Digital Business & New Technologies: Implications of Blockchain and Challenges for Managers

This case study explores the significance of digital and new technologies in the global business environment, with a focus on Blockchain technology. It discusses the benefits and challenges of these advancements for managers, including enhanced security, transparency, efficiency, and automation. The study also highlights the importance of digital technologies in data storage and retrieval, inventory management, project management, and collaboration. The challenges faced by managers in regards to digital transformation, skill gaps, cybersecurity, and business intelligence are also discussed. Subject: Digital Business & New Technologies. Course Code: N/A. Course Name: N/A. College/University: N/A.

Digital Business & New
Technologies

Table of Contents
INTRODUCTION.........................................................................................................................3
Blockchain Technology...................................................................................................................3
The significance of digital and new technologies in the dynamical global business environment
and the challenges that they present to the managers......................................................................6
CONCLUSION..............................................................................................................................8
REFERENCES..............................................................................................................................9

INTRODUCTION
The applications of the digital businesses in regards to the reinvention of the business
models and the transformation of the customer’s experiences through the promotion of
ultramodern techniques can be considered to as the influential implications of the advanced
(Bertoli and et. al., 2022) The acceleration of the innovation is possible through the integration of
AI, Robotics, Blockchain, Agile development programs and etc. This case study will focus upon
the explication of one such advancement in the technical dimension, i.e., Blockchain. The
reactive importance, implications and the contemplations will be elucidated in the study. The
significance of these modernized technological advancements in regards to the functioning of the
commercial businesses will also be highlighted furthermore.
MAIN BODY
Blockchain Technology.
This dimension of the modern-day technology can be referred to as the immutable and
shared work of ledger that can help in the facilitation of the recorded form of transactions and the
significant tracking of the assets of the business network. It is thereby a chain of blocks that
comprises of important and epochal information. The nodes of the networks thereby have the
exact form of replica of the entire data base. The assurance of the security of the data is also
taken care by and if anybody tries to steal or delete a particular entry of the ledger, the reflection
of the respective change will not hamper the data and such an entry will get rejected.
The importance of Blockchain is in regards to the traceability and the verification of the
multiple steps of the transactions that take place in the businesses. The reduction of the
compliance costs, provision of security towards the transactions and the speeding up of the
transaction are some of the enumerated benefits of Blockchain (Dana and et. al., 2022). The data
is recorded in a chronological order and cannot be changed thereafter. The implication of this
technology can also be utilized in the management of the titles, voting platforms and commercial
deeds.

The features of Blockchain can thereby be enumerated in the following manner:
 Enhanced level of security: The criticality of the data is significantly secured through
the utilization of the Blockchain mechanisms. Through the creation of such records that
cannot be altered or modified, this technology helps in the prevention from the fraudulent
and unsanctioned form of activities. The information is duly stored all across the network
which make it difficult for the hackers to even view the data.
 Superior transparency: The organizations are tended to keep the data base separately,
without the utilization of Blockchain. This technological advancement helps in the
effective distribution of the ledger’s transactions and the identical recordings of the data
makes it even more permissible (Loonam and O'Regan, 2022). This provides complete
transparency of the data thereby.
 Augmented efficiency and speed: The traditional form of transactional recordings was
time consuming and even significantly prone to the scope of human errors. Whereas, the
Blockchain streamlines the process in a cost effective and efficient manner. The
dimensions of clearing and settling of the accounting is also taken care by the evolved
technology.
 Automation: The transactions can get automated and speed up the process furthermore.
The reduction in the intervention of the humans makes it a self-reliant process thereby.
The provision of the complete details for once, can help in the repeated documentation
and the customer do not have to refill the information again and again.
The technological platforms that are used in Blockchain technology helps in the development
of the applications that are associated with the Blockchain based implications. The most

renowned platforms are Hyperledger, Ripple, EOS and Ethereum. The factors that must be kept
in mind while selecting the best platform for the Blockchain technology can be in regards to the:
 Developmental status of the chosen platform.
 The appropriate type of Blockchain to be make use of for the business.
 The sought of programming languages that is utilized by the platform.
 The kind of scalability the required solution needs of.
The transaction intensity of the project is viably measured before the assortment of the best
course of Blockchain platform. The chain implications and the provision of security towards the
transactions and the assessment of the network are taken into significant considerations for the
appropriate selection (Naimi-Sadigh, Asgari and Rabiei, 2022).
The utilization of Blockchain in IBM can now be introduced for a better understanding of
the technology. The distinguished division of the IBM Blockchain works in regards to the
creation of collaborations amongst permissioned institutions that enables the company to create
and entire novel and higher value business models. The companies working with the IBM
Blockchains, gets the opportunity to flexibility, affluently and speedily deliver the output in
accordance to their productivity and ROI. The Blockchain services provided by IBM are in
regards to the real time visibility of the inventory and a quick access towards the delivery process
of the goods and services. This thereby helps in the reduction of the disputes amongst the
vendors and accelerates the rate of productivity in the market. The budding innovators can make
use of this platform and build, operate and grow a reliable solution for the appropriate
development of the supply chain mechanisms. This can be done through the exploration of the
Hyperledger Fabric platform for the hybrid as well as the multi cloud environments (Nambisan,
2022). This technology has thereby helped IBM to stand out in the technical sphere of the
business world and secure a significant and an influential position in the global business market.
The efficacy and the implications of this business tool can have a great impact over the
future. The Blockchain integration has the potential to revolutionize the transitionary, value
enhancing and pivoting of the financial services in the coming future. The challenges associated
with this technology, such as the conception of security breach, must be significantly taken care
by for its futuristic growth and furthermore advancements in the ultramodern business space.

The significance of digital and new technologies in the dynamical global business environment
and the challenges that they present to the managers.
The innovation has affected business in an uncountable number of ways. A couple of
especially significant manners by which innovation has changed business is in speed, network,
information examination and robotization. The applications of the modernised technological
devices have totally changed the speed at which the world works. The registering power present
day PCs can offer a powerful influence which is significantly exceptional (Şimşek and et. al.,
2022). The importance of modern-day technologies in the global business world has helped in
the transformation of the entire commercial sphere through the provision of epochal contribution
in regards to the:
 Data storage and retrieval delivery – Quite possibly, one of the greatest way the
present advances have helped the organizations is in, how the cutting-edge organizations
can store and recover enormous measures of data at almost any time from anyplace.
Computerized information capacity has worked on the recovery and transmission of
significant reports, diminishing normal information the executive’s undertakings to only
seconds when they might have taken essentially longer utilizing simply closely
resembling media.
 The inventory management solutions – Computerized inventory following
programming assists businesses with intently checking their load of significant items or
assets so they can keep up with "just in time" supply chains that limit costs without
excessive gamble of running out of stock (Taormina and Baraldi, 2022).
 The insinuations of project management software – Project management related
software assists organizations with following normal undertaking errands and keep their
venture groups on target. With arrangements, for example, Jira or Teamwork, project
supervisors can dole out unambiguous assignments and screen whether representatives
are on target to complete the venture on time.
 The collaborative applications – Specialized communication devices, for example,
Zoom and Slack, as well as online record sharing arrangements like Google Docs and
Microsoft Teams, permit individuals to cooperate effectively on significant archives and
ventures notwithstanding being miles separated.

The challenges that can be faced by the managers in regards to these technological advancements
must also be explained in a considerate manner so as to make aware of the encounters that can be
faced in the coming future by the trailblazers of a company.
 The digital transformation – Computerized change frequently skips off senior
initiative's ears as a popular expression considered excessively mind boggling, obscure,
or costly to focus on. In any case, acquiring an upper hand in 2021 implies that IT chiefs
should concentrate their endeavours in adjusting IT ventures to more extensive business
and departmental techniques. The test for IT supervisors lies in driving forward the
conduct change so computerized change and change is the standard and adjusted to all
tasks inside a business (Venkitachalam and Schiuma, 2022).
 The skill gaps – As per research by the UK government, 66% of associations have
detailed a deficiency of proficient staff with the capacity to oversee the digital dangers.
This absence of exceptional experts in regions like digital protection can make
constructing and holding a full inner IT group restrictively costly. For this situation, co-
obtaining can assist organizations with getting to the particular abilities and experience
they need on a savvy, adaptable premise.
 Evolving threats in regards to the cybersecurity – The vast and speedily nature of
network protection, combined with a weighty everyday responsibility, implies it very
well may be challenging for IT Managers to stay aware of the relative multitude of most
recent dangers. To address this test, they ought to consider conveying trend setting
innovations and arrangements like SIEM and MDR, to assist with computerizing break
location and counteraction where conceivable.
 Business Intelligence – Information driven direction is significant and has the ability to
change any activity totally. Nonetheless, while organizations are producing more
information than any time in recent memory, most of its influential part is unstructured so
that it is not in position to add any genuine worth towards it (Xie and et. al., 2022).
Transforming it into a valuable scope is quite possibly one of the best test confronting IT
leads at the present time and doing so can give knowledge into all aspects of a business,
from clients and tasks, through to the more extensive commercial centre.

CONCLUSION
An inference can thereby be concluded from the above case study, that the
imperativeness of the modern-day technological advancements is significant in regards to the
effectual functioning and the modulation in the work mechanisms of the commercial business.
The ease that has been provided to the organizations in regards to the provision of additive
benefits, furtherance in the customers experiences and the upliftment of the position of the
company in the external business market are some of the major contributions of the digital
business’s contemplations. The solutions that are rendered through the utilization of these aids
are thereby of epochal importance thereby.

REFERENCES
Books and Journals
Bertoli, E., and et. al., 2022. The potential of digital business models in the new energy
economy.
Dana, L.P., and et. al., 2022. Investigating the impact of international markets and new digital
technologies on business innovation in emerging markets. Sustainability, 14(2), p.983.
Loonam, J. and O'Regan, N., 2022. Global value chains and digital platforms: Implications for
strategy. Strategic Change, 31(1), pp.161-177.
Naimi-Sadigh, A., Asgari, T. and Rabiei, M., 2022. Digital transformation in the value chain
disruption of banking services. Journal of the Knowledge Economy, 13(2), pp.1212-1242.
Nambisan, S., 2022. Digital innovation and international business. Innovation, 24(1), pp.86-95.
Şimşek, T., and et. al., 2022. A journey towards a digital platform business model: A case study
in a global tech-company. Technological Forecasting and Social Change, 175, p.121372.
Taormina, F. and Baraldi, S.B., 2022. Museums and digital technology: a literature review on
organizational issues. European Planning Studies, pp.1-19.
Venkitachalam, K. and Schiuma, G., 2022. Strategic knowledge management (SKM) in the
digital age–insights and possible research directions. Journal of Strategy and
Management, 15(2), pp.169-174.
Xie, X., and et. al., 2022. Digital platforms and SMEs’ business model innovation: Exploring the
mediating mechanisms of capability reconfiguration. International Journal of
Information Management, 65, p.102513.