Blockchain Technology and Impact on Business Report 2022

Running head: BLOCKCHAIN TECHNOLOGY AND IMPACT ON BUSINESS
Blockchain Technology and Impact on Business
Name of the Student
Name of the University
Author Note

BLOCKHAIN TECHNOLOGY AND IMPACT ON BUSINESS1
Table of Contents
Introduction......................................................................................................................................2
1. Understanding the Impact of Blockchain Technology on JP Morgan Chase using Business
Canvas Model..................................................................................................................................2
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

BLOCKHAIN TECHNOLOGY AND IMPACT ON BUSINESS2
Introduction
The Blockchain is an expanding list of records which are termed as blocks and which are
linked to one another through the use of cryptocurrency. Every block contains what is known as
a cryptographic hash of its previous block, transaction data and a timestamp. The Blockchain by
virtue of its design is resistant to the process of data modification. It is a distributed open ledger
which is capable of recording the transactions that are seen to take place between two or more
parties in an efficient, permanent and verifiable way (Crossby et al., 2016). When the Blockchain
is used as a distributed ledger, it is managed through the use of a peer to peer network that
collectively adheres to specific protocols for validating new blocks and for inter-node
communication. There are several international companies and organizations that are making use
of Blockchain technology, a well-example in this respect being JP Morgan Chase (Iansiti &
Lakhani, 2017). This report analyzes how Blockchain technology impacts the operations of JP
Morgan Chase and conducts this analysis with reference to the business canvas model as
propounded by Osterwalder and Pigneur in 2010.
1. Understanding the Impact of Blockchain Technology on JP Morgan
Chase using Business Canvas Model
The business canvas model as established by Osterwalder and Pigneur in 2010 is comprised
of five important dimensions, namely, customer segmentation, channels, customer relationships,
cost structure and revenue streams (Osterwalder & Pigeneur, 2010). The use of Blockchain
technology by JP Morgan Chase has been impact the bank’s operations significantly and this
impact can be judged using the five dimensions of the business canvas model. To begin with,