Study on Blockchain Technology in E Commerce

Added on - May 2020

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Running head: BLOCKCHAIN TECHNOLOGY IN E-COMMERCEBlockchain Technology in E-commerceName of the student:Name of the university:Author note:
1BLOCKCHAIN TECHNOLOGY IN E-COMMERCEExecutive summaryThis study is aimed at understanding the importance of “Blockchain” in regards to differentindustries like the banking, the finance, the supermarket and the hospitality industries. Thediscussions are being made to understand the useful recommendations that could benefit the casestudy organization. Three applications of the Blockchain technology like the security ofconfidential data, a robust transaction of money and a cost-effective approach are being chosenfor the case study organization. Moreover, the chosen applications are also being described tomake it communicable to the case study organization. Nonetheless, recommendations are beingmade as the CEO of the case study organization requires the implementation of the sametechnology to attain further expansion in the industry.
2BLOCKCHAIN TECHNOLOGY IN E-COMMERCETable of ContentsIntroduction:....................................................................................................................................3Body of the report:...........................................................................................................................3-Defining the Blockchain Technology:.......................................................................................3-Latest developments in the field:................................................................................................4-Three to five applications of Blockchain Technology...............................................................4-Current uses in the banking and finance industry..................................................................4-Application in the Supermarket and Hospitality industry......................................................5-Selecting three suitable applications of Blockchain Technology for the case studyorganization:................................................................................................................................7-Recommending the three most suitable application for the case study organization.............7-Recommending the ethical, social and the legal considerations for the case studyorganization:................................................................................................................................8Conclusion:......................................................................................................................................9References:....................................................................................................................................10
3BLOCKCHAIN TECHNOLOGY IN E-COMMERCEIntroduction:The use of e-commerce had made things easier in terms of business transactions likeselling and purchasing of goods, making transactions over the internet and others. It hasnarrowed down the distances between the business and the customers. Money transaction wasnever that much easier as it happened after usage of the e-commerce platform. However, thebenefits had got accompanied with the several disadvantages as well. Few of the most commondisadvantages have been an insecure transaction of money & business and a fear to lose theconfidential data (Fang et al., 2014). The task had become easier; however, the security hadbecome relatively challenging. The Blockchain Technology in this regard is being considered asthe most disruptive inventions in the last few decades in terms of technology. It is also known asthe distributed ledger technology. The technology is believed to be safer as it operates in peer-to-peer network mode, which means that only those will be allowed in the transactions that are theidentified faces for the system (Crosby et al., 2016).This particular paper is aimed at understanding or finding the three most usefulapplication of the Blockchain technology as the case study organization has so far struggled inregards to technological advancement. The organization that was established around 10 yearsback in New South Wales (NSW) has its retail branches in some other parts of Australia like theSydney. The CEO of the company is aimed at expanding the business to a wider network at thenational level. However, the CEO is worried about the technology related glitches that havemade things challenging in the past. The CEO of the company does not want to repeat the samemistake, which is why the CEO had thought to implement the Blockchain Technology toenhance its e-commerce superiority.Body of the report:-Defining the Blockchain Technology:Blockchain can be defined as a public electronic ledger through which information can beshared and different transactions can be made in between the users that have been authorized forthe system (Dennis & Owenson, 2016). The system has few most important things, which hadnever been possible in the decades. First and foremost, the transactions made using the
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