Information Management System Report

INFORMATION MANAGEMENT SYSTEM 0
Block chain technology

INFORMATION MANAGEMENT SYSTEM 1
Table of Contents
Introduction................................................................................................................ 2
Concept behind blockchain........................................................................................ 2
Role of blockchain in accounting................................................................................ 3
Problems related to blockchain technology................................................................4
Lack of regulation.................................................................................................... 5
Awareness and understanding................................................................................5
Cost and efficiency.................................................................................................. 5
Security and privacy................................................................................................ 5
Blockchain can be slow and cumbersome...............................................................6
Conclusion.................................................................................................................. 6
References................................................................................................................. 7

INFORMATION MANAGEMENT SYSTEM 2
Introduction
Blockchain is a distributed ledger that mainly accounts the origin of a
digital quality. It includes a list of accounts known as blocks which are
interconnected with each other by with the help of cryptography technique.
In this generation, the use of blockchain knowledge is growing rapidly and
helps companies to manage the business process effectively (Ahram, et al.,
2017). The purpose of this investigation is to determine the concept behind
blockchain and review the problems associated with the block chain
technology. It is recognized that blockchain has the potential to enhance
performance and reduce risks from financial transactions. This report will
cover numerous sections, for example, the concept behind blockchain, the
role of blockchain in accounting and problems associated with the
blockchain.
Concept behind blockchain
It is a straight digital record of financial communications that may be
programmed for recording the financial trades and enhancing the privacy of
data effectively. It is argued that blockchain networks do not contain central
authority and it is mainly used in the companies to perform data
transmission effectively. Andoni, et al., (2019) determined that a blockchain
conveys no-contract cost which is the major point of this technology that
attracts companies and business communities.
The blockchain is a modest yet clever technique of transferring data one
system to another automatically and reduce the security issues in an
effective manner. In which one party starts the procedure by developing a
block that is mainly verified by thousands of computing networks dispersed
around the internet connections (Crosby, et al., 2016). After that, the
verified block is included in a cable that is mainly stowed across the
internet that contains a unique address. In which the adopted blocks are