This week’s discussion centers around the concept of Blockchain. There is still much confusion regarding what Blockchain is and what it is not. Please discuss your explanation of Blockchain to include why it has been gaining so much popularity.
Please make your initial post and two response posts substantive. A substantive post will do at least TWO of the following:
With the developing capabilities of hardware and software applications, with the increased use of technology-driven management approaches, information technology moving from being the enabling service to a strategy tool for organization to provide systematic decision-making capabilities, the importance of information to the organization is clearly identified with all the illegal activities of infiltration into the network by unauthorized users to conduct illegal activities with the infrastructure and information requires better security measures to be implemented to safeguard the privacy of information and integrity of the infrastructure (Laurence, 2019).
Cryptographic services has been seen as one of the major security measures that can be used to defend from any possibility of an attack from external or internal source and evolution of Blockchain Technology using the cryptographic services has provided better capabilities for the organizations to organize their security measures of the information (Laurence, 2019). Blockchain Technology uses cryptographic services to create blocks of information and encrypt each block or each transaction into a block of information encrypted appropriately with technical implementation of the algorithms, create a chain link of the encrypted block with the successive block and encrypt the next block with the changing created by the previous block allowing the uniqueness of the encryption value with stronger keys used and creation of a unique value that can only be reversed with the use of correct key and the algorithms used. The ability of the blockchain technology difference from reading the information transparently, providing security from man in the middle attack, several other security measures include a transparent ledger management of all the information in distributed Storage Technology for faster Processing capability to be established when the security measures ensure higher difficulties for interpreting the information, easy identification of any other iteration in the information through reductions of the message digest, efficient management of information in a transparent way can be created (Laurence, 2019).
Today, Blockchain is continuing to make headlines in the news, and different institutional leaders especially in the business field, are continuously talking about this cryptocurrency and the benefits that it is coming within making the business better. Blockchain was invented in the year 2008. Blockchain is a ledger mechanism that is based on the currency of bitcoin digital and it has promoted trustworthiness when it comes to record-keeping for different industries (Andoni et al., 2019). In the banking sector, this technology has brought in some possibilities when it comes to securing and maintaining their records.
Blockchain is most cases finding applications in the financial domain. This because it is made up of different blocks with digital information that is enabling different people to be in a position of carrying out various transactions without any financial institution or bank for that matter acting as an intermediator. This method is doing away with the third party which in most cases, is involved in the transaction process (Yaga et al., 2019). Because of this, it helps eliminate the fraud that is being caused by third parties. Blockchain is a database that is distributed with every block information linked to the next block and the previous block in a manner that is not irrevocable—the most digital currency which is very popular and where such transactions are conducted in the Bitcoin.
Anytime a Blockchain record is already made, it cannot easily be tampered with except through the use of some various stringer process authorities who will scrutinize the blockchain. In most cases, blockchain is maintained from a bitcoin network, and from there, it is shared to the public by the use of that network and this is what is making it a public account for various transactions. With blockchain, there is no physical transaction of money (Yaga et al., 2019). Only the records are kept and this is making it one of the safest ways when it comes to securing the information on financial transactions that are taking place within a company.
Blockchain is also coming with several benefits; for example, it aids in promoting transparency for the transaction process. It also has an accurate tracking process which can help the financial institution to track all the transactions which have taken place. It also comes with irrevocable ledges that are permanent (Saberi et al., 2019). It is the most efficient tool which is useful for saving the millions of money that an organization is spending on security as well as the infrastructure of various inputs for the financial transactions.
Different organizations are today looking at the blockchain for various applications and this is also playing a significant role in making it more widespread. For example, it is today used by different enterprises in recording their loss and profit statements and also other financial transactions that need not be altered (Andoni et al., 2019). Trading agencies are also today using blockchain to conduct trade across different currencies. The government can also use the blockchain in doing processes like voting to ensure that they are not tampered with. This will promote transparency in the voting system. Many institutions are today experimenting blockchain technology in piloting the projects that they are carrying out.
Blockchain is a new technology, and therefore it is coming with various norms. But because of the many benefits that it is coming with, many institutions are today adopting it in enhancing their security (Saberi et al., 2019). Even though dealing with new technology is always a challenge for different institutions, overcoming the teething process helps various institutions in overcoming the problems that may arise in the implementation process and this is why blockchain technology is trendy.