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SafeAssign Originality Report Spring 2020 - InfoTech Import in Strat Plan (ITS-831-30) - Full Term • Week 4 Research Paper: Blockchain
%49Total Score: High riskSravan Reddy Sirigi Submission UUID: fb53ab96-7fe0-74cc-97d2-a64113cfb62c
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Running head: BLOCKCHAIN 1
BLOCKCHAIN 2
Blockchain Technology
Sravan Reddy Sirigi
Blockchain technology is one of the technologies that are doing well in most of the industries today. Various industries have embraced technology and are trying to integrate it into their systems for effective outcomes. The tech is a time-stamped sequence of absolute accounts of data that are achieved
through a constellation of processors that are not owned by a sole entity. Each of the blockchain blocks of data is held and it is bound to one another through cryptographic principles. Blockchain technology has been embraced by the ability to enhance tie interactions as well as the security of the data that is being processed by blockchain (Pilkington, 2016). Among the industries that are highly advancing into technology is the banking industry. The tech is now being
integrated into the banking system since it has proven to be adequately effective in the banking sector. Through the financial sector, the tech has enabled virtual currencies such as bitcoin, litecoin, dogecoin as well as many other currencies. The technology has enhanced the effectiveness of using these currencies since due to the enhanced security. It is a technology that has control over every detail that deals with bitcoin transactions. It is identified as a ledger since
it serves as a public ledger since it contains the metadata concerning the transactions. The data that is linked is where, when and the process through which the transactions took place. Through the implementation process into the banking industry that would need to follow a specific process. The employee needs to learn closely on how to learn to work with the technology (Hassani, Huang, and Silva, 2018). The blockchain technology will need the employees to be trained on the technology. The end-users will also need to be enlightened on the technology since they are the customers of the banking industries. Through the integration process, the employees in the industry will need to learn to work with the new systems or they will be replaced. But the organization does not have to replace the employees with other employees with the required skills. Instead, the industry can train its employees on how to work with the new systems which it time and resource-saving. The employees will need to be trained according to the transformation of their roles. Through the training, the
employees can learn their new roles and this would prevent them from being replaced (Treleaven, Brown, and Yang, 2017). Through the training the
employees as swift with the transition process where they can use automation to augment their roles instead of being replaced and they would end up losing their jobs. Through the training, the employees can learn as well as explore the new creative ways of working. The banking industry is likely to benefit from the integration of blockchain to the industry. Through blockchain technology, they are likely to benefit since the banking industry would have a high reduction in the processing costs (Foroglou, and Tsilidou, 2015). Taking the cost reduction into account the banking industry is keen to embrace the opportunity to reduce the costs especially on the amount of paper they process. The implementation of blockchain technology into the banking industry would also save an increase
in the profitability of the company as well as the banking value. Blockchain would need to be embraced through smart contracts. This is the use of digital information. Blockchain would also enhance security since they depend on computer codes. These codes would be expected to be entering their keys. Once the contracts are created the two end parties or more would then be expected to enter their key roles. This would then be executed through clearance and settlement (Twesige, 2015). The banking systems would be managed through uncountable messages as well as through manual reconciliation. It is a security strategy of constructing a security exchange to transfer a lot of post-trade. Blockchain enhances the security of the banking systems since the security of
the finances no longer depend on a single entity. It enhances the security of the industry since it does not depend on a single entity. The systems depend on a consensus protocol that relies on the network nodes that verifies the transactions and it records the info in a way that it cannot be corrupted.
References
Foroglou, G., & Tsilidou, A. L. (2015, May). Further applications of the blockchain. In the 12th student conference on managerial science and technology. Retrieved from https://www.researchgate.net/profile/Georgios_Foroglou/publication/276304843_Further_applications_of_the_blockchain/links/5ba0a02a92851ca9ed11cccf/Fur ther-applications-of-the-blockchain.pdf Hassani, H., Huang, X., & Silva, E. (2018). Banking with blockchain-ed big data. Journal of Management Analytics,
5(4), 256-275. Retrieved from https://orsociety.tandfonline.com/doi/abs/10.1080/23270012.2018.1528900 Pilkington, M. (2016). Blockchain technology:
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principles and applications. In Research handbook on digital transformations. Edward Elgar Publishing. Retrieved from
https://www.elgaronline.com/abstract/edcoll/9781784717759/9781784717759.00019.xml Treleaven, P., Brown, R. G., & Yang, D. (2017). Blockchain
technology in finance. Computer, 50(9), 14-17. Retrieved from https://ieeexplore.ieee.org/abstract/document/8048631/ Twesige, R. L. (2015). A simple
explanation of Bitcoin and Blockchain technology. Retrieved from
https://www.researchgate.net/profile/Richard_Twesige/publication/270287317_Bitcoin_A_simple_explanation_of_Bitcoin_and_Block_Chain_technology_JANUARY _2015_RICHARD_LEE_TWESIGE/links/54a7836f0cf267bdb90a0ee6/Bitcoin-A-simple-explanation-of-Bitcoin-and-Block-Chain-technology-JANUARY-2015-RICHARD- LEE-TWESIGE.pdf
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The tech is a time-stamped sequence of absolute accounts of data that are achieved through a constellation of processors that are not owned by a sole entity. Each of the blockchain blocks of data is held and it is bound to one another through cryptographic principles. Blockchain technology has been embraced by the ability to enhance tie interactions as well as the security of the data that is being processed by blockchain (Pilkington, 2016).
Original source
The tech is a time-stamped sequence of absolute accounts of data that are achieved through a constellation of processors that are not owned by a sole entity Each of the blockchain blocks of data is held and it is bound to one another through cryptographic principles This tech has been embraced due to its ability to enhance the interactions and the security of the data that is being processed
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Student paper
The tech is now being integrated into the banking system since it has proven to be adequately effective in the banking sector.
Original source
It is a technology that is now being integrated into the banking system since it has proved to be adequately effective for the industry
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Student paper
It is a technology that has control over every detail that deals with bitcoin transactions.
Original source
It is a technology that has every detail concerning the Bitcoin transactions
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Student paper
The employees will need to be trained according to the transformation of their roles.
Original source
The employees will be trained according to the transformation of their roles instead of replacing them
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Student paper
Through the training the employees as swift with the transition process where they can use automation to augment their roles instead of being replaced and they would end up losing their jobs.
Original source
This will help the employees in the transition process where they can use automation to augment their roles instead of being replaced
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Student paper
The implementation of blockchain technology into the banking industry would also save an increase in the profitability of the company as well as the banking value. Blockchain would need to be embraced through smart contracts.
Original source
The implementation of Blockchain technology would save the company some incurred costs as well as increase their profitability and value Blockchain can be embraced in the industry through the facilitation of smart contracts
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Student paper
Blockchain enhances the security of the banking systems since the security of the finances no longer depend on a single entity.
Original source
The security of the finances and the banking systems no longer depend on a single entity
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Student paper
Banking with blockchain-ed big data. Journal of Management Analytics, 5(4), 256-275.
Original source
Banking with blockchain-ed big data Journal of Management Analytics, 5(4), 256-275
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Student paper
Retrieved from https://orsociety.tandfonline.com/doi/a bs/10.1080/23270012.2018.1528900 Pilkington, M.
Original source
Retrieved from https://orsociety.tandfonline.com/doi/a bs/10.1080/23270012.2018.1528900 Pilkington, M
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Student paper
principles and applications. In Research handbook on digital transformations. Edward Elgar Publishing.
Original source
principles and applications In Research handbook on digital transformations Edward Elgar Publishing
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Retrieved from https://www.elgaronline.com/abstract/ edcoll/9781784717759/9781784717759 .00019.xml Treleaven, P., Brown, R.
Original source
Retrieved from https://www.elgaronline.com/abstract/ edcoll/9781784717759/9781784717759 .00019.xml Treleaven, P., Brown, R
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Student paper
G., & Yang, D.
Original source
G., & Yang, D
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Blockchain technology in finance. Computer, 50(9), 14-17. Retrieved from https://ieeexplore.ieee.org/abstract/doc ument/8048631/ Twesige, R.
Original source
Blockchain technology in finance Computer, 50(9), 14-17 Retrieved from https://ieeexplore.ieee.org/abstract/doc ument/8048631/
2/2/2020 Originality Report
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grin 72%
Student paper 92%
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A simple explanation of Bitcoin and Blockchain technology.
Original source
A simple explanation of Bitcoin and Block Chain technology
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Student paper
Retrieved from https://www.researchgate.net/profile/Ri chard_Twesige/publication/270287317_ Bitcoin_A_simple_explanation_of_Bitcoi n_and_Block_Chain_technology_JANUAR Y_2015_RICHARD_LEE_TWESIGE/links/5 4a7836f0cf267bdb90a0ee6/Bitcoin-A- simple-explanation-of-Bitcoin-and- Block-Chain-technology-JANUARY-2015- RICHARD-LEE-TWESIGE.pdf
Original source
Geraadpleegd op 17 februari, van https://www.researchgate.net/profile/Ri chard_Twesige/publication/270287317_ Bitcoin_A_simple_explanation_of_Bitcoi n_and_Block_Chain_technology_JANUAR Y_2015_RICHARD_LEE_TWESIGE/links/5 4a7836f0cf267bdb90a0ee6/Bitcoin-A- simple-explanation-of-Bitcoin-and- Block-Chain-technology-JANUARY-2015- RICHARD-LEE-TWESIGE.pdf
