Innovation and New Technologies: Blockchain Technology and Trends

This report delves into the realm of innovation and new technologies, emphasizing the significance of blockchain technology within business information systems. The introduction defines innovation and technological innovation, highlighting current trends such as artificial intelligence, cloud computing, 5G networks, the Internet of Things, and big data analytics. The core of the report concentrates on blockchain technology, explaining its nature as an incorruptible digital ledger used for economic transactions and its decentralized advantages. The report details the working procedure of blockchain, including transaction verification, block creation, and hashing. Finally, the report concludes by stressing the importance of technological innovation for continuous improvement in various sectors, including business, health, and human services, underscoring the benefits of disruptive technologies and their positive impact on business operations and competitive advantage.

Running head: INNOVATION AND NEW TECHNOLOGIES
Innovation and New Technologies
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction:....................................................................................................................................2
Blockchain Technology:..................................................................................................................4
Conclusion:......................................................................................................................................7
References:......................................................................................................................................9

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Introduction:
The term innovation is actually having a modern meaning which means creative
judgments, new idea and new imaginings (Tidd and Bessant 2018). These judgments or the
imaginings can be as a method or a device. In often cases, innovation is considered as application
of better solution which is capable of meeting unarticulated needs, new requirements or the
current needs of the market. These types of innovations can be implemented through provision of
the much more effective products, processes, technologies, services or business models which
can be provided to consumer level including society, governments and society (Berry and Berry
2018). An innovation is actually something which is original and much more effective and is
capable of break to the market or to the society.
The technological innovation is a part of the actual innovation which focuses specifically
on the technological aspect of a service or a product (Kogan et al. 2017). In this way the targeted
products or the services can be improved. In the present time there are various of technological
trends which includes artificial intelligence, cloud computing, 5G networks and many more.
Current emerging trends in the information system are the internet of things, blockchain and big
data analytics.
The artificial intelligence can also be demonstrated as the machine intelligence, which is
actually intelligence which is demonstrated by the machines (Russell and Norvig 2016). This
intelligence of the machines can be compared with the natural intelligence which is displayed by
the humans. This artificial intelligence came into existence after the invention of the digital
computers which is also programmable in nature. This digital computer was invented in 1940.
This machine was based on the abstract essence regarding the mathematical reasoning.

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Cloud computing is the service of computer resource availability whenever the user
demands it. These computing resources mainly includes computing power, data storage where
these resources can be achieved without any type of direct active management by the users
(Rittinghouse and Ransome 2017). The concept of the cloud computing came into existence in
the year of 1960 when there was a first suggestion regarding the concept of intergalactic
computer network. Following that the concept of cloud computing evolved in various of phases
which is consisting grid and utility related computing, application service provision and software
as a service.
The 5G technology is the fifth generation of the cellular network technology. This
technology is the successor of the 4G network technology. As a successor it consists various of
improvements over the 4G network technology where it can support up to a million device per
square kilometer where 4G was only capable of supporting 100,000 per square kilometer (Mitra
and Agrawal 2015). It has been assessed that under the idea conditions the speed of 5G networks
can reach up to 10 gigabit per second.
The Internet of Things is the extension of normal internet connection which is transmitted
to the everyday objects and the physical devices. Through the implementation of the Internet of
Things the electrical devices are capable of communication with each other using the internet
connectivity (Al-Fuqaha et al. 2015). Using the same internet connection these electrical devices
can be controlled and monitored remotely using the Internet of Things. The concept of Internet
of Things were come into existence in the year of 1999 when this term was invented for actually
promoting the RFID technology. Though the term was first invented in 1999, the actual concept
is from the 1970s. On that time this concept was also knows by the pervasive computing or
embedded internet.

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The blockchain technology is a records list which is growing constantly. This record is
also known as the blocks in which all the blocks are linked with each other using the
cryptography technology (Crosby et al. 2016). In this case each of the block is consisting
previous block’s cryptographic hash, a transaction data and a timestamp. These all together helps
to protect the data that is consisted by each of the blocks. The blockchain technology is capable
of resisting any type of modification to the data. The blockchain technology was first came into
existence in 2008 when Satoshi Nakamoto introduced the crypto currency named Bitcoin. This
crypto currency Bitcoin used the blockchain technology for the protection of the transaction
related data so that it becomes one of the secure way of transaction. From there concept of the
blockchain started.
The big data analytics is the complicated process of examination of the varied and large
type of dataset. The main aim of these big data analytics is uncovering the hidden patterns of the
data. With that these big data analytics also aims to uncover the market trends, unknown
correlations and the customer preferences (Gandomi and Haider 2015). This will help the
organizations to make the important business decisions. The term Big Data was first announced
in the year 2005 by O’Reilly Media. Though the term was introduced in 2005, the concept of Big
Data was there from very earlier. This concept was existed from the year 1937 when the first
major data project was created. For the concept of Big Data a data processing unit was very
much important which was appeared in the year of 1943. From there the journey of Big Data
started.
Blockchain Technology:
In this aspect blockchain technology has been chosen which is very much important for
the business information system which is also one of the latest innovative technology. In this

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context of this report blockchain technology will be a brief discussion regarding blockchain
technology which will include the technological innovation.
The blockchain technology is an incorruptible type of digital ledger that is mainly utilized
for the economic transactions (Pilkington 2016). The blockchain technology is programmable in
nature that it will not just record the financial dealings, but also it will record the virtually
everything of value. In the simplest term the blockchain technology is defined as time stamped
series of some immutable data record. This data records are organized by the computer clusters
that is not possessed by some single entity. Here, all of these data blocks are protected and
bounded to each other by following the principles of cryptography (Zheng et al. 2017). The
blockchain technology is decentralized in nature and due to this factor it is having several of
advantages. One of the main benefit here is that blockchain technology does not consists any
type of central authority which makes it is a democratized system. This system is a shared and
with that it also immutable type of ledger. For this all the information hold by this system open
to everyone and can be seen by everyone. Thus all the transactions made through the blockchain
technology is very much transparent.
These blockchain technology is very much important for the business information
systems as this can help the businesses for the efficient transactions of the information. The
blockchain is very much useful for the businesses for effective information sharing without any
type of tampering of the information (Yli-Huumo et al. 2016). In this technology a transaction is
initiated by creating an information block where block verification is done by so many of
computers around the internet. In this aspect all the block of information that is verified in this
case is included to the chain and this block is stored across the internet. In this way the
blockchain technology creates a unique record which consists a unique history. In such cases

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where a single record is falsified will lead to falsifying of the entire chain in millions of instances
and this impossible virtually. This is the main reason that the transaction with the blockchain
technology is very much safe.
The working procedure of the blockchain technology is very much unique in nature. For
adding the data to the blockchain a block must be used for adding new data to the blockchain.
While these data is integrated to the blockchain through the blocks, four things need to be done.
 In the first case a transaction need to be occurred. The transaction can be anything
including a product purchase also.
 In the following section the transaction need to be verified. While the purchase has been
made the transaction must be verified in this case. This transaction will be verified with
the other public reports of information. In the further steps all the processes will be done
by the blockchain technology itself. The networks of computer system which is
integrated with the blockchain technology will verify the purchase that has been made in
this case (Biswas and Muthukkumarasamy 2016). If the purchase found to be true then all
the crucial information with the transaction will be saved including the purchase amount,
time of purchase, details of purchase and participants related with the transaction.
 This information regarding the transaction need to be kept in the block. All the
information regarding the transaction is stored within this block. But to store all the
information within the block the transaction itself need to be verified as accurate.
 In the last stage all of these information block must be having a hash. These hash is a
unique code of identification that is provided after verification of all the information
blocks (Lemieux 2016). With that all the blocks gets hash of its previous block. Once the
process of hashing is complete the block can be added to the blockchain.

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Conclusion:
From the above discussion it can be concluded that the technological innovation is very
much important as it can efficiently improve the daily lifestyle of the humans in a continuous
way. The technological innovation is also changing the world. It has been assessed that the
technological innovation is one of the most important aspect which can provide the competitive
success. The current market nature demands the results in the shorter product life cycle. The
organizations which are inefficient in the production line, loose the market share gradually. In
this aspect the technological innovation plays an important role as it can effectively improve the
overall production of an organization. The technological innovation is also very much important
in the aspect of health and the human services. In the current situation health and the human
service industry is facing various of challenges. In this aspect technology one of the major
aspects which has a great potential for the health and the human services. There are various of
reasons due to which the technological innovation can improve these health and human service
sector. The current technological innovation is capable of providing automation to these sectors
that will help them to improve their services. With that technological innovation is capable of
integration and empowering of these sectors and that is one of the important reason in this case.
One of the important application of the technological innovation it that, it enables the
disruptive innovation. The disruptive innovation is important as it creates new market and a
value network which is capable of disrupting the existing value market. This disruptive
technologies are proficient of displacing the already established firms that is currently leading
the market, alliance and firms. These disruptive technology is capable of impacting the
businesses in a very positive way. This is capable of providing various of benefits to the business

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operations. Important benefits that is provided by the disruptive technology are discussed in the
following section.
 In the businesses when something new and innovative implemented to the existing
services it will surely going to help the organizations in the future growth. Newest
technology will always help the organization to accomplish competitive advantage in the
market.
 When the disruptive technology is used in the appropriate environment it can return some
immediate profits to the organization.
 Implementation of the new technologies can also help the businesses and the
organizations to reduce the organizational cost. This will improve the overall revenue of
the organizations.
 While the organizations implements the disruptive technologies, this will help the
organizations to work with the latest technologies. For the new organization this will be
very much beneficial as it will help them to have a smooth entry in the market.
 By the implementation of disruptive technologies organizations will be able to make use
of golden opportunities that they can get in various of stages of the business operations.
 Lastly, by the implementation of the disruptive technologies, the organizations will be
able to serve the customers in much more better way. This will help the organization to
gain much more number of customers which will lead to better revenue generation.

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References:
Al-Fuqaha, A., Guizani, M., Mohammadi, M., Aledhari, M. and Ayyash, M., 2015. Internet of
things: A survey on enabling technologies, protocols, and applications. IEEE communications
surveys & tutorials, 17(4), pp.2347-2376.
Berry, F.S. and Berry, W.D., 2018. Innovation and Diusion Models in Policy Research.
In Theories of the policy process(pp. 263-308). Routledge.
Biswas, K. and Muthukkumarasamy, V., 2016, December. Securing smart cities using
blockchain technology. In 2016 IEEE 18th international conference on high performance
computing and communications; IEEE 14th international conference on smart city; IEEE 2nd
international conference on data science and systems (HPCC/SmartCity/DSS) (pp. 1392-1393).
IEEE.
Crosby, M., Pattanayak, P., Verma, S. and Kalyanaraman, V., 2016. Blockchain technology:
Beyond bitcoin. Applied Innovation, 2(6-10), p.71.
Gandomi, A. and Haider, M., 2015. Beyond the hype: Big data concepts, methods, and
analytics. International journal of information management, 35(2), pp.137-144.
Kogan, L., Papanikolaou, D., Seru, A. and Stoffman, N., 2017. Technological innovation,
resource allocation, and growth. The Quarterly Journal of Economics, 132(2), pp.665-712.
Lemieux, V.L., 2016. Trusting records: is Blockchain technology the answer?. Records
Management Journal, 26(2), pp.110-139.
Mitra, R.N. and Agrawal, D.P., 2015. 5G mobile technology: A survey. ICT Express, 1(3),
pp.132-137.

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