Business Opportunities in Block Chain

This report explores the business opportunities offered by block chain technology in different sectors. It summarizes and compares the arguments put forward in various journal articles. It lists down the most promising opportunities evaluated and discussed in the articles. The report concludes by discussing the positive and negative aspects of crypto currencies.

Running head: BUSINESS OPPORTUNITIES IN BLOCK CHAIN
Business opportunities in Block chain
Name of the Student
Name of the University
Author Note

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
Table of Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................3
Summarizing each of the articles:..............................................................................................3
Comparing the arguments put forward in each paper:...............................................................5
Presentation of three most promising opportunities evaluated and discussed in the articles:. . .6
Conclusion:................................................................................................................................6
References list:...........................................................................................................................9

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
Introduction:
The report is prepared for researching and summarizing the journal articles on the
business opportunities offered by block chain that underlies the crypto currency. The
arguments about the opportunities offered in each of the articles discussed are compared and
analyzed and the most promising opportunities are listed down. In the later part of report, the
conclusion is made by discussing the several positive and negative aspects of crypto
currency.
Discussion:
Summarizing each of the articles:
The article titled “Block chain technology in the energy sector-Its opportunities and
challenges” presents an overview on the fundamentals of block chain technologies and the
critical components of ecosystem of block chain. Furthermore, various energy use cases have
been discussed along with the issues and benefits offered by the block chain solutions. It has
been found from the research paper that most block technologies application in energy sector
is in development phase and the improvement areas are being enquired (Andoni et al., 2019).
Moreover, for energy companies, the technology of block chain can be disruptive and several
challenges are faced.
Another article reported about the demand of crypto jobs and price volatility in block
chain by conducting research on professional services firms and analyzing the Bitcoin
demand. It has been presented in the report conducted by the glass door economic research
that the jobs in crypto currency sector has risen by 300% compared to last year despite
uncertainty in regulation and price volatility. One of the interesting facts was ascertained that

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
opportunities offered by Block chain technology are wider across United States (Rosenberg et
al., 2019). Researchers conducted pose a question about the existence of crypto currency for
a long haul.
The article titled “2018- The year of the crypto currency gaze” demonstrates the
issues with the block chain technology and the opportunities to startup that was able to raise
capital through initial coin offerings. The block chain technology and crypto currencies are
driven by bubble testing of astronomical price. It was found that while some of the ideas on
block chain technology were brilliant and other was disgusting (Meadow and Meadow,
2018). Furthermore, article also talked about introduction of new crypto currencies to the
world that is Initial coin offerings. However, the value of such token would fluctuate and
serve as a tool of investment by way of selling and creating tokens. It talked about one start
up incubator science was able to raise $ 12 million. It also discussed about the problems
associated with Bitcoin is that individual seeking investment needs to pay to third parties
because of inscrutable mechanics of holding and buying it (Salviotti et al., 2018).
Another article titled” Crpytocurrency and block chain tech market could reach $ 10
trillion in fifteen years” views that the market of applications of block chain technology and
crypto currency could increase thirteen fold. It was also argued in the article that although it
is less likely that crypto currencies would replace traditional money, there can be wide
ranging implications of block chain technology for investor and industry in long term. The
importance of potential block chain technology is presented in the article as Royal bank of
Canada is experimenting with the block chain technology in its capital market, personal and
commercial business (bitcoinmagazine.com, 2019). Moreover, it was also announced by the
bank that for making cross border payment between Canada and USA, bank also
implemented shadow ledger based on block chain. The reported also outlines some of the
risks associated with the block chain technology.

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
The article titled” Emergence of Canada as a hub for block chain technology” discuss
about the implication of block chain technology for company and industry as a whole. It also
outlines the factor that has been responsible for the rise of block chain in Canada and who is
responsible for driving its growth. From the article analysis, it is ascertained that the growth
of industry is driven by block chain entrepreneurs. The foundation technology for block chain
is found in Canada because of continued acceptance of crypto currencies from consumers and
investors (theglobeandmail.com, 2018). Therefore, the article presents the factors responsible
for driving the growth of block chain technology in Canada.
Comparing the arguments put forward in each paper:
The fist article provides a systematic review of block chain technology in energy
sector and discusses about the challenges and benefits offered by such technology in energy
sector. Second article talks about the demand created due to crypto currencies and the
potentiality of Bitcoin. Third article on other hand introduced another new concept that is
initial coin offering brought by the block chain technology and how the start ups are raising
funds by investing in this new venture. Fourth article talks about the growth of block chain
technology market and how the bank of Canada is taking measures to invest in such
technology. The last article presents the factor and people responsible for making Canada has
a hub for block chain technology (Scott, 2016). Therefore, it can be inferred that all the
articles mentioned about the benefits and challenges offered by such technology with
instances from different sector. Some articles take into account one particular sector while
other article talked about any particular country. However, all the research report was
confined around the block chain technology and crypto currencies.

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
Presentation of three most promising opportunities evaluated and discussed in the
articles:
 When confining the findings to energy sector as identified in the first article, it can be
said that the issues concerning energy affordability and fuel poverty in energy sector
can be improved by leveraging on block chain technology provided the opportunities
of cost savings are realized. Individual and organizations are powered by the tokens of
initial coin offerings as the technology enabled them to interact directly with the
businessmen by envisioning a web based on block chain that is decentralized (Korpela
et al., 2017).
 The increasing international remittances have accelerated the growth of block chain
technology and investors are getting directly involved in crypto currencies. It is
estimated that sending of payments overseas is at a half dollar per year with the bank
making investment in such technology (bitcoinmagazine.com 2019).
 There is growth in Bitcoin related opportunities in the market of US because several
initiatives have been established by local organization to help them put on the map of
crypto currency and Bitcoin. There also exist significant block chain innovation
opportunities in the applications of e mobility (Puthal et al., 2018).
Conclusion:
This section presents conclusion remarks on the drawbacks and positivity of crypto
currencies. Crypto currency has the potentiality of accountability and societal change and
considered as a boon intended to make the banking system transparent. One of the stimulator
for financial innovation is offered by crypto currency because of several features such as
digital nature, micro payment facilitation and low cost of transactions. Other positive fact of

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
crypto currency is that the system of crypto currency and the technology is designed such that
in the long run, such currencies cannot be inflationary.
It is argued in one of the research paper that there are various risks associated with
crypto currencies. The price of digital currency is extremely volatile along with uncertainty it
carries and it is the reason many traditional investor are hesitant about investing in crypto
currencies. Moreover, the impact of crypto currency cannot be determined at this time due to
the business race and its growing popularity. There can also be breach of security of digital
money associated with service working and purchasing power.
Therefore, from the analysis of research papers, it is inferred that there are wide
variety of positive and negative aspects of crypto currencies.

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
References list:
@WILLMS_., J., & Willms, J. (1539). Report: Despite Price Volatility Blockchain and Crypto
Jobs Are In Demand. Bitcoin Magazine. Retrieved 25 February 2019, from
https://bitcoinmagazine.com/articles/report-despite-price-volatility-blockchain-and-
crypto-jobs-are-demand/
Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., & Jenkins, D. et al. (2019).
Blockchain technology in the energy sector: A systematic review of challenges and
opportunities. Renewable And Sustainable Energy Reviews, 100, 143-174.
doi:10.1016/j.rser.2018.10.014
Canada emerges as a hub for blockchain technology. (2018). The Globe and Mail. Retrieved
25 February 2019, from https://www.theglobeandmail.com/business/article-canada-
emerges-as-a-hub-for-blockchain-technology/
Giulio Prisco Giulio Prisco is a writer specialized in science, a., & Prisco, G.
(1515). Cryptocurrency and Blockchain Tech Market Could Reach $10 Trillion in 15
years, says RBC Analyst. Bitcoin Magazine. Retrieved 25 February 2019, from
https://bitcoinmagazine.com/articles/cryptocurrency-and-blockchain-tech-market-
could-reach-10-trillion-15-years-says-rbc-analyst/
Korpela, K., Hallikas, J., & Dahlberg, T. (2017, January). Digital supply chain transformation
toward blockchain integration. In proceedings of the 50th Hawaii international
conference on system sciences.

BUSINESS OPPORTUNITIES IN BLOCK CHAIN
Meadow, P. and Meadow, P. (2018). The Pros & Cons Of Cryptocurrency - Wall Street.
[online] Wall Street. Available at: https://wall-street.com/the-pros-cons-of-
cryptocurrency/ [Accessed 25 Feb. 2019].
Puthal, D., Malik, N., Mohanty, S. P., Kougianos, E., & Yang, C. (2018). The blockchain as a
decentralized security framework [future directions]. IEEE Consumer Electronics
Magazine, 7(2), 18-21.
Rosenberg, S., Dennett, D., Dobbs, D., Vlahos, J., Loucaides, D., Kelly, K., & Rogers, A.
(2019). 2018: The Year of the Cryptocurrency Craze | Backchannel. WIRED.
Retrieved 25 February 2019, from https://www.wired.com/story/future-of-bitcoin-
blockchain-2018/
Salviotti, G., De Rossi, L. M., & Abbatemarco, N. (2018, January). A structured framework
to assess the business application landscape of blockchain technologies.
In Proceedings of the 51st Hawaii International Conference on System Sciences.
Scott, B. (2016). How can cryptocurrency and blockchain technology Play a role in building
social and solidarity finance?(No. 2016-1). UNRISD Working Paper.