Allied American University InfoTech in a Global Economy Research Paper

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Final Research Paper

The final portfolio project is a three- part activity. You will respond to three separate prompts but prepare your paper as one research paper. Be sure to include at least one source in addition to your textbook (which means you'll have at least 4 sources cited).

Start your paper with an introductory paragraph.

Prompt 1 "Blockchain" (2-3 pages): Explain the major components of blockchain. Be sure to include how blockchain is affecting a global economy and how you see it growing in the future.

Prompt 2 "Big Data" (1-2 pages): Describe your understanding of big data and give an example of how you’ve seen big data used either personally or professionally. In your view, what demands is big data placing on organizations and data management technology? How does big data affect a global economy.

Prompt 3 “Government and Policies” (1-2 pages): Discuss the role government plays in a global economy. Also, look at what policies are currently in place and then discussion what policies should be put in place..

Conclude your paper with a detailed conclusion section.

The paper needs to be approximately 5-8 pages long, including both a title page and a references page (for a total of 7-10 pages). Be sure to use proper APA formatting and citations to avoid plagiarism.

Your paper should meet the following requirements:

• Be approximately 5-8 pages in length, not including the required cover page and reference page.

• Follow APA6 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 three scholarly journal articles from the support your positions, claims, and observations, in addition to your textbook.

• 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.

NO PLAGIARISM

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Final Research Paper The final portfolio project is a three- part activity. You will respond to three separate prompts but prepare your paper as one research paper. Be sure to include at least one UC library source per prompt, in addition to your textbook (which means you'll have at least 4 sources cited). Start your paper with an introductory paragraph. Prompt 1 "Blockchain" (2-3 pages): Explain the major components of blockchain. Be sure to include how blockchain is affecting a global economy and how you see it growing in the future. Prompt 2 "Big Data" (1-2 pages): Describe your understanding of big data and give an example of how you’ve seen big data used either personally or professionally. In your view, what demands is big data placing on organizations and data management technology? How does big data affect a global economy. Prompt 3 “Government and Policies” (1-2 pages): Discuss the role government plays in a global economy. Also, look at what policies are currently in place and then discussion what policies should be put in place.. Conclude your paper with a detailed conclusion section. The paper needs to be approximately 5-8 pages long, including both a title page and a references page (for a total of 7-10 pages). Be sure to use proper APA formatting and citations to avoid plagiarism. Your paper should meet the following requirements: • Be approximately 5-8 pages in length, not including the required cover page and reference page. • Follow APA6 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 three 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.
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Explanation & Answer

Attached.

Outline
The Global Economy and Blockchain
I.

Introduction
A.

II.

What is blockchain

Components of blockchain technology
A.

Decentralization

B.

Immutability.

III.

Trustless the main component

IV.

Big data

V.

VI.

A.

Effects of big data on global economy

B.

Example of an institution using big date

Government and policies
A.

Current policies

B.

Policies that should be adopted

Conclusion


Outline
The Global Economy and Blockchain
I.

Introduction
A.

II.

What is blockchain

Components of blockchain technology
A.

Decentralization

B.

Immutability.

III.

Trustless the main component

IV.

Big data

V.

VI.

A.

Effects of big data on global economy

B.

Example of an institution using big date

Government and policies
A.

Current policies

B.

Policies that should be adopted

Conclusion


Running head:THE GLOBAL ECONOMY AND BLOCKCHAIN

The Global Economy and Blockchain
Name of Student
Institution affiliation

1

THE GLOBAL ECONOMY AND BLOCKCHAIN

2

The Global Economy and Blockchain
A Blockchain is a time-stamped sequence of free registers of data which are administered
by a set of computers that are not owned by a person or entity. Cryptographic principles (i.e.,
chain) used to secure and bind these blocks of data (i.e., block). Over the years, blockchain has
grown to become one of the most advanced technologies out there. The media and individual
investors have shown a vast interest in Blockchain technology, mostly due to its transactional
features, mainly due to the impressive rise in price. However, blockchain has other primary
components, the model is resistant to censorship because of being decentralized, and this is one
central component of blockchain.
Decentralization causes the blockchain to be beneficial because it can be trusted; it is
absolute and has censorship resistance. Blockchain has done away with the requirement of a
third party to keep money safe. The nature of blockchain has made it that no central database can
be taken down by the state or terrorists for personal gain. Blockchain technology uses a
unanimity mechanism that makes use of millions of decentralized nodes that are synchronized
and solved by the computing power which solves the challenging mathematical puzzles. This
inhibits any illogical weakening of money supply and also guarantees funds are always safe.
Since cybersecurity is a significant concern for the global market, Blockchain technology due to
them having the ability to secure information from attackers will go along way in improving
cybersecurity in the worldwide economy. Another primary component of Blockchain technology
is immutability. Blockchain can prevent double-spending, which means entries made to the
ledger cannot undergo modification in any way. Changing previous ledger entries entails the
invader to have more power than the whole network of miners who guard the system. An

THE GLOBAL ECONOMY AND BLOCKCHAIN

3

attacker would require a lot of capital to carry out such an attack and, therefore, not a possible
thing too. Identity verification and land deeds issues in various industries and organizations have
taken a turn for the good due to immutability in the blockchain. It has made it hard for selfish
and greedy leaders to reverse a previously agreed upon act and land titles. Blockchain ensures
that there is a publicly available ledger that consists of the rights of the owner, making it difficult
to rewrite history. Blockchain ensures that only authorized people can access information
through having one's identity encrypted and stored, which reduces identity theft. It shows that
blockchain can not only be used as a payment system but also as a decentralized, permanently
unalterable storage alternative. It makes Blockchain technology to have a promising future in
certifying information, records, and documents. In the upcoming days, technology gets used by
governments and large institutions to perform their functions, such as voting and issuing of IDs.
Block chai will contribute to the global economy as a tool of storage and certification, which are
both essential in organizations and the economy.
Blockchain's most significant component is that it is trustless. Blockchain is
decentralized, and there exists no third parties depended on by users to keep their money safe. In
its place, there exists a decentralized peer to peer network of miners who protect the network
through proof of work. Prospects of backdoors creation into the system get revoked since
blockchain exists as an open-source code, which is accessible to everybody in the world to
scrutinize. It makes it possible for people to be in charge of their money without involving banks,
and have a more say of how their money gets utilized. Blockchains remain one of the fastest and
cheapest ways of transferring value across the world. All transactions done through Blockchain
technology are final and irrevocable, just like how cash operates where payments are final, and
no refunds offered. It is not the same case as for banks where a lot of customer issues get sorted

THE GLOBAL ECONOMY AND BLOCKCHAIN

4

out before the transaction process. For banks to sort out these issues, it incurs a cost, which is,
passed down to the customers resulting in high withdrawal and transfer charges to the customer.
It means that Blockchain technology can reduce bank charges by doing away with intermediaries
and securing transactions and making them more secure. In the coming years, banks will use
Blockchain technology through Blockchain applications that will provide an end to an end
banking system that will manage all the activities of the bank, eliminating a third person
requirement and, at the same making it more secure. It has resulted in a fast and cheap
transaction process of values anywhere in the world.
Big data concerns itself with a massive volume of information that can be structured or
unstructured that overwhelms an organization through the course of its daily operations. None
the less it is not how large an organization's data is but what the organization does with the
information that matters. Organizations analyze this big data to get insights to make wellinformed decisions and tactical business movies. Analyzing Big data involves the scrutiny of
large amounts of data, then carried out as a way of identifying unseen patterns, correlations, and
insights that aid in ethical decision making. Organizations early used to have an intelligent
approach but have now evolved into a learning organization. The analysis of the big data gets
achieved by carried out using advanced software systems, which reduces the time used to do the
analysis and hence fast decision-making process. Through using big data analysis, organizations
can observe various customer related trends and patterns. It has made it so easy for organizations
to understand the modern-day client. Due to this reason, the modern organization has resulted in
having a big data analytic strategy that gets the most out of the amount of data accessible to
them. Having a good plan that works for the organization will result in the business making
better-informed decisions that will assist in customer retention. A worthy example of an

THE GLOBAL ECONOMY AND BLOCKCHAIN

5

organization that is making professional use of big data is Netflix. The organization has over 100
million subscribers, and they make use of big data analytics for target advertising. It has
contributed a massive part in getting the company to where it is today. Netflix is enough to prove
how big data analytics can help a business retain customers. Netflix sends its customer's
suggestions for the next movie one should watch, based on current viewership taste. They use the
past and current watch data, which gives them insights on the preference of the subscriber and
hence sends the message of what is most likely to interest the subscriber. The Impact of this on
the global economy is that it has helped organizations to do better marketing and advertisement
based on the big data.
Organizations taking up big data analytics has led to the creation of the required highly
skilled workers to handle the analysis. Among the newest necessary professionals in the data
management field are Data scientists. The demand for a prominent data scientist is on high
demand, and this has led to top pay for leading data professionals in the world. Organizations
now require technology that will do predictive analytics. Organizations have a high demand for
software and hardware solutions that can assist in analyzing big data using predictive models.
Predictive analysis is useful for improving business performance, lessen the risk, and enable
growth. Big data has also created a demand for a high-quality strategy that is well organized and
able to take the endless flow of data in an organization to get more accurate results. However,
big data has had a significant effect on the global economy. Big data has brought a lot of
improvements to the business sector, such as a better understanding of the customers, enhanced
management, effective operations, and advanced products and services.

THE GLOBAL ECONOMY AND BLOCKCHAIN

6

The government's role in the global economy consists of two primary functions, which
are to promote economic stability and growth and controlling and regulating the economy. It
uses tools such as fiscal policy and monetary policy to improve financial stability and growth.
Fiscal policy involves the modification in tax rates and spending programs, while monetary
policies include the revision in the amount of money in rotation in the economy. They are
different laws regarding the economy that assist the government in regulating and controlling the
economy. Some of these laws are involved in private property rights and others for promoting
effective competition among organizations. However, there's a need for policies to be formulated
that will support new technologies like blockchain while considering the risk management that
should apply. For instance, in blockchain technologies, no permission is needed, and no party is
responsible for the security of the blockchain network. The data is accessible to all users of the
system. It creates a conflict between technology and privacy laws. The modern economy that is
highly dependent on technology should, therefore, formulate policies that will ensure the privacy
of personal data is respected as well as encourage innovation in the business without limiting the
usage of technology but instead have compliance policies in place.
Blockchain technology marks a significant power shift from centralized trust agents to
individuals. This shift will mainly impact profoundly on the sectors of banking, credit agencies,
and other transactional intermediaries. Many people will soon prefer to use blockchain
technologies since it is cheap and fast to make transactions anywhere in the world due to the fact
they cut out the use of a third party in the transaction process. Eventually, the bank, credit
agencies will have to adopt the blockchain technology or risk going out of business. However,
blockchain technology is the gatekeeper of trust and identity. It is up to the government to

THE GLOBAL ECONOMY AND BLOCKCHAIN

formulate new ways to engage the modern economy while still maintaining value to the rapidly
growing technology in the contemporary global economy.

7

THE GLOBAL ECONOMY AND BLOCKCHAIN

8

References

Swan, M. (2015). Blockchain: Blueprint for a new economy. " O'Reilly Media, Inc.."

Nguyen, Q. K. (2016, November). Blockchain-a financial technology for future sustainable
development. In 2016 3rd International conference on green technology and sustainable
development (GTSD) (pp. 51-54). IEEE.

Porras-Gonzalez, E. R., Martín-Martín, J. M., & Guaita-Martínez, J. M. (2019). A critical
analysis of the advantages

brought by blockchain technology to the global

economy. International Journal of Intellectual Property

Management, 9(2), 166-184.

Nofer, M., Gomber, P., Hinz, O., & Schiereck, D. (2017). Blockchain. Business & Information
Systems Engineering, 59(3), 183-187.


Outline
The Global Economy and Blockchain
I.

Introduction
A.

II.

What is blockchain

Components of blockchain technology
A.

Decentralization

B.

Immutability.

III.

Trustless the main component

IV.

Big data

V.

VI.

A.

Effects of big data on global economy

B.

Example of an institution using big date

Government and policies
A.

Current policies

B.

Policies that should be adopted

Conclusion


Outline
The Global Economy and Blockchain
I.

Introduction
A.

II.

What is blockchain

Components of blockchain technology
A.

Decentralization

B.

Immutability.

III.

Trustless the main component

IV.

Big data

V.

VI.

A.

Effects of big data on global economy

B.

Example of an institution using big date

Government and policies
A.

Current policies

B.

Policies that should be adopted

Conclusion


Running head:THE GLOBAL ECONOMY AND BLOCKCHAIN

The Global Economy and Blockchain
Name of Student
Institution affiliation

1

THE GLOBAL ECONOMY AND BLOCKCHAIN

2

The Global Economy and Blockchain
A Blockchain is a time-stamped sequence of free registers of data which are administered
by a set of computers that are not owned by a person or entity. Cryptographic principles (i.e.,
chain) used to secure and bind these blocks of data (i.e., block). Over the years, blockchain has
grown to become one of the most advanced technologies out there. The media and individual
investors have shown a vast interest in Blockchain technology, mostly due to its transactional
features, mainly due to the impressive rise in price. However, blockchain has other primary
components, the model is resistant to censorship because of being decentralized, and this is one
central component of blockchain.
Decentralization causes the blockchain to be beneficial because it can be trusted; it is
absolute and has censorship resistance. Blockchain has done away with the requirement of a
third party to keep money safe. The nature of blockchain has made ...


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