Information technology in Global Economy

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Discussion 1:
In the present competitive business of the IT, sector blockchain is playing a prominent role. It is understood that blockchain technology has extensively being adopted by more than one-third of companies all over the world. The demand for a blockchain developer is recognized to be ever-increasing (Tan, 2008). Because this innovation of blockchain mainly provides one of the most secure as well as safe online transactions that greatly impact an enormous number of organizations. In general, blockchain is identically considered as a technology that underpins Bitcoin along with various other digital currencies. This is also recognized as a database of financial transactions that is secured on multiple information systems and develops new transactions (Weking, et al., 2020). These blocks continuous and creates a public chain of data. The blockchain continues to evolve it develops the capacity for processing a greater number of transactions within real-time. It is required for organizations to integrate blockchain technology into the existing advertising ecosystems that can be processed within the time. The blockchain working group plays a key role in developing the best practices for using technology. In relation to this, the technology mainly uses decentralized ledgers for keeping the transaction records. Alternatively, the record of transactions will mainly be preserved within the peer-to-peer network. This does not contain any kind of central authority that is required to confirm the transactions. Alternatively, the transactions are mainly verified through the participants within the peer-to-peer networks (Kou, Chen, & Xu, 2019). Due to this, organizations can easily secure online activities by developing a high level of security that is developed through the decentralized nature of blockchain. More likely the blockchain technology is identically considered to be transparent as it is visible for overall participants from beginning to date. It is also considered to be the most reasonable financial model that available all over the world. An enormous number of organizations use blockchain technology because they save lots of the business economic model. This is mainly recognized to be beneficial for banking industries. Likely the time of transactions is considered to be less using blockchain technology that never analysis a little time for completion. This does not include the involvement of the third party within the blockchain technology. By adopting blockchain technology the organizations can easily secure their information systems from fraudulent activities.
References
Kou, G., Chen, X., & Xu, M. (2019). A systematic review of blockchain. ResearchGate, pp. 01-10.
Tan, F. B. (2008). Global Information Technologies Concepts, Methodologies, Tools and Applications. Information Science Reference.
Weking, J., Mandalenakis, M., Hein, A., Hermes, S., Böhm, M., & Krcmar, H. (2020). The impact of blockchain technology on business models – a taxonomy and archetypal patterns. Electronic Markets Vol. 30, pp. 285–305.
Discussion 2:
A group of people invented blockchain with the name Satoshi Nakamoto in the year 2008. Blockchain acts as a ledger where transactions occur in a decentralized way, the transactions between two parties efficiently and best practice. Blockchain using applications are increasing in everyday life some of them are finance, reputation system, inter of things etc. Every technology has some drawbacks some of them are scalability and security problems, which must be overcome (Zheng et al, 2017).
These days blockchain has become a recording activity on a continuously updated digital ledger with no central POC (point of contact). This technology has become popular in the supply chain and logistics world. In general, the blockchain helps in the supply chain by having smart contracts, fraud, theft prevention, tracking and transaction process (Zheng et al, 2017).
Smart contracts this is how they work once the supply chain delivers the product and the payment, returns and other operations are stored in the blockchain as a unique code. This helps in the supply chain carry out efficiently and create trust among all parties (Min, 2019). Tracking in the blockchain is a continuously synchronized ledger updating transactions and activities so that managers need not keep searching for transactions party by party. Fraud and Theft the data stored in the centralized database, every partner can access the database to view and verify. Every block of data is connected to the one preceding it, so tampering is not possible (Min, 2019).
Reference:
Min, H. (2019). Blockchain technology for enhancing supply chain resilience. Business Horizons, 62(1), 35-45.
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, June). An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE international congress on big data (BigData congress) (pp. 557-564). IEEE.