Proposed Policy: Blockchain Technology

Blockchain Technology
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The advent of the age of information technology has greatly changed the general landscape of technology itself in its empirical form. It has resulted in the increased efficiency in online transactions while also speeding up the respective tasks at hand. The financial sector has been one of the biggest beneficiaries of technological advancements, with the rise in need of increased speed and safety of online monetary transactions. Various developments have come to the fore to ensure this is the case. Among the developments of the information age has been the growth of block chain technology.
Blockchain technology is a distributed digital ledger that has the capacity to transform other different industries because of its ability to safeguard recorded transactions on different computers. The blockchain technology makes it impossible to alter or manipulate a transaction without altering and manipulating subsequent blocks. Additionally, blockchain technology has been implemented in organizations that conduct their transactions online. However, blockchain technology has raised ethical issues such as its negative impact on the environment because it requires large amounts of energy that facilitate global warming effects. Also, blockchain technology promotes criminal activities since most bitcoin transactions are associated with illegal activities. This has altogether contributed to the growth of online commerce and the challenges involved in addressing the same.
The policy paper will examine and explain how the policymakers should look at the blockchain technology and evaluate the measures that should be undertaken to implement this technology efficiently. Therefore, there is a need for performing the cost-benefit analysis of switching to blockchain technology to evaluate the benefits and downsides of the tec...