Societal Impact of Block Chain Technology Disruptions

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
Societal impact of block chain technology disruptions

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
ACKNOWLEDGEMENT
Conducting this research was a very enriching experience in my life. My knowledge base and
analytical skills enhanced after this research is successfully completed. I would like to express
gratitude to everyone who has helped me to conduct this research. I would like to thank my
lecturer who has helped me and guided me so that I can complete this dissertation within the
deadline. I would like to thank my supervisor _______________ for the persistent guidance and
support throughout the research. I would also like to thank my friends and associates who has
helped me to contact and get data from BCT experts.
Regards,
Name of the student

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
Executive Summary
Established in the year 2008, Block Chain Technology (BCT) is one of the most popular
technology which is increasingly used both in our society and in commercial establishments due
to its higher data processing power. This technology is very much useful for its users as it helps
them to store data globally across thousands of global servers. However, there are few limitations
associated with the deployment of this technology as well like the scalability issues and the use
of excessive energy. The prime objective of the dissertation is to understand and evaluate the
potential societal impact of BCT disruptions.
The hypothesis, background of the topic, rationale of the topic shall be introduced in the first
chapter of this dissertation. Along with that, the structure of the entire paper shall be discussed in
this paper as well. Opinion of the reputed scholars shall be presented on the chapter two of this
dissertation. The validity of this dissertation will be ensured with the help of the online survey
which will be conducted on the BCT experts who understands the impact of this technology.
Before the conduction of the online survey a set of questions shall be created using Google Form
and it will be attached in the appendix unit of this dissertation. The collected data shall be
analysed using MS Excel. The drawbacks and the future scope of the study shall be identified in
the final chapter of this dissertation paper.

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
Table of Contents
Table of Figure................................................................................................................................7
Chapter 1: Introduction....................................................................................................................8
1.1. Introduction........................................................................................................8
1.2. Research Aim.....................................................................................................9
1.3. Research Objectives.........................................................................................10
1.4. Research Questions..........................................................................................10
1.5. Hypothesis of the Research..............................................................................11
1.6. Background of the Topic..................................................................................12
1.7. Rationale of Study............................................................................................12
1.8. Purpose of Study..............................................................................................13
1.9. Structure of the Study.......................................................................................13
1.10. Summary...............................................................................................................14
Chapter 2: Literature Review.........................................................................................................15
2.1. Introduction.............................................................................................................15
2.2. Evolution of BCT...................................................................................................17
2.3. Impact of technological disruption.........................................................................18
2.4. Impact of BCT across various industries................................................................19
2.5. Primary benefits of BCT.........................................................................................23
2.6. Deloitte Block chain Framework (DBF)................................................................26
2.7. Block chain technology disruptions........................................................................28
2.8. Limitations of BCT.................................................................................................30
2.9. Literature Gap.........................................................................................................32
Chapter 3: Research Methodology................................................................................................34
3.1. Introduction.............................................................................................................34
3.2. Method Outline.......................................................................................................34
3.3. Research Philosophy...............................................................................................35
3.4. Research Approach.................................................................................................35
3.5. Research Design.....................................................................................................36
3.6. Data Collection Process..........................................................................................37
3.7. Data Analysis Techniques......................................................................................38
3.8. Ethical Consideration..............................................................................................39
3.9. Research Limitations..............................................................................................40
3.10. Summary...............................................................................................................40

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
Chapter 4: Data Analysis, Findings and Interpretation.................................................................42
4.1. Introduction.............................................................................................................42
4.2. Findings..................................................................................................................42
4.2.1 Findings from demographic questions..............................................................43
4.2.2 Findings from Quantitative Analysis................................................................46
4.3. Summary.................................................................................................................54
Chapter 5: Conclusion and Recommendations..............................................................................56
5.1. Conclusions.............................................................................................................56
5.2. Linking with Objectives.........................................................................................56
5.3. Recommendations...................................................................................................58
5.4. Limitations of Study...............................................................................................59
5.5. Further Scope of Study...........................................................................................59
6. References..................................................................................................................................60
7. Appendix....................................................................................................................................70

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
Table of Figure
Figure 1: Use of BCT in our society....................................................................................8
Figure 2: Role of each revolution......................................................................................16
Figure 3: Initiatives of this technology..............................................................................19
Figure 4: Impact of the use of this technology..................................................................20
Figure 5: Significance of this technology..........................................................................21
Figure 6: Benefits of this technology.................................................................................22
Figure 7: Potential of block chain......................................................................................23
Figure 8: Use of healthcare industries...............................................................................24
Figure 9: Use of BCT across the healthcare organizations................................................25
Figure 10: DBF..................................................................................................................27
Figure 11: Age of the respondents.....................................................................................41

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
Chapter 1: Introduction
It is one of the most significant chapters of this dissertation which will be introducing the
topic of this dissertation in a detailed manner (Mattila 2016). The clear focus of this dissertation
shall be acknowledged in this chapter of the dissertation, at the same time the purpose of the
dissertation can also be identified from this chapter.
There are diverse categories of technologies which are used both in our society as well as
in commercial establishments such as Block Chain Technology (BCT) (Bradshaw 2018). The
use of this technology has both negative as well as positive impact on our society. Increasing
stress level and isolation from the society are the most significant limitations related to the
deployment of this technology in our society (Serrano-Calle et al. 2018). Enhanced transparency
across the business operations and supporting a decentralized organizational structure are the two
most significant advantages related to this technology.
1.1. Introduction
Disruptive technology is a technology which has the capability to alter the way consumers
and businesses operate (Ab Rahman, Hamid and Chin 2017). Nowadays crypto-currency is a
part and parcel of both commercial establishments as well as in academics, at the same time the
use of bit coins have improved a lot in our society. There are numerous technologies which are
used for the creation of bitcoins and BCT is one of those technologies. Numerous platforms can
be built with the help of BCT such as the cross border payments, supply chain trade finance and
insurance applications (Scott, Loonam and Kumar 2017). BCT is one of the most widely used
platform which is used in our society to manage the complications of currency exchange, asset
management, data management and the complications of the peer to peer network. The

SOCIETAL IMPACT OF BLOCK CHAIN TECHNOLOGY DISRUPTION
following pictorial illustration is very much significant to understand the use of BCT on our
society.
Figure 1: Use of BCT in our society
(Source: Buhalis et al. 2019)
BCT plays a huge role to allow untrusting parties with their common interest to co-create a
transparent record of exchange without relying on central authority (Veuger 2018). BCT is
creating a lot of disruptions across diverse categories of industries such as the voting industry,
finance industry, and music industry.
1.2. Research Aim
This section of this chapter will be very much useful for the readers to understand the
intention of this dissertation. The aspiration of the researcher from this dissertation shall also be
identified in this section of the chapter. The above section of this chapter indicates that BCT is
widely used across numerous industries in our society. This dissertation shall be identifying the