Integrated Professional Skills in the Digital Age
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The report discusses the importance of Information and Communication Technology in today's world and its impact on businesses. It covers collaboration tools, cloud storage, cryptocurrency, and privacy & security threats.
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Integrated Professional Skills in the Digital Age
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ABSTRACT
In the section of literature review has discussed collaboration tool that has been used
by firm in order to interact with team members. Along with this, it has also analysed about
advantage and disadvantage of this tool and the way it helps in maintain the proper flow
of information within the company.
In the present report, it has been identified that the businesses can use cryptocurrency for
the purpose of their own benefits. However, it has its own set of advantages and disadvantages.
If used in an appropriate way, the cryptocurrencies can reduce the cost of a business by
eliminating the middlemen and improve their range of customers by providing them enhanced
payment options.
In the report collaboration tools are evaluated with this regard two collaboration tools are
broadly discussed, and how these tools helped businesses in the heat of pandemics are also
deeply analysed. Further the potential threats or security related concern which might had faced
by such businesses in the pandemics are also seen.
In the section of literature review has discussed collaboration tool that has been used
by firm in order to interact with team members. Along with this, it has also analysed about
advantage and disadvantage of this tool and the way it helps in maintain the proper flow
of information within the company.
In the present report, it has been identified that the businesses can use cryptocurrency for
the purpose of their own benefits. However, it has its own set of advantages and disadvantages.
If used in an appropriate way, the cryptocurrencies can reduce the cost of a business by
eliminating the middlemen and improve their range of customers by providing them enhanced
payment options.
In the report collaboration tools are evaluated with this regard two collaboration tools are
broadly discussed, and how these tools helped businesses in the heat of pandemics are also
deeply analysed. Further the potential threats or security related concern which might had faced
by such businesses in the pandemics are also seen.
Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Literature review..........................................................................................................................4
Analysis and discussion ..............................................................................................................7
COLLABORATION TOOLS-....................................................................................................7
HELP IN THE PANDEMICS-....................................................................................................8
PRIVACY AND SECURITY THREATS-.................................................................................9
REFERENCES................................................................................................................................1
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Literature review..........................................................................................................................4
Analysis and discussion ..............................................................................................................7
COLLABORATION TOOLS-....................................................................................................7
HELP IN THE PANDEMICS-....................................................................................................8
PRIVACY AND SECURITY THREATS-.................................................................................9
REFERENCES................................................................................................................................1
INTRODUCTION
Information na Communication technology (ICT) is the technology that helps in unifying
the communication and integrate the telecommunications , software , audiovisuals to help the
customers in easy understanding and storing of the information (Majeed, 2018.). ICT is used by
the users to manipulate and access the information quickly and easily. It is used in handling
communication through media, management systems and many networks based functions.
In business, Information and Communication Technology is widely used, it is helpful for
efficient and effective running of the business, it is used by the business to be quick and effective
in responding to the customer needs and queries (Mwantimwa, 2019). ICT helps the business by
guiding and assisting regarding the design, research and development strategies, sales,
manufacturing and so on. It helps in developing technologies such as online services , online
banking, etc.During the COVID-19 pandemic, ICT helped in many ways. In hospitals, with the
help of advanced technology it was easier to check and analyse the issues in the human body.
ICT helped the most in the education field, with the help of Zoom meetings , google meet
classroom studying and attending regular sessions was made easier (Yang, and et.al., 2020). It
helped in developing contact less environment with the help of UPI payments and internet
banking to stop the spread of virus.
The report will discuss collaboration tools used in ICT and the benefits and limitations
they posses. It will also specify about cloud storage , cloud computing, cryptocurrency and how
it contribute in protect and securing the business. The report is prepared to understand the basic
concept of Information and Communication technology in today's world and in the business
environment.
MAIN BODY
Literature review
Collaboration Tool:
According to author Hurst, (2020) collaboration tool is a simple concept that helps team
members to work together in order to accomplish common goals. It is basically a project
management app that aims at fostering interaction between people. Some example of this tool
are a chat app that allows multiple people to brain storm ideas. It can be video conferencing
Information na Communication technology (ICT) is the technology that helps in unifying
the communication and integrate the telecommunications , software , audiovisuals to help the
customers in easy understanding and storing of the information (Majeed, 2018.). ICT is used by
the users to manipulate and access the information quickly and easily. It is used in handling
communication through media, management systems and many networks based functions.
In business, Information and Communication Technology is widely used, it is helpful for
efficient and effective running of the business, it is used by the business to be quick and effective
in responding to the customer needs and queries (Mwantimwa, 2019). ICT helps the business by
guiding and assisting regarding the design, research and development strategies, sales,
manufacturing and so on. It helps in developing technologies such as online services , online
banking, etc.During the COVID-19 pandemic, ICT helped in many ways. In hospitals, with the
help of advanced technology it was easier to check and analyse the issues in the human body.
ICT helped the most in the education field, with the help of Zoom meetings , google meet
classroom studying and attending regular sessions was made easier (Yang, and et.al., 2020). It
helped in developing contact less environment with the help of UPI payments and internet
banking to stop the spread of virus.
The report will discuss collaboration tools used in ICT and the benefits and limitations
they posses. It will also specify about cloud storage , cloud computing, cryptocurrency and how
it contribute in protect and securing the business. The report is prepared to understand the basic
concept of Information and Communication technology in today's world and in the business
environment.
MAIN BODY
Literature review
Collaboration Tool:
According to author Hurst, (2020) collaboration tool is a simple concept that helps team
members to work together in order to accomplish common goals. It is basically a project
management app that aims at fostering interaction between people. Some example of this tool
are a chat app that allows multiple people to brain storm ideas. It can be video conferencing
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tool like google meet or Zoom that allows people to share information through face to face.
Although it can be file sharing application that allow company or individual to access to
collateral. Miljanic and Zaric, (2020)has said that aim of collaboration tool is to focus on
enabling communication such as Skype, Microsoft teams and hangouts. Haughton and et.al.,
(2021 )has state about collaboration tool that it is used for interacting with other people as
well as it aims to provide support a group of more than two individual to achieve common
goal or objective. It can be in form of technical and non – technical nature such as paper or
flipcharts. Moreover, this type of tools helps in solving problem like meeting the deadlines of
project as it easily follow the task step by step and contribute in managing overall
management. Thus, it is useful in placing the priorities and to get clear vision of the
deadlines. Hasmy, (2020) has stated about advantage of collaborative tool that it helps in
improving communication skill of the team even if it is working from remote area. It also
contribute in reducing the chance of missing important emails and update as well as make
sure that every one is working together for accomplishing set goals. Hurst, (2020) has
argued that collaboration tool encourages some of the employees to assume that it have
leadership role that can create unhealthy culture within company. Along with this, it can
increase operational cost of the company as it is expensive in nature.
Cloud Storage
Tan and et.al., (2018) has define it as computing model that stores data on the internet with
help of cloud computing provider that manage and operates data storage service. Along with
this, it eliminates buying as well as managing data storage and it is delivers on demand just in
time capacity or cost. Although it provide it user with durability of accessing from
anywhere and anytime. Alam, (2020) has stated about the working of cloud storage such as
it is purchased by third party cloud vendor that owns as well as operates and deliver data
over the internet. Although the vendor manage data and maintains its security as well as
durability so that data is accessible to user all around the world. According to Srivastava
and Khan, (2018) it has define that cloud storage data is used to store digital information like
photos, videos and music without taking any physical space in android phone as well as
megabytes on computer. The classic example of cloud storage providers are Google,
Dropbox as well as apple. It is mainly used by company and individual that helps in storing
data on other network which is maintained by third party. Furthermore, Kumar and et.al.,
Although it can be file sharing application that allow company or individual to access to
collateral. Miljanic and Zaric, (2020)has said that aim of collaboration tool is to focus on
enabling communication such as Skype, Microsoft teams and hangouts. Haughton and et.al.,
(2021 )has state about collaboration tool that it is used for interacting with other people as
well as it aims to provide support a group of more than two individual to achieve common
goal or objective. It can be in form of technical and non – technical nature such as paper or
flipcharts. Moreover, this type of tools helps in solving problem like meeting the deadlines of
project as it easily follow the task step by step and contribute in managing overall
management. Thus, it is useful in placing the priorities and to get clear vision of the
deadlines. Hasmy, (2020) has stated about advantage of collaborative tool that it helps in
improving communication skill of the team even if it is working from remote area. It also
contribute in reducing the chance of missing important emails and update as well as make
sure that every one is working together for accomplishing set goals. Hurst, (2020) has
argued that collaboration tool encourages some of the employees to assume that it have
leadership role that can create unhealthy culture within company. Along with this, it can
increase operational cost of the company as it is expensive in nature.
Cloud Storage
Tan and et.al., (2018) has define it as computing model that stores data on the internet with
help of cloud computing provider that manage and operates data storage service. Along with
this, it eliminates buying as well as managing data storage and it is delivers on demand just in
time capacity or cost. Although it provide it user with durability of accessing from
anywhere and anytime. Alam, (2020) has stated about the working of cloud storage such as
it is purchased by third party cloud vendor that owns as well as operates and deliver data
over the internet. Although the vendor manage data and maintains its security as well as
durability so that data is accessible to user all around the world. According to Srivastava
and Khan, (2018) it has define that cloud storage data is used to store digital information like
photos, videos and music without taking any physical space in android phone as well as
megabytes on computer. The classic example of cloud storage providers are Google,
Dropbox as well as apple. It is mainly used by company and individual that helps in storing
data on other network which is maintained by third party. Furthermore, Kumar and et.al.,
(2018) has stated about the advantage of cloud storage such as it is less expensive as compare
to physical storage as well as there is no need of hardware and it is cheaper as per GB than
using external drives. In addition to this, it is very accessibility in nature as it gives access
of data from anywhere but with help of internet connection. However, disadvantage of cloud
storage is that it is highly depended on internet connection and slow networking creates
issue while accessing storage. Along with this, additional cost is charge for uploading and
downloading files from the cloud.
Cloud Computing
Tan and et.al., (2018) has describe it has delivering of various services with help of internet
and it generally include application and tool like databases, data storage, software as well as
networking. It allows user to save files from remote database instead of storing data on
local drive or hard drive. Although as long as user have internet it can access the data and
the software programs to run it. Moreover, company that make use of cloud computing
enable user to store files and applications on remote servers and it can access all data
through internet. Thus, user need to have to be on specific place in order to gain access as
well as it allow user to work remotely.
As per the view of Kaur, Chana and Bhattacharya, (2018) has describe that cloud
computing is generally used by all type and size of organization and industry that huge
information. Like data backup, disaster recovery, software development and testing as well
as customer facing web application. Along with this, it is mainly used at corporate level for
internal house operation or for developing software and services that organization develops for
the public.
Moreover, Wang and et.al., (2020) has describe about advantage and disadvantage of cloud
computing such as it reduce IT operating cost like upgrading new system, new hardware as
well as software that may include in contract. Along with this, the company is no longer
require to extra wage to expert thus save expense. It also helps in collaborating as it increase
the ability to communicate and share information instead of traditional methods. However,
while using cloud computing the performance can vary as this application run on the server
that provide information to other business alternatively. It is also prone to technical issues
and it require high standard maintenance. Moreover, it also require good internet
to physical storage as well as there is no need of hardware and it is cheaper as per GB than
using external drives. In addition to this, it is very accessibility in nature as it gives access
of data from anywhere but with help of internet connection. However, disadvantage of cloud
storage is that it is highly depended on internet connection and slow networking creates
issue while accessing storage. Along with this, additional cost is charge for uploading and
downloading files from the cloud.
Cloud Computing
Tan and et.al., (2018) has describe it has delivering of various services with help of internet
and it generally include application and tool like databases, data storage, software as well as
networking. It allows user to save files from remote database instead of storing data on
local drive or hard drive. Although as long as user have internet it can access the data and
the software programs to run it. Moreover, company that make use of cloud computing
enable user to store files and applications on remote servers and it can access all data
through internet. Thus, user need to have to be on specific place in order to gain access as
well as it allow user to work remotely.
As per the view of Kaur, Chana and Bhattacharya, (2018) has describe that cloud
computing is generally used by all type and size of organization and industry that huge
information. Like data backup, disaster recovery, software development and testing as well
as customer facing web application. Along with this, it is mainly used at corporate level for
internal house operation or for developing software and services that organization develops for
the public.
Moreover, Wang and et.al., (2020) has describe about advantage and disadvantage of cloud
computing such as it reduce IT operating cost like upgrading new system, new hardware as
well as software that may include in contract. Along with this, the company is no longer
require to extra wage to expert thus save expense. It also helps in collaborating as it increase
the ability to communicate and share information instead of traditional methods. However,
while using cloud computing the performance can vary as this application run on the server
that provide information to other business alternatively. It is also prone to technical issues
and it require high standard maintenance. Moreover, it also require good internet
connectivity as user cannot access any data without internet connection and there is no
other way to collect data which is major drawback of this application.
Privacy and Security
As per the view of Ogonji and et.al., (2020) privacy means right to have control on
personnel information and the way it is used. For example every application asked for
privacy permission while downloading. Security whereas relates to way personal data has been
protected. The data can be related to place of living or basic information. There is
difference between both terms such as VPN known as virtual private network in which
security products act like tunnel for information as well as activity of internet . Thus, VPN
helps in winning tow ways such as privacy like it helps in blocking website, cable companies
and internet service providers from tacking information as well as browser history. For
security it helps in protecting from other people accessing personal information and other
data.
Ogbuke and et.al., (2022) has depicted about importance of data and security as it is both
are used for building trust among customer and the user. Although maintaining privacy
helps in engaging with the customer as well as benefit organization in increasing overall sales
and it lower the chances of leading the business from breaching the data. Along with this, it
helps company in protecting crucial data from the outsider from being exploited. Moreover,
privacy matters to brand as other competitors also make use various method to deal with
customer information. Thus, it helps in building good brand image by protecting customer
experience.
Further more, Mocrii, Chen and Musilek, (20180has evaluated about various challenges that
is faced by company such as security threat as most of the successful business are attack by
hackers and breaches have been done by the company. For example: Facebook has not
maintained the privacy of customer by sharing their choice to advertisement companies and
without their permission.
Cryptocurrency
According to (Ghimire, and Selvaraj, 2018), Cryptocurrency can be defined as secured data that
symbolises a currency unit. The secured data is supervised and systematized by a peer- to – peer
network which is known as a block chain. The block chain is also used for the purpose of
securing the transactions through which buying, selling and transferring of securities can be
other way to collect data which is major drawback of this application.
Privacy and Security
As per the view of Ogonji and et.al., (2020) privacy means right to have control on
personnel information and the way it is used. For example every application asked for
privacy permission while downloading. Security whereas relates to way personal data has been
protected. The data can be related to place of living or basic information. There is
difference between both terms such as VPN known as virtual private network in which
security products act like tunnel for information as well as activity of internet . Thus, VPN
helps in winning tow ways such as privacy like it helps in blocking website, cable companies
and internet service providers from tacking information as well as browser history. For
security it helps in protecting from other people accessing personal information and other
data.
Ogbuke and et.al., (2022) has depicted about importance of data and security as it is both
are used for building trust among customer and the user. Although maintaining privacy
helps in engaging with the customer as well as benefit organization in increasing overall sales
and it lower the chances of leading the business from breaching the data. Along with this, it
helps company in protecting crucial data from the outsider from being exploited. Moreover,
privacy matters to brand as other competitors also make use various method to deal with
customer information. Thus, it helps in building good brand image by protecting customer
experience.
Further more, Mocrii, Chen and Musilek, (20180has evaluated about various challenges that
is faced by company such as security threat as most of the successful business are attack by
hackers and breaches have been done by the company. For example: Facebook has not
maintained the privacy of customer by sharing their choice to advertisement companies and
without their permission.
Cryptocurrency
According to (Ghimire, and Selvaraj, 2018), Cryptocurrency can be defined as secured data that
symbolises a currency unit. The secured data is supervised and systematized by a peer- to – peer
network which is known as a block chain. The block chain is also used for the purpose of
securing the transactions through which buying, selling and transferring of securities can be
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done. Cryptocurrencies are not issued by government or financial institutions and therefore is
considered as illegal in many nations.
As investigated by (Hazar, 2019), there are a number of advantages of using
cryptocurrency within a nation as transferring of funds between two parties is easy. It controls
inflation as at the time of launching of cryptocurrency they are limited in value but as the
demand increases, the value of the cryptocurrency also increases in the long run and prevents
inflation.
As stated by (Schaupp, and Festa, 2018), the use of cryptocurrency enhances security and
privacy. There are several mathematical puzzles which encrypts the data fed in the block chain
so that it cannot be attacked. Similarly, with the help of cryptocurrencies, the currency exchange
can be done easily as it can be easily bought by using US dollar, Japanese Yen, Indian rupee,
British pound and European euro.
However, (Smales, 2020) argues that the use of cryptocurrency is illegal in many
countries and is highly risky to use. As the security and privacy of transactions that are carried
out by way of cryptocurrency is very high, it can lead to financial frauds and misconducts as it is
difficult for the government to track down the authenticity of the transaction.
Analysis and discussion
COLLABORATION TOOLS-
Are those programs or platforms that helps business and their people to improve their
communication skills. It ensures proper inclusion of all the people working on the same project.
1) Webex Meetings- It is one of the most common collaboration tool. It is engaging,
inclusive and intelligent video conferencing solution for the modern workforce. The
properties like- reduce disruptions and noise, enable to share reactions in multiple ways,
improve engagement, customize the stage layout, real time language translation into more
than 100 languages makes it the best choice (Akinsola and Munepapa, 2021)
2) Skype- This is so common tools with this regard. At present this tool is being used so
often for conducting business conferences. It is highly superseded by Microsoft teams
which makes it more reliable. The characteristics like- conference calls, messaging with
considered as illegal in many nations.
As investigated by (Hazar, 2019), there are a number of advantages of using
cryptocurrency within a nation as transferring of funds between two parties is easy. It controls
inflation as at the time of launching of cryptocurrency they are limited in value but as the
demand increases, the value of the cryptocurrency also increases in the long run and prevents
inflation.
As stated by (Schaupp, and Festa, 2018), the use of cryptocurrency enhances security and
privacy. There are several mathematical puzzles which encrypts the data fed in the block chain
so that it cannot be attacked. Similarly, with the help of cryptocurrencies, the currency exchange
can be done easily as it can be easily bought by using US dollar, Japanese Yen, Indian rupee,
British pound and European euro.
However, (Smales, 2020) argues that the use of cryptocurrency is illegal in many
countries and is highly risky to use. As the security and privacy of transactions that are carried
out by way of cryptocurrency is very high, it can lead to financial frauds and misconducts as it is
difficult for the government to track down the authenticity of the transaction.
Analysis and discussion
COLLABORATION TOOLS-
Are those programs or platforms that helps business and their people to improve their
communication skills. It ensures proper inclusion of all the people working on the same project.
1) Webex Meetings- It is one of the most common collaboration tool. It is engaging,
inclusive and intelligent video conferencing solution for the modern workforce. The
properties like- reduce disruptions and noise, enable to share reactions in multiple ways,
improve engagement, customize the stage layout, real time language translation into more
than 100 languages makes it the best choice (Akinsola and Munepapa, 2021)
2) Skype- This is so common tools with this regard. At present this tool is being used so
often for conducting business conferences. It is highly superseded by Microsoft teams
which makes it more reliable. The characteristics like- conference calls, messaging with
notification, status setting, conversation history and connection to corporate directory
make it more useful and preference of the businesses (Hite, 2021)
HELP IN THE PANDEMICS-
Collaboration tools helped a lot in the pandemics, due to over dependence on work from
home culture, it became necessary for the entities to find such way, through they can ensure
flawless communication among the parties. It helped businesses in continuing their operations
without communicational outbreak.
For example-
In pandemics there have been so many companies or should be called almost all those
companies who were having bigger size and physical meetings were impossible, used
collaboration tools like- Zoom meeting, Skype, Slack, Microsoft Teams, Google Hangouts etc. to
continue their business operations. It made their work easier through web meetings the entities
were not only operating business but it was also helping them in knowing potential ways for
impactive business (Riemer, 2019)
In CoVID-19 many organizations were experiencing high demand of their products and it
was giving rise to their need of more recruitments. Collaboration tools helped HR to go for more
recruitments without compromising the quality of hiring.
PRIVACY AND SECURITY THREATS-
In the pandemics where work from home culture got promoted due to prevailing
circumstances. The businesses were using collaboration tools to the fullest extent which might
have caused them such privacy and security threats as well.
For instance the data breaches is one of the biggest concern since while performing acts
on digital platforms without sharing data ones can't carry out it affectively. Companies used to
share their confidential data on such digital platforms and many of such cases are also seen
where data breaches was experienced.
make it more useful and preference of the businesses (Hite, 2021)
HELP IN THE PANDEMICS-
Collaboration tools helped a lot in the pandemics, due to over dependence on work from
home culture, it became necessary for the entities to find such way, through they can ensure
flawless communication among the parties. It helped businesses in continuing their operations
without communicational outbreak.
For example-
In pandemics there have been so many companies or should be called almost all those
companies who were having bigger size and physical meetings were impossible, used
collaboration tools like- Zoom meeting, Skype, Slack, Microsoft Teams, Google Hangouts etc. to
continue their business operations. It made their work easier through web meetings the entities
were not only operating business but it was also helping them in knowing potential ways for
impactive business (Riemer, 2019)
In CoVID-19 many organizations were experiencing high demand of their products and it
was giving rise to their need of more recruitments. Collaboration tools helped HR to go for more
recruitments without compromising the quality of hiring.
PRIVACY AND SECURITY THREATS-
In the pandemics where work from home culture got promoted due to prevailing
circumstances. The businesses were using collaboration tools to the fullest extent which might
have caused them such privacy and security threats as well.
For instance the data breaches is one of the biggest concern since while performing acts
on digital platforms without sharing data ones can't carry out it affectively. Companies used to
share their confidential data on such digital platforms and many of such cases are also seen
where data breaches was experienced.
Downtime was one another perils, software or hardware malfunctioning and other type
jeopardies had been a big demon. Due to sufficed use of digital platforms businesses were facing
this problem.
Malware attack is a common cyberattack where malware malicious software executes
unauthorized actions on the system. This might have impacted the businesses and affected their
data security.
Hacking is one of the most common and notorious form of cyber threats, it might have
been a serious issue for those who were not having strong protection mechanism while using
digital tools for business.
Privacy and security during pandemic
The measures businesses take to prevent or protect themselves from potential threats include
backing up important files and each and everything on a regular basis to a cloud storage or a
portable device so that the data remains safe. The businesses can also install software which
prevents a device from being hacked such as Windows Defender Advanced Threat Protection,
Reason Core security and many more. The company should try to encrypt important information
so that no one cannot be passed on to anyone for any kind of misconduct. The company can also
make use of passphrases instead of using passwords in order to protect the information. There
should also be a set of policies in order to guide the employees with respect to the protection of
the data.
Importance of cryptocurrency for business
There are a number of ways in which cryptocurrency influences the way in which a
business operates. They are:
There is no processing fee while using cryptocurrency in a business. That means the business do
not have to incur unnecessary cost on middlemen. This saves the cost of the business and
streamlines the transactions of a business and improves the profitability of the company.
There are a number of benefits for businesses that they can gain from using cryptocurrency.
Cryptocurrency serves them a lifetime opportunity to invest and gain profit in terms of digital
money (Wiśniewska, 2020). Due to the use of cryptocurrency, the business has opportunity to
jeopardies had been a big demon. Due to sufficed use of digital platforms businesses were facing
this problem.
Malware attack is a common cyberattack where malware malicious software executes
unauthorized actions on the system. This might have impacted the businesses and affected their
data security.
Hacking is one of the most common and notorious form of cyber threats, it might have
been a serious issue for those who were not having strong protection mechanism while using
digital tools for business.
Privacy and security during pandemic
The measures businesses take to prevent or protect themselves from potential threats include
backing up important files and each and everything on a regular basis to a cloud storage or a
portable device so that the data remains safe. The businesses can also install software which
prevents a device from being hacked such as Windows Defender Advanced Threat Protection,
Reason Core security and many more. The company should try to encrypt important information
so that no one cannot be passed on to anyone for any kind of misconduct. The company can also
make use of passphrases instead of using passwords in order to protect the information. There
should also be a set of policies in order to guide the employees with respect to the protection of
the data.
Importance of cryptocurrency for business
There are a number of ways in which cryptocurrency influences the way in which a
business operates. They are:
There is no processing fee while using cryptocurrency in a business. That means the business do
not have to incur unnecessary cost on middlemen. This saves the cost of the business and
streamlines the transactions of a business and improves the profitability of the company.
There are a number of benefits for businesses that they can gain from using cryptocurrency.
Cryptocurrency serves them a lifetime opportunity to invest and gain profit in terms of digital
money (Wiśniewska, 2020). Due to the use of cryptocurrency, the business has opportunity to
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invest their money in high growth companies and utilize the profits for the purpose of expanding
their business.
Importance of cryptocurrency for business:
Use of cryptocurrency helps the business to increase their business reach and attract the target
consumers towards the company by providing services such as improved payment processing
methods. Most of the companies charge a fees in order to process a payment, but with the help of
bitcoin, the business can eliminate paying high costs for the payment processing. This improves
the customer experience with the company (Yilmaz, and Hazar, 2018). Most businesses allow
their customers to pay through credit cards, which is an easy and safe way to pay but it involves
a lot of verification and authentication from the financial institutions in order to process a
payment but bitcoin allows its user to pay direct via a getaway without including any kind of
obstacles.
In my opinion, the business should make use of cryptocurrency within their business
functions. It can be of great help to a business if used in an appropriate way. As mentioned
above, using cryptocurrency can help a business to reduce and eliminate its middlemen costs and
save that money instead. The saving of middlemen cost can work wonders for a small business
or a small scale company. Under cryptocurrency, the transactions are safe and no one can access
the information which helps in maintaining the anonymity and privacy of the company.
CONCLUSION
From the report , it concluded that in recent times Information and Communication
Technology is a crucial part in the lives of people. It helps the people by providing various
services and transactions such as storage facility through google drive, conducting of
conferences and meeting through Zoom and Skype. The report also discussed the collaboration
tools in detail to understand their importance and need. There were certain issues and threats
because of the ICT which resulted in monetary or privacy loss to the people during the pandemic
period. The report addressed the advantages, disadvantage and applicability of the cloud storage
systems, cloud computing. It also identified the challenges faced by the business regarding the
safety and security of the information , why maintaining the privacy and security is an important
part for the businesses. The report addressed about the cryptocurrency which is influencing the
market in the country and how its it important for the businesses. It also express the views and
their business.
Importance of cryptocurrency for business:
Use of cryptocurrency helps the business to increase their business reach and attract the target
consumers towards the company by providing services such as improved payment processing
methods. Most of the companies charge a fees in order to process a payment, but with the help of
bitcoin, the business can eliminate paying high costs for the payment processing. This improves
the customer experience with the company (Yilmaz, and Hazar, 2018). Most businesses allow
their customers to pay through credit cards, which is an easy and safe way to pay but it involves
a lot of verification and authentication from the financial institutions in order to process a
payment but bitcoin allows its user to pay direct via a getaway without including any kind of
obstacles.
In my opinion, the business should make use of cryptocurrency within their business
functions. It can be of great help to a business if used in an appropriate way. As mentioned
above, using cryptocurrency can help a business to reduce and eliminate its middlemen costs and
save that money instead. The saving of middlemen cost can work wonders for a small business
or a small scale company. Under cryptocurrency, the transactions are safe and no one can access
the information which helps in maintaining the anonymity and privacy of the company.
CONCLUSION
From the report , it concluded that in recent times Information and Communication
Technology is a crucial part in the lives of people. It helps the people by providing various
services and transactions such as storage facility through google drive, conducting of
conferences and meeting through Zoom and Skype. The report also discussed the collaboration
tools in detail to understand their importance and need. There were certain issues and threats
because of the ICT which resulted in monetary or privacy loss to the people during the pandemic
period. The report addressed the advantages, disadvantage and applicability of the cloud storage
systems, cloud computing. It also identified the challenges faced by the business regarding the
safety and security of the information , why maintaining the privacy and security is an important
part for the businesses. The report addressed about the cryptocurrency which is influencing the
market in the country and how its it important for the businesses. It also express the views and
opinions that how the adoption of Bitcoin will result for the businesses. Thus, from the report it
is clear that information and communication technology contributes in all the areas of the
business and personal lives of the people.
is clear that information and communication technology contributes in all the areas of the
business and personal lives of the people.
REFERENCES
Books and journals
Akinsola, S. and Munepapa, J., 2021. Utilisation of e-collaboration tools for effective decision-
making: A developing country public-sector perspective. South African Journal of
Information Management. 23(1). pp.1-7.
Alam, T., 2020. Cloud Computing and its role in the Information Technology. IAIC Transactions
on Sustainable Digital Innovation (ITSDI). 1(2). pp.108-115.
Bello, S. A. and et.al., 2021. Cloud computing in construction industry: Use cases, benefits and
challenges. Automation in Construction. 122. p.103441.
Ghimire, S. and Selvaraj, H., 2018, December. A survey on bitcoin cryptocurrency and its
mining. In 2018 26th International Conference on Systems Engineering (ICSEng) (pp.
1-6). IEEE.
Hasmy, A. J .M., 2020. Effective use of collaboration tools in Moodle LMS by Lecturers and
Students at South Eastern University of Sri Lanka. Journal of Information Systems &
Information Technology.5(1).
Haughton, C. and et.al., 2021. Are Collaboration Tools Safe? An Assessment of Their Use and
Risks. In Advances in Software Engineering, Education, and e-Learning (pp. 949-959).
Springer, Cham.
Hazar, H.B., 2019. The importance of regulations on cryptocurrency transactions. SOCIAL
SCIENCES, MANAGEMENT AND ECONOMICS JOURNAL. 1(2). pp.28-35.
Hite, C., 2021. Discovery Considerations Presented by Group Collaboration Tools. The Brief.
51(1). pp.51-55.
Hurst, E. J., 2020. Web conferencing and collaboration tools and trends. Journal of Hospital
Librarianship. 20(3). pp.266-279.
Kaur, R., Chana, I. and Bhattacharya, J., 2018. Data deduplication techniques for efficient cloud
storage management: a systematic review. The Journal of Supercomputing. 74(5).
pp.2035-2085.
Kumar, P. R., and et.al., 2018. Exploring data security issues and solutions in cloud
computing. Procedia Computer Science. 125. pp.691-697.
1
Books and journals
Akinsola, S. and Munepapa, J., 2021. Utilisation of e-collaboration tools for effective decision-
making: A developing country public-sector perspective. South African Journal of
Information Management. 23(1). pp.1-7.
Alam, T., 2020. Cloud Computing and its role in the Information Technology. IAIC Transactions
on Sustainable Digital Innovation (ITSDI). 1(2). pp.108-115.
Bello, S. A. and et.al., 2021. Cloud computing in construction industry: Use cases, benefits and
challenges. Automation in Construction. 122. p.103441.
Ghimire, S. and Selvaraj, H., 2018, December. A survey on bitcoin cryptocurrency and its
mining. In 2018 26th International Conference on Systems Engineering (ICSEng) (pp.
1-6). IEEE.
Hasmy, A. J .M., 2020. Effective use of collaboration tools in Moodle LMS by Lecturers and
Students at South Eastern University of Sri Lanka. Journal of Information Systems &
Information Technology.5(1).
Haughton, C. and et.al., 2021. Are Collaboration Tools Safe? An Assessment of Their Use and
Risks. In Advances in Software Engineering, Education, and e-Learning (pp. 949-959).
Springer, Cham.
Hazar, H.B., 2019. The importance of regulations on cryptocurrency transactions. SOCIAL
SCIENCES, MANAGEMENT AND ECONOMICS JOURNAL. 1(2). pp.28-35.
Hite, C., 2021. Discovery Considerations Presented by Group Collaboration Tools. The Brief.
51(1). pp.51-55.
Hurst, E. J., 2020. Web conferencing and collaboration tools and trends. Journal of Hospital
Librarianship. 20(3). pp.266-279.
Kaur, R., Chana, I. and Bhattacharya, J., 2018. Data deduplication techniques for efficient cloud
storage management: a systematic review. The Journal of Supercomputing. 74(5).
pp.2035-2085.
Kumar, P. R., and et.al., 2018. Exploring data security issues and solutions in cloud
computing. Procedia Computer Science. 125. pp.691-697.
1
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Miljanic, M. and Zaric, N., 2020, February. Review of collaborative software applications and
integration with standard collaboration tools. In 2020 24th International Conference on
Information Technology (IT) (pp. 1-4). IEEE.
Mocrii, D., Chen, Y. and Musilek, P., 2018. IoT-based smart homes: A review of system
architecture, software, communications, privacy and security. Internet of Things. 1.
pp.81-98.
Ogbuke, N. J. and et.al., 2022. Big data supply chain analytics: ethical, privacy and security
challenges posed to business, industries and society. Production Planning & Control.
33(2-3). pp.123-137.
Ogonji, M. M. and et.al., 2020. A survey on privacy and security of Internet of
Things. Computer Science Review. 38. p.100312.
Riemer, K., 2019. Collaboration in the Digital Age. How Technology Enables Individuals, Teams
and Businesses. Cham: Springer International Publishing (Progress in IS). Online
verfügbar unter http://dx. doi. Org/10.1007/978-3-319-94487-6.
Schaupp, L.C. and Festa, M., 2018, May. Cryptocurrency adoption and the road to regulation.
In Proceedings of the 19th Annual International Conference on Digital Government
Research: Governance in the Data Age (pp. 1-9).
Smales, L.A., 2020. One cryptocurrency to explain them all? Understanding the importance of
Bitcoin in cryptocurrency returns. Economic Papers: A journal of applied economics
and policy. 39(2). pp.118-132.
Srivastava, P. and Khan, R., 2018. A review paper on cloud computing. International Journal of
Advanced Research in Computer Science and Software Engineering. 8(6). pp.17-20.
Tan, C. B. and et.al., 2018. A survey on proof of retrievability for cloud data integrity and
availability: Cloud storage state-of-the-art, issues, solutions and future trends. Journal of
Network and Computer Applications.110. pp.75-86.
Wang, H. and et.al., 2020. Blockchain-based fair payment smart contract for public cloud storage
auditing. Information Sciences. 519. pp.348-362.
Wiśniewska, M., 2020. Importance of Business Solutions Based on Blockchain
Technology. Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing. (24
(73)). pp.266-278.
2
integration with standard collaboration tools. In 2020 24th International Conference on
Information Technology (IT) (pp. 1-4). IEEE.
Mocrii, D., Chen, Y. and Musilek, P., 2018. IoT-based smart homes: A review of system
architecture, software, communications, privacy and security. Internet of Things. 1.
pp.81-98.
Ogbuke, N. J. and et.al., 2022. Big data supply chain analytics: ethical, privacy and security
challenges posed to business, industries and society. Production Planning & Control.
33(2-3). pp.123-137.
Ogonji, M. M. and et.al., 2020. A survey on privacy and security of Internet of
Things. Computer Science Review. 38. p.100312.
Riemer, K., 2019. Collaboration in the Digital Age. How Technology Enables Individuals, Teams
and Businesses. Cham: Springer International Publishing (Progress in IS). Online
verfügbar unter http://dx. doi. Org/10.1007/978-3-319-94487-6.
Schaupp, L.C. and Festa, M., 2018, May. Cryptocurrency adoption and the road to regulation.
In Proceedings of the 19th Annual International Conference on Digital Government
Research: Governance in the Data Age (pp. 1-9).
Smales, L.A., 2020. One cryptocurrency to explain them all? Understanding the importance of
Bitcoin in cryptocurrency returns. Economic Papers: A journal of applied economics
and policy. 39(2). pp.118-132.
Srivastava, P. and Khan, R., 2018. A review paper on cloud computing. International Journal of
Advanced Research in Computer Science and Software Engineering. 8(6). pp.17-20.
Tan, C. B. and et.al., 2018. A survey on proof of retrievability for cloud data integrity and
availability: Cloud storage state-of-the-art, issues, solutions and future trends. Journal of
Network and Computer Applications.110. pp.75-86.
Wang, H. and et.al., 2020. Blockchain-based fair payment smart contract for public cloud storage
auditing. Information Sciences. 519. pp.348-362.
Wiśniewska, M., 2020. Importance of Business Solutions Based on Blockchain
Technology. Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing. (24
(73)). pp.266-278.
2
Yilmaz, N.K. and Hazar, H.B., 2018. DETERMINING THE FACTORS AFFECTING
INVESTORS’DECISION MAKING PROCESS IN CRYPTOCURRENCY
INVESTMENTS. PressAcademia Procedia. 8(1). pp.5-8.
3
INVESTORS’DECISION MAKING PROCESS IN CRYPTOCURRENCY
INVESTMENTS. PressAcademia Procedia. 8(1). pp.5-8.
3
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