Analyse the recent use of Blockchain Technology and develop a strategic plan for the Case Company
The key purpose of this report is to collect information about the recent use of blockchain technology and then propose a five-year-long strategic plan for G&C Mutual Bank to expand its business further. This study team has concentrated on blockchain technology and its various uses across the industries.
After studying the topic actively, the team has accumulated a big amount of information about the blockchain technology and learned many things related to it. The blockchain technology is being used in the diverse sectors for diverse reasons; however, some relevant uses are discussed in this report, such as managing distributed cloud storage, digital identity, and voting.
Further, this report has discussed the benefits of using blockchain technology, particularly in the financial organization like G&C Mutual Bank. The key factors of using blockchain in financial services include cost reserves and effectiveness; competing with start-ups; and innovative business models.
This report has also identified many advantages of using the blockchain technology. For example, it holds enormous prospective for facilitating advanced money transactions and also cross-border currency transfers. It offers protection throughout the verification of peers, which distribute encryption, virtual currency, as well as the hash generation of value.
Furthermore, this report has identified some disadvantages of using blockchain technology. Afterward, this paper has discussed the ethical, social and legal issues while implementing the blockchain technology and finally, it has provided some recommendations for using the blockchain technology to the case company.
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