Blockchain Solutions Development for Building Trust in Business - Desklib

BLOCKCHAIN SOLUTIONS
DEVELOPMENT

EXECUTIVE SUMMARY
This report covers the brief definition of the blockchain technology, also describe the use of
blockchain technology in the business to build the trust with customers and stakeholders. It
describe the background information of the organisation and the trust issues which is facing by
their customer. This include the description about the blockchain oriented system as how it s
effective to enhance the business practices, it also describe with the help of this businesses will
be able to provide transparency in their services.

TABLE OF CONTENT
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
a) Background information of Goldman Sachs Group bank and financial sector.......................4
b)Role of trust in financial sector and current approaches for building trust..............................5
c) Role of blockchain technology for creating the trust...............................................................6
d) Technical design for the blockchain system............................................................................6
e) Governance mechanism for the blockchain solution:..............................................................9
f) Risks and challenges associated with the blockchain system:.................................................9
g) Future trends in blockchain technology which can impact the business...............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Blockchain technology is the distributed network system which records the financial
transaction information. It is the digital ledger of the transaction that is present in the system
which records the activity which makes it difficult to change or even protect from any malicious
activity (Michael, Cohn and Butcher, 2018). Goldman Sachs is the leading investment bank and
financial service company of America. This report describes the implementation of blockchain
technology in the business operation to build trust among the customer and stakeholders. It
describes the role of trust in the industry, role of blockchain for developing trust. It further
involves the technical design for blockchain system and the future trend in blockchain
technology to impact in business solution.
MAIN BODY
a) Background information of Goldman Sachs Group bank and financial sector
Goldman Sachs Group has been selected for this report and in the context of this bank it
can be said that this multinational investment bank and financial service provide asset
management, securities and investment management. It is one of the largest investment bank in
the world in context of revenue. It owns Goldman Sachs bank USA that is a direct bank. During
financial crisis 2007-2008, it suffered a lot. In the year of 2020, it was blamed for major scandal
with 1MDB and for that it has paid fine of over $2 billion under FCPA currently (SOLOMON,
BLANKFEIN and COHN, 2019). This act has affected trust of its customers and now it is
striving hard for regaining its image and trust among customers.
Target customers: It is known that this bank and financial service provider operate at the
centre of global financial market. It provides services to Hedge funds, endowments and
foundations, governments, asset managers, brokerages and other institutional clients. Along with
this, this bank has around 3 million customers in which around $36 billion customers are in