Category: Information Description: XBlock app was created using Appy Pie, World's #1 App Builder for creating Android & iPhone Apps. It is a Information category app. Click below to download the XBlock app.
10/10 for Best Information appBased on1 votes & user reviews
Ali and Alyazyeh, engineering students from the American University in Dubai, are devoting their potential of skills and abilities in addition to their time to technology. One of our innovative approaches in this field is to create an informative application open for the public and for free. Our attempt is to create an informative platform on one of the rising technologies, that to some is considered a puzzle.
Founded : 2018
Founders : A&A
Mission : We aim to create an integrated informative application that unravels different aspects of the rising technology of Blockchain. Honesty. Clarity. Accessibility.
email : email@example.com
Economic Implications of Blockchains
Blockchains eliminate your need to reach an intermediary party. There is areal time connection between you and the other participant. Instead of relying onlawyers or banks, you rely solely on blockchains, reducing time and money spent.(What is BLOCKCHAIN?, 2018)Managing your financial status and accounts is another way blockchainscontribute to businesses. If you have businesses in separate locations, blockchaintechnology can keep your financial status current across all offices. It can also helpin the processing of transactions, and can provide financial transparency andsecurity for all employees.Many businesses encounter difficulties when it comes to supply chains. Oneexample is the bullwhip effect, wherein customer demand affects inventory supplyas it goes up the supply chain, which costs businesses huge amounts of money.This can easily be seen when suppliers are unable to keep up with high demandevents, such as Black Friday sales. Blockchain technology could be adapted towork as a ledger for assets, ensuring that supply is able to keep up with demand.("The Evolution Of Blockchain; And How It Can Affect Your Business")
Summary of Everything
Smart Contract The smart contract is an advantageous and beneficial form of acontract. It helps to minimize the risks and make sure that one’s money will not belost. Moreover, it excludes intermediaries, which is beneficial for both parties.However, this system has detriments. For instance, lawyers and real estate agentscan lose their jobs as intermediaries will no longer be needed.Also, such contracts cannot be legally disputed or regulated by law. The reason wetrust a smart contract is that once it is created, it can never be changed again andthe output of a contract is validated by everyone so the single person cannot forcethe contract to release the funds because other people on the network spot thisattempt as invalid. All in all, smart contracts bring many benefits to differentbusiness spheres, but such systems still have to develop and evolve to become aprimary way to complete business agreements.Effect of BlockchainBlockchains have paved a way for cryptocurrencies to come in and serve today’s businesses. There are barriers which include uncredible marketing strategies and displacing trust among consumers. The obstacles for blockchains to adopt to society are also worth taking note of. However, it’s impact on the future will no doubt be significant in terms of providing easier transactions and better cyber-security. Bitcoins are the current top cryptocurrency, when blockchains become more adopted into modern society then more cryptocurrencies will be followed.Ethics of Blockchain Block chain is upcoming technology but the adoption process is little slower but there are some of the countries such as Singapore, Philippines, Switzerland etc. are progressively using this technology to safe guard their data and also to bring transparency in this system. In fact, Estonia is planning to introduce this technology for initiating e – residency program for citizens. Zheng et al (2017) argued that current study state that block system is most advanced data record system which is majorly adopted in supply chain industry. In fact, some of the companies are already using this technology to bring transparency in their system.
Privacy in Blockchain
As far as security and privacy matter is concerned then Block chain provide a secure platform where innovative cases are used. Wood (2014) state that Block chain provide transparency and immutability which the block chain users gain with respect to maintaining their privacy. Though, the concept of block chain is still at infancy stage but some of the entrepreneurs are trying to increase their data privacy by using advanced technology as this advanced technology is formed with combination of cryptography and block chain. Now a days, some of the projects such as Origo, Oasis and Mainframe are also planning to use block chain for preserving the privacy of users. (Tapscott & Tapscott, 2018)
Social Implications of Blockchains
Blockchains creates transparency and an environment of trust and reliabilityin data. Before a block is added to the chain, a cryptographic puzzle has to besolved. The computer solving the puzzle then shares the solution to all computersin the network (proof-of-work), each party of the network has to verify the proof-of-work in order to add a new block to the chain. This feature accounts to thetrustworthiness of the data and the inability to tamper with it. (What isBLOCKCHAIN?, 2018) Its transparency, its ability to let anyone register andtransfer value and data, and in certain cases, execute programs, allows for moreefficiency in social institutions, both in private and public sectors. (Nyumbayire)Decentralizing away from government’s control and handing that controlover to the people will likely be accepted by many and the social implications canbe very positive. For example, we’ve heard of many cases of identity thefts inrecent years. Handing the control of identification to people rather thangovernment entities would put an end to such crimes and allow people to submitand show personal information with trust.Blockchain can build a financial system that is based on trust. News of howlarge companies lose sensitive data and private information to hackers and securityexploits is alarmingly common. Because blockchain technology was created tolegitimize a cryptocurrency, it is by default developed to be secure. Thus,blockchain technology can pave the way for advanced security systems, especiallyfor businesses that handle customer information and sensitive data. Transparency:Blockchain ledgers are open and can be seen by anyone, making the platformcompletely transparent. Shutting down any computer hardware will not lead to aloss of information. (Mason)
Ethics of Blockchain
According to Fonseca (2018), the block chain is actually a distributed ledger technology which came into picture just few months back where the developers referred this technology as disruptive technology which can revolutionize but the actual question arise is that whether this revolution can benefit the world. People favoring usage of block chain need to ensure that whether it can improve the ethical value which can inspire the action while doing the business.Wood (2014) state, when someone hear about the word “block chain” for the first time then the actual picture which comes to the mind is “Bitcoin”, “cryptocurrency”, “ICO”, “Ethics” etc. But, the block chain is not actually just about these few issues but this is a technology which has potential to revolutionize the society for betterment but have a little overlap of ethical practices.Few years back, most of the block chain based activity and products acted more like payment platforms but later on, this concept become applicable in other sectors too as it was offering more ethical, humanitarian and environmental friendly services to people because of which the expansion of block chain technology took place. (Swan, 2015)Lee (2018) argued that the supply chain industry are welcoming the usage of block chain because there are some of the issues like child labor, exploitation of wage and poor working conditions are quite prominent in supply chain industry. The improper system of supply chainindustry operation is happening because there is informal employment exists in this industry which cannot be tracked regularly.One of the first organization “Namahe” implemented the block chain system in supply chain industry by creating a solution where different level of supply chain have been integrated including the workers, suppliers, retailers and many other stakeholders in order to make the entire system to be transparent. Now, Namahe is planning to partner with other supply chain sector to improve the working condition and because of this system, the small and medium size retailers started working with suppliers and workers in safe and secure environment where ethical matters have been given top priority. (Nayak & Kumar, 2016)Now, Prusty (2017) expects that block chain will assist the sustainable and ethical sourcing of labor and material because of which the new projects could be kick started with new generation of value chain and ethics would remain at top priority among industry players. In the same manner, De Beers Group, the global leader in diamond mining and supplying are also developing the block chain based solution where the gems and diamonds could be tracked from mining to retailers in order to eliminate the thorny issue of conflicted diamond. Mukhopadhyay (2018) argued that the conflicted diamonds are usually extracted from those areas and mines which are in control of rogue militants and they use these gems and diamonds to finance their actions against government. It is expected that, the block chain based supply would help the company to eradicate the market of conflicted diamonds which will reduce the violence in country and also this will bring transparency in diamond industry.
Please select review
Please enter your name
Please insert valid email!
Please write your comment
All reports are strictly confidential. This appears to be: