Computer Science
Cumberlands Blockchain and Crypto Currency Literature Review

University of the Cumberlands

Question Description

I’m trying to learn for my Computer Science class and I’m stuck. Can you help?

Minimum of 2000 words

.Using the University Digital Library or the Google scholar website locate articles discussing different use of Blockchain Technology.

Write a literature review about Blockchain Technology. Your final document should include an Abstract and a Conclusion.


This assignment should be in APA format and have to include at least 12 references.

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Attached.

1
OUTLINE
Literature Review About Blockchain Technology
Abstract
Uses of Blockchain Technology
Payment Processing and Money Transfers
Monitoring of supply chains
Retail loyalty rewards programs
Creation of digital IDs
Data sharing
Copyright and royalty protection
Real estate, land, and auto title transfers
Immutable data backup
Tax Regulation and Compliance
Healthcare recordkeeping
Weapon Tracking
Managing the Internet of Things
Digital Voting
Conclusion


Running Head: BLOCKCHAIN TECHNOLOGY

Literature Review About Blockchain Technology
Student’s Name
Institution
Course
Professor’s Name
Date

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BLOCKCHAIN TECHNOLOGY

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Literature Review About Blockchain Technology
Abstract
Blockchain refers to the incorruptible distributed ledger technology that involves the
monetary transactions that can be designed to record nearly everything with some kind of
value. Typically, it is built in a manner that matches the internet in terms of durability and
robustness. Blockchain is decentralized and cannot be controlled by a single entity and has no
records of single-point failure. Considering the structure of blockchain, it is made of various
blocks that have the role of recording the recently performed transactions. Upon the
completion of these blocks, they change to a permanent database that is available in the
Blockchain. Based on this fact, numerous blocks jointly make up a single blockchain.
Besides, the blocks are connected to one another chronologically. Initially, blockchain was
developed to operate as an accounting method for Bitcoin. Following technological
advancements and economic growth, blockchain has continued to attract even more diverse
institutions such as financial firms, insurance companies, music stores, and diamonds, among
others. The first-ever international blockchain transaction was successfully recorded recently,
and the predictions show that blockchain technology has the potential to grow significantly
over the next few years. Various experts have expressed their views on the growth of
blockchain technology, and almost all of them show that blockchain could offer free cost
savings by avoiding the usage of third-party payment methods as well as transaction costs.
Additionally, the experts’ views show that blockchain can assist in making the transfers fast
and possible across borders.
Uses of Blockchain Technology
Applications of blockchain far much exceed the cryptocurrency and bitcoin alone.
Based on the fact that blockchain can establish transparency and fairness when putting into

BLOCKCHAIN TECHNOLOGY

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use, this technology has significantly impacted on various sectors in many ways (Crosby et
al., 2016). The influential ability of blockchain technology also lies in its ability to save the
business time and expenses in the long run. Blockchain technology can be applied in various
sectors ranging from private contract firms to government organs (Pilkington, 2016). Some of
the common uses of blockchain are discussed below.
Payment Processing and Money Transfers
The most common use of blockchain is the transfer of funds from one firm to another,
or from one individual to another (Treleaven et al., 2017). Most organizations require a faster
and more secure payment processing method to use in paying their employees or suppliers.
Blockchain is the right tool for such organizations because it allows quicker and incorruptible
...

denniswam20 (3317)
New York University

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