Application of Blockchain Technology

Industry experts believe blockchain is a technology that has the potential to affect the business of
most IT professionals in the next five years. Pick an industry you feel will be most affected by
blockchain and how blockchain may be used in that industry. As an IT manager, how would you
embrace blockchain? For instance, how would training occur for your team, what strategies might you
use, what security methods may you recommend be used?

Application of Blockchain Technology

Introduction

Blockchain technology is regarded as one of the most disruptive technologies in the 21st century. Its impact in the private and public sectors is expected to be similar to the disruptive technologies that came before it, such as cloud computing, big data, and the Internet of Things. Blockchain is a distributed ledger system (Stoyanovich & Tanz, 2019). A standard definition for it is "an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but everything of value" (Golosova & Romanovs, 2018). Due to the advantages associated with blockchain technologies, more and more businesses are developing ways to incorporate it into their operations. It can be used in supply-chain management, financial services, property rights, retail, smart contracts, cloud storage, payroll, voting, and business process management (Stoyanovich & Tanz, 2019). Oneof the industries that I feel is most affected by this is the financial sector. This paper aims to overview the blockchain structure, how blockchain technology is used in the financial industry, and how I would embrace blockchain technology as an IT manager.