Blockchain Technology: Impact and Opportunities

The assignment discusses the blockchain technology and its evolution. It explains the impact of this technology on e-business, including applications, business opportunities, and possible risks. The report concludes with a summary of the findings and recommendations for improving safety features to ensure security.

Emerging Technology and
Trend in E-Business.

Table of Contents
INTRODUCTION...........................................................................................................................1
Evolution of Technology.............................................................................................................1
Impact on Current E-Business.....................................................................................................1
Application of Block Chain Technology.....................................................................................1
Business Opportunities of Block Chain Technology...................................................................2
Possible Risk of Block Chain Technology..................................................................................3
Purposes and Recommendations..................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
The block chain is the progressing list of records and data. This data is connected through
the cryptography. In each new block there is a crystallographic hash of previous block as time
stamp and transaction data (Nguyen, 2016). Data and record saved in the block chain is secured
by cryptography. This record is open for every one and it can't be copied by anyone. The data
encrypted by the cryptography is not editable or replaceable. The data stored through
cryptography is transparent and associated people are equally responsible for their work. This
assignment is giving information of block chain technology for distribution of permanent data.
Evolution of Technology
Block chain technology is evolving since it was introduced to the world. Initially it was
considered as fad but now it growing and increasing its area of working. At the time of
introduction it was considered as technology which is supporting bitcoin and now this
technology is going through a development procedure (Wright and De Filippi, 2015). This
technology is now using in data transaction and information transfer and by developing some
particular areas this technology come up with new opportunities in e-business. This technology is
used to improve the supply chain monitoring. The data stored through the block chain
cryptography is safe and unchangeable this characteristic is the base of tracking of the supply
chain.
Impact on Current E-Business
The company which mostly use or prefer the online transactions for business. Initially it
was considered as the supporter of bit coin technology but for some reasons some countries
considered it as promoter of black marketing and corruption. Now this technology is used by the
online retail firm to keep track on the supply chain to ensure the 100% security of goods transfer.
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This technology also helps to keep the transaction data of company safe to manage the
accounting of finance (Mettler, 2016). Online transaction data of money is stored by this
technology. Because this data stored by the cryptography it is unchangeable and non replaceable
this quality of technology promotes its acceptance for the e-Business. This technology reduces
the cost to company and save time.
Application of Block Chain Technology
Use of block chain technology have large scope in modern business. There are different
application of the block chain technology and some important application areas are supply chain
sensor, personal identification and international money transfer. For the first application block
chain technology is used in the supply chain to keep track on the supply chain to ensure the end
to end delivery of the products. The data transferred through the block chain is secured with the
cryptography so the transfer of the good become secure and safer (Biswas and
Muthukkumarasamy, 2016). In application of personal identification, this technology can be used
to present the personal identification of individual which is provided by the authority. This
technology develops scope in the international transaction and security of the transaction details.
The information saved in the block chain of the online international transaction is safer and long
lasting so this ensures the security of the international transaction.
The largest online retailer company Amazon is using the block chain technology. In
Amazon this technology is used to keep track on the supply chain and the online transaction
which are performed by consumer or company. This data is kept safe in the cryptography and it
is visible to both consumer and company (Pilkington, 2016). Amazon sells nearly all products
through the online store. The data and transaction history of Amazon is stored through the block
chain technology and this is also used to manage and track the supply chain of company. When
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Amazon sell product to the consumer and accept the payment through online procedure. This
transaction data is stored on the company website and visible to both consumer and company.
Next the product delivery process is kept under the monitoring of block chain. The edge to edge
data updated in chain format and this is visible to the consumer but they can't change the
information provided on company website.
Business Opportunities of Block Chain Technology
Block chain technology is one of the fastest growing technology which have huge scope
in every field now days. In Banking sector this technology can be used to keep the transaction
details safe and visible to account holders. Smart Contracts are used to improve the transparency
in the legal and business contracts. In the Healthcare sector this technique can be used to keep
the surgical data and medical data of customer in the hospital records. This technology also can
be used in Internet to keep the data secure and safe from the security breaches and cyber crime.
This technology can be used to keep the data of individual identity safe and it also can be used to
give the personal identity to people by government authority (Mayank Pratap, 2018). In the legal
matters this can be used to store the Wills of individual in online and this also can be used in
Food Safety by keeping the manufacturing date and expire date stored through this technology.
Possible Risk of Block Chain Technology
The data is extremely unsafe before the cryptography and the important information can
be misused. The hacker can used can miss use this data by attacking on the weakest part of the
system to stole the information. This technology is not fully tested so it can create insecurities in
the mind of user. For the block chain technology there is still not any clear laws and it is still
considered as promoter of corruption and black marketing.
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Purposes and Recommendations
the purpose of the block chain technology is to keep the data safe and secure through
cryptography. This technology is still not tested fully so there are possibilities to test it and
ensure the safety. By improving the safety features this can become useful.
CONCLUSION
This assignment is concluding the information about block chain technology and its
evolution. In this assignment the impact of this technology on the e business is explained.
Application of block chain technology, business opportunities and possible risks are concluded.
The use of block chain technology and its opportunities are learned through the report.
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REFERENCES
Books and Journals
Pilkington, M., 2016. 11 Blockchain technology: principles and applications. Research handbook
on digital transformations, 225.
Biswas, K. and Muthukkumarasamy, V., 2016, December. Securing smart cities using
blockchain technology. In 2016 IEEE 18th international conference on high performance
computing and communications; IEEE 14th international conference on smart city; IEEE
2nd international conference on data science and systems (HPCC/SmartCity/DSS) (pp.
1392-1393). IEEE.
Mettler, M., 2016, September. Blockchain technology in healthcare: The revolution starts here.
In 2016 IEEE 18th International Conference on e-Health Networking, Applications and
Services (Healthcom) (pp. 1-3). IEEE.
Wright, A. and De Filippi, P., 2015. Decentralized blockchain technology and the rise of lex
cryptographia. Available at SSRN 2580664.
Nguyen, Q.K., 2016, November. Blockchain-a financial technology for future sustainable
development. In 2016 3rd International Conference on Green Technology and Sustainable
Development (GTSD) (pp. 51-54). IEEE.
Online
Mayank Pratap. 2018. How is Blockchain Disrupting the Supply Chain Industry?[Online]
Available through : <https://hackernoon.com/how-is-blockchain-disrupting-the-supply-chain-
industry-f3a1c599daef>.
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