Blockchain and Its Implications

Overview of Blockchain

• Blockchain is a decentralized database that's constantly updated (Norton, 2016).
• It provides real-time information about money or asset based transactions (Norton, 2016).
• Speeds up business processes by removing intermediaries of any sort
• It is a mobile application that can work from anywhere and anytime via internet connection (Norton, 2016).
• No one owns Blockchain, however, everyone can use it which essentially makes it difficult for anyone to corrupt the network (Norton, 2016).

Benefits of Blockchain

• Two parties can make an exchange without having to deal without having to deal with a third party institution (Waranteer, 2014).
•  Banks can take days to process transactions, whereas, Blockchain can do it in minutes (Waranteer, 2015).
• The elimination of intermediaries results in lowered transaction costs (We forum, 2014).
• All of the transactions that occur on Blockchain cannot be changed or altered in any way (Waranteer, 2015).

Issues and flaws

• Not publicly available and the mainstream population is very hesitant when it comes to incorporating the technology (Players Money, 2013).
• Blockchain is banned in some countries due to bitcoin being an unregulated currency
• Even some Canadian banks refuse to deal with businesses that deal with bitcoin and terminate their accounts (Sturgeon, 2013).
• The anonymity of protecting its users' identity in Blockhchain also causes discomfort among companies because it hinders the process of tracking individuals during security measures (Sturgeon, 2013).

Current Uses

Blockchain is currently keeping the public updated with real-time data 24/7 (We Forum, 2014).  More recently, Nasdaq made its first blockchain based transaction between two parties (Fine Extra News, 2016). Companies such as Microsoft have already entered into a partnership with companies that share an interest in an open source identity platform for Blockchain (Blockchain, 2016). This simplification will make it easier for managers to incorporate the technology into their businesses. Furthermore, Blockchain has been gaining popularity on Wall Street. Various companies have already implemented the Blockchain platform and others considering to do so as well (Crowe, 2016).

Bright future ahead

• The UK claims that Blockchain can be used to collect taxes in the near future (Badenhorst, 2016).
• Possibility of distributing government identification like passports and license (Briggs, 2014).
• Managers now have more access to data than ever before 
• Potential of decreasing the amount of frauds that occur because of the codes will be extremely difficult to crack (Briggs, 2014).

(Youtube, 2016).

References

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Process of Blockchain. (n.d.). In We Forum. Retrieved July 20, 2016, from https://www.weforum.org/agenda/2015/11/how-will-blockchain-technology-transform-financial-services/ (Originally photographed 2015, November)

Apple Removed Black Chain. (n.d.). In The Next Digit. Retrieved July 20, 2016, from http://thenextdigit.com/4594/apple-removed-blockchain-digital-wallet-bitcoin-ios-app-store/

Blockchain. (n.d.). In Waranteer. Retrieved July 20, 2016, from http://www.warranteer.com/the-bitcoin-blockchain-the-next-step-in-cloud-based-ewarranty

W. (2016). What is blockchain? Retrieved July 27, 2016, from https://www.youtube.com/watch?v=6WG7D47tGb0

Badenhorst, F. (2016, January 27). Blockchain pegged as UK's tax future. Retrieved from AccountingWEB: http://www.accountingweb.co.uk/tech/tech-pulse/blockchain-pegged-as-uks-tax-future

Biggs, J. (2014, October 31). Your Next Passport Could Be On The Blockchain. Retrieved from Tech Crunch: https://techcrunch.com/2014/10/31/your-next-passport-could-be-on-the-blockchain/

Bitcoin. (2009). How Does Bitcoin Work? Retrieved from Bitcoin.org: https://bitcoin.org/en/how-it-works

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Blockchain. (2016). The World is Now Open for Business. Retrieved from Blockchain: https://www.blockchain.com/

Blockstack. (n.d.). What is Blockchain Identity? Retrieved from Blockstack.org: https://blockstack.org/docs/blockchain-identity

Crowe, P. (2016, March 5). There is a 'game changer' technology on Wall Street and people keep confusing it with bitcoin. Retrieved from Business Insider: http://www.businessinsider.com/what-is-blockchain-2016-3

Ethereum. (2016). Ethereum Homestead Release Blockchain App Platform. Retrieved from Ethereum.org: https://www.ethereum.org/

Hutt, R. (2016, June 17). All you need to know about blockchain, explained simply. Retrieved from World Economic Forum: https://www.weforum.org/agenda/2016/06/blockchain-explained-simply/

III, Y. R. (2016, May 31). What does identity mean in today’s physical and digital world? Retrieved from Microsoft Azure: https://azure.microsoft.com/en-us/blog/what-does-identity-mean-in-today-s-physical-and-digital-world/?tduid=(dfd4551741b232bdacff6fbe8eae90f1)(256380)(2459594)(TnL5HPStwNw-H_rHHDmlaM8.OyVoiv.9GA)()

Kharif, O. (2016, May 19). Blockchain Goes Beyond Crypto-Currency. Retrieved from Bloomberg Businessweek: http://www.bloomberg.com/news/articles/2016-07-26/the-curious-case-of-joseph-meyer-a-little-giant-of-hedge-funds

Matthew. (2016, January 22). How blockchain tech could change the way we do business. Retrieved from BBC: http://www.bbc.com/news/business-35370304

Norton, S. (2016, February 2). CIO Explainer: What Is Blockchain? Retrieved from The Wall Street Journal: http://blogs.wsj.com/cio/2016/02/02/cio-explainer-what-is-blockchain/

Sturgeon, J. (2013, November 30). As Bitcoin surges, Canadian banks make converting to cash difficult. Retrieved from Global News: http://globalnews.ca/news/996853/as-bitcoin-surges-canadian-banks-make-converting-to-cash-difficult/

Tapscott, D., & Tapscott, A. (2016, June 6). This is how blockchain will change your life. Retrieved from World Economic Forum: https://www.weforum.org/agenda/2016/06/this-is-how-blockchain-will-change-your-life/

Unknown. (2016, January 4). Nasdaq sees in the New Year with first blockchain transaction. Retrieved from Finextra News: https://www.finextra.com/news/fullstory.aspx?newsitemid=28285