GEN103: Information Literacy
Instructor: Benjamin Atkins
While many people believe blockchain technology is a fad and too complicated for the general public to understand, the use of the technology provides fast, transparent, and secure transactions that will impact the way future banking and investments will be handled. Because it's self-contained, it uses a chain reaction technology to self-regulate, processes transactions in real time, and it will eliminate the need of businesses profiting off of fees and services in the current redundant processes in the centralized banking system.
Annotation 1: Scholarly Article 1
Lewis, R., McPartland, J. W., & Ranjan, R. (2017). Blockchain and financial market
innovation. Economic Perspectives, 41(7), 1-17.
Blockchain technology is new to the financing industry; the content from this source defines blockchain technology, blockchain functionality, and the possible challenges the financial industry faces when implemented. Within the article are illustrations relating to current traditional distributed ledger technology and the risk of data loss or cyber-attack with having a central authority determining the transaction. The new blockchain-based ledger allows for secure transactions in nearly real time that are unable to change without consensus consent of all participants.
The author uses sources such as the Economist and other articles related to opinion. The blockchain technology Bitcoin currency is currently being used within a public network, but as the technology grows it may be used as a private permission based blockchain. This source supports the consistent findings of blockchain technology, new to the finance industry; there is little to be known about how blockchain information will be used in the future. The source answers the research question of how this new application of technology will benefit the Finance Industry by speeding up the process in which transactions take place by implementing digital record keeping and smart contracts.
Annotation 2: Scholarly Article 2
Underwood, S. (2016). Blockchain beyond bitcoin. Communications of the ACM, 59(11), 15-
When a user hears the term "blockchain technology" the current form that is used today using this type of technology is Bitcoin, but blockchain technology and its uses go well outside the spectrum of currency and the finance industry and could forever change the world's digital economy. In this article, the content and elements of the sources contain interviews with industry experts. The author researches the current companies applying financial and commercial uses of blockchain technology. The author interviews founder and CEO of Everledger, a startup company that is using blockchain technology towards legitimizing objects, for example, diamonds. The author also interviews an associate professor from Cornell University and a participant in numerous blockchain projects.
This article relates to the other scholarly article I had found for this assignment as most sources agreed that blockchain technology is on its way to change the digital economy. This source supports the findings that there are many benefits to this technology such as fast, transparent, and secure transactions, but there is still lack of knowledge of how this technology will play a role in bank regulations and verifying one's identity and data privacy. This source partially answers the impact on the financial industry, by identifying the benefits such as cutting costs and cutting out the middleman. This source makes a credible reference also to display how other industries can use this technology too.
Annotation 3: Web Page 1
Tapscott, A., & Tapscott, D. (2017, March 01). How blockchain is changing finance. Retrieved
The current financial industry in the United States has been status quo for centuries, with the middleman such as banks and government with redundant processes, and profiting off of fees and services on a centralized system that is no longer secure. With the improvement of technology, there is now a more secure way to protect individuals and business assets; it's called blockchain technology. This technology is safeguarding a variety of assets as well as contracts to cut out the middleman when conducting exchanges.
The authors used many references throughout the article. For example, PwC a global accounting firm that conducts studies and research; World Economic Forum, a nonprofit organization independent and non-partial to any special interests; Reuters; Forbes; CNN. This webpage source has been consistent with the other findings of sources on the topic of blockchain technology. In reference to the research question, this source provides answers on how current investment companies, banks, and other firms in the finance industry are investing into blockchain and how it can save this industry billions of dollars.
Annotation 4: Web Page 2
Bauerle, N. (2017, March 15). How could blockchain technology change finance? Retrieved
With any new technology that can be an industry disrupter, many research facilities and consulting companies globally are keeping a close eye on how blockchain technology can change the finance industry. Today, many people rely on transferring currency through third-party finance services to send money abroad. This process is cumbersome and can take several weeks to complete a transaction. A digital change with blockchain technology can now impact global transactions to occur faster and more efficiently. Digital property is a new class of assets, it's uncopiable and can be coded to comply with regulations and compliance and are built with auditing in mind as the system itself is self-contained.
The author of the article doesn't provide any resources or references for their claims but does provide examples from reports of agencies, projects, and companies. The source relates to many of the articles about blockchain technology as it explains a beginners guide for blockchain technology. Nolan Bauerle is the Director of Research at CoinDesk, and the source specializes in journalism of cryptocurrency. This source answers the research question of blockchain technology in the finance industry as it enhances the future use of stock trading, investments, and the transfer of currency in the digital age.
Annotation 5: eBook
Mougayar, W., & Buterin, V. (2016). The business blockchain: promise, practice, and
application of the next internet technology. Retrieved from https://ebookcentral-proquest-com.proxy-library.ashford.edu
The internet changed the 90s, and with that, turned many business industries especially online banking, buying products, buying/selling stocks, and the way people communicate. Blockchain technology is more complicated than the web but does need the internet for it to function. The eBook explains what blockchain technology is and how it can be used publicly and privately and how it can disrupt business industries, particularly the finance industry. The author uses a bibliography to back up their claims with credible sources from popular sources.
This source shares the same information as found with the scholarly and web pages used for the thesis. The eBook provides more granular information on the implementation of blockchain technology and the trust implications, obstacles, and challenges the technology faces. The source answers the thesis by explaining how blockchain technology works and the idea of having a global non-centralized bank and how regulations and legalization will play a role in the development of the new technology.