ACCG892 Future Trends: Blockchain Assignment Sample

• Subject Code : ACCG892
• University : Macquarie University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : General Accounting and Finance

Blockchain for Competitive Advantage

Table of Contents

Introduction.

Article Review.

Benefits of Blockchain.

Limitations of Blockchain.

Journal Review..

Future of Blockchain.

Organization Is Considering Whether to Adopt Blockchain But Is Unsure Of Whether Blockchain Is Hype or Opportunity.

Recommendations to Management

Whether you believe that Blockchain is hype or an opportunity.

Conclusion.

References.

Introduction to Future Trends: Blockchain

In the current technological years the importance of innovations and technology advancement is increasing day by day that is creating a direct impact on the daily lives of people. On the other hand, with t5he help of proper technology advancement, the organizations are able to increase their market value too. Blockchain is one of the greatest inventions of science. With the help of blockchain, organizations are able to track every record of the transaction between two parties. The blockchain works as an open distributed ledger. In the following report, a detailed understanding of blockchain has been provided.

With the help of this paper, learning about the benefits and essential limitations blockchain has with it can be learned. On the other hand, based on the study report, it is quite evident that every technology has its advantages and disadvantages, and blockchain had both too. Learning about blockchain based on literature is easy. The main aim of the study paper is to learn about the trends of blockchain that are capable of creating a long term impact on the organizational culture. On the other hand, by understanding the trends and the opportunities related to it, learning about the procedure in which the opportunities will be utilized can be learned.

On the other hand, the study report further provides a few recommendations as well in which the implication of blockchain can be better on better terms. Therefore, it can be stated that with the definition of both challenges and opportunities of blockchain, learning about the trends and its benefits can be understood on proper terms too.

Thereby, studying the entire paper, learning about blockchain can be very clear in terms of literature evidence. The idea of advantage and issues of blockchain can give a different diamention to the assignment. Based on all of these aspects, the paper is able to present a proper conclusion to the topic as well, which creates a positive impact on the understanding of blockchain. Thereby, the report analysis plays an important role in the blockchain opportunity and its understanding.

Article Review

According to (Ruoti et al. 2019), it can be stated that blockchain as a form of technology has so many benefits and limitations associated with it. Based on the article, the success of bitcoins and the usage of blockchain in it is defined in a positive manner. Furthermore, bitcoin is responsible for running its process on the open internet without anyone in its charge; however, despite this fact, it has solid security to it. This security approach is provided in it with the help of blockchain technology. After learning about the success story of bitcoin, the understanding of blockchain came into action in a quick manner in the social plateform. The blockchain is responsible for eliminating every factor that further creates a threat to the trust issue of the process. However, the truth is, as trust is a complicated manner, the blockchain does eliminate threats from the technical value; however, relying on the approach completely can be a bit threatening.

On the other hand, in order to run this technology, the organizations need to implement a nuanced discussion and question related to what exactly is blockchain technology? What capabilities does it provide? What are good needs to be asked to its business executives as well. Therefore, with the help of this article, learning about the answers becomes easy. It provides a detailed historical idea about the topic by separating hype from reality; the purpose of the process has also been discussed here. Apart from these, the future possibilities of the method are provided in this article too. On the other hand, it’s possible limitations and benefits are discussed in a detailed manner, too, in this article.

Benefits of Blockchain

Based on the definition of blockchain, it can be stated that it has several benefits associated with it; for example, the blockchain is responsible for presenting a security value to the technology (Yang et al. 2018). Apart from this, the fraud control can be managed in an accurate manner with the help of blockchain too. On the other hand, transparency of the entire business culture becomes easy, too, with the help of blockchain implementation (Yang et al. 2019). Based on the article present in the case study, it is quite known that the benefit related to the visible state and data resilience is making the entire process an accurate one. On the other hand, benefit related to the control access is also gained with the help of the implication of blockchain. The speed of the entire process is monitored and controlled by blockchain too, which is an essential benefit of the technology. Apart from a; if there are other few important benefits that can also be found, such as there are no hidden fees, the account reconciliation the transparency creates a trustworthy relationship with the customers too (Singh and Singh, 2016).

Limitations of Blockchain

Along with benefits, the blockchain has few limitations associated with it too. For example, it is an energy-draining process (Gill et al. 2019). On the other hand, the entire technology is quite expensive too. On the other hand, blockchain can never be a distributed computing system that is able to work on a huge ground. In many cases, mining is unable to prove data security (Lu, 2018). The blockchain is not a destructible process. Based on the article, the Scalability and performance create an issue in the case of blockchain implication.

Similarly, the off-chain stapling is responsible for creating a massive issue for blockchain implication too. Security, in many cases, often created limitations to it, too, along with the privacy concerns. That it can be mentioned that blockchain has few limitations to it is too, which are capable of creating an impact on the entire process (Nofer et al. 2017).

Journal Review

According to (Gartner 2019) Hype Cycle for Blockchain business shows blockchain will have a Transformational Impact across Industries in 5-10 years, 2020), it can be stated that the importance of the Hype Cycle for Blockchain in business is increasing day by day, as based on this approach the industries are able to transform every information among them in an accurate manner. With the help of the Hype Cycle for Blockchain, the overview regarding how blockchain and its capabilities are able to evolve the business perspective in various mature models can be learned on better terms too. Furthermore, in this article, the presentation of various industries those are using the Hype Cycle for Blockchain model are defined, too, for example, retail and banking. However, after going through the entire article, it can be stated that not by implementing the half of the model but implanting the entire process of blockchain, the organizations are able to increase their efficiency in a positive manner. Furthermore, the article is responsible for presenting a clear idea about the importance that the mentioned industries are getting by implementing the model of blockchain. Therefore, it can be stated that the entire process and technology of blockchain is not a hype, but it has various opportunities for it. Companies only need to utilize them in a positive manner (Gartner 2019 Hype Cycle for Blockchain Business Shows Blockchain Will Have a Transformational Impact across Industries in Five to 10 Years, 2020).

Future of Blockchain

The main reason behind the success of blockchain is related to the adaptation of cryptocurrencies, for example, bitcoins. Back in 2017 to the current 2020, the demand related to the skill of blockchain and its proficiencies has increased to 2000 percent. Looking at the future of blockchain, it can be stated that it has an exciting touch to it, which drives innovation towards constant market growth. A few of the future trends regarding blockchain that can be mentioned are related to the pragmatic governance model, interconnectivity, and others. With the help of pragmatic governance, the organizations will be able to make proper decisions that will make payment methods easy and accurate, which will be helpful for capturing robust data in an accurate way (Bhushan et al. 2020).

The trend regarding interconnectivity will increase its importance too. Moreover, the assurance from government bodies will increase their space too, when it comes to the management of blockchain. The upcoming innovations will be associated with blockchain; too, as based on that approach, the technologies will run its courses of operation in a positive manner. Furthermore, the blockchain will be able to keep the data and related information safe and secure too. The validation tools related to the fraudulent data sources will be combined with data security and blockchain too. Apart from this, the future trend of blockchain related to the Central Bank Digital Currencies will be combined with whole and retail marketing. Based on all of these aspects, it can be mentioned that the upcoming trends regarding the blockchain are very vast; however, their implementation is still in process. Therefore, by making the policies and regulations correctly maintained, the companies can increase their data security and integrity process a profitable one (Bach, Mihaljevic and Zagar, 2018).

Organization Is Considering Whether to Adopt Blockchain But Is Unsure Of Whether Blockchain Is Hype or Opportunity

According to Gartner’s Hype Cycle for Blockchain Business (Gartner 2019 Hype Cycle for Blockchain Business Shows Blockchain Will Have a Transformational Impact across Industries in Five to 10 Years, 2020), it is quite evident that many organizations are trying to implement the process. However, they are still unsure about the benefits related to technology. For example, the key industries that are currently using Gartner’s Hype Cycle for Blockchain Business are banking and investments, gaming, retail. In the case of banking and investment counting, the significant interest and investments will become easy. While in the case of gaming, the blockchain is responsible for managing the internal solutions which support its design too.

Moreover, this process helps its users to create their support token for the design as well. On the other hand, in the retail business, this model is being used too. At the same time, it works as a service regarding track and trace, which is helping to various work aspects like prevention, audit, inventory management, later it helps to enhance the quality of the service too (Gartner 2019 Hype Cycle for Blockchain Business Shows Blockchain Will Have a Transformational Impact across Industries in Five to 10 Years, 2020).

Based on the (Gartner 2019 Hype Cycle for Blockchain Business Shows Blockchain Will Have a Transformational Impact across Industries in Five to 10 Years, 2020), Gartner stated that the blockchain has so many potentialities to transform the entire business model of the industry towards a positive direction. However, to take benefits from these opportunities, organizations need to adopt the entire method of blockchain.

However, based on the definition of blockchain, it is quite evident that the technology has few hyping approaches to it like easy management of mathematical approach, however, to manage the process the companies needs to implement the entire strategy (Zeadally and Abdo, 2019). In many cases, companies implement parts of it to achieve result often leads to disappointment. Therefore to take full advantage of the benefits the companies in future business trend needs to utilize the entire method in an accurate way (Wang et al. 2019). On the other hand, the organizational culture needs to follow a few of the recommendations mentioned in the following section, too, as depending on them, implementation of blockchain in organizational culture will become easy and accurate. The recommendations mostly define few strategies in which the industry is able to utilize its blockchain methods.

Recommendations to Management

Based on the entire study paper, it can be stated that in current years the importance of blockchain in the business environment is increasing day by day. However, there are few visible limitations can be found in the case of blockchain. With the help of blockchain, the implication the organization is able to increase its brand value. However, with the following recommendations improving overall blockchain implication in case of management and the Board, and stakeholders will become easier: Blockchain technology aids stakeholders to invest with profit return on investment.

Assessing the Industry’s Needs

Before implementing the blockchain in organizational culture, learning about every organizational goal and need plays a vital part, as based on this approach, the organizations are able to understand the methods in which a company is able to implement the blockchain procedure. Blockchain being a distributed ledger it is quite costly than others software therefore, pre-understanding of the needs can be helpful to cut extra expenses (Zheng et al. 2018).

Collaborative Task Force

The companies need to keep in mind that while, they are implementing blockchain in their organizational culture, and it needs to have a collaborative task force. Moreover, the blockchain works as a business network responsible for connecting global and shared ledger in an accurate manner. Therefore, the proper task force will be responsible for managing this entire blockchain implication in an accurate manner.

Implement Standards inside the Industry

The organization needs to develop proper standards within the industry. By doing this, the company will be able to manage all its major issues regarding blockchain in an accurate manner. By working with the government body, the company can implement its blockchain regarding policies in a proper way. By making this collaboration, the organization will be able to create a proper integrity and security standard for the organizational data as well. Therefore, by implementing protocols of proper blockchain, the organizations are trying to transfer its entire network nodes package in a proper way (Rossi et al. 2019).

Engage with all internal stakeholders

In order to implement the benefits of blockchain, the organizations need to engage all its internal stakeholders on proper terms. Furthermore, the distributed ledger or blockchain should not remain in the innovation center only. Therefore engagement of it with the business stakeholders can be helpful for ensuring the fact that the made solution is able to meet all its needs in an accurate manner. Moreover, the needs of the project can be commercial, regulatory, or technical, and meeting them with proper engagement value will present positive results too.

Identify the appropriate market

In order to increase the affectivity of the blockchain, the company needs to identify its market value. Furthermore, this market value will be able to increase the engagement between the company cultures. On the other hand, learning about the customer and its needs can be helpful for learning about offering too. Learning about opportunities and competitors can be helpful for legal risks too. Thereby, understanding about all of these aspects can make the implementation of blockchain proper (Zheng et al. 2017).

Tackle legal challenges

With the management of the legal challenges maintenance, the companies will be able to improve their overall competencies. According to the definition of blockchain technology, it is quite evident that they are able to increase legal threats; therefore, setting proper rules and regulations related to the blockchain implementation can be helpful for dealing with the entire manner in a positive manner.

Assess costs versus benefits in the short and long term

With the management of the legal challenges maintenance, the companies will be able to improve their overall competencies. According to the definition of blockchain technology, it is quite evident that they are able to increase legal threats; therefore, setting proper rules and regulations related to the blockchain implementation can be helpful for dealing with the entire manner in a positive manner (Mirabelli and Solina, 2020).

Whether You Believe that Blockchain Is Hype or An Opportunity

Based on the entire learning approach, it can be stated, that in my opinion that the blockchain is not hype as it has so many opportunities related to it; the organizations only need to utilize them in proper ways. Furthermore, the technology might have few hypes regarding aspects to it, but the opportunities related to it cannot be denied. Therefore, in my opinion, it is quite clear that the entire blockchain technology in the upcoming organizational culture will provide so many benefits. Furthermore, the advantages like keeping track of every record to manage the record will become easy; the global transaction of data can be impacted on positive terms too. Moreover, solving complex mathematic issues will become easy, too, with the help of blockchain implementation. Thereby, I state that after going through the entire analysis that blockchain does have importance opportunities associated with it; therefore, it cannot be considered as a hype approach.

Based on the entire definition it can be stated that the organisations should adopt blockchain to make their transaction process easy and accurate.

Conclusion on Future Trends: Blockchain

Based on the entire study paper, this assignment concludes that in current era the significant importance of blockchain is increasing. Depending on the proper implementation of blockchain, the organizations are able to keep track of the data and transactions between the parties. Moreover, a detailed understanding of the benefits and limitations of blockchain can be learned with a detailed analysis of the paper. Furthermore, the study paper provides a detailed idea about the trends related to blockchain as based on proper idea understanding about the implementation process in which an organization can utilize blockchain, and its culture can be understood too.

Furthermore, depending on the concluding statement, it can also be defined that the recommendations section is responsible for presenting a clear idea about the topic in which the organization will be able to implement the usage of blockchain. Moreover, the business culture is hugely dominated by the technological changes therefore;, gaining a clear understanding of the current innovations that are capable of presenting a positive impact on the company culture can be learned too. Depending on the entire study paper stating that blockchain is playing an important part in the current business can be done in a proper manner. On the other hand, the organizational culture is responsible for the transaction data, which is influenced by market trends. These market trends are helping to shape the business, and its future with proper implementation of blockchain. On the other hand, in current years, the organizational value and its cultural importance in business are increasing day by day; therefore, understanding the proper role of blockchain in upcoming business trends can be learned with the help of this project in a detailed manner.

References for Future Trends: Blockchain

Bach, L.M., Mihaljevic, B. and Zagar, M., 2018, May. Comparative analysis of blockchain consensus algorithms. In 2018 41st International Convention on Information and Communication Technology, Electronics and Microelectronics (MIPRO) (pp. 1545-1550). IEEE. https://ieeexplore.ieee.org/abstract/document/8400278/

Bhushan, B., Khamparia, A., Sagayam, K.M., Sharma, S.K., Ahad, M.A. and Debnath, N.C., 2020. Blockchain for smart cities: A review of architectures, integration trends and future research directions. Sustainable Cities and Society, 61, p.102360. https://www.sciencedirect.com/science/article/pii/S2210670720305813

Gartner. 2020. Gartner 2019 Hype Cycle For Blockchain Business Shows Blockchain Will Have A Transformational Impact Across Industries In Five To 10 Years. [online] Available at: <https://www.gartner.com/en/newsroom/press-releases/2019-09-12-gartner-2019-hype-cycle-for-blockchain-business-shows> [Accessed 17 October 2020].

Gill, S.S., Tuli, S., Xu, M., Singh, I., Singh, K.V., Lindsay, D., Tuli, S., Smirnova, D., Singh, M., Jain, U. and Pervaiz, H., 2019. Transformative effects of IoT, Blockchain and Artificial Intelligence on cloud computing: Evolution, vision, trends and open challenges. Internet of Things, 8, p.100118. https://www.sciencedirect.com/science/article/pii/S2542660519302331

Lu, Y., 2018. Blockchain and the related issues: a review of current research topics. Journal of Management Analytics, 5(4), pp.231-255. https://orsociety.tandfonline.com/doi/abs/10.1080/23270012.2018.1516523

Mirabelli, G. and Solina, V., 2020. Blockchain and agricultural supply chains traceability: research trends and future challenges. Procedia Manufacturing, 42, pp.414-421. https://www.sciencedirect.com/science/article/pii/S2351978920306181

Nofer, M., Gomber, P., Hinz, O. and Schiereck, D., 2017. Blockchain. Business & Information Systems Engineering, 59(3), pp.183-187. https://link.springer.com/content/pdf/10.1007/s12599-017-0467-3.pdf

Rossi, M., Mueller-Bloch, C., Thatcher, J.B. and Beck, R., 2019. Blockchain research in information systems: Current trends and an inclusive future research agenda. Journal of the Association for Information Systems, 20(9), p.14. https://aisel.aisnet.org/jais/vol20/iss9/14/

Ruoti, S., Kaiser, B., Yerukhimovich, A., Clark, J. and Cunningham, R., 2019. Blockchain technology: what is it good for?. Communications of the ACM, 63(1), pp.46-53. https://dl.acm.org/doi/fullHtml/10.1145/3369752

Singh, S. and Singh, N., 2016, December. Blockchain: Future of financial and cyber security. In 2016 2nd international conference on contemporary computing and informatics (IC3I) (pp. 463-467). IEEE. https://ieeexplore.ieee.org/abstract/document/7918009/

Wang, S., Ouyang, L., Yuan, Y., Ni, X., Han, X. and Wang, F.Y., 2019. Blockchain-enabled smart contracts: architecture, applications, and future trends. IEEE Transactions on Systems, Man, and Cybernetics: Systems, 49(11), pp.2266-2277. https://ieeexplore.ieee.org/abstract/document/8643084/

Yang, W., Aghasian, E., Garg, S., Herbert, D., Disiuta, L. and Kang, B., 2019. A survey on blockchain-based internet service architecture: requirements, challenges, trends, and future. IEEE Access, 7, pp.75845-75872. https://ieeexplore.ieee.org/abstract/document/8717702/

Yang, W., Garg, S., Raza, A., Herbert, D. and Kang, B., 2018, August. Blockchain: Trends and future. In Pacific Rim Knowledge Acquisition Workshop (pp. 201-210). Springer, Cham. https://link.springer.com/chapter/10.1007/978-3-319-97289-3_15

Zeadally, S. and Abdo, J.B., 2019. Blockchain: Trends and future opportunities. Internet Technology Letters, 2(6), p.e130. https://onlinelibrary.wiley.com/doi/abs/10.1002/itl2.130

Zheng, Z., Xie, S., Dai, H., Chen, X. and Wang, H., 2017, June. An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE international congress on big data (BigData congress) (pp. 557-564). IEEE. https://ieeexplore.ieee.org/abstract/document/8029379/

Zheng, Z., Xie, S., Dai, H.N., Chen, X. and Wang, H., 2018. Blockchain challenges and opportunities: A survey. International Journal of Web and Grid Services, 14(4), pp.352-375. https://www.inderscienceonline.com/doi/abs/10.1504/IJWGS.2018.095647

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