CSIA 459 Paper.docx - Technology Selection Study Recommendation Paper CSIA 459 Evaluating Emerging Technologies Random Joe 2019 Introduction The

CSIA 459 Paper.docx - Technology Selection Study...

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Technology Selection Study Recommendation Paper CSIA 459: Evaluating Emerging Technologies Random Joe 2019
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Introduction The significant business benefits in which blockchain technology demonstrates is what makes it an increasing interest to most organizations Assurance of data integrity, disintermediation level increase, and minimizing the need for reconciliations are just a few benefits of blockchain that attract businesses. Blockchain is a key emerging technology trend that studies have shown has potential market disruption which can support authenticated and secure decentralized transactions (Hughes, Dwivedi, Misra, Rana, & Akella, 2019). Blockchain literature has been assessed and many innovative applications have been highlighted. These include secure contracts, e-health records creation, and finance and supply chain management. The movement towards blockchain technology is impacted by multiple factors to include local and cultural deliberation which give rise to greater boost to solve exact issues that will directly benefit citizens. Blockchain is considered a trend important to technology in companies and governments that will influence society in the future. With blockchain technology the same information is stored at different nodes and the information can only be added when all nodes have reached consensus. Previous information cannot be removed from nodes but new transactions can be added. When transaction information is stored in different nodes it is referred to as distributed ledger (Olnes, Ubacht, Janssen, 2017). With distributed ledgers the need for central actors are reduced and the risk associated with manipulation or failure to a system is also reduced. Benefits Blockchain Technology (BCT) can be utilized for any change in ownership and storing important information to include documents, licenses, and certificates. Typically transactional data is stored
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in a blockchain (BC) such as loans, certificates, registries, and social benefits etc. BCT can possibly provide governments and society with many benefits. It can offer the next step in the development of e-government because they enable decreased cost, complexity, shared confided procedures, improved discoverability of review preliminaries and guaranteed trusted recordkeeping. Bitcoin was the first framework to incorporate the BC information storage structure and has filled in as the reason for all BC usage to follow in areas as wide running as the vitality sector, supply and logistics, the healthcare field, and the music industry. BC can be used for what is referred to as a smart contract. With a smart contract agreement of conditions can be stored and upon completion of those conditions the changes outlined within the contract will be met. A smart contract is best defined as a component involving assets which are digital and two or more parties where parts or all of the parties put assets in and assets are redistributed
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