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JA8 - Blockchain Applications

Statement

In this unit, we learned about Blockchain applications to mitigate or prevent cyber threats from damaging computer networks and data. To reflect on what you have learned, please, answer each of the following questions:

  • Describe what was the most interesting topic you learned about in this unit. Think about reasons why you noticed this topic, your impression, and your plans for further exploration of that topic.
  • Discuss how Blockchain applications help to implement sustainability and improve the environment around the world. Support your answer with examples.

Solution

Task 1: Describe the Most Interesting Topic

The most interesting topic I learned about in this unit is the wide range of applications of Blockchain technology. I was surprised to learn that Blockchain can be used in many different fields, such as finance, healthcare, supply chain management, government, etc. In my head, I always associated Blockchain with cryptocurrencies, but now I know that it is much more than that.

One of the reasons that this is interesting is that it takes 22 weeks to finalize a property purchase in the UK; while it can be reduced to less than a few days using Blockchain (Tombs, 2019). Another reason is Walmart’s use of Blockchain to track the origin of products and their carbon footprint (TedX, 2019); and also my usage of Amazon QLDB (Quantum Ledger Database) in building a transaction system for a gaming company.

Further exploration of Blockchain applications is definitely on my to-do list. I see that most successful people predict a bright future for Blockchain, and I plan to invest some money in cryptocurrencies and Blockchain-related companies. I need to learn how cryptocurrencies work, smart contracts and how to program them, and how to build Blockchain applications.

Task 2: Discuss How Blockchain Applications Help to Implement Sustainability and Improve the Environment Around the World

Blockchain has a great potential to implement trust and hold people accountable, thus if it is used properly, it can help identify the main polluters and hold them accountable; it also can help to track the carbon footprint of products. It also can keep track of corporations that are not practicing sustainability and not doing their duties towards societies and the overall environment.

The United Nations (UN) adopted 17 sustainable development goals (SDGs) in 2015, and governments have put big long-term plans to achieve those SDGs. In these plans, governments, corporations, and individuals have duties toward the planet; they must work in a collaborative way to achieve these goals. Blockchain can help by keeping track of the progress of these goals and sometimes it has even more direct roles in achieving these goals (TedX, 2019).

Blockchain can bring advantages toward sustainability in four main aspects (Zhang, 2020):

  • Cybersecurity: Enhanced security reduces the risk of data breaches and cyber attacks, which reduces the costs and footprint of cybersecurity.
  • Accountability: Blockchain can help to hold entities accountable for their actions, as the data is immutable, there is no way to escape from the consequences of their actions, which will encourage them to be more responsible.
  • Transparency: Data stored in Blockchain is transparent and accessible to everyone, which will encourage entities to be more responsible to preserve their reputation.
  • Traceability: Using Blockchain, it is possible to track the origin of products and their carbon footprint, thus, the customer will be able to make informative decisions, and choose to buy only from responsible entities.

With more efforts put into utilizing Blockchain technology in supporting sustainability and SDGs, the door will be open for more innovations and more opportunities to achieve these goals.

References