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Word Count: 1,160 BlockChain_Paper.docx

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Running head: BLOCKCHAIN 1

BLOCKCHAIN 7

Blockchain

Naga Satya Kartheek Chintaguntla Dr. Aline Yurik

ITS 831 Summer 2020 – Information Technology Importance in Strategic Planning 05/21/2020

Effects of BlockChain Technology and how it is used in the Banking Industry

Introduction Technology is considered as the best contributor to development and advancements in different industries. Through advancement in technology,

various organizations have been able to make remarkable progress in recent years. Blockchain a vital facet of technology whose contribution is felt in virtually all sectors of the economy. Business is often viewed as a profitable venture full of independence and publicity. Many individuals, therefore, wish to join the commercial world and advance themselves into respected entrepreneurs. Nevertheless, to obtain such status, one should understand numerous courses and events involved in the business occupations. Understanding of different business ideas and their presentation is thus practical to all participants in the industry (Beck, Avital, Rossi & Thatcher, 2017). Bitcoin is the world’s first cryptocurrency. Blockchain has however, gained popularity and prominence since it is widely used. Different industries use blockchain in money transfer, processing of payments as well as monitoring of blockchain. Its use is however, responsible for different advancements and improvements in various industries (Beck, Avital, Rossi & Thatcher, 2017). This study will, therefore, intends to offer a comprehensive analysis of the effects of blockchain as well as how it is used in the banking industry. It will further discuss the advancements introduced by technology to the banking sector. Effects of BlockChain technology to the Banking Industry

Blockchain technology is indeed vital importance to the banking sector. The technology has numerous positive effects on the banking industry. Scholars often argue that technology can improve the quality of services offered in the banking industry Goods and services frequently pass through diverse networks before

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that technology can improve the quality of services offered in the banking industry. Goods and services frequently pass through diverse networks before

reaching the eventual consumer. Numerous chains are hence tangled in business procedures with different mediators involved on the way. Blockchain technology however, offers a scheme that records all transactions made through crypto-currency and preserved across numerous inter-linked processers in an interconnected network (Beck, 2018). The use of blockchain in the finance sector has rendered the various mediators that often make banking transactions tedious. Improved Quality of Data is another immediate effect of technology on the finance sector. Quality of data is essential to both clients and business organizations. It has, therefore, enhanced the superiority of information in the banking industry. Vast chunks of banking data currently exist in more than one place. Furthermore, the

technology permits parties in transactions to change data within an organization hence detecting and correcting the problems, therefore, improving the quality of data (Seppälä, 2016). Additionally, through blockchain technology, banks can secure information on transactions through different shared ledgers because technology permits faster transactions. This improves the quality as well as safety of data because little time is left for burglars to access information about a particular

operation (Seppälä, 2016). The banking industry has thus enjoyed an improved speed of transactions as well as the quality of data, all thanks to blockchain.

How Blockchain Technology may be used in the Banking industry

Mobile Banking Money banking is one of the ways via which expertise could be deployed in the banking industry. Advancement in technology is indeed

celebrated for different achievements. The banking industry has, in recent years, introduced mobile banking services that allow customers to access banking services through their handsets. Through mobile-banking, blockchain will reduce the costs paid to different mediators, thereby ensuring that customers are charged less for the services (Beck, 2018). Barclays, for instance, introduced a blockchain-based payment method intended at helping the organization to collect payments automating their digital invoices. Mobile banking services are of benefit to both the banks and their customers. Customers can enjoy the facilities while at home through mobile phones, Banks, on the other hand, can monitor such transactions. Transparency of Banking Transactions Transparency of banking activities and transactions is of great value to both customers and the banks. The technology will thus be used to introduce high levels of transparency within the industry. The blockchain

technically a distributed ledger through which time stamps and individual banking transactions, are held. Through technology, the banking industry has been able to eliminate different criminal activities perpetuated online against financial companies (Beck, 2018). As a distributed ledger technology, the blockchain has enabled the banking industry to lower its operations costs.

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Besides, technology has presented a faster execution of businesses, thereby improving the level of transparency. Through the technology, the banking industry

will enjoy a vigorous level of transparency hence reducing losses resting from the poor recording of transactions (Seppälä, 2016). Customers in the banking, therefore, possess a high level of transparency of transactions prompted by the newly introduced mechanisms. Additionally, the technology offers the banking industry much- reduced costs, thus providing banks with more than survival that paves the way for improved customer satisfaction. Verification of Register of Transactions A verifiable register of transactions is essential in improving the quality of services. The use of the technology in the finance arena is further attributed to the introduction of a system of valid transactions. Verification is an imperative element in banking transactions. A system that offers the capacity to verify

transactions is thus regarded as essential as it ensures that all loopholes can be identified and closed (Beck, 2018). The reputation of the discovery in the banking industry is responsible for a highly transparent banking method that can be validated by outside auditors. Blockchain operates in a decentralized platform, thus requires no supervision. The decentralization of activities within the system further improves its resistance to fraud (Seppälä, 2016). The verification of digital transactions has consequently enhanced the integrity of the digital information platform. Conclusion In conclusion, it is right to deduce that blockchain technology has introduced several advancements and improvements to the banking industry. Through technology, the industry has enjoyed a vigorous as well as the quality level of transparent transactions. Pellucidity of operations within the banking industry has consequently led to the valid register of transactions hence reducing the rate of criminal activities within the industry. Bankers, therefore, have a proper mechanism through which all transactions can be verified, thus blocking the loopholes hence reducing losses. Besides, blockchain technology has improved the quality of data while enabled mobile banking transactions. Mobile banking and improved quality of data have been crucial to customers as well as the banking managers in different ways. To customers, mobile banking has enabled them to access various banking services through their phones. On the other hand, bankers have enjoyed a cut in banking costs since mobile banking has deleted the role of intermediaries.

References

Beck, R. (2018). Beyond bitcoin: The rise of the blockchain world. Computer, 51(2), 54-58. Beck, R., Avital, M., Rossi, M., & Thatcher, J. B. (2017).

Blockchain technology in business and information systems research. Seppälä, J. (2016). The role of trust in understanding the effects of blockchain on business

models.

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Naga Satya Kartheek Chintaguntla Dr.

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Naga Satya Kartheek Chintaguntla Dr

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Student paper

ITS 831 Summer 2020 – Information Technology Importance in Strategic Planning 05/21/2020

Original source

ITS 831 Summer 2020 – Information Technology Importance in Strategic Planning 05/21/2020

5/31/2020 Originality Report

https://ucumberlands.blackboard.com/webapps/mdb-sa-BB5a31b16bb2c48/originalityReport/ultra?attemptId=ee522cdc-fe4f-40c7-b941-60e8f05aac85… 3/6

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Introduction Technology is considered as the best contributor to development and advancements in different industries. Through advancement in technology, various organizations have been able to make remarkable progress in recent years. Blockchain a vital facet of technology whose contribution is felt in virtually all sectors of the economy. Business is often viewed as a profitable venture full of independence and publicity.

Original source

Technology is regarded as the best contributor to development and advancements in different industries Through advancement in technology, various organizations have been able to make remarkable progress in recent years Block chain is one of the facets of technology whose contribution is felt in virtually all sectors of the economy Introduction Business is often viewed as a profitable venture full of independence and publicity

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Student paper

Many individuals, therefore, wish to join the commercial world and advance themselves into respected entrepreneurs. Nevertheless, to obtain such status, one should understand numerous courses and events involved in the business occupations. Understanding of different business ideas and their presentation is thus practical to all participants in the industry (Beck, Avital, Rossi & Thatcher, 2017). Bitcoin is the world’s first cryptocurrency.

Original source

Many individuals, therefore, wish to join the commercial world and advance themselves into respected entrepreneurs Nevertheless, to obtain such status, one should understand numerous courses and events involved in the business occupations Understanding of different business ideas and their presentation is thus practical to all participants in the industry The Bitcoin is the world’s first cryptocurrency

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Student paper

Blockchain has however, gained popularity and prominence since it is widely used. Different industries use blockchain in money transfer, processing of payments as well as monitoring of blockchain. Its use is however, responsible for different advancements and improvements in various industries (Beck, Avital, Rossi & Thatcher, 2017).

Original source

Block chain has however gained popularity and prominence since it is widely used Different industries use block chain in money transfer, processing of payments as well as monitoring of block chain Its use is however responsible for different advancements and improvements of services provision in various industries

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Student paper

Goods and services frequently pass through diverse networks before reaching the eventual consumer. Numerous chains are hence tangled in business procedures with different mediators involved on the way.

Original source

Products and services frequently pass through diverse networks before reaching the eventual consumer Numerous chains are hence tangled in business procedures with different mediators involved on the way

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Student paper

Vast chunks of banking data currently exist in more than one place.

Original source

A lot of banking data currently exists in more than one place

5/31/2020 Originality Report

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Student paper 84%

Student paper 84%

Student paper 77%

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This improves the quality as well as safety of data because little time is left for burglars to access information about a particular operation (Seppälä, 2016). The banking industry has thus enjoyed an improved speed of transactions as well as the quality of data, all thanks to blockchain.

Original source

This improves the quality as well as security of data since little time is left for intruders to capture details about a particular transaction The banking industry has thus enjoyed an improved speed of transactions as well as quality of data all thanks to block chain

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Student paper

Advancement in technology is indeed celebrated for different achievements. The banking industry has, in recent years, introduced mobile banking services that allow customers to access banking services through their handsets. Through mobile-banking, blockchain will reduce the costs paid to different mediators, thereby ensuring that customers are charged less for the services (Beck, 2018). Barclays, for instance, introduced a blockchain-based payment method intended at helping the organization to collect payments automating their digital invoices.

Original source

Mobile Banking Advancement in technology is indeed celebrated for different achievements The banking industry has in recent years introduced mobile banking services that allow customers to access banking services through their mobile phones Through mobile banking, block chain has reduced the costs paid to different middlemen thereby ensuring that customers are charged less for the services (Casey, Crane, Gensler, Johnson & Narula, 2018) Barclays for instance, introduced a block chain-based payment method intended at helping organization to collect payments automating their digital invoices

2

Student paper

Mobile banking services are of benefit to both the banks and their customers. Customers can enjoy the facilities while at home through mobile phones, Banks, on the other hand, can monitor such transactions.

Original source

The mobile banking services are of benefit to both the banks and their customers Customers are able to enjoy the banking services at the comfort of their homes through mobile phones, Banks on the other hand are able to monitor such transactions

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Student paper

The blockchain technically a distributed ledger through which time stamps and individual banking transactions, are held. Through technology, the banking industry has been able to eliminate different criminal activities perpetuated online against financial companies (Beck, 2018). As a distributed ledger technology, the blockchain has enabled the banking industry to lower its operations costs. Besides, technology has presented a faster execution of businesses, thereby improving the level of transparency.

Original source

Transparency of Banking Transactions The block chain technically a distributed ledger through which time stamps as well as individual banking transactions are held Through the technology, the banking industry has been able to eliminate different criminal activities perpetuated online against the financial companies (Holotiuk, Pisani & Moormann, 2017) As a distributed ledger technology, block chain has enabled the banking industry to lower their costs of operations Moreover, the technology has introduced faster execution of transactions thereby improving the level of transparency

5/31/2020 Originality Report

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Student paper 80%

Student paper 81%

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Through the technology, the banking industry will enjoy a vigorous level of transparency hence reducing losses resting from the poor recording of transactions (Seppälä, 2016). Customers in the banking, therefore, possess a high level of transparency of transactions prompted by the newly introduced mechanisms. Additionally, the technology offers the banking industry much-reduced costs, thus providing banks with more than survival that paves the way for improved customer satisfaction.

Original source

Through the technology, the banking industry has enjoyed a robust level of transparency hence reducing loses resting from poor recording of transactions Customers in the banking therefore enjoy a high level of transparency of transactions prompted by the block chain technology Additionally, the technology offer the banking industry a much reduced costs thus providing banks with more than survival that paves way for improved customer satisfaction

2

Student paper

Verification is an imperative element in banking transactions. A system that offers the capacity to verify transactions is thus regarded as essential as it ensures that all loopholes can be identified and closed (Beck, 2018). The reputation of the discovery in the banking industry is responsible for a highly transparent banking method that can be validated by outside auditors. Blockchain operates in a decentralized platform, thus requires no supervision.

Original source

Verification is an imperative element in banking transactions A system that offers the capacity to verify transactions is thus regarded as imperative as it ensures that all loopholes can be identified and closed (Blockchain’s Effect on Business, 2019) The popularity of block chain in the banking sector is thus responsible for a highly transparent banking system that can be verified by external auditors Block chain operates in a decentralized platform thus requires no supervision

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Student paper

The decentralization of activities within the system further improves its resistance to fraud (Seppälä, 2016). The verification of digital transactions has consequently enhanced the integrity of the digital information platform. Conclusion In conclusion, it is right to deduce that blockchain technology has introduced several advancements and improvements to the banking industry. Through technology, the industry has enjoyed a vigorous as well as the quality level of transparent transactions.

Original source

Decentralization of activities within the system further improves its resistance to fraud (Casey, Crane, Gensler, Johnson & Narula, 2018) Verification of the digital transactions has consequently improved the veracity of across the digital information platform Conclusion In conclusion, it is right to infer that block chain has introduced several advancements and improvements to the banking industry Through the technology, the industry has enjoyed a robust and quality level of transparent transactions

2

Student paper

Pellucidity of operations within the banking industry has consequently led to the valid register of transactions hence reducing the rate of criminal activities within the industry. Bankers, therefore, have a proper mechanism through which all transactions can be verified, thus blocking the loopholes hence reducing losses. Besides, blockchain technology has improved the quality of data while enabled mobile banking transactions. Mobile banking and improved quality of data have been crucial to customers as well as the banking managers in different ways.

Original source

Transparency of transaction within the banking industry has further led to verifiable register of transactions hence reducing the rate of criminal activities within the industry Bankers therefore have a proper mechanism through which all transactions can be verified thus blocking the loopholes hence reducing loses Besides, block chain technology has improved the quality of data while enabled mobile banking transactions Mobile banking and improved quality of data have been crucial to customers as well as the banking managers in different ways

5/31/2020 Originality Report

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Student paper 100%

ebcc 100%

conisar 100%

ebcc 100%

Student paper 93%

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To customers, mobile banking has enabled them to access various banking services through their phones. On the other hand, bankers have enjoyed a cut in banking costs since mobile banking has deleted the role of intermediaries.

Original source

To the customers, mobile banking has enabled them to access various banking services through their phones Bankers on the other hand have enjoyed a cut in banking costs since mobile banking has deleted the role of intermediaries

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The rise of the blockchain world.

Original source

The Rise of Blockchain World

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Beck, R., Avital, M., Rossi, M., & Thatcher, J.

Original source

Beck, R., Avital, M., Rossi, M., & Thatcher, J

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Blockchain technology in business and information systems research.

Original source

Blockchain Technology in Business and Information Systems Research

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The role of trust in understanding the effects of blockchain on business models.

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The role of trust in understanding the effects of blockchain on business

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