Blockchain Technology

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 The Blockchain Technology

Blockchain refers to a decentralized, immutable ledger that keeps records of transactions,

thus helping asset tracking (Yaga et al., 2019). Any member can pass a complete history of the

database on the Blockchain; therefore, many parties control the information in the system. It is

nearly impossible for parties in the Blockchain to forge a transaction because the individual

member must verify each transaction made concerning the Blockchain's copy. Blockchain

technology uses distributed ledger technology and other technologies with a common thread that

the trust is decentralized. Blockchain is of different types which have a slight difference in their

uses, thus fitting into a slightly different operation in the business. Many different types of

blockchain technology are currently being implemented in the world.

An Organization affected by Blockchain Technology.

Blockchain technology can affect different industries, but the financial industry will be

most affected by the Blockchain (Treleaven et al., 2017). Financial industry deals with the

information about the finances of different parties, which are more sensitive. Blockchain

technology in this finance sector will change how the industry keeps records. Blockchain will

also affect how transactions are started, conducted, verified, and recorded in the future. The

changes in the business models from the traditional general ledger to the blockchain technology

will significantly affect accounting and tax preparation. Therefore industry managers need to

understand blockchain technology based on the client's use.

The technology change may affect the accounting section function; therefore, skills

acquired by the accountants might be altered by the blockchain technology (Chang et al., 2020).

With blockchain technology accounting section of the industry will be affected in that data
collection and analysis will improve significantly. The technology will significantly affect the

auditing personnel since blockchain technology will bring a transparent audit of how the

transaction process was achieved. Traditional audit methods of finding the solution to the issue

will also be crucial CPA auditor format may arise. For example, the introduction of the new

system will affect the performance of the auditors as they carry out the work of different auditing

professionals. The accounting skills will have to improve if the industry extensively uses

blockchain technology.

Embracing Blockchain Technology

I prefer adopting blockchain technology in finance management (Hughes et al., 2018).

Various industries have applied blockchain technology. Blockchain technology helps ensure that

members are working together, the confidence of individual members is improved, and the

accountability their action is achieved. Blockchain technology has an excellent technical

structure, thus making it applicable in many cases. For instance, developers can make private and

public blockchains with different ways of governance. Blockchain is mainly used for data that

has to be public; however, alternative technology methods can also exist. These alternatives

include person-to-person synchronization of data used to achieve the targeted standards. It helps

protect the firm from hackers who want to access the information, checking for fraud and

incorrect use of data. Therefore, blockchain technology is only reliable if the IT team in an

organization has a clear understanding of the technology; hence the firm will gain maximally

from blockchain technology.

The Strategies for the Training of Blockchain Technology

Federated learning was established by google. It is a decentralized learning model that

enables training software learning methods. In this learning method, information is present on
different software gadgets compared to traditional learning, which was centralized (Kumar et al.,

2020). The models enable the users to keep the data secure and private. A higher level of

accuracy is achieved through this model there this will be among the strategies we will implore.

Conducting a security awareness campaign is crucial for the security structure. It helps reduce

the risk of data breaches and other cybersecurity threats. Cybersecurity awareness campaigns

within the industry will help the workers keep the company data secure using tools provided by

the office like email. Members have to understand what blockchain technology is all about the

importance of the technology to the organization. It will make it easy for the team to empress the

new technology.

The users of the technology should be thoughts on how the new technology will help

solve the new issues that have constantly been affecting the industry's performance (Jain et al.,

2021). It will therefore allow the members to embrace the new technology. Members need to be

sensitized that the technology is to help the industry better the service delivery to the customers

while ensuring that there is precise record-keeping that will enable good tracking. The company

industry should also be encouraged to allocate resources to implement blockchain technology

successfully. It involves facilitating the cost of training members about the new technology. We

also recommend arranging seminars and forums to train the workers about how the technology

will work. Members assurance that the technology will not be a threat to them but rather an

advantage. Therefore, good strategies will help ensure that the company successfully embraces

blockchain technology.

Security Methods to the Blockchain Technology

As IT managers, we propose that the organization use differential privacy to achieve the

security of the software (Hsiao & Sung, 2021). Differential privacy assists in cushioning the user
information from vulnerabilities by securing the system against differential threats. Secondly, we

propose using homomorphic encryption, direct cryptographic, and homomorphic encryption

models. Homomorphic encryption aims to state the role of encrypted information directly.

Encryption is worked in a format that the model makes mathematical problems possible. The

blockchain security system is a risk management system for blockchain networks using

frameworks to protect an organization's data. Security methods differ among the different types

of blockchain systems. When designing a blockchain, IT teams should consider several factors

such as recovery plans if a cybercrime arises, the type of data that each block of the security will

capture, and how the details of these security measures are managed.

Security methods that we proposed to the organization should be put in place to prevent

cybercrimes; implementation of the firewalls and antivirus system (Stephen & Alex, 2018,

August). These security measures will help protect the computers. Firewalls act as an insulator

that prevents the cyber attackers from accessing the information of the intuition at the same time

protecting the organization from incoming and outgoing traffics. Antivirus software helps guard

the software by identifying possible malicious threats to the business data. The organization

considers conducting the assessment to establish vulnerabilities, which could help show any

potential gap that the hackers can find a way of entry into the organization's data. Conducting

assessment provides insights into assets that need to be much protected by the blockchain

technology by giving the IT team vulnerable areas to be potentially exploited by the cyber

attackers. Blockchain, therefore, needs to be mitigated to prevent external attacks on the

industry's data.

Conclusion
 Blockchain technology will be the most appropriate tool the company should embrace to

ensure that the service delivery to the public is efficient (Ahram et al., 2017). The government

and other relevant bodies should make policies to enable the public to benefit from blockchain

technology. Blockchain technology will provide a solution to the illegal activities that involve

money laundering and terrorism of finance. Therefore financial organizations should take the

view that it will last longer and ensure that the technology is embraced since it will help improve

their business experience with their workers. Blockchain technology has shown some

tremendous contributions to different industries. Industries that are still lagging should come on

board and ensure an efficient implementation of the technology since the threats this

organization faces will be sorted by blockchain technology. A blockchain is a crucial tool for

industries.

References
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