Block chain Technology Essay Assignment Project
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Block chain Technology Essay Assignment Project
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- Background
2.1 Block chain Technology
Revolutionary technology of block chain has largely increased in the recent years. Block chain network involves distribution of ledger that that can keep efficient records of all transactions between two parties in secured way. Transparency and decentralization are the major assets of the block chain. Block chain technology has largely and widely paved many ways for useful and important innovations. Progression of block chain technology has led to existence of smarts contracts. The smart contracts first used by Ethereum to build computer programs into block chain directly that allowed bonds and loans representation instead of cash only.
Proof of stake is yet another rising innovation of block chain technology. Block chain network operates with a proof of work in that the decisions are made by the party with highest computing power.
A scaling block chain innovation accelerates the process and does not disturb the security, the process of system is to make confirmation of each transaction and to divide work equally.
2.2 Effects to Economy
Block chain technology incorporates a lot of strengths, weakness, opportunities and threats in the modern society.
Strengths brought about by block chin include; Increased transparency of networks as they share same history of transactions. Security is enhanced because transactions are fast agreed upon before being recorded making modification hard. Easy traceability of records, every transaction or exchange made on the block chain is recorded making auditing of any assets easier.
Difficulty in hacking. Cryptographic nature of block chain technology makes it difficult to attack any transaction. Its cost efficient since little space is required for disk space and also role of central server is reduced. Improved speed and efficiency, compellability of transaction is reduced down to a simpler interaction.
Weakness that come along with the block chain technology include, regulations of the government that come along with laws which slows down the adoption of block chain. Reliability of records sometimes errors can occur while making data transactions. Cost and time for switching technology are largely required. IT resources including finances and staff required to audit and streamline block chain work. High computing quantum is required for computing power to solve block chain algorithms.
Opportunities of block chain technology includes, smart contract audit, creation employment opportunities, corporate of voting system and application of finances and non-finances, accounting system digitization since most of the transactions need to be verified in an electronic form. Ownership transparency of settlement system and trade transactions is yet a leading opportunity of the block chain technology.
Treats include governance of block chain may pose a great challenge since at least more than a half participant must verified any change and incase a wrong transaction is verified by the maximum number it raises the questions of its governance, security threats and in times failure of the equipment.
2.3 Business Innovation and Security
Decentralization and structured distribution of Ethereum block chain supports business streamlining and processes compliances. Block chain has enabled adoption of bitcoin the highest growing digital currency leading to many research opportunities and business innovation.
Both social and economic applications use of the block chain by the government is largely increasing. For logistics purposes, products can be verified, time stamped and tagged through a shareable public ledger and all parties can easily track their packages and products originality reducing cases of illegality and unethical sources. An intelligent system of the tourism is built on a scalability, openness and trust with respect to services and participants.
Block chain as one among the most existing inventions after internet has connected the business world online processes of the businesses which will largely solve trust issues via the network, computing more efficiently. Block chain as a transaction of peer to peer digital ledger may be distributed privately or publicly to all its users thus distributed and decentralized leading to revolutionizing exchange value in a trustless environment.
Block chain as a backbone to all cryptocurrencies goes beyond ledger distributed accounting that involves invention and adoption of particular cryptocurrency in question.
Block chain Technology Essay Assignment Project Essay
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