Blockchain Technology and Business Applications

This assignment examines the transformative impact of blockchain technology on businesses. It delves into various applications, such as supply chain management and product certification, using the example of a phone manufacturing industry. The analysis highlights how blockchain enables secure transactions, enhances transparency, and streamlines operations, ultimately fostering innovation and efficiency in diverse sectors.

Running Head: MANAGEMENT 1
Management
Name:
Institution:

Innovation 2
Blockchain refers to the technology behind Bitcoin, meant to store cryptographically
authenticated data that cannot be interfered with by the user. It is a database that keeps a record
of all transactions as they take place (Crosby, Pattanayak, Verma, &Kalyanaraman, 2016). To
many, among the things listed in this innovation including machine-to-machine communication,
for example, a wind turbine can communicate the amount of energy they have stored in bitcoin
currency may seem unrealistic but among other things stated in it give an opportunity to
businesses in the future.
Taking the case of a Phone Manufacturing Industry, the innovation would create a high
business opportunity. Products of the company can be adequately certified, eliminating the use of
physical addresses that are prone to forgeries. It would help keep track of facility details, date of
manufacture and the parts information. The industry would be able to record their supply chain,
keeping the registry and tracking possession of the product in different places and enhancing fees
settlement on delivery confirmation.
Adapting the technology would create a consumer-to-machine and machine-to-machine
business. Consumers could send request of manufacture of a given phone bysending the
transaction to a manufacture’s smart contract together with the payment made in cryptocurrency
(Tapscott, &Tapscott, 2016). The smart contract then sends instructions to specific machines
associated.
Once a customer has purchased a particular type of a phone, the technology can help the
firm to develop supplier identity by tracking several performance parameters which may include
delivery time, client’s reviews, and consumer rating. The platform also offers quick access to the
industry for consumers who want their needs met.

Innovation 3
Blockchain technology should be considered to be a breakthrough of all businesses due to
the advantages which it offers its users. Any industry that adopts this technology will be assured
of having simplified its everyday transactions.

Innovation 4
References
Crosby, M., Pattanayak, P., Verma, S., &Kalyanaraman, V. (2016). Blockchain technology:
Beyond bitcoin. Applied Innovation, 2, 6-10.
Tapscott, D., &Tapscott, A. (2016). Blockchain Revolution: How the technology behind Bitcoin
is changing money, business, and the world. Penguin.