Research paper: Impact of Blockchain and Cryptocurrency on Financial Services

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puvcre2637

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I don't have the outline yet for this topic. But here is my thought my paper should address these questions ( you feel free to develop more ideas):

- Will financial service use blockchain as future technology? If it has lots of advantages, so it raises question : cryptocurrencies is a tool of blockchain, so will cryptocurrencies replace cash in the future? - Blockchain transformation in banking sector. Measure the performance, to see what goods and bads for banking of using blockchain.

My professor want this paper will add knowledge to readers. The paper should has 1 argument, and support for that claim. After reading this paper, reader may believe your claim or not.

In the introduction: address why this topic is important to study.

Body: research position and try to argue at least 3 points

Possible ideas to use in this paper: historical data, historical trends, economic policy, statistical information, and academic studies, presentation and analysis of data: data set, graphs and charts, spreadsheets, federal reserve data and politicians.

Please include some graphs or charts....

- MLA format

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SURNAME1

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Impact of Blockchain and Cryptocurrency on Financial Services
Executive Summary
The research considers the advantages that Bitcoin has over the other financial service
providers such as banks. The research finds that the Bitcoin technology provides the account
owners with full control of their value and there is no limitation to the accessibility by a third
party. For this reasons, there is a huge reason for the banking industries to fear the Bitcoin
technology as far as customer's satisfaction is concerned. The technology also has very low costs
of the transaction and the customers can make many transactions. The banks are also relieved the
huge costs they incur in their own transactions. All these moves within the banking sectors
provide a greater potential for the technology replacing the banking system in the future. The
technology is significantly favorable to the many potential customers in the developing economy
without bank accounts but has easy accessibility to a smartphone.
The paper also provides the legal framework surrounding the technology and the
possible outcomes from them. Many political and economic regulators have strongly raised
alarms over Bitcoins and other cryptocurrencies. The regulators focus on the effect of technology
allowing for money laundering and financing of terrorists as the transfer of funds has limited
traceability to the transactions as well as the identities of the participants. These legal concerns
are faced with several limitations as controlling the Bitcoin technology means controlling
everyone which is not easy. The technology thus has possible potentials of destabilizing the
economy and may thus lack the legal support of the decentralized services. The US maintains its
dominance in the market by the standard set by the dollar and this dominance is greatly disrupted
by the cryptocurrency operations.
The research also elaborates the blockchain transformations within the banking services.
The research finds that most banks involved in the Blockchain technologies are a basis for
understanding the technologies for opening new markets with the dynamic changes in the
consumer behavior within the internet. The banking systems view the technology as a basis of
discovery which forms an era of new phases of consumer's transactions. Most economists'
investors within the financial sectors view the technology as not- sustainable as it is not globally
acceptable within all sectors of the economy. This gives the implication of the currency ever
acquiring an independent value within the market.

SURNAME

2

Introduction
Blockchain technology is one of the emergent technologies according to a report that was
given in 2016 in the world economic forum. This technology had been used for quite some time
and has an economic, political and social impact. The use of the Bitcoins is a major application
of this technology which has changed the face of the transactions and contracts in all parts of the
world. The Bitcoin which is a worldwide payment system is decentralized and has no single
administrator such as a central bank. This is an issue of both political and economic concern as
the Federal government lacks the control it has as through the Federal Reserve System. A Major
question arises in this regard. Should the Bitcoin replace the currency what major impact would
it have on the economy? The technology has found strong basis among individuals and
organizations and it's a matter of national and global concern. The US lawmakers are making
huge moves in order to develop and implement strict oversight in this asset. The government and
economists fear that the Bitcoin technology is challenging the control of financial services both
in the national and in the international markets. On the matter of workability, the Blockchain
technology can efficiently replace the banking services within given area of operations as
individuals feel an increased control of their resources. The technology as a currency has been
associated with crimes despite being free from fraud itself (Bryans, Danton, 2014). The most
recent is the cybercrime such as the WannaCry which costed individuals and companies funds
and data. The technologies facilitate these payments as tracing the different individuals is
relatively hard. This research paper aims at establishing the impact of the Bitcoin
Cryptocurrencies on the financial services in both the banking and the currency. Though the
Block Chain technology through the Bitcoins has intensive impacts on the financial services in
the economy its dominance would heavily rely on a collaboration with the banking, economic
and legal framework which would affirm its strength.
Brief Summary the operation Principle of the Block Chain technology and the Bitcoins
The Block Chain technology consists of interconnected computers that maintain a single
ledger that is updated and secured with no centralized control. The most common application is
through the Bitcoin cryptocurrency. The individual intern...


Anonymous
Just what I needed…Fantastic!

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