FINM4100 - Impact of Blockchain Emerging Technology in Finance and Economics Assignment

Assignment Task

Background

Blockchain is an emerging technology of great importance in Finance, Economics and Accounting. It impacts the way we deal with and monitor financial transactions, trade, identify ourselves, and is having an impact on auditing and regulation. Imagine that you are a compliance manager in a financial institution. Your company wants to use blockchain for three purposes

1. As a mechanism for secure digital transactions and smart contracts

2. As a way of managing digital identities

3. To offer clients the chance to invest in cryptocurrencies however, the executives are not sure of all of the benefits of these applications or possible ethical, legal and privacy issues.

You are to explain what blockchain is, explain these uses (applications) and how it will benefit yourself and the company auditors in a report, as outlined below.

Assessment Instructions

Do your initial research from the workshops then find relevant articles on the internet to support your statements.

You are to write a report as follows:

A. Introduce the idea of blockchain and its applications in general.

B. Briefly explain the applications that we are focussing on here (1,2 & 3 above, i.e. secure digital transactions and smart contracts, digital IDs and investment in cryptocurrencies).

C. There have been dramatic fluctuations in cryptocurrency prices with current values a fraction of what they were 12 months ago. What are your views on the future of cryptocurrencies? What are their pros and cons?

D. Describe the benefit blockchain can offer auditors and compliance officers and subsequent positive impact on the organisation.

E. Assess possible ethical and privacy implications of the applications at the financial institution at which you are imagining that you work. The impact could be on staff and/or customers. 

F. Use at least ten relevant references and the Harvard referencing style. References must be relevant to what you are discussing in each paragraph.

G. Taking care with your report structure and novel written presentation. 

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