Team

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Training offered to the team

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IBM also has good resources on blockchain technology.

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IBM has excellent resources on the blockchain

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Microsoft Azure has also launched a blockchain service, and they have a white paper for Azure blockchain projects.

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Microsoft Azure is launching a blockchain service, and they have a white paper as well

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team should be in a good position to do the following:

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The team should be able to do the following

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· Understand how Blockchain could potentially impact the banking industry and operations of IT professionals.

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Understand how Blockchain could potentially impact your business and industry

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· Explain the technology of Blockchain to friends, business colleagues, and friends.

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Explain Blockchain Technology to your clients, friends, and business colleagues

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· Set the strategy for preparing the business or customers for the emerging decentralized banking economy.

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Set a strategy to prepare your business or your clients for the emerging Decentralized Economy

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· Join the community of business leaders, entrepreneurs, technologists, and economists who are shaping the blockchain technology (Vigna et al., 2018).

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Join a community of economists, business leaders, entrepreneurs, and technologists that are shaping this technology as we speak

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As the name indicates, Blockchain is a chain of digital blocks containing a group of transactions.

Original source

Blockchain, as the name indicates, is a chain of digital blocks that contain a set of transactions

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Every block in the Blockchain is connected to the previous block via a block hash value. In the process, the Blockchain is protected from any sort of tampering because a hacker would be expected to change the block containing the transaction and those linked to it as well.

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Each block in the blockchain is connected to the previous block through the block hash value This in turn makes the blockchain resistant to any sort of tampering, because a hacker would need to change the block containing that transaction as well as those linked to it, to avoid exposure

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Furthermore, the Blockchain is designed to be secure, immutable, and tamper-proof.

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The blockchain is designed to be immutable, tamper-proof, and secure

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Therefore, when considering establishing a blockchain network, your organization must have the best platform that will support deployment (Pejic, 2019). Although Blockchain has inherent features that essential for security, vulnerabilities of its infrastructure can as well be manipulated by malicious people (Radcliffe et al., 2019).

Original source

When establishing a blockchain network, you must look for the best platform for deployment Even though blockchain has inherent features that provide security, known vulnerabilities in the infrastructure can be manipulated by malicious participants

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macmillan 100%

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In conclusion, Blockchain is still an emerging technology, and it is expected to get better every day. Researchers of blockchain technology are also working around the clock to patch up the issue of security susceptibilities.

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The blockchain is still an emerging technology, and it’s getting better every day Blockchain researchers are working to patch up security vulnerabilities

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The truth machine: The Blockchain and the future of everything.

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The Truth Machine The Blockchain and the Future of Everything

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New York, NY:

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New York, NY

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O'Reilly Media, Inc.

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O'Reilly Media, Inc

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The crypto craze and the challenge to business.

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The Crypto Craze and the Challenge to Business”, by Igor Pejic, 2019

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The truth machine: The Blockchain and the future of everything.

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The Truth Machine The Blockchain and the Future of Everything