Blockchain Technology and its Impact on Various Industries

Running Head: BLOCKCHAIN TECHNOLOGY
Blockchain Technology
Name of the Student
Name of the University
Author Note

1Running Head: BLOCKCHAIN TECHNOLOGY
Table of Contents
Introduction................................................................................................................................2
Part 1: Blockchain Technology and its usefulness.....................................................................2
Industries impacted by the use of blockchain technology.....................................................2
Effectiveness of the the Blockchain technology....................................................................3
Problems solved by blockchain technology and reason behind the issues............................3
Positive impact of the blockchain technology.......................................................................3
Part 2: Failed project of blockchain technology........................................................................4
Information about new discovery...........................................................................................5
Conclusion..................................................................................................................................5
Reference....................................................................................................................................6

2Running Head: BLOCKCHAIN TECHNOLOGY
Introduction
The foremost determination of this paper is to focus on the impact of the blockchain
technology and its application across various industries. The paper will be having two parts
the first part of the paper will be focusing on the effectiveness of the blockchain technology
and the problems related to it. The positive impact of the blockchain technology will also be
described in the first part. The second part of the paper will be focusing on a failed project
related to blockchain technology which lead to a new discovery (Michael, Cohn & Butcher,
2018). Blockchain technology is defined as the type of technology which helps in ensuring
the transparency, traceability and security in the transactions of various types of industries.
The databases which record the bitcoin transactions with the help of the global network of
computers use the blockchain technology.
Part 1: Blockchain Technology and its usefulness
The blockchain technology is very much used in the various industries to record
transactions across various computer systems in a network so that the efficiency of the
transactions is maintained. The extra costs associated with those industries can be reduced
with the help of blockchain technology.
Industries impacted by the use of blockchain technology
o Voting industry
o Peer to peer global transaction industry
o Stock exchange industry
o Smart contracts industry
o Energy supply industry
o Supply chain management industry