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Essay On Blockchain Technology

755 Words4 Pages

What is blockchain Technology? In general, the blockchain is part of an incorruptible distributed ledger that can be programmed to record financial transactions or virtually anything of value. The blockchain is the underlying technology upon which cryptocurrencies run on. Each member of the network has the original record on their computer and can view all entries and record new ones. Transactions are put into blocks, recorded one after the other to form a chain of blocks (the 'blockchain'). The blocks and their content are protected by cryptography, so transactions cannot be destroyed or forged. This means that the ledger and network are trusted without an intermediary.

Cross-border Payments

The objective for financial institutions should be to deliver cross-border payment services in near real time and at a more competitive price. While maintaining their margins …show more content…

It’s like a computer without the actual computer.

Once all parties sign (cryptographically) a smart contract. The smart contract acts similar to a computer and is able to automate and manage the entire transaction flow. This minimizes, if not eliminates, delays and risks of disagreements while always guaranteeing consensus. As a result of this, scores of startup companies launched their ICO using the Ethereum distributed ledger technology. ICO is an acronym for Initial Coin Offering, a mockup of crowdfunding,
Compliance KYC (Know Your Customer)
The cost of not complying with KYC regulations can be damaging in a variety ways. As a number of high-profile cases illustrated. However, the cost of KYC, a part of complying with anti-money laundering regulation, is expensive but proportional to a greater extent for smaller financial institutions.

Conducting KYC on a beneficial owner, according to an executive at the Commerzbank, can cost anywhere from $15,000 to $50,000 on a single

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This provides a means of communication that can help different vendors packages to communicate and manages the message transfers from clients to servers. 2.10. Compare and contrast the three cloud computing models. Three cloud computing models • Infrastructure as a Service (IaaS): IaaS contains basic building blocks for cloud infrastructure and provides access to networking features, computers and data storage.

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This gives access to different kinds of websites and information that is shared between

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The Uniform Commercial Code, section 4-406, addresses the responsibility of the bank verses the customers in a paper society. While commerce is evolving to a technological world, there are some foreseeable reasons to evaluate this section of the UCC because of the reliability of human interaction. The relationship between the customer and the bank was very relevant to conduct business in the banking system, as swift as laws and codes change to protect cyber banking, more of the responsibility or duty is placed on the customer. As we examine these two codes, with a focus on forgery, we will analysis the facts of a case in relationship of the codes. Then explore the current paperless society and the duty of banks, business and customers to

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The Great Depression occurred after the stock market crash in 1929, but lasted for years after, until 1940. One reason the crash occurred was because banks were failing. Banks were lending out money to anyone even if those people did not have good credit. Another reason was that productivity of products were high, but the demand for those products decreased. Since people were not buying, companies were losing money, which led to lay-offs.

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In the states of our economy today, a need to regulate business transactions in a uniform way is necessary. UCC plays an important role to protect individuals and business. It was developed to address the increasingly complex legal and contractual requirements in today’s commercial dealings. The primary purpose of the UCC is to make business activities more predictable and efficient.

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With the platform, users will be able to enjoy the benefits of social media while securely and conveniently exchanging value. In other words, the platform will allow people to send and receive payments without leaving the platform or engaging third parties. In the same way as Reddit, another blockchain project known as Steemit enables people to post content on its platform to be viewed by its wide user base. However, unlike Reddit, people who publish content on the Steemit platform can earn money on the basis of the popularity of their posts.

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Cryptography is one of widely used technique of secret writing which is the term used for data and information security and protects that information from various attacks. Cryptography is the process of converting a known text or plaintext into a human unreadable format called cipher text by encoding the original message using some encoding technique. Security is concerned with the protection of the network and data transmission over the network. Data Security is the most essential aspect of secure data transmission over the network. But to achieve complete data security is a challenging issue of data communication.

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The Ethical Impact for the Use of Technology Technology has an enormous influence on the collection, storage and control of information. But technology main ethical impact relates to accessibility/inaccessibility and the control of information. There is a possibility that the information can be accessed simultaneously. By indication, it becomes easier to access a person's private information by more people. If information stored was not electronic data but stored on paper in a filing cabinet and the information wouldn’t be subjected too much security, with technology information can be protect by means of a variety of security measures to prevent unauthorised access or grant access to authorised users.

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Cryptography basically makes any transaction secure between two parties. Security is very important, because every person with Bitcoins, their Bitcoins, and every transaction is logged to a public ledger visible by every computer on the

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