Blockchain Technology and Its Potential Value in Business

Running head: BLOCKCHAIN TECHNOLOGY
Blockchain Technology
Name of the Student
Name of the University
Author’s Note

1BLOCKCHAIN TECHNOLOGY
Table of Contents
Answer to Question 1..........................................................................................................2
Answer to Question 2..........................................................................................................2
Answer to Question 3..........................................................................................................3
References............................................................................................................................5

2BLOCKCHAIN TECHNOLOGY
Answer to Question 1
The concept of Blockchain is associated to maintaining list of records through data
packets known as blocks. The use of blocks is seen to be evident in cryptography. The individual
blocks are seen to be consisting of cryptographic residue or hash of previous block. The
transaction data and the timestamp in is usually represented as Merkle tree root hash. The use of
such a technology is depicted to be resistant to modifications in a data. This relates to creating
open, distributed ledger which may be used to record transactions among two parties in an
efficient manner (Buchanan and Naqvi 2018).
The value which can be created with the application of this technology relates to potential
benefits of the internal process and the interactions with the business value network. The primary
drivers of the value created with the blockchain technology is identified with allowing for
decentralized payment which eliminates the need of the middlemen. It also serves the purpose of
asset tracking, data sharing and cloud offerings. The transformation of the business through such
a technology relates to customer engagements, microtransactions and creating new synergies in
the markets. Some of the opportunities of this technology in the business will be depicted with
funding, accessing to data, crowd collaboration and self-governed organizations. Moreover, the
effectiveness of integration of such a technology is apparent in areas of distributed ledger,
cryptocurrencies and bitcoin (Casey 2018).
Answer to Question 2
Blockchain is not considered as a disruptive technology despite of its relevance in the
areas such as supply chain, P2P payments, provenance of raw materials and cross border
payments. The technology may be further having a considerable impact on the economic and
social lives. In the early stages the technology needs to be relied on an appropriate infrastructure