Business Research Methodology Assessment

Running head: BUSINESS RESEARCH METHODOLOGY
Business Research Methodology
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BUSINESS RESEARCH METHODOLOGY1
Table of Contents
Introduction:...............................................................................................................................2
Understanding the technology of blockchain, creation and uses:..............................................2
Characterization of BlockChain:................................................................................................3
Creation and uses of Block Chain:.............................................................................................4
Uses of Block Chain:.................................................................................................................5
Benefits and weakness of block chain:......................................................................................6
Benefits:.................................................................................................................................6
Disadvantages:.......................................................................................................................7
Perception of block chain the society:.......................................................................................7
Purpose of adopting blockchain:................................................................................................7
Anticipated norms of behaviour from the participants in block chain:......................................8
Conclusion:................................................................................................................................8
References:.................................................................................................................................9

BUSINESS RESEARCH METHODOLOGY2
Introduction:
Blockchain, at times is referred as the “Distributed Ledger Technology (DLT)” which
makes the history of any kind of digital asset simply unalterable and clear as crystal by
making use of “decentralization” and “cryptographic” hashing. Blockchain is regarded as
the “public electronic ledger” which is built on the basis of P2P system that can be shared
openly amid the disparate users to form an unchangeable record of transactions every time
when it is stamped and linked with the previous one (Crosby et al., 2016). Each time a set of
transaction is added, that data turns into another block within the chain.
Blockchain can be only updated based on the consensus among the participants within
the system and once the data is entered then it is not possible to erase. The Blockchain
technology is regarded as the write-once, append several technology which makes it
verifiable and auditable record for each transaction. Even though Blockchain has huge
potential, the development of Blockchain technology is in the early days (Zheng et al., 2017).
The CIO and their business counterparts must anticipate setbacks in employing the
technology together with the probable serious bugs in the software that are used in
blockchain.
The present study is based on the understanding the technology of blockchain and
explaining its uses and characteristics. The study will be taking into the consideration
benefits, possibilities as well is limitation of the blockchain. The study will consider how the
Blockchain is perceived by the society and the ultimate purpose for which the technology of
blockchain is adopted.
Understanding the technology of blockchain, creation and uses:
Blockchain is regarded as the promising as well as revolutionary technology since it
helps in lowering the risk, stamping out the fraud and introduce transparency in a scalable
manner for the countless uses. For businesses nevertheless, blockchains carries the promise of
transactional transparency the ability of creating secure, actual time communication networks
with the partners across the world to support each thing for the supply chains to pay networks
to real estate deals and healthcare data sharing (Pilkington, 2016). The present hype
surrounding this relatively novel technology is considered actual since DLT, more
essentially, portray a newer paradigm for how the information can be shared; technology
vendors and enterprises, not surprisingly have rushed to understand how it can use the
distributed ledger technology to save both the time and administration costs. So the

BUSINESS RESEARCH METHODOLOGY3
Blockchain technology is not going to replace the traditional corporate relational database, it
does not opens the new door for movement as well as storage of transactional data within and
outside the global enterprises.
The Blockchain has witnessed main drive from the financial technology investment,
the technology has witnessed a fast upward rise in the adoption for application development
and pilot testing the number of industries and will produce more than $10.6 billion in terms
of revenue by 2023 (Yli-Huumo et al., 2016). The adoption of blockchain technology is
regarded as steady since the changes brings gain momentum. At the basic level, the
technology of blockchain is regarded as the chain of blocks however not in the traditional
wisdom of those words.
Characterization of BlockChain:
Businesses can simply solve their problem of manipulation through using blockchian
technology. The opportunities relating to block chain is very high in those nations that are yet
to adopt the technology. The block chain technology has been characterised below;
a. Increases capacity: This is viewed as the first and highly important feature of
blockchain. The most extraordinary thing regarding the block chain technology is that
it helps in increasing the capacity of the entire network. Because of this there are large
number of computers that are working together which as a whole provides a great
power then few other devices where the things are centralized (Mettler, 2016). A
fitting example of the increased capacity is a project that is commenced by Stanford
University which formed a super computer that stimulated protein folding for the
purpose of medical research.
b. Improved security: The technology of block chain has been characterised for its
better security. This is because there is not a single chance of system shut down. Even
the financial systems of highest level has the subject of getting hacked. Bitcoin on the
other hand has never been hacked (Wright & De Filippi, 2015). The prime reason for
this is that the network of block chain is secured by wide number of computers which
is known as nodes and these nodes confirms the transaction present on the network.
c. Immutability: Forming an immutable ledger is regarded as the central value of block
chain. Any form of data base which is centralized will be the subject of getting hacked
and they often need trust in the third party for keeping the security of database. Block
chain is similar to bit coin which keeps its ledger in the never-ending state of