Impacts of Blockchain Technology on Reduction of Costs Discussion

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Computer Science

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In chapter 4, the author describes four types of costs that blockchain technology can reduce. Which of the four cost types, if reduced through blockchain technology, would most impact the organization for which you currently work? What would be the most visible impact on your job role? How could you minimize any negative impact?here the text book below

Title: Blockchain Revolution

ISBN: 9781101980149

Authors: TAPSCOTT

Publisher: PENG RAND

Edition: 18

Title: Blockchain Revolution

ISBN: 9781101980149

Authors: Tapscott

Publisher: PENG RAND

Edition: 18

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Explanation & Answer

Please view explanation and answer below.Hello, I have attached the answer. Incase you find any revision kindly inform me.I am ready to help.

Impacts of blockchain technology on reduction of costs
Over the past few years, blockchain technology has become popular globally. The
implications of blockchain technology, especially on reduction of costs have accelerated the
revolution of blockchain technology. Bitcoin, one of the greatest examples of how blockchain
technology has grown, is being adopted by many industries as a mode of payment. In Chapter
4, there is clear evidence of the types of costs that blockchain technology has reduced.
Blockchain technology exhibits unique characteristics that have led to the reduction of
various costs in organizations. Among the costs discussed, one key cost is transaction cost
which influences the organization I am working in. In financial matters, transaction costs are
majorly incurred durin...


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