Running Head: BLOCKCHAIN 1
Case Analysis #2 - Emerging Technologies
Blockchain technology
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Date:
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A brief analysis of Blockchain technology
Blockchain is one of the significant emerging technologies of the current year as it is
used widely with full confidence at enterprise, organizational, and within various industries to
protect, track, analyze, and save the records of digital business transactions especially in finance
sectors. In addition, Blockchain technology is authentically powered by the protection of various
job documentation at various online channels used for organizational data recording. It is also
used by some of the giant corporations in U.S in both retail and e-commerce industries for
optimizing supply chain analytics[ CITATION Pal191 \l 1033 ]. However, the most prominent
initial use of Blockchain technology was protection of the virtual currencies especially bitcoin or
others in the process of business transactions. This emerging technology of Blockchain works on
the base of integrated central database that ensures the protection of IP and secures the business
transactions through advanced encryption patterns. Therefore, the Blockchain technology allows
the private business firms or public enterprises to establish the strong financial networks with
major external stakeholders such as clients as well as business partners or investors in the
process of doing a large volume of business transactions[ CITATION Pal191 \l 1033 ].
One important key feature of Blockchain technology is the digital identity system. It
worked as same patterns such as national identification or driving license when creating a key
base of user’s name electronically that developed the identification in a verifiable pattern.
Therefore, many organizations at worldwide level are successfully implementing the Blockchain
technology for managing as well as securing the increased number of business transactions over
the internet or digital channels[ CITATION Zha19 \l 1033 ]. The dynamics of new ways to
manage electronic systems of payments within the business and securing digital transactions
while developing the records of all such transactions at backend using centralized database
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system. It builds greater interest of the business entities. A new era of the privacy applications in
a transparent manner is established utilizing Blockchain technology that will save the users
critical or sensitive business as well as personal information using data-driven
systems[ CITATION Beh19 \l 1033 ].
Therefore, Blockchain technology is very successful in solving a major problem or issue
for the business persons in the modern age of protecting the business processes, payment
methods, and securing the key information with utmost data control and transparency in the data
protection. Furthermore, the Blockchain technology allows the private and public enterprises to
develop the customized privacy-first networks or systems within the information security
departments that will collaborate the firms, data both internally and externally. It helps to
manage the core operations or processes of the organization in a virtually protected
manner[ CITATION Pal191 \l 1033 ].
The potential impact of Blockchain technology on business
Blockchain has become one of the most valuable technologies for the contemporary
corporate business environment due to its increased functionalities and contributions to the
organizations. First, the most significant impact on Blockchain technology has made to the
businesses is the virtual protections to all kinds of business transactions through secure payment
methods while tracking every phase of the digital transaction that takes place through virtual
currencies. In addition, the businesses have seen the most virtually reliable tracking and
analyzing method of goods flow from one phase of organizational supply chain to final delivery
of goods at retail stores for end-consumers[ CITATION Isl19 \l 1033 ]. Finance companies are
using the Blockchain technology to digitally secure their payment verification approaches,
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establishing data-privacy lists for managing their digital operations or key records entails
customer’s or vendor's data when any transaction is made using the Blockchain technology.
Using the Blockchain technology, businesses such as airline companies track the flight
operations, advanced booking of tickets, and patterns of customers traveling. The food or
beverage companies such as Starbucks, are able to analyze consumer insights, their purchasing
intentions patterns and reading or saving important customer information in digitally established
databases. The e-commerce giant such as Amazon is pioneer of implementing the Blockchain
technology to optimize its supply chain, logistics, procurement, and distribution management of
goods delivery from shipment operations to receiving the products. Every process of tracking the
flow of goods in its digitally managed Blockchain technology database that helps Amazon to
keep the record in a safe, authentic, transparent, and easy way to retrieve data patterns in the
management of core supply chain operations[ CITATION Pal191 \l 1033 ]. The healthcare
industry is successfully using Blockchain technology to enhance the productivity of data
retrieval, record, or maintenance from patient admission phase to the analysis of medical history
and exchanging of patient information electronically from one location to another.
The finance industry is richly implementing this innovative application of Blockchain
technology for verification of the transactions especially payments made electronically without
relying on third-parties. The version of Blockchain technology to not altering the data, act as a
key function of its data structure provides key advantage to all types of businesses to maintain
their business records. The protected pattern of cryptography is used for securing the different
organizational data ledgers. The data, as well as business transactions, are managed through the
Blockchain technology after the rigorous process of trust verification[ CITATION Zha19 \l 1033
].
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The process of recording all the business transactions in chronological ordering patterns
allows maintaining transparent record of the transactions. The customized patterns of the
Blockchain technology in terms of analyzing digital data or records of the business are dynamic
in nature. It allows the organizational management to establish the various set of specifications
or conditions in order to proceed which creates extra security of saving the digital data from
unknown users[ CITATION Pal191 \l 1033 ]. The different secured data protocols for the safety
and protection of critical data are arranged in the process of organizational tractions occurred
using Blockchain technology allows preventing the risk of fraud during business transactions.
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Main source
Pal, O., Alam, B., Thakur, V., & Singh, S. (2019). Key management for blockchain technology.
ICT Express, 3(2), 1-20.
Additional references
Behnke, K., & Janssen, A. (2019). Boundary conditions for traceability in food supply chains
using blockchain technology. International Journal of Information Management, 24(5),
1-20.
Islam, A., Mäntymäki, M., & Turunen, M. (2019). Why do blockchains split? An actor-network
perspective on Bitcoin splits. Technological Forecasting and Social Change, 148(1), 33-
37.
Zhang, S., & Lee, J.-H. (2019). Analysis of the main consensus protocols of blockchain. ICT
Express, 52(3), 10-17.
