Question

As this is a newer trending technology in the financial industry and one that is being expanded upon. Block chain, being composed of current technologies, is poised to become a major technology with large social impacts. What is block chain and what are the security limitations? Write a five-page paper from scholarly sources and properly cite your writing.

Answer 1

Blockchain technology of can be described as a tool of virtual currency that is based on algorithms and mathematical problems that are implemented into the system in form of the currency. Blockchain is extensively used at current environment and different business settings. Blockchain is providing a unique way of operation in international as well as national environment to carry out transactions in a digital manner with extremely high profit. This currency has proved to be groundbreaking as it is not regulated by any of the tax laws and only available online as there is no physical form factor available for the blockchain currency.

Technology has been playing an important role in developing today's criteria of staying competitive in the business environment. Talent management has been a thing of past and technological advancement is required for any organisation to successfully survive in the Marketplace. Different different Technologies blockchain technology and the information record system played important role in creating more efficient working environment my providing extensive support to the human resources down of any organisation. Seriously what can be achieved with the help of a specific talent now can we achieve with the help of technology. Efficiency is not skill based but it is mostly based on the technology being implemented into the organisation. Better the technology higher efficiency of the organisation.Data storage and analysis is the new advancement of the organisation.Clients also expect the companies to be digital as most of their data can be easily shared with the client as per the requirement at the real time. Next generation talent is directly depending on the new technologies hence putting the technology on the preference rather than finding talent is essential for each and every organisation to stay competitive and to survive. Investing in a good data analysis method as well as implementing big data analysis in organisations would definitely help in creating more profitable environment for the organisation. Taking good talent and training it to be perfect for the organisation is also an essential part to reduce the employee turnover and to increase the overall efficiency of the organisation.

Some of the security flaws include possibility of hacking in different wallets in which service in which this is specific blockchain is installed. If the specific device with storage of the Bitcoin is lost then the overall availability of of Bitcoins or any other cryptocurrency would be lost creating a huge loss for the bearer.
All of these redundancies in operation and availability of security flaws in structure of the blockchain make it unstable unreliable at some extent. Many of the legal limitations such as the blockchain being banned by most of the Asian countries is also one of the most important part to look after its security concerns as there is no surety of getting return on investment for the specific cryptocurrency.

P.S.- please leave a comment if any explanation is needed.