Introduction E-commerce is a common concept in the contemporary business world. Banks and other financial institutions play a major role as all types of organizations across the world are engaged or entering the field of online business transactions. However, over the years e-commerce has faced numerous challenges due to authentication and other security issues. The Head of ICT in a medium sized financial organization that was established around 10 years ago. It started as a community bank in rural NSW to service retail customers. Now it has both retail and corporate clients, and has various retail branches within NSW and online business operations. The Head Office of the organization is based in Sydney. The organization is now exploring options to expand the business in the next five years to other States of Australia and to the Oceania region, as well as expand its e-commerce activities. As a part of this expansion plans, business needs to address some of the authentication and other technology problems it has faced during the last few years while it was implementing its online business model. It is also considering new applications and technologies that could be used to strengthen its online business and resolve some of the current problems. The CEO of the organization has recently heard about blockchain technology and its various uses in e-commerce. CEO asked to investigate the technology and types of applications that use blockchain method as the underlying technology to consider if organization should adopt it.
Blockchain Technology Blockchain technology and the most up to date developments in the field A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties. Each transaction in the public ledger is verified by consensus of a majority of the participants in the system. And, once entered, information can never be erased. The blockchain contains a certain and verifiable record of every single transaction ever made. Blockchains technology is the most popular example that is intrinsically tied to blockchain technology. It is also the most controversial one since it helps to enable a multibillion-dollar global market of anonymous transactions without any governmental control. Hence it has to deal with a number of regulatory issues involving national governments and financial institutions. However, Blockchain technology itself is non- controversial and has worked flawlessly over the years and is being successfully applied to both financial and non-financial world applications. Financial institutions, bound by charters that describe the types of investments they can embark upon, have had few means of putting their money into bit coins or other crypto currencies. But in 2017, we’ll see a greater push towards a diversity of crypto currencies as investments, and ETFs, hedge funds, and derivatives will start to act as conduits for institutions to gain exposure and get into the crypto currency game. Private
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- Fall '17