Block Chain in Information Technology

Instructions

Residency: Draft – Introduction and Headings

In a minimum 5-pages, develop an introduction to your Chapter 2 where you clearly explain the overall research topic, literature gathering process, and the scope and organization of the literature review. The introduction should conclude with a paragraph that describes the sequence of the literature you will include and the literature analysis process. After the introduction, you should incorporate possible headings/subheadings that you plan to cover and include at least 20 scholarly references.

Block Chain

Introduction

The technology’s era has brought upon various technologies, including AI and e-currency, however, considering the banking sector and how it has developed, advent of another term which is described as “cryptocurrency” has caught the eye of major investors and individuals. Cryptocurrency is the future of currencies, since it is untraceable and is stored in the very basic hard drive of the computer system being used. Among the most famous and most expensive cryptocurrency include Bitcoins, which enables transactions to be done directly without the involvement of any banking sector or bank itself. Blockchains are one of the fundamental components of cryptocurrency which makes use of basic block algorithm to store information within them. This information is usually relative to finance and therefore can be used for this, it requires strict security, for which there has been the increased usage of block chain technology

Blockchain

Blockchain are described as an transparent record which is entered every switch is in a run down of blocks. This specific chain structures as new blocks are submitted into it. There has been a lot of development in the blockchain systems and has a lot of applications in continuance, anonymity, integrity and persistency. Considering these components, blockchain can be largely be used to improve cost efficiency for various purposes. Since it enables the payment to be done without the intervention of banks and banking sector, it can be further utilized for different management perspectives as well, such as digital resources, online installments etc.(Foroglou & Tsilidou, 2015).