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Sample Assignment on Blockchain

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Added on  2021-03-03

Sample Assignment on Blockchain

   Added on 2021-03-03

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Final Year Project 1 Blockchain and the Cross-Border Payments IndustryName: Sameer AhmedSupervisor: Dr Li Cunningham"I certify that I have complied with the guidelines on plagiarism outlined in the Course Handbook in the production of this dissertation and that it is my own, unaided work". Signature.................................................................................................Cass Business SchoolBSc(Hons) in Business Management Student ID: 160016163
Sample Assignment on  Blockchain_1
Final Year Project 2 Acknowledgment Firstly, I would like to thank Almighty God for providing me the strength and guidance to partake and complete such an endeavor. Next, I would like to acknowledge my supervisor Dr. Li Cunninghamfor her constant help and support. This task would not have been possible without her guidance and efforts. Her constant guidance kept me on track and helped me produce a well-rounded and well researched academic paper. I would also like to acknowledge my Parents. They have provided me constant support and encouragement throughout the time line of this research paper. Furthermore, I would like to thank my University, Cass Business School. The university has provided me with an invaluable set of skills and experience that has greatly helped me in completing this research paper. Lastly, I would like to give credit to the banks and financial institutions that helped me in the research for this paper. These institutions provided invaluable data without which this research paper would not have been possible.
Sample Assignment on  Blockchain_2
Final Year Project 3 Abstract This research paper provides an insight into the concept of blockchain and how it is revolutionizing the cross border payments industry. This research paper thus sets out to investigate whether a disruptive technology like blockchain proves to be a more viable and efficient solution to the ever growing issues faced by the payments industry. Blockchain technology has the potential to revolutionize the payments industry. While people expect a lot from the technology, the real world benefits are still not clear. However, the technology is undergoing mass adoption by major companies because of which its benefits are becoming clearer day by day. The research method used for this research paper is questionnaires. A number of people from companies in the banking and finance industry that have adopted Blockchain were chosen to fill out the questionnaires. This gave the researcher a good overall view about whether Blockchain has helped or made improvements in the Cross border payments and settlements category. After a thorough analysis of the authors research findings and an in-depth view of the existing literature the author has concluded that blockchain technology is overall more efficient than existing technology in the cross border payments sector and is on track to mass adoption.
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Final Year Project 4 Table of Contents 1.0 Introduction ..................................................................................................................... 52.0 Literature Review ............................................................................................................. 82.1 The Cross Border Payments Industry .........................................................................................92.2 Problems with the current system .......................................................................................... 102.3 History of Blockchain .............................................................................................................. 112.4 Concept of Blockchain technology ........................................................................................... 122.5 Adoption of Blockchain in the Payments Industry .................................................................... 142.5a Adoption by Financial Bodies ............................................................................................. 162.5b Adoption in UK.................................................................................................................. 172.5c Adoption in China .............................................................................................................. 172.5d Adoption in America ......................................................................................................... 173.0 Methodology and Research Question ............................................................................. 183.1 Research Objectives ............................................................................................................... 193.2 Research Methodology ........................................................................................................... 193.3 Limitations ............................................................................................................................. 20.3.4 Deductive research vs Inductive Research .............................................................................. 213.5 Pilot Study.............................................................................................................................. 213.6 Alternative Methods .............................................................................................................. 213.7 Research ........................................................................................................................ 223.7a Limitations ........................................................................................................................... 223.8 Sample........................................................................................................................... 233.9 Ethical Considerations ............................................................................................................ 25
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Final Year Project 5 4.0 Introduction to Data Analysis ......................................................................................... 254.1 Data Analysis.......................................................................................................................... 264.2 Data Analysis- Questionnaires ................................................................................................ 265.0 General Discussion ......................................................................................................... 336.0 Conclusion ..................................................................................................................... 346.1 Summary of Results ................................................................................................................ 346.2 Initial Objectives: ................................................................................................................... 356.3 Future of Blockchain: .............................................................................................................. 356.4 Implications: .......................................................................................................................... 366.5 Recommendations for future researchers: .............................................................................. 37References .......................................................................................................................... 38Appendix ............................................................................................................................. 41
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Final Year Project 6 1.0 Introduction Every industry goes through technological advancements and innovation. One such industry that has not experienced major innovation is the payments industry. In today’s world of digitization, cross border payments are still slow, costly and prone to security risks. Major companies have been investigating distributed ledger technology for quite some time now. When Bitcoin emerged in 2008, majority of people believed it would bring about a revolution in the financial world. However, as time passed by, its weakness as a currency became apparent because of which the focus shifted to its underlying technology, Blockchain. Blockchain is a disruptive technology that is slowly taking over. Blockchain is revolutionizing processes in a number of industries. Its technology can be applied to fields such as Data sharing, Digital IDs, Supply Chain, Payment processing, etc. Also, Blockchain is viable for many industries such as auditing, gambling, and authentication for events or luxury goods (Fanning & Centers, 2016). One of the most notable areas where Blockchain technology is becoming the standard is the gigantic payment’s industry. Experts predict that blockchain could save financial institutes at least $20 billion annually in costs (Fanning & Centers, 2016). This makes further exploration into the potential of Blockchain crucial for companies and governments alike. This paper focuses on the application of blockchain in the cross border payments industry. Blockchain in simplified terms is a distributed ledger in which the members taking part in the network share transaction information between the parties. The technology is a means of attaining a low cost way of sending payments that not only cuts down the need for third party verification but also proves to be very secure. Thus, Blockchain is a means of sending payments without the need for third party verification. Along with this Blockchain technology results in only a fraction of the fees being charged as compared to the fees charged by existing institutions using other technology. Blockchain aims to shift the world to a cashless system. Today, trillions of dollars’ exchanges hands around the world via an antiquated and outdated system of slow payments and added fees. The current system used for cross border payments is ineffective, expensive and highly fragmented. If a person employed in New York wants to send money to his family in London. He might have to pay a $35 flat wire transfer fee. Moreover, he will be required to pay additional fees amounting
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Final Year Project 7 up to 7.4%. The bank chosen to transfer the money gets a cut, the person is also charged an exchange fee. It will take the recipient bank several days to register the transaction. This way the payments business proves to be very profitable for banks leaving them with no incentive to reduce their fees. In comparison to banks public blockchains cut down on the need for intermediaries to verify transactions and allow people access to fast, cheap, and efficient payments. Blockchain technology is the underlying technology for cryptocurrencies. The cryptocurrency bitcoin takes anywhere from thirty-five min to sixteen to process transactions. Even though this isn’t perfect, it is a big improvement as compared to the average 3-day processing time Banks take. Bitcoin transactions can take 40 minutes or up to 16 hours in extreme cases to settle. That’s still not perfect, but it represents a leg up from the average 3-day processing time for bank transfers. Transaction made through crypto currency are hard for government to monitor due to their decentralized nature. As a result of this it is very hard for governments or regulatory authorities to shut these transactions down. The diagram below provides a descriptive image into how blockchain differs from existing systems. This research paper aims to explore the effects of blockchain in terms of cross border payments. It aims to show a comparison of Blockchain Technology as compared to the technology being used today (other than blockchain) for cross border payments. This paper also aims to shed light on
Sample Assignment on  Blockchain_7
Final Year Project 8 adoption of blockchain in financial institutions for cross border payments around the world. The following points have been covered in this dissertation: -The current systems for cross border payments and its inherent issues -The role of blockchain in cross border payments -Wether or not Blockchain technology is helping revoloutionize the Cross Border Payments Industry -An analysis based on findings collected through primary research from a hundred particpants belonging to nine large scale financial institutions -A brief look into the future of blockchain This dissertation has been sanctioned into four parts, mainly the ‘Introduction’, ‘Literature Review’, ‘Research methodology’ and ‘Data Analysis’. Recommendations and implications of the research has also been added after the conclusion. While introduction defines the concept of Blockchain, the literature review gives a comprehensive look at the History, concept and adoption of Blockchain technology. The research methodology explains a step by step approach taken by the author to conduct primary research for this dissertation. The data anlysis provides an indepth research and discussion based on the findings of the primary research conducted. Lastly, the conclusion overall view of the findings and the results that have been achieved after analysing the findings. 2.0 Literature Review This section provides an in-depth look into the available literature on blockchain and the payments industry. This section will shed some light onto the existing literature found on the payments industry and the current systems used for cross border payments. The section follows a step by step procedure in explaining the cross border payment industry, issues with the current system, the history of blockchain, the concept of blockchain and adoption of blockchain technology.
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