Technology changes in business Project 2022

Running head: TECHNOLOGY CHANGES IN BUSINESS
Technology changes in business
(Suncorp Group Limited)
Name of the student:
Name of the university:
Author Note

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Executive summary
Suncorp Group Ltd is leading banking, insurance and a finance corporation at Australia. In the
report, the business case of the bank to deploy blockchain technology is analyzed. Suncorp has
required to develop intelligent resources and smart type of contracts to get controlled over the
Internet. The project developed expects to find the needed changes with the innovation under the
chosen bank. Besides, the evaluation demonstrates the project backgrounds, various measurable
objectives, and current situations, statement of the problem, assumptions and critical constraints.
Next, different options and recommendations are investigated here, having the core project
requirements. Apart from this, different potential emerging risks, estimations of the schedule with
budget determination are effectively demonstrated in the following report.

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Table of Contents
Introduction:..........................................................................................................................................3
Discussing the project background:.......................................................................................................3
Analyzing measurable objectives:.........................................................................................................4
Evaluating the current situation at Suncorp:..........................................................................................4
Discussing the problem statement:........................................................................................................5
The critical assumptions and constraints:..............................................................................................5
Analysis of options and recommendations:...........................................................................................6
Preliminary project requirements:.........................................................................................................7
Conclusion:............................................................................................................................................8
References:............................................................................................................................................9

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Introduction:
Suncorp Group Limited is one of the popular insurance, banking and finance corporation at
Brisbane, Australia. The blockchain, on the other hand, is a developing list of records. It is
connected using the technology of cryptology. Every block consists of the cryptographic hash of the
prior block, transaction data and timestamp. The following study intends to demonstrate the business
case of Suncorp in implementing the blockchain as the new technology. Here, the study intends to
discuss the project background with the different measurable objectives, present situation, problem
statement, critical constraints and assumptions. Then the various recommendations and options are
analyzed with preliminary project perquisites. Next, the potential risks, schedule estimations and
budget estimations are expected to be investigated here.
Discussing the project background:
The transaction between the people has been the parcel and part of human society. This is
because the division of labour has made people become independent. The banks have been
becoming aware of the fact the transaction medium is evolving with the development of human
consciousness and society from the barter systems. This is towards the commodity money to the flat
currency and currently towards the digital currency or in other words, the cryptocurrency (Treleaven,
Brown & Yang, 2017). However, it is a fact that evolution is a type of error correction. It is been
needed to be injected to various issues at Suncorp, particularly at the transaction of banking. There is
a necessity to enable the development of the currencies that must be decentralized. Suncorp has
further needed to create intelligent assets and smart contracts to be controlled online. The project
intends to determine the necessity for changes with blockchain within Suncorp. To sell the project,
various components can be considered here. This should be touching the sectors related to product

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design, prototyping and education. While selling it must be considered whether the technology is
useful, helpful in a wide spectrum, cutting edge and is been appealing to the community.
Suncorp must look into the fact of deploying cryptocurrency to make the things simpler for
the user and never constrain the probable uses for the products. In order to deliver the suggested
changes to the senior management, some of the considerations are to be taken in mind by the project
manager of the project at Suncorp. Firstly, it is to be explained to the senior manager what
blockchain has actually been. It must be convinced to the higher-level management hat any well-
design blockchain is able to store various records in records that can be connected with each other
through the cryptographic techniques creating a distributed and digital ledger. Then, a business case
is o be developed and carefully a blockchain must be chosen. Next, an ecosystem is to be created and
design that deliberately.
Analyzing measurable objectives:
The first measurable objective to consider for the project manager is determining whether the
ultimate aim is specific. Next, the measurable goals are useful to find how they can determine the
success and remain over the track. Then, the achievability is to be considered (Guo & Liang, 2016).
Next, it is to be determined whether the ultimate aims are relevant to the mission of Suncorp Group
Limited and reflect its core values. Lastly, the goal to be timebound is to be estimated.
Evaluating the current situation at Suncorp:
There is a rising necessity at Suncorp to develop blockchain-based solutions that must
reconcile the transactions taking place between insurers and brokers. Moreover, this specific ledge
must enable the users of Suncorp to undertake the processes of payments and data transfers in a
seamless and transparent way. This also intends to develop the current inefficiencies includes in the

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complex reconciliation measures (Puertas & Teigland, 2018). On the other hand, the individual
payments for the insurance business re one with the broker selling the insurance products. At
present, the payment process at Suncorp has been tedious and slow (Peters & Panayi, 2016).
Additionally, the solution for change must be concentrating on three types of use cases specifically.
Firstly, there is an effective transfer of information that is related to policy insurances and quotes.
This also involves the eradication of the necessity of reconciliations and authorizations at different
stages (Cocco, Pinna & Marchesi, 2017). Secondly, the bulk payments that are allocated
automatically from the brokers to the insurers towards the individual distinct policies. Then there is
the capability of enacting the automated reporting for the brokers and insures.
Discussing the problem statement:
At first, there is the blockchain implementation cost. Then there are the issues with
scalability contending with the challenges of the inability in serving various users. Next, there is the
data privacy where they decentralize the activities so that users never need any intermediation of
middleman (Hassani, Huang & Silva, 2018). Besides, there is insufficient knowledge of internal
blockchain. Then their transition from the structure of legacy has been proved to be complicated.
Lastly getting the suitable partners for facilitating the deployment is difficult.
The critical assumptions and constraints:
Financial analysis:
Having the blockchain, Suncorp can gain various advantages like lesser transaction, cost
savings, processing time and detection of fraud.

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Schedule estimate:
Firstly the project outcomes are to be determined. Then the time estimated is to be
understood. Lastly, the plan for that to be going wrong is to be determined (Liebenau & Elaluf-
Calderwood, 2016).
Potential risks:
The blockchain technologies have been exposing the risk institutions same to those related to
the present process of business. However, nuances are to be introduced for which the entities require
to be accounted for. Besides, there are risks of value transfers (Nguyen, 2016). Blockchain can
enable the different transfer of values, peer-to-peer in nature despite any necessity for core
intermediary.
Analysis of options and recommendations:
 Identifying the use cases and developing technology plans:
o Irrespective of the fact of how the use cases are found out, Suncorp must determine
the use case of blockchain deployment. They must look at vendor partners for
products fitting the bill and can work for developing the internal technology.
 Developing POC or proof of concept:
o Suncorp should develop a system, integrated into an isolated sandbox environment
with the institution’s data and see the software operating under a simulated scenario
with actual data of customers (Christopher, 2016). However, this never affects the
customers and it is the actual customer data and the actual transaction volume.
 Administering a field trial:

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o This should be including the limited production running with the data that is
customer-facing. This must be stepped up for including the data volumes and
customer-facing products.
 Launching a complete-volume rollout for the production:
o It is considered to be the field train with various real customers.
Preliminary project requirements:
Evaluation of the process of integration of cryptocurrency transactions:
Any website or application selling products, subscription fees, charging membership,
accepting donations and any additional type of payments must get advantages highly. This is through
having the payment-gateway of cryptocurrency integrated to that (Yeoh, 2017).
Understanding smart contracts:
The smart contracts have been permitting for the agreements to bind legally to get drawn
between the separate parties.
Analyzing of the integration of the smart devices with IoT:
It is to be understood how Suncorp has been securing the IoT networks. This permits the
smart device networks to get intercepted for helping the advantages of the users from the
interconnectivity (Pilkington, 2016).
Budget estimations:
Though the innovation of blockchain was found in 2008, this has achieved the publicity as
the innovation independent of Bitcoin just recently. Thus there are various commercial organizations
having substantial experiences that can deliver Suncorp with the suitable estimates of blockchain

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development (Morabito, 2017). Nevertheless, the cost of development might vary in a substantial
way. This is because of various features that can be deployed to the project. These prices described
are the estimations of the average markets.
Conclusion:
The above study is useful to understand the blockchain technology is a meaningful
collaboration that must develop the lasting effects at Suncorp. Its usage can result in better
transactions and systems of banking at Suncorp. Besides, this can generate an effective and efficient
banking system for smarter delivery of service. Suncorp can leverage on the versatility for delivering
the distinct services to Suncorp. This can offer the business with various unique scopes.
Nevertheless, particular issues should be overcome for the noticeable effects happening in the
banking area. For implementing this at the banking area, Suncorp must never forget to follow and
confirm the current laws of privacy. It is needed to secure the organizational and individual data and
security of those data. Further, there is a necessity for regulatory activities and oversight necessities
to get addressed by various related authorities. It is seen that the financial sector has been
synonymous with massive information. Thus the scalability of the data should be sorted out before
implementing the blockchain at Suncorp’s financial area. Summarizing the full understanding, it can
be said that blockchain can affect and bring a revolution at Suncorp. Nonetheless, the only aspects
required here is the proper use and application.

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References:
Christopher, C. M. (2016). The bridging model: Exploring the roles of trust and enforcement in
banking, bitcoin, and the blockchain. Nev. LJ, 17, 139.
Cocco, L., Pinna, A., & Marchesi, M. (2017). Banking on blockchain: Costs savings thanks to the
blockchain technology. Future Internet, 9(3), 25.
Guo, Y., & Liang, C. (2016). Blockchain application and outlook in the banking industry. Financial
Innovation, 2(1), 24.
Hassani, H., Huang, X., & Silva, E. (2018). Banking with blockchain-ed big data. Journal of
Management Analytics, 5(4), 256-275.
Liebenau, J., & Elaluf-Calderwood, S. (2016). Blockchain innovation beyond bitcoin and banking.
Available at SSRN 2749890.
Morabito, V. (2017). Business innovation through blockchain. Cham: Springer International
Publishing.
Nguyen, Q. K. (2016, November). Blockchain-a financial technology for future sustainable
development. In 2016 3rd International Conference on Green Technology and Sustainable
Development (GTSD) (pp. 51-54). IEEE.
Peters, G. W., & Panayi, E. (2016). Understanding modern banking ledgers through blockchain
technologies: Future of transaction processing and smart contracts on the internet of money.
In Banking beyond banks and money (pp. 239-278). Springer, Cham.

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Pilkington, M. (2016). 11 Blockchain technology: principles and applications. Research handbook
on digital transformations, 225.
Puertas, A. M., & Teigland, R. (2018). Blockchain: The Internet of Value. In The Rise and
Development of FinTech (Open Access) (pp. 276-308). Routledge.
Treleaven, P., Brown, R. G., & Yang, D. (2017). Blockchain technology in finance. Computer,
50(9), 14-17.
Yeoh, P. (2017). Regulatory issues in blockchain technology. Journal of Financial Regulation and
Compliance, 25(2), 196-208.