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SafeAssign Originality Report
Summer 2020 – InfoTech Import in Strat Plan (ITS-831-05) – First Bi-T… • Week 2 Research Paper: Blockchain
%81Total Score: High riskNaga Satya Kartheek Chintaguntla
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BlockChain_Paper x
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2 Student paper 1 My paper 3 ebcc
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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My paper 100% My paper 100%
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.
2
2
2
2
2
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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Student paper
Naga Satya Kartheek Chintaguntla Dr.
Original source
Naga Satya Kartheek Chintaguntla Dr
1
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
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Student paper 87%
Student paper 95%
Student paper 77%
Student paper 96%
Student paper 71%
2
Student paper
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
2
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
2
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
2
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
2
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 77%
Student paper 84%
Student paper 84%
Student paper 77%
2
Student paper
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
2
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
2
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%
Student paper 76%
Student paper 89%
2
Student paper
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
2
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
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Student paper 100%
ebcc 100%
conisar 100%
ebcc 100%
Student paper 93%
2
Student paper
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
3
Student paper
The rise of the blockchain world.
Original source
The Rise of Blockchain World
4
Student paper
Beck, R., Avital, M., Rossi, M., & Thatcher,
J.
Original source
Beck, R., Avital, M., Rossi, M., & Thatcher,
J
3
Student paper
Blockchain technology in business and
information systems research.
Original source
Blockchain Technology in Business and
Information Systems Research
5
Student paper
The role of trust in understanding the
effects of blockchain on business
models.
Original source
The role of trust in understanding the
effects of blockchain on business