ENGT5214: Research Proposal: Blockchain Technology and Business

This research proposal examines the impact of blockchain technology on businesses in the UK. It begins with an introduction to blockchain, its cryptography, and its role in maintaining security and transparency. The proposal outlines the research objectives, which include investigating the application ...Read More

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BLOCKCHAIN TECHNOLOGY

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Table of Contents
Introduction......................................................................................................................................2
Research Objectives.........................................................................................................................2
Literature review..............................................................................................................................3
Findings...........................................................................................................................................6
Research Gap...................................................................................................................................6
Methodology....................................................................................................................................6
Research design and philosophy..................................................................................................6
Research approach and strategy...................................................................................................7
Data collection and analysis........................................................................................................7
Ethical issues...................................................................................................................................7
Other risks........................................................................................................................................8
Work Plan........................................................................................................................................8
References........................................................................................................................................9

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Introduction
A Blockchain, originally blockchain, is a growing list of records, called blocks that are linked
using cryptography (Treiblmaier, 2019). Each block contains a cryptographic hash of the
previous block, a timestamp, and transaction data. Therefore through the design, the Blockchain
is opposed to modifying the data and information (Hazen et al., 2019). It is considered the open
ledger when keeping the overall data of the two-party transactions in efficient and verified
manner.
In this research proposal “The impact of blockchain technology on business" topic is selected
because in the UK, it helps in maintaining security and transparency in the organization. In the
year 2018, most of the organizations in the UK keep the record of data in a highly effective
manner and reduce the cost and expenditure of the organization. Blockchain technology supports
the organization to verify and does evaluation without depending on the third party and it can
also encourage the organization to delete and alter the data and important information (Janssen et
al., 2019). The proposal will discuss the aim of conducting the research, different views of the
authors, research strategy and methodology which will be used while performing research and
other issues and problems.
Research Objectives
The objective of the study is to investigate the influence which blockchain technology has on the
functioning of the organization. Blockchain technology in UK is managed and maintained from
the two peer network which together supports the organization to validate a new block. The
different transaction which is done through this technology is attached and connected with the
Blockchain technology. To conduct the research and to accomplish the objective of the research,
the set of objectives are:-
 To investigate “the application of Blockchain technology in the different business of UK”
 To analyze “the significance and role of Blockchain technology”
 To investigate “The impact of Blockchain technology on business in the UK"

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This study will be important because not much study is conducted to define the usage of
Blockchain technology in businesses of the UK. The study also becomes significant for the other
business in the UK which does not use Blockchain technology by providing information about
the significance of this technology on the efficient operations of the business. The proposal
reveals that research will be performed because of understanding the concepts and aspects which
are related to the Blockchain technology and business that is investigating the relationship
between both of them.
Literature review
Researchers conducted the study to define the appliance of Blockchain technology in the
organization in the UK (Nowiński & Kozma, 2017). The information gathering is done through a
secondary method that is by taking the gathering and response of several authors. From the
analysis, it is described that Blockchain technology supports the organization to make variations
in the data and it demonstrates a similar pattern than that of ledger which shows the transactions
made between the different parties in a more efficient and verified manner. The major themes of
the study are the Blockchain technology and its application in business.
Blockchain technology is applied in various several businesses, industries to maintain privacy
and transparency in the data (White, 2017). The objective of the study is to investigate the
purpose and reason for the relevance of Blockchain technology in the efficient operations of the
organization. The data collection was done by taking the opinions and perceptions of different
employees of the organization. From the analysis, it is demonstrated that in the UK the majority
of the organization adopt Blockchain technology to make a settlement to real-time transactions.
Researchers demonstrate that it is done because of this decrease in the threat of non-payment by
the one-party regarding the transaction. Therefore, the study also finds that it is the distribute
leader it is due to the reason that it is available frequently and keeps the record with the proof
(Themistocleous, 2018).
The findings of the study revealed that in the UK some economic rules and regulations were
developed for giving financial incentives and rewards for continuously corroborating and
validating additional blocks (Aste et al., 2017). Researchers also describe that it allows the
organization for executing and implementing the transactions more accurately and reliably it also

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allows the organization to make the breakdown by adding various innovation and creativity in
the organization. The estimation also describes that Blockchain technology is simple to
understand and allow the organization to manage the list through which account of all the parties
remain balanced and managed in the organizations of the UK. The key themes of the study are
that it focuses on identifying the association between Blockchain technology and the
effectiveness of the business in the UK (Woodside et al., 2017).
The objective of the study is to investigate the importance and significance of the Blockchain
technology in the business (Treleaven et al., 2017). The findings of the study revealed that the
structure of the data and information is only appended which maintains more security and
privacy in the organization. It is because the important information of the organization cannot be
deleted as well as altered through third parties or by any other users. The themes of the research
include current adopting technology in the UK and its benefits in the business. Researchers also
demonstrated that Blockchain technology maintains transparency in the organization it is
because only those individuals can analyze the transaction of the data can view (Abeyratne &
Monfared, 2016). In this, no other user can view the data of the organization in the UK most of
the business adopt this technology it is because it takes the advantages over the other technology
that is in this lost data and information must be recovered efficiently.
The organization in the UK moves from several importances it is due to the reason that several
organizations define and make several pre-defined conditions for the Blockchain technology
(Gatteschi et al., 2018). Researchers demonstrate that in this the transactions are automatically
triggered this is only because when all the situations and conditions are met by the organization.
The key themes of the study include the relevance of Blockchain technology and its significance.
Blockchain technology is mainly used by the organization to record and stores all the important
transactions of the organization. This is the major importance of the organization it is because
once the data is stored it cannot be changed by the other users (Saberi et al., 2019). The data
collection is done through using both primary as well as the secondary method that is by taking
the opinions of the authors and managers of the organization. The findings of the study revealed
that it is used in several sectors such as trade finance it is because of reduction in the code ad it is
also used by the government due to proper management of identity.

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Researchers have conducted a study to examine the influence of Blockchain technology in
maintaining efficiency in businesses (Janssen et al., 2019). The findings of the study revealed
that it leads to overcoming the challenges and issues of the organization by managing better
transparency in the organization. It is due to the reason that through this technology the business
improves and develops regulations for the business and makes the organization that can work
and moves the overall decentralized network. The objective of the study is to investigate the
Blockchain technology effect on the business of UK in this research focuses on analyzing the
benefits which organization received through using this technology (Al-Saqaf & Seidler, 2017).
The results of the study demonstrate that or the organization of the UK it is majorly used in the
healthcare sector it is because of keeping all the records of the data and to manage the finance
efficiently. The major themes of the research are the effects of Blockchain technology and the
functioning of the business.
Blockchain technology influence the organization in both positive and negative manner in the
UK, to better understand the impact of this on business researchers focuses on investigating the
specific area that is to examine the positive effects of this technology (Wang et al., 2019). The
data collection of the study is done by gathering the information by organizing the questionnaire
and by taking the responses from various employees. The analysis of the study describes that
Blockchain technology leads in enhancing speed by reducing human-based errors and
duplication. Researchers also demonstrated that adopting this automation of the procedure
becomes more efficient and rapid (O'Dair & Owen, 2019). The investigation of the study also
reveals that blockchain adopts and simplify the ecosystem it is because of solving the issue of
several ledgers and further also focuses on several principles which include trust immutability as
well as accuracy in the organization.
The findings of the study revealed that researchers do not focus on understanding the issues
faced by the business by adopting Blockchain technology (Herian, 2018). Therefore for this
present study is conducted to examine the technology effects on the business. The themes of the
study are Blockchain technology and its negative effect on the organization. The analysis of the
data describes that there are various strategies policies and algorithm which help the blockchain
to protect the data but still in UK blockchain network gets attacked which disrupt the overall
ordering of the transactions done by the clients in the organization.

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Findings
The above literature of the study describes that Blockchain technology link the different data and
transactions in various blocks in this network peer to peer transactions is done because of
maintaining privacy and security in the organization (Nowiński & Kozma, 2017). The
importance of the study describes that it leads in maintaining a high level of safety and protection
in the organization to reduce the threats and danger of hijacking. It also provides benefits to the
organization by making no payments to the different intermediaries’ services (O'Dair & Owen,
2019). The above literature demonstrates that Blockchain technology affects the business in both
negatively as well as positively that is it managed decentralized network in the businesses but
increase the challenge of modification of private data of the business (Treleaven et al., 2017).
Research Gap
The present study focuses on describing the overall effect of Blockchain technology on the
effective operations of the activities in the organization of the UK (Janssen et al., 2019).
However, the stud does not focus on identifying the degree and ratio of influence it has on the
operations of the business in the UK. The study does not reveal the percentage of revenue and
profit of business earned by adopting Blockchain technology in the organization.
Methodology
The research methodology is considered the guidelines and outline which is made for
researching efficiently. In this researchers also develop research strategies approaches so that the
aim of conducting the study will be achieved (Abeyratne & Monfared, 2016). The methodology
will also describe the method of data collection and analysis so that accurate information could
be collected according to the research question. The research proposal describes that data
gathering is done by adopting a secondary method.
Research design and philosophy
It helps in describing the facts and philosophies related to the study in which this researcher can
get help in investigating the appropriate method of analyzing the data (Gatteschi et al., 2018).
The research proposal describes that for conducting the research “descriptive and exploratory

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research design" as well as "interpretivism philosophy" will be used. It is because through this I
can focus on describing the related facts and concepts such as the importance of Blockchain
technology and its application on the organization of the UK. Through this, I can also make a
clear description of the information collected through the different authors about the effect of
Blockchain technology.
Research approach and strategy
It is the complete tasks components structure of performing the study this helps the researchers
to make a description of the comprehensive information about the subject matter (Hazen et al.,
2019). The proposal reveals that for performing the study I will adopt a "deductive approach"
and help me to use the descriptive design. It is due to the reason that this approach and strategy
will help me to get accurate data and help to get more detailed data regarding the Blockchain
technology in the business. Through this, both positive and negative influence of information
will be collected so that complete data will be obtained.
Data collection and analysis
These are the most significant step for performing the research it is because data collection helps
the researchers in collecting whole information about the study and also support in selecting the
suitable data analysis technique for examining the information (Herian, 2018). The proposal
demonstrates that for performing the present study information gathering will be done through
adopting a secondary method that is by reviewing the literature about the Blockchain technology
impact and other related concepts so that the aim of the study will be accomplished. The analysis
of the data is done by adopting a critical analysis method in which data analysis will be done in a
critical manner. It is because these appropriate findings will be gathered according to the subject
matter that is to understanding “the impact of Blockchain technology on the operations of the
business”.
Ethical issues
The research proposal demonstrates that there are some ethical problems which are become
difficult for the researchers to conduct the study. One of the ethical issues will be carefulness in
selecting and finding ethical information about Blockchain technology in the UK. The other

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issue includes the openness of the information in this it becomes difficult to open and share the
data with appropriate findings. The study will also include other ethical issues which include
finding the appropriate information which is ethically proven and approve. The usage of
information in an appropriate manner is also one of the major issues which are to be resolved.
Therefore to overcome this I give the reference of every study so that it describes the name of the
authors which says the particular information. To maintain openness I can select the efficient and
appropriate technique of data analysis so that suitability and accuracy are maintained in the
organization.
Other risks
Various other risks include selecting the appropriate topic through which I could be capable of
researching correctly. The other risks involve selecting a suitable methodology for which the
objective of the study will be achieved efficiently. To overcome I will collect the background
information about the topic and also investigation will be done to understand the current
technology and factor which influence the organization of the UK. For the better selection of the
methodology, each strategy approach is linked to conduct the research.
Work Plan
The above chart demonstrates that there are various tasks which should be performed to develop
the final report and all the tasks require a different period. In the first step, research is designed in
which topic selection is made and related information is gathered. After this, the methodologies
used in the research are defined and the proposal is written. Therefore after this data collection in
an appropriate manner by describing the different themes will be done and analysis takes place

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which shows through appropriate findings and conclusion. Through all these activities the final
report is made by involving recommendations and bibliography.
References
Abeyratne, S.A. & Monfared, R.P., 2016. Blockchain ready manufacturing supply chain using
distributed ledger. International Journal of Research in Engineering and Technology, 5(9), pp.1-
10.
Al-Saqaf, W. & Seidler, N., 2017. Blockchain technology for social impact: opportunities and
challenges ahead. Journal of Cyber Policy, 2(3), pp.338-54.
Aste, T., Tasca, P. & Matteo, T.D., 2017. Blockchain technologies: The foreseeable impact on
society and industry. computer, 50(9), pp.18-28.
Gatteschi, V. et al., 2018. Blockchain and smart contracts for insurance: Is the technology mature
enough? Future Internet , 10(2), p.20.
Hazen, B.T., Russo, I. & Confente, I., 2019. Circular Economy: Recent Technology
Management Considerations. Technology Review, 6(4), pp.2-8.
Herian, R., 2018. Taking blockchain seriously. Law and Critique, 29(2), pp.163-71.
Janssen, M. et al., 2019. A framework for analysing blockchain technology adoption: Integrating
institutional, market and technical factors. International Journal of Information Management ,
50, pp.302-09.
Nowiński, W. & Kozma, M., 2017. How can blockchain technology disrupt the existing business
models? Entrepreneurial Business and Economics Review, 5(3), pp.173-88.
O'Dair, M. & Owen, R., 2019. Financing new creative enterprise through blockchain technology:
opportunities and policy implicationsStrategic Change. Strategic Change, 28(1), pp.9-17.

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Saberi, S., Kouhizadeh, M., Sarkis, J. & Shen, L., 2019. Blockchain technology and its
relationships to sustainable supply chain management. International Journal of Production
Research , 57(7), pp.2117-35.
Themistocleous, M., 2018. Blockchain Technology and Land Registry. The Cyprus Review ,
30(2), pp.199-206.
Treiblmaier, H., 2019. Toward more rigorous blockchain research: recommendations for writing
blockchain case studies. Frontiers in Blockchain , 2(1), p.3.
Treleaven, P., Brown, R.G. & Yang, D., 2017. Blockchain technology in finance. Computer,
50(9), pp.14-17.
Wang, Y., Singgih, M., Wang, J. & Rit, M., 2019. Making sense of blockchain technology: How
will it transform supply chains? International Journal of Production Economics, 211, pp.221-36.
White, G.R., 2017. Future applications of blockchain in business and management: A Delphi
study. Strategic change , 26(5), pp.439-51.
Woodside, J.M., Augustine Jr, F.K. & Giberson, W., 2017. Blockchain technology adoption
status and strategies. Journal of International Technology and Information Management , 26(2),
pp.65-93.