Blockchain Technology: Applications, Effectiveness, and Case Study

This report provides an overview of blockchain technology and its impact across various industries. The first section focuses on the technology's usefulness, effectiveness, and positive impacts, particularly in areas like crowdfunding, banking, and cybersecurity. It addresses problems solved by blockchain, such as transparency, security, and data corruption. The second part delves into a failed blockchain project by R3 in the banking sector, highlighting issues with decentralization and authorization. Despite the failure, the project led to new discoveries, including faster adoption processes and improved mechanics in other banking management system modules. The report concludes that blockchain technology can significantly benefit transaction-based industries by reducing costs and enhancing data reliability, while also emphasizing the importance of efficient source codes for successful implementation.

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Blockchain Technology
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction................................................................................................................................2
Part 1: Blockchain Technology and its usefulness.....................................................................2
Industries impacted by the use of blockchain technology.....................................................2
Effectiveness of the the Blockchain technology....................................................................3
Problems solved by blockchain technology and reason behind the issues............................3
Positive impact of the blockchain technology.......................................................................3
Part 2: Failed project of blockchain technology........................................................................4
Information about new discovery...........................................................................................5
Conclusion..................................................................................................................................5
Reference....................................................................................................................................6

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Introduction
The foremost determination of this paper is to focus on the impact of the blockchain
technology and its application across various industries. The paper will be having two parts
the first part of the paper will be focusing on the effectiveness of the blockchain technology
and the problems related to it. The positive impact of the blockchain technology will also be
described in the first part. The second part of the paper will be focusing on a failed project
related to blockchain technology which lead to a new discovery (Michael, Cohn & Butcher,
2018). Blockchain technology is defined as the type of technology which helps in ensuring
the transparency, traceability and security in the transactions of various types of industries.
The databases which record the bitcoin transactions with the help of the global network of
computers use the blockchain technology.
Part 1: Blockchain Technology and its usefulness
The blockchain technology is very much used in the various industries to record
transactions across various computer systems in a network so that the efficiency of the
transactions is maintained. The extra costs associated with those industries can be reduced
with the help of blockchain technology.
Industries impacted by the use of blockchain technology
o Voting industry
o Peer to peer global transaction industry
o Stock exchange industry
o Smart contracts industry
o Energy supply industry
o Supply chain management industry

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o Accounting industry
o Quality Assurance industry
Effectiveness of the the Blockchain technology
The blockchain technology is the perfect technology as it helps in reducing the extra
costs associated to the concerned industries. The integrity of the transaction is securely stored
in the databases unlike the other technologies which involves the third parties which
sometimes compromises the integrity of the data (Zheng et al., 2016). Alteration of the data is
a very significant issues associated with the transactions which is not at all a point of concern
for the blockchain technology.
Problems solved by blockchain technology and reason behind the issues
Transparency is one of the key problems of the transactions of the stated industries as
it involves both internal and external stakeholders and this issues can be solved efficiently
with the help of the blockchain technology.
The security of the data is also very much important for the business processes of
these industries as any alteration of the data may lead to the huge business losses, this kinds
of challenges are also met using the blockchain technology.
Data corruption is an important aspect of the different industries such as the voting
industry, smart contracts industry and stock exchange industry as data are transported to
different locations across various organizations (Gonzalez-Burgos, Latorre-Sanchez &
Pomposo, 2015). This problem can be solved effectively with the use of the blockchain
technology.
Positive impact of the blockchain technology
The different types of positive impact of the blockchain technology are as followings:

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o Crowd funding: Fundraisers and the investors of the accounting industry who are
responsible to raise funds for their organization are positively impacted with the use
of the blockchain technology (Cui et al., 2017).
o Banking: The added costs of the banking industries can be positive affected with the
help of the blockchain technology (Swan, 2015).
o Cyber security: Government and the private data bases is hugely impacted with the
help of the blockchain technology as it helps them to protect their information from
the cyber security threats such as the ransomeware.
Part 2: Failed project of blockchain technology
R3 is a distributed database technology organization having more than 200 firms in
research and development of the distributed ledger usage ("r3.com", 2018). Located in New
York City in the year 2014, the source codes released by this organization involving the
blockchain technology in the 2016 was a failed one for a banking organization. The digital
payment control of this organization is known as Ripple. The public digital ledger is used to
record transactions across many computers with the help of the blockchain technology. The
problems associated with the codes was that it was not helping in the decentralization process
which is a must in the banking project where the codes are being integrated. The transfer
system of the banking management system was negatively impacted due to the inefficient
source codes which led to the misunderstanding between the banking authorities and their
clients. Authorization problem is the other vital criteria of this failed project (Mougayar,
2016). The banking authority had to invest separately for this failed project as it was
effectively having a negative effect on the reputation of the banking organization.

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Information about new discovery
Based on the failed project in the banking industry, it was found that adoption process
of the banking corporation was speeding up after the failure of the source codes. The overall
mechanics of the working principals are improved in the other modules of the baking
management system (Czepluch, Lollike & Malone, 2015). The pragmatic benefits of the
other technologies are discovered after the failed implementation of the blockchain
technology.
Conclusion
From the above paper, it can be concluded that blockchain technology can play a huge
role in the different types of industries which works on transactions such as the accounting
industry and the stock exchange industry. The extra costs involved in those industries can be
reduced with the help of the blockchain technology. The paper helps in understanding the
role of the blockchain technology in different types of industries. The effectiveness of this
technology in terms of data reliability and data consistency is also concluded from the paper.
The paper helps in understanding the positive impact of the blockchain technology in details.
The second unit of the paper helps in understanding a failed project in a database technology
organization. The failure occurred due to the use of the inefficient source codes in the
banking management system. The significant new discovery which can be concluded after
the failed project is in terms of the faster speed of the adoption process and improved
mechanics of the working principals of the banking management system which was not
known prior to the failed project.

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Reference
Cui, G., Shi, K., Qin, Y., Liu, L., Qi, B., & Li, B. (2017, April). Application of blockchain in
multi-level demand response reliable mechanism. In Information Management
(ICIM), 2017 3rd International Conference on (pp. 337-341). IEEE.
Czepluch, J. S., Lollike, N. Z., & Malone, S. O. (2015). The use of blockchain technology in
different application domains. The IT University of Copenhagen, Copenhagen.
Gonzalez-Burgos, M., Latorre-Sanchez, A., & Pomposo, J. A. (2015). Advances in single
chain technology. Chemical Society Reviews, 44(17), 6122-6142.
MICHAEL, J., COHN, A., & BUTCHER, J. R. (2018). BlockChain technology. The Journal.
Mougayar, W. (2016). The business blockchain: promise, practice, and application of the
next Internet technology. John Wiley & Sons.
r3.com. (2018). Retrieved from https://www.r3.com/
Swan, M. (2015). Blockchain: Blueprint for a new economy. " O'Reilly Media, Inc.".
Zheng, Z., Xie, S., Dai, H. N., & Wang, H. (2016). Blockchain challenges and opportunities:
A survey. International Journal of Web and Grid Services, 1, 1-25.