Engineering Question

In two (pages) Write an APA formatted paper on Blockchain:

• What is Blockchain (describe…use an example if possible)?
• How is it used today and how can it be used in the future?
• What technologies are part of Blockchain?
• What are the drawbacks of using Blockchain?

Answer preview

Blockchain is a new technology usually referred to as the Internet of Value. It is a ledger that records parties’ transactions efficiently, permanently, and in a verifiable manner. This technology can be compared to that of creating a Google document where parties are allowed to access the document at the same time without interference from another party (Nofer, Gomber, Hinz & Schiereck, 2017). Cryptocurrencies use blockchain technology. Cryptocurrencies are digital tokens such as etherium and bitcoins, which can also be used to buy goods and services. Crypto uses Blockchain as a public ledger, ensuring that the online transactions are secured and recorded ((Nofer, Gomber, Hinz & Schiereck, 2017). The use of cryptocurrencies has been on the rise due to the Blockchain’s security, making it hard for theft since every cryptocurrency had its unique identification number. Blockchain enables the transfer of crypto to anyone in the world without exchanging currencies.

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