Analyzing Blockchain's Impact on Starbucks: A Literature Review

This literature review examines the potential impact of blockchain technology on Starbucks' business operations and expansion. The paper begins with an introduction outlining the aim, objectives, and research questions, focusing on how blockchain could enhance Starbucks' competitive advantage, customer satisfaction, and digital currency integration. The review then explores the concept of blockchain, including its security features, transparency, and robustness, and how these elements align with Starbucks' objectives. The paper investigates the relationship between blockchain technology and Starbucks' business goals, emphasizing the potential for improved digital customer relationships and efficient transactions. The review also discusses the advantages of blockchain over other technologies such as Bitcoin. The conclusion summarizes the key findings, suggesting that blockchain can accelerate Starbucks' business objectives and contribute to long-term shareholder value. The paper references several academic sources, including journal articles and books, to support its analysis.

Literature Review of an
Industry Research Project

TABLE OF CONTENTS
Title..................................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Aim..............................................................................................................................................1
Objectives....................................................................................................................................1
Research Questions.....................................................................................................................1
Literature Review ............................................................................................................................2
Concept of Block chain technology in Starbucks.......................................................................2
Relationship between block chain technology and expanding business objectives in Starbucks
.....................................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

Title
To analyse the impact of the latest technology (block chain) in expansion of the business
in Starbucks
INTRODUCTION
Although there are various new technologies that are emerging and is being developed by
various organisations in order to gain a competitive as well as financial advantage. Some very
common and well known examples of it includes various means of transacting the
cryptocurrencies such as bitcoin, block chain technology etc. Block chain technology is
considered as an efficient option that can be involved by an organisation to gain a competitive
advantage along with various other benefits because it consists of various essential factors such
as robustness, transparency, security etc. Although there are various options available that can be
involved by Starbucks but the technology of block chain can be considered effective enough
because of the involvement of such essential features (Alvseike and Iversen, 2017). The
literature review represents the analysis of the latest technology factors such as block chain etc.
that can help Starbucks in various concepts, whether it is about the consumer behaviour or
regarding the shareholder values for longer terms.
Aim
To analyse the impact of the latest technology (block chain) in expansion of the business
in Starbucks
Objectives
 To determine the concept of block chain in Starbucks.
 To evaluate the relationship between block chain and expanding business of the
Starbucks.
 To recommend ways by which the impact of block technology can be maximized in the
Starbucks.
Research Questions
Q1 What is the idea of block chain technology in Starbucks?
Q2 What is the relationship between technology of block chain and expanding business
objectives in the Starbucks?
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Literature Review
Concept of Block chain technology in Starbucks
A block chain can also be considered as a chain containing the records in the form of
blocks. Every previous block is composed of some cryptographic data of the previous block.
Also, along with the cryptographic data, it includes a time stamp and the information that has
been transacted. The whole handling and managing of the block chain is being implemented by
the peer to peer networks (Weichert, 2017). Also, it has a special feature that the information or
piece of data that is recorded cannot be changed and it is because of the security features. Block
chain is also considered as a value exchange protocol. All the transaction history, even of every
single person is being recorded appropriately in the distributed database of the block chain. It
has been done for maintaining the security so that any unauthorised access etc. may not be able
to do the transaction and after that can erase the data. So, for maintaining this security that no
one can erase the data that is being entered once, the block chain technology proves effective
enough. It has been observed in various cases that nowadays various companies such as
Starbucks etc. are thinking of involving the potential use of block chain technology and they are
giving preference to block chain rather than bit coin (Morgan, 2018). Starbucks is continuously
looking forward for involving a wider set of technologies including the block chain one. There
have been included various cryptographic algorithms in the technology of block chain and these
cryptographic algorithms are secured by high security features so that no sort of theft or steal can
become possible when people make transactions from that. Also, it is being said that the block
chain technology is considered as the underpinning of the bitcoin. Also, various new features
have been added to the same so that the customers can have an ease and simpler access. Also, it
involves various security measures that can help the customers to stay away from any sort of
threat or theft. This can be considered as an effective method for paying the amount so that the
customers of Starbucks can have an easy experience with the coffee shop. The technology of
block chain helps in a better and appropriate distribution of the data and information but it does
not involve any sort of duplication. There is no chance of any corruption in the block chain
technology and is known for economic transactions.
The whole technology of block chain is based on a distributed database. The whole
structure and designing of the block chain is being done in a way that it acts robust enough.
There are various factors that can be considered as the positive points of the block chain, one can
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consider before using it. A wide amount of information is being stored in the system and every
part of the system is identical across at every network on which it has been implemented. No
single person can control it. Till now, there has not been found any case of failure that happened
with any of the customer whether in terms of transaction failure or any theft etc. The technology
does not support any such corrupt factor. In case of bitcoin there have been observed some
failures such as missed transactions, machine errors etc. but in case of the block chain
technology, every single transaction gets recorded in the distributed database system so that any
customer does not have to face any issue regarding the transaction etc. So, with the help of a
proper and secure validation mechanism, the block chain technology has been implemented. So,
it can be considered as an effective and appropriate way of achieving a competitive advantage
along with a long term share holder value (Atzori, 2015). Another essential feature of the block
chain technology involves transparency. It means all the information and data is being involved
within the network, so it is considered as public. Also, it is prevented from any sort of theft or
stealing because for making changes in the block technology that it cannot trace that some
changes have been made. But the fact which is to ensure here is that it is not easy. For this, wide
and powerful computing algorithms need to be involved in the block chain technology and that is
not possible by famous cyber criminals as well because it has already been made so powerful as
it involves enormous number of computing algorithms and is prepared by implementing a secure
validation mechanism. So, no chance of corruption or theft is possible in case of the block chain
technology.
Relationship between block chain technology and expanding business objectives in Starbucks
Starbucks have thought of involving the block chain technology as they want to provide
their customers an efficient and appropriate satisfaction rate. Also, they want to make expansions
in the digital customer relationships. Although Starbucks has not yet started the use of block
chain technology but in the future, they are planning to make further implementations because
they consider it as an appropriate means of digital currency and also can act as a significant and
measurable factor for the customers because by this means, they can also get a sort of ease in the
application (Tapscott and Tapscott, 201). The chairman at the Starbucks feel that the bit coin has
proved to be an effective option too but it has some issues that can make further complications to
the customers of Starbucks. Also, they consider that block chain technology is composed of
various different features, whether it is associated with the transparency, robustness, security etc.
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It is composed of all and that too in an appropriate manner that if Starbucks implements this
technology, their customers might not have to face any further issue regarding the transaction or
any sort of theft. Thus, the chairman and authorities have given preference to the block chain
technology rather than making any involvement of the bit coin technology. On the basis of all the
factors defined, the technology of block chain can be considered as relevant enough if being
involved by the Starbucks. Actually, the block chain technology is a sort of network that is
composed of different nodes but all the nodes are operating over a single network. These nodes
play the role of being administrator. There are various examples of cryptocurrencies that are
being used by various number of organisations (Swan, 2015). On an overall basis, it has been
concluded that there are about 700 cryptocurrencies dealing in the market place. Every
cryptocurrency has some different influence but it has been analysed that every such
cryptocurrency has some default factors that they cannot be recommended for a longer growth.
Thus, Starbucks have decided to make involvement of the block chain technology in order to
make some effective development in the overall structure of their organisation, thus gaining a
huge rate of satisfied customers and can further help in achieving popularity and productivity as
well.
The designing of the block chain technology is being designed in a decentralised way. It
means whatever the process and output is, it all seems available on the network. A huge number
of computers can make use of block chain technology in order to manage the controlling and
handling of the database. Also, testing is being done on these as well on a regular basis and it is
important enough so as to check whether the processing is smooth or not (Drew, 2017). Also, if
there are any issues because if there are any further issues, it is being replaced as soon as
possible. Rather than being controlled by a central authority, the technology of block chain is
being managed by a wider community which ensures that the security, robustness, reliability etc.
every factor has been maintained enough so that the customers might not have to face any further
issue or complexity while doing any transaction etc. This is the reason why it is being managed
by a wider community because there are enormous number of functions and processes. So,
managing them all is necessary so as to avoid any complication further. A central community has
been avoided because in that case, there might be the possibility that it cannot act able enough to
resolve the issues. So, a wider community has been chosen for the same. There are various
reasons that tends the organisations to implement these cryptocurrency. So, Starbucks also for
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achieving such factors is deciding to make involvement of the block chain technology. These
factors involve the increasing interest rate, positive reaction at the market etc. It is because there
are various companies who are involving different such means just because to make their
processing and operations efficient enough so that they can provide much satisfaction to their
customers, thus it will help in gaining Starbucks huge popularity as well as productivity.
CONCLUSION
It can be concluded that Starbucks can make involvement of the block chain technology
as it can actually help in fastening the rate of objectives they want to achieve for achieving their
business objectives. Also, it can be considered as an effective option for gaining a much number
of satisfied customers. There are various types of factors that make the technology of block chain
effective enough such as the transparency, robustness etc. These factors make the block chain
technology quite different from the other ones. So, it can be considered as an appropriate option
for Starbucks to involve so that they can get benefits whether in terms of consumer behaviour on
in having long term shareholder value.
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REFERENCES
Books and Journals
Alvseike, R. and Iversen, G. A. G., 2017. Blockchain and the future of money and finance: a
qualitative exploratory study of blockchain technology and implications for the monetary
and financial system (Master's thesis).
Atzori, M., 2015. Blockchain technology and decentralized governance: Is the state still
necessary?.
Drew, J., 2017. Real Talk about Artificial Intelligence and Blockchain. Journal of
Accountancy. 224(1). p.22.
Morgan, J. S., 2018. What I Learned Trading Cryptocurrencies While Studying the
Law. University of Miami International and Comparative Law Review. 25(1). p.159.
Morgan, J. S., 2018. What I Learned Trading Cryptocurrencies While Studying the
Law. University of Miami International and Comparative Law Review. 25(1). p.159..
Swan, M., 2015. Blockchain: Blueprint for a new economy. " O'Reilly Media, Inc.".
Tapscott, D. and Tapscott, A., 2016. Blockchain revolution: how the technology behind bitcoin is
changing money, business, and the world. Penguin.
Weichert, M., 2017. The future of payments: How FinTech players are accelerating customer-
driven innovation in financial services. Journal of Payments Strategy & Systems. 11(1).
pp.23-33.
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