Cumberlands Limitations of Blockchains and Emerging Concepts Paper

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University of the Cumberlands

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Portfolio Project ** Final Portfolio Project **Final Portfolio Project

The Portfolio Project is a comprehensive assessment of what you have learned during this course.

The Project has two parts: Limitations of Blockchain and Emerging Concepts.

Blockchain continues to be deployed into various businesses and industries. However, Blockchain is not without its problems. Several challenges have already been associated with the use of this technology. Identify at least 5 key challenges to Blockchain. Additionally, discuss potential solutions to these challenges. Lastly, please discuss if we will see the limitations to blockchain be reduced or mitigated in the future.

There are several emerging concepts that are using Big Data and Blockchain Technology. Please search the internet and highlight 5 emerging concepts that are exploring the use of Blockchain and Big Data and how they are being used.

Conclude your paper with a detailed conclusion section which discusses both limitations and emerging concepts.

The paper needs to be approximately 8-10 pages long, including both a title page and a references page (for a total of 8-10 pages). Be sure to use proper APA formatting and citations to avoid plagiarism.

Your paper should meet the following requirements:

• Be approximately 8-10 pages in length, not including the required cover page and reference page.

• Follow APA7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.

• Support your answers with the readings from the course, the course textbook, and at least five scholarly journal articles from the UC library to support your positions, claims, and observations, in addition to your textbook. The UC Library is a great place to find resources.

• Be clearly and well-written, concise, and logical, using excellent grammar and style techniques. You are being graded in part on the quality of your writing.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Running Head: THE LIMITATIONS OF BLOCK CHAINS AND EMERGING CONCEPTS

The Limitations of Blockchains and Emerging Concepts
Student Name
Institutional Affiliation
Date

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THE LIMITATIONS OF BLOCK CHAINS AND EMERGING CONCEPTS

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The Limitations of Blockchains And Emerging Concepts
Introduction
Blockchains refer to a system that has the responsibility of recording information so that
individuals find it tedious to either cheat or hack the system (Vukolić, 2017). It operates more
like a digital ledger that is effectively distributed and duplicated across various computer
networks on blockchains. Every Blockchain contains the timestamp, a cryptographic hash, and
transaction data, usually represented as the Merkle tree. In recent years, blockchain platforms
have experienced several architectural disadvantages, especially those containing recently
permissioned systems. As such, there are several disadvantages associated with blockchains.
Overcoming the numerous weaknesses is crucial for enhancing the functional and meaningful
properties of the blockchains, like consistency, confidentiality, and other properties such as
scalability and performance (Vukolic,2017).
The Limitations of Blockchains
Scalability is among the several disadvantages of blockchains. Bitcoin is a blockchain
implementation that is well known by a number of people though only a few of them get to use
it. It entails a sluggish speed when processing transactions; hence, increasing the number of
active users is not as practical as the visa (Vukolic,2017). This greatly interferes with the
blockchain scalability compared to the visa, which is more expensive than the Blockchain.
Immutability is one of the vital features of Blockchain that mostly means that any recorded
transaction can not be altered. However, the transactions can be modified by adding newly

THE LIMITATIONS OF BLOCK CHAINS AND EMERGING CONCEPTS

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updated data in the new Blockchain. Instead of the code changing the data from say 400 to 500, a
unique point of data is added to the variable; hence it becomes effectively modified.
Awareness and Understanding
The principle limitation that relates to blockchains is the inadequate knowledge of the
advanced technology used in blockchains, especially in the banking sector, and a better
understanding of how it works. Lack of adequate knowledge about the use of blockchains
directly means that most of the activities that require the use of blockchains will greatly be
interfered with hence hampering progress among individuals. As a result, blockchain users need
to have proper knowledge of how to handle the emerging technology of blockchains so as to
enable them adequately use the blockchains (Vukolic,2017). This can be effectively done by
emphasizing the importance, including the teaching of blockchains in the education curriculum.
Organization
The major challenge with current approaches, though, is that they remain stove-piped in
the sense that many organizations are coming up with their own blockchains and the various
applications to operate over them. This greatly interferes with the single precise standard of
blockchains, which is crucial to any individuals who use Blockchain (Vukolic,2017). The
potential users find it difficult to handle a disorganized blo...


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