Matching Items (2)
Description
Blockchain technology is becoming the new platform for the future of money as a means of payment. It was originally developed to support the cryptocurrency (bitcoin) functionality and improve the way of doing business. However, with its versatility, it has evolved into a multifunctional innovation that can be being applied in different non-business sectors that have a great impact on the economy. I will review some aspects of the economy that are likely to be impacted like the role of a centralized monetary system, need for regulation in business and role of business innovation in the economy. Moreover, I will investigate its impact in emerging markets because unlike the developed economies, emerging markets have greater potential to expand as they still have increasing returns to scale and rapidly growing. Some of the ways that this occurs include cost reduction in financial market and cross-border payments, faster international remittances, and curbing problems like corruption. The paper concludes that there are no much prospects on the expectations of the technology in the African economy because of the challenges in adopting it like scalability, conservativeness of the society to incubate new technology, and lack of infrastructure to support the new technology.
ContributorsJohn, Teresia Mawia (Author) / Pereira, Claudiney (Thesis director) / Mendez, Jose (Committee member) / Department of Economics (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
The purpose of this thesis is to explore how Blockchain technology can help solve problems large corporations commonly face. For example, it is a common problem for large businesses and organizations to manage sales contracts with thousands of items on them. Likewise, it can be difficult to accurately monitor complex payment histories with thousands of items on them. Another issue is the difficulty that is introduced when making periodic reconciliations based on separate recording systems. At a broader level, some organizations may hesitate to do business with new strange companies or oversea companies for the first time because they do not trust that the other organization can deliver what they promise. Such problems cost organizations a lot of money, effort, and time to solve. However, Blockchain technology, first developed in 2009, could revolutionize how the business community deals with these common problems. The shared and immutable ledger on Blockchain can help organizations to keep track on transactions, manage the contracts in a smarter way, ensure correct purchase history records, eliminate the periodically reconciliation processes, and provide visibility for real-time transactions.
ContributorsHuynh, Phu Thanh (Author) / Popova, Laura (Thesis director) / Pankaj, Sneha (Committee member) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05