Prospects For The Blockchain Technology (Essay Sample)
This assignment asks you to produce a business report. You have now identified a problem and engaged in primary and secondary research to understand it. For this assignment, you are asked to form a thesis statement that proposes a comprehensive solution to the problem using evidence from your existing research to support this thesis/solution. You are asked to conduct additional secondary research (reading at least five more sources is required). You may also need to revise your survey and/or interview and conduct it again for further interesting results that help you make an argument and defend your thesis statement (you get five bonus points if you do the survey and/or interview again).
Suppose you have a job. A problem came up in your workplace and your boss asks you to conduct some research to understand how to solve the problem, write a report describing the problem, and make an argument that defends your proposed solution. An example of a problem is that your company just experienced unethical issues and wants to engage in corporate social responsibility to improve their image and do business ethically. In this case, if you researched corporate social responsibility in your last two papers, you should build on your research on corporate social responsibility to write this report. Whatever is your previous topic during the semester for the last two assignments, you are asked to find a practical workplace problem that your research can help solve.
- 1000 words, double-spaced, using times new roman
- Write a reflection letter addressed to me describing your writing process, your rhetorical situation, what you learned, what you revised, what you’d change in the future, how your experience can help you in the future, and anything else on your mind about the project.
- Read at least 5 more sources (government reports, magazine articles, popular science articles, news articles, scientific journal articles, book chapters, or any other relevant sources).
- Your report should be written following the model I provide. Your report should include the following:
a. Transmittal letter
b. A cover page with the same format as the long report in the textbook
c. Table of contents
d. List of figures (pie or other charts, infographic, image, table, etc).
e. An abstract
f. An introduction (including background, problem, purpose, and scope),
g. Discussion (include headings for main themes; organize the themes logically)
h. A list of recommendations (these form your solution)
i. List of referencessource..
The Blockchain Technology
The Blockchain Technology
Contracts, transactions and their records are some of the features that define the structure of the modern economic, legal and political systems. Through them, assets are protected and organizational boundaries are set as well. They are used in the establishment and verification of various identities and events. They give guidelines on how nations, organizations and people should interact. However, these critical tools as well as the codes used to control them have not kept up with the modern technological transformations. This implies that the manner in which various administrative controls are being regulated in this technological era has to change. Blockchain looks promising in providing a solution to this problem facing our organizations. Blockchain has proved to record transactions in an efficient, verifiable and permanent manner. It can also be programmed to trigger transactions automatically. However, despite these promises, it has both challenges and benefits. Most people are finding it hard to trust blockchain. Therefore, although blockchain seems to be promising, not many people know about it and put their trust on it. This report attempts to explain how this technology can be adopted and how it will foster trust not only in it but from people. In helping to understand how this technology works and how it can be trusted, I interviewed Mr. Wei Wu, Tencent's blockchain program manager and part of the interview is included in this report.
What are your prospects for the Blockchain technology?
Mr. Wei: New applications are being developed and are likely to change how business is conducted across the world. For instance, Bluzelle will enable people to send their products to buyers from across the world even from rural areas and they will receive payment immediately. Solutions of this kind will allow customer to follow the trail of manufacturing and supply process displaying honesty of the organization. The decentralization of blockchain and its transparent nature, allows individuals to trust each other as they engage in transactions on a peer level. This eliminates the intermediaries from the chain. This adds potential benefits such as secure databases that cannot be hacked like the centralized intermediaries. For instance, if an individual desires to hack a certain block in the chainblock, he would not only be targeting a specific book, but all other preceding books dating back to the first one. For them to hack, they need to do it all individual ledgers of the network in a simultaneous manner. The blockchain technology will foster trust in transactions and reduce a number of costs that are involved in the whole process of transactions.
How can organizations adopt this technology?
Mr. Wei: To begin with, single-use applications should be used since they are not new and does not have much interaction with intermediaries. The best strategy is to add one of the digital currencies such as bitcoin as the payment option. The infrastructure for this virtual currency is already
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