Week 4 Assignment
Due Date: Sunday, midnight.
Read the following Article: Smith J. (February 4th 2019) Beyond Crypto – Blockchain Ethics.
“Blockchain is already powering the future sweeping the fintech and the crypto world off their feet. The future seems bright; this new age technology no doubt has turned the finance industry. Apart from the finance and banking industry this technology is seen to have disrupted other industries as well. The ability of this disruptive technology is already paving its way in spaces such as voting, e-commerce and travelling.
A blockchain is a distributed ledger that is created to store data of every financial or non-financial transaction that takes place. The transaction that takes place has a transparent mode, the reason why anybody linked to the network will be able to view the transaction. However, once the transaction takes place and the data is recorded, it cannot be altered or changed. Going by the fundamentals, blockchain technology runs under three technologies such as P2P network, program and key cryptography. This new kid on the block is already fuming the market place.
The innovative power of blockchain is endless. In the early 2018, PwC directed a survey that covered 400 executives from 15 different regions. The results are surprising! They came up with facts that showed the exact figures regarding the status of these organizations. The industries that were seen as blockchain leaders included the financial services (46%), followed by manufacturing (12%), energy and utilities (12%), healthcare (11%), government (8%), retail and consumers (4%), entertainment and media (2%), and others (5%). Undoubtedly, blockchain is one of the disruptive technologies today, but there is a shortage of talent supply. A reliable way is to opt for blockchain certification to get an entrance in this field today.
Almost all these industries are broadly associated with blockchain technology today. However, 84% of them responded saying that they are in aggressive use of this technology whereas, 45% said that there might be delayed due to trust issues.
Blockchain technology is already disrupting these industries. Each day we wake up to new revolution of technologies that are developed to make our lives easier and simpler. There are times when we are not aware of the advantages these technologies have to offer. Let is discuss how most businesses are adopting to this technology already.
• Banking and financial sector
One of the most widely usage of blockchain is in the banking and finance domain. The main objective why people use blockchain is because of its accessibility to financial services. In fact, even in places with low or no internet connectivity payments can be provided across the world.
Although blockchain is a kind of a dispersed ledger, the data stored and recorded is encrypted. This assure that for every transaction that is taking place it is secure and sophisticated with usage of technologies such as cryptography.
When it comes to the insurance market, trust is a big factor. However, with blockchain, this trust factor can easily be managed. With the help of a technology called oracles, integration of real world data and smart contracts has never been this easy.
Blockchain technology is already being used for the purposes of voting and elections. Purposes such as vote counting, voter registration, and identity verification are certain areas where this technology can be fully relied upon.
With the help of this new age technology, hospitals can now have the facility to have records of patients and other data that is often looked upon by other doctors. One will not require to keep updating the medical history of a patient or the previous doctor visited. The entire data will be stored and recorded.
• The retail industry
While purchasing online there are few transactions with only those businesses that can be trustworthy. Thus, only those businesses are successful online that are actually capable of providing secure transaction while purchasing online.
• Real estate
It is challenging to cope up with maintaining paper work while buying a house. At times, there is no transparency provided and there might be occurrence of fraudulent transactions. To avoid such mishaps, blockchain helps in verifying the transaction of the ownership along with tracking the statuses and transferring related property deeds.”
Choose one of the ways of blockchain usage and define ethical issues of this usage. Provide your solution of these issues, support your recommendations with examples, facts, and data.
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