Reaction Paper On Blockchain

The key point of the article is to get a meaningful comparison between a technology of the past and an upcoming technology. The former being the TCP/IP and the latter being the Block-Chain technology. By comparing the two, article is suggesting that the upcoming technology is gradually following the tracks of the similar technology and gaining momentum. This could be a long-shot but the analysis is worth the time because the analysis of the TCP/IP technology suggests that a technology takes some time to be accepted by the users because of the complexity, novelty, and other factors. When we see block chain technology and its advent, it suggests that

To introduce the arguement, not everyone has the opportunity to have internet access where they live. For example, www.techtimes.com states,"Today, 2.7 billion people, or around one-third of the Earth's population, have access to the Internet.”

Topic question 1: What is the holy book of your faith, and how does it compare to others?

The block chain database has recently become more widespread in everyday life and some of its benefits has been implemented for the public usage. The governments in several countries has acknowledged the potential of the block chain system. This could simplify the bureaucracy process and provide credibility. Some suggestions have been made of where this database could be enforced. First of all, the block chain system could affect how an ordinary person could deal with property titles. Governments will make it possible for citizens to electronically conduct transactions and queries without lawyers or queuing at government offices. Once registered on the block chain, for example an ownership of a car, a home or other assets to be transferred from one person to another without the need for a government record while still being legal and publicly acknowledged (Forde & Casey, 2016).

At the moment, the biggest opportunity for Blockchain lies within the financial services industry. Don Tapscott believes it will eventually revolutionize the way we spend money, but that is only the beginning. Blockchains have the potential to disrupt

Our focus will be on The Bank of the People a small regional fictitious bank could use the blockchain to increase the efficiency of the bank-to-bank payment systems. The worlds’ transfer payment system cost more than 2 trillion dollars in fees and operation cost. It take days for a settlement any cross border a transfer under 50 dollars would almost entirely be consumed in fees and small payment of say .50 Cents in not even possible The blockchain will minimized delays in payment and remove settlement risk. The need for Nostro accounts would be greatly reduced (when a domestic bank having an account in a foreign bank in that country’s currency).

For lack of proper information and interests, many accountants, auditors, business executives are developing a sort of repugnance about Blockchain Technology, while certain prefer to simply ignore the question, because of uncertainties regarding future employment. As James Paine, founder of West Realty Advisors put it “One of the first things that people start to worry about when a disruptive new technology comes along is the possibility of it taking people's jobs away. With accountancy, blockchain is set to hugely impact everything from auditing and cybersecurity to the way that we store, access and interpret information ”. In the other hand, many professionals are welcoming this technological breakthrough because of the opportunities related

The Feiner Points of Leadership is one of the interesting and application oriented books I have read. I would recommend the book to my friends and colleagues who aspire to be a good leader. This book should be read by all the leaders and managers to be successful. It exemplifies some of the important skills manager or leader should practice at the same time it explains the mistakes one should avoid being a successful and effective leader. Michael Feiner’s experience in PepsiCo, given examples and instances in his tenure makes it easier to understand the facts in detail. These examples also helps retain all the points and laws explained in the book.

Bitcoin (BTC), a cryptocurrency, is a type of digital currency which was introduced in 2009 by pseudonymous developer "Satoshi Nakamoto". Since then 12 million bitcoins have come into existence with a current market cap of around 8 billion USD [1]. The algorithm is designed as to allow only 21 million BTC to come into existence ever. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network [2]. Bitcoin is not the first attempt. But none have managed before to take off so dramatically and with such wide adoption to achieve escape velocity. The questions which are important now are how the bitcoin managed this success in

An additional growth is that companies accepting the blockchain modern technology are finding methods to maximize this trend. Kik, a chat application that located tremendous success when it introduced but after that resisted market behemoths like Facebook, recently increased $125 million with preliminary coin offering (ICO). This stood for the introduction as well as launch of a brand-new cryptocurrency that has the

To start off primarily, Bitcoin is a digital currency as opposed to physical currency that we’re accustomed to and use in our daily life. Straight off their site, Bitcoin is described as a pseudo-anonymous, P2P technology operating with no central authority or banks, it’s open-source, public, owned by no one and open for everybody to take part; but what does that all mean? “Bitcoin is the leader in a new generation of emerging currencies known as “cryptocurrencies” which aim to, among other things, facilitate the movement of money electronically while still maintaining a sense of privacy,” (Hobson)

Digital currency is an Internet-based means of exchange different from physical currency such as circulating printed paper currency and coins.[1] Digital currency allows for instant transactions and boundaryless transfer-of-ownership. Both virtual currencies and cryptocurrencies are types of digital currencies. Like traditional physical money these currencies may be used to buy physical goods and services. Additionally, this digital currency could also be restricted

With this all nodes will be linked to each other and will form as a chain and this can be called as blockchain.

Nowadays, the Internet has implemented great impacts on people’s life, and it also has changed the business world significantly. In order for companies to cope up with the changing customer demands, they must adopt new technologies not only to support their business functions but also to reduce paper works, reduce costs, and provide better services. Bitcoin is a currency of the Internet, distributed, worldwide, decentralized digital money that be developed as a new payment method. In Australia, the regulator has defined Bitcoin as property instead of currency for accounting purposes (King, 2015 February). Although Bitcoins are not materially existed, it can be exchanged for goods and services at places that accept it, the same way you would give someone a dollar for a cookie.

The dramatic development of blockchain technologies seems to be a double-edged sword. Although cryptocurrency leads to innovative payments and transfers, it may be a tool for criminal usages. In terms of benefits, bitcoins have ability to solve double-spending problems and Ethereum’s smart contract is used for sharing economy. On the other hand, because there is no legal which is responsible for Bitcoin trading activities, Bitcoin is considered as one of the greatest risk to national security through illegal operations involving to financing of terrorism and extremism (Vovchenko et al, 2017). In 2013, for example, the U.S government closed down the largest website, named Silk Road, involved to illegal goods trading, in which there is 1.5% of Bitcoin was used for trading illicit drugs and counterfeit