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?

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?

Your paper should meet the following requirements:

• Be approximately four to six pages in length, not including the required cover page and reference page.

• Follow APA7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.

%36

SafeAssign Originality Report Fall 2020 – InfoTech Import in Strat Plan (ITS-831-A05) – First Bi-Te… • Week 2 Research Paper: Blockchain

%43Total Score: High riskAjay Masand Submission UUID: efd88610-b9ce-965d-412c-00b8277553f9

Total Number of Reports

1 Highest Match

43 % Week 2 Assignment.docx

Average Match

43 % Submitted on

09/06/20 01:53 PM CDT

Average Word Count

1,219 Highest: Week 2 Assignment.docx

%43Attachment 1

Institutional database (3)

Student paper Student paper Student paper

Internet (4)

macmillan cyberlaws wikipedia

wikipedia

Global database (1)

Student paper

Top sources (3)

Excluded sources (0)

View Originality Report – Old Design

Word Count: 1,219 Week 2 Assignment.docx

5 2 1

6 8 7

5 Student paper 2 Student paper 1 Student paper

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

https://ucumberlands.blackboard.com/webapps/mdb-sa-BB5a31b16bb2c48/originalityReport?attemptId=fa33ff2d-ca80-4251-80d4-cfddee4b7c90&course_id=_134555_1&download=true&includeDeleted=true&print=true&force=true

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.

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

6 7

Source Matches (28)

Student paper 81%

Student paper 100%

Student paper 74%

wikipedia 84%

Student paper 91%

Student paper 86%

Student paper 64%

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.

6 7

Student paper

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

Original source

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

Student paper

University of Cumberlands

Original source

University of the Cumberlands

Student paper

InfoTech Import in Strat Plan ITS-831- A05

Original source

InfoTech Import in Strat Plan

Student paper

09/06/2020

Original source

Retrieved 2020-06-09

Student paper

Blockchain and the Banking Industry

Original source

Blockchain in The Banking Industry

Student paper

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

Original source

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

Student paper

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

Original source

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

Student paper

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

Original source

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

Student paper 64%

Student paper 70%

Student paper 87%

Student paper 71%

Student paper 64%

Student paper 70%

Student paper 80%

Student paper

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

Original source

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

Student paper

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

Original source

Banks are also increasingly investing in blockchain startups and projects

Student paper

Training Offered for the Team

Original source

Training offered to the team

Student paper

IBM also has good resources on blockchain technology.

Original source

IBM has excellent resources on the blockchain

Student paper

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

Original source

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

Student paper

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

Original source

The team should be able to do the following

Student paper

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

Original source

Understand how Blockchain could potentially impact your business and industry

Student paper

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

Original source

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

Student paper 64%

Student paper 70%

Student paper 82%

Student paper 79%

Student paper 94%

Student paper 64%

Student paper

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

Original source

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

Student paper

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

Original source

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

Student paper

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

Student paper

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.

Original source

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

Student paper

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

Original source

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

Student paper

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

Student paper 69%

macmillan 100%

wikipedia 100%

cyberlaws 68%

macmillan 100%

Student paper

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.

Original source

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

Student paper

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

Original source

The Truth Machine The Blockchain and the Future of Everything

Student paper

New York, NY:

Original source

New York, NY

Student paper

O’Reilly Media, Inc.

Original source

O’Reilly Media, Inc

Student paper

The crypto craze and the challenge to business.

Original source

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

Student paper

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

Original source

The Truth Machine The Blockchain and the Future of Everything

Related posts

Select at least one student to whom you will administer the informal RTI assessment created in Clinical Field Experience A. Score the assessment and share the results with the student to increase understanding of his or her strengths and areas for improvement.

Examples of nonbiased formal and informal specialized diagnostic assessments that are administered to the students being evaluated, including any legal and ethical requirements.