Industry experts believe blockchain is a technology that has the potential to affect the business of most IT professionals in the next five years. Pick an industry you feel will be most affected by blockchain and how blockchain may be used in that industry. As an IT manager, how would you embrace blockchain? For instance, how would training occur for your team, what strategies might you use, what security methods may you recommend be used?
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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
Total Number of Reports
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Highest Match
49 %
Block_chain_Assignment x
Average Match
49 %
Submitted on
02/02/20
06:44 PM MST
Average Word Count
915
Highest: Block_chain_Assignment x
%49Attachment 1
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Student paper
Student paper
Global database (1)
Student paper
Internet (1)
grin
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Word Count: 915
Block_chain_Assignment x
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Source Matches (15)
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 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:
1
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1
1
1
1
1
2
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
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Student paper 88%
Student paper 71%
Student paper 76%
Student paper 78%
Student paper 70%
Student paper 71%
Student paper 82%
Student paper 100%
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1
Student paper
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
1
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
1
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
1
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
1
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
1
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
1
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
1
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
2
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
1
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
2
Student paper
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
1
Student paper
G., & Yang, D.
Original source
G., & Yang, D
1
Student paper
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/
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grin 72%
Student paper 92%
3
Student paper
A simple explanation of Bitcoin and
Blockchain technology.
Original source
A simple explanation of Bitcoin and
Block Chain technology
4
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
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
