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Block Chain, Big Data, Government and Policies

Student Name

Student Course

Professor Name

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December 21, 2021

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Blockchain, Big Data, Government and Policies

Introductions

In the final report, there are three prompts. The first prompt is about the blockchain; it

simply said that block chains are decentralized, distributed ledgers that maintain a digital asset's

origins. The information on a blockchain is unchangeable by design, making it a viable disruptor

in finance, defence, and pharmaceuticals (Casino et al., 2019). The blockchain is a distributed

system that helps maintain the details or records of all the transactions or digitized events that

have occurred and are exchanged between participants. In a blockchain, transactions are secured,

and there is no provision to modify that data. The second prompt is about big data, and it is a vast

set of information’s that is increasing exponentially over time. It is a data set that is so huge and

complicated that typical frameworks cannot store or analyses it correctly. Big data is a type of

data that is extremely big in terms. Many experts have been drawn to the prospect of analyzing

incredibly more enormous databases that can uncover trends of person and group behaviour and

the potential positive use of data analytics. These massive amounts of data, when appropriately

analyzed using existing tools, provide companies with the information needed to make intelligent

judgments. The last third prompt is government and policies. A government is a group of people

who work together to lead a region or society efficiently and productively. The procedure is

something that the government manages and operates. They utilize traditions, rules, and

institutions to wield legislative, administrative, and jurisdictional authority to maintain a

condition of very well that favours all elements of the group or unit.
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Prompt 1-Block chain

Blockchain is a sort of sharing system that comprises different databases in how data is

kept; block chain technology contains data in blocks that are then connected to use encryption.

As relevant data arrives, it is added to a new part. Once the blocks have been packed with data,

they are linked onto the prior blocks, resulting in the records being related chronologically. A

blockchain may contain various data, but its most general application to date has become a

digital ledger. In the case of Bitcoin, cryptocurrency is employed in a decentralized manner so

that no specific person or entity has power—instead, all consumers keep control jointly. The

blockchain’s identity ensures data file accuracy and safety while generating trust without a

responsible third party.

Core components of Blockchain

There are mainly four core components of blockchain, which are described as follows;

 The Distributed Ledger

A blockchain is a public or private digital ledger of operations that can be shared

with all customers and is thus intended to be decentralized and disseminated. Block

chain-based exchanges are verified through cryptography and a consensus methodology,

helping to ensure transaction validity, preventing double transactions, and enabling large

payments to be made in an uncomplicated manner. A blockchain validates clarity and

removes the need for third-party administration or intermediaries. A blockchain is a

group of networks that maintains a distributed ledger. A blockchain is a digital network

that digitally saves data.

 Node Application
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One of the early contributions to the crypto realm was node programs. Every

network computer must execute a one-of-a-kind application to participate in a

blockchain. A customer has joined bitcoin after installing the node apps. For example, if

Bitcoins are seen as a blockchain ecosystem, each device connected to the networking

must run Digital wallet software to engage in the Blockchain route. Blockchain

ecosystems adhere to the architecture and criteria of a Service Overlay Network in terms

of technology. As a result, blockchain features such as node applications must meet

specific requirements. The gadget should have a program suitable for altering the

Services Integration Node's global state. Only then could it be considered a node in the

appropriate systems.

 Peer-to-Peer Networks

The Web is linked to many nodes in a clustering method, and it keeps the entire

synchronized blockchain edition. In a peer-to-peer network, each node adheres to the

same ledger layout at all times, allowing anybody to verify operations correctly. It is

primarily a decentralized system.

 Consensus Algorithm

The consensus algorithm and protocols serve as its foundation. It is a system that

combines methods and procedures, allowing networks to agree on the same blockchain

status without depending on each other. It is a set of rules that govern the whole

network's activities and essential aspects. Bitcoins are included in the consensus

Algorithm since they have a mechanism. Actual verifiable facts are two critical

consensus methods and associated incentives Mechanisms. Proof of labour is more

reliable than proof of stake. The blockchain is effectively secured by proof of work.
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Impact of blockchain on Global Economy

Digital knowledge has grown crucial as client knowledge is acquired and processed to

provide clients with tailored advertising. Thanks to blockchain technology, consumers have total

control over the precise private information they want to share with the rest of the world. Block

chains enhance accountability and integrity by establishing a distributed system. It guarantees

that facts are maintained in a distributed ledger or databases when accounting entries are not

linked to standard processing. Furthermore, it duplicates information and records when points or

characteristics are transferred to another, resulting in a visual history of documents. Blockchain

technology can contribute $1.76 trillion to the global economy by 2030 through enhancing

monitoring, transparency, and trust (Leible et al., 2019).

BlockChain Future

Blockchain technology is projected to gain favour among financial professionals, with 66

per cent of organizations planning to put blockchain systems in place over the next three years.

Furthermore, the future of blockchain in finance allows for payment execution 24 hours a day,

seven days a week. Everyone can see the end of blockchain technology if they understand its

current state. In truth, the current status of blockchains can predict how they will develop in the

future. As a result, the potential future dialogue of every blockchain must be convoyed by a

swift, instantaneous perception, operation, and significant characteristics. We would be able to

achieve jobs that have never been completed before by combining neighbouring breakthroughs

with blockchain. More precise blockchain data will benefit the future and help design key

procedures. Blockchain will help to protect the privacy of that information. It will monitor each

stage of the decision-making process, allowing for superior conclusions based on facts that

network users trust (Xu et al., 2019).

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Prompt 2 Big Data

Big data, in my opinion, refers to the gathering of structured, semi-structured, or

unstructured data acquired by businesses and used for information retrieving in machine learning

tools, prediction, and other data analysis processes. When combined with technologies that

enable comprehensive data analysis, big data processing and storage solutions are becoming a

standard data component that aids in business understanding. Companies use big data in their

technology to support operations, provide excellent customer service, create targeted advertising

programmes, and engage in other activities that boost revenue and profitability. Organizations

who effectively use it may make faster and more informed business decisions, offering them a

prospective competitive advantage over those who cannot manage it (Kushwaha et al., 2021).

Organizations utilize big data to enhance operations, provide better customer service, create

targeted advertising campaigns, and take other steps to increase income and wealth. In

organisations, extensive data analysis is used effectively, or information is collected correctly

from different methods. And the knowledge of big data is used by organisations which helps in

the company growth or development.

Examples

 Big data assists oil and gas companies find potential exploration areas and tracking

pipeline activity; equally, customers are using it to follow electricity grids.

 Banking solutions companies employ large database platforms for risks administration

and accurate marketing intelligence analysis.

 Manufacturers and transport companies utilize considerable information to manage

supply chain activities and enhance distribution systems.

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 Begin by studying how well going situations had altered due to big data. When clients

leased movies from tiny local businesses, the service organisations would recommend our

stated preferences. These proposals are currently for around 75% of the significant

distributor perspectives. Recommendations may be customized to millions of clients in

real-time by assessing what was viewed, when this was viewed and on what device, and

integrating from internet research, visiting, and attempts to navigate from the inside of

the main website.

Demands in big data

 Big data programmers are the individuals in charge of constructing the models created by

systems analysts. This is the most prevalent position in the profession of big data. It is

among the most well-known and demanding prominent data professions.

 Big Data processing requires putting in place the right people, procedures, and

technology to ensure the dependability, security, and authenticity of enormous data sets,

influential organizations to come up with new ideas and implement new techniques

(Sivarajah et al., 2017).

 When they claim that data leads the company in the present context, they are no

exaggeration. Nowadays, every managerial decision is data-driven. Information plays an

essential part in every vital corporate decision, from product development to advertising

strategies, customer behaviours, market dynamics, and HR to compensation

arrangements. A data expert's responsibility in a company extends beyond just gathering,

interpreting, and analyzing data statistically.

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 As a consequence of big data, businesses are increasing their storage capacity. Because

data is constantly and massively developing, firms who do not consider their storage

areas suitable may eventually run out of power.

Prompt-3 Government and Policies

A government is a group of professionals working together to lead a region or society

efficiently and productively. The policy is something that the government establishes and

manages. They employ conventions, rules, and organizations to wield legislative, administrative,

and sovereignty authority to maintain a condition of well-being that promotes all components of

the society or group. A government policy is a guideline or concept that, if followed, should

properly direct actions, leading to favourable results that benefit the organisation or entity.

Government policies explain why some activities must be performed in a specific manner. This

contributes to establishing processes and practices to ensure that procedures are carried out

correctly (Kumar et al., 2020).

Government policy outlines a plan of action, serving as a jumping-off point for change.

They can determine how much taxes the town contributes, citizenship status and regulations,

pensioners, traffic penalties, and even where people attend school. While policies are supposed

to be non-discriminatory, they can impact certain people and groupings. Policies are not

legislation, although they can contribute to provisions. Taxation provides income for

governments to expend. Increased expenditure necessitates tax hikes or loans. Any tax rise will

deter investments, particularly among businesspeople who incur the dangers of establishing and

running firms. Increased consumption depletes the limited funds, rendering less money available

for private investments. Government authorities monitor firms' environmental effects, food and

medication supply safety, and working standards.In a capitalistic system, suppliers and
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purchasers make various timely decisions that contribute to the overall economic situation.

People in the United States display a high predisposition for residents of the United States,

higher than in many other nations. Examine how the system must be structured around the

competitive requirements of individual inventiveness and consumers, rather than governmental

orders and goals.

Current Policies of Government

Fiscal policy was primarily employed in the following decades to keep the economy on

track and get it through downturns. Because the government was so concerned with avoiding

recessions, it may have put less attention on pricing than was necessary. After drastically

reducing the financial base, inflation has been contained and has not been a significant worry. As

a result, monetary policy has surpassed fiscal policy as the primary weapon of governments for

influencing the economy. The government's formerly strict control of energy, transportation, and

other industries was eased. This was partly due to fears that the regulatory framework would

prevent firms from responding to business-to-business variables in a way that would push

individuals to continue enhancing facilities and systems (Ozdemir et al., 2021). Furthermore, due

to the application of innovation in industrial areas such as connections, many corporations may

begin to compete in industries such as telecommunications services, which have historically been

capitalistic.

Throughout the early phases of sustained growth, the administration has consistently

supported businesses to gain momentum. As a result, there is now much dispute about the role of

governments in promoting growth. Many individuals worried during the Great Depression of the

1930s that a free market economy would not automatically attract the required innovations and

risk-taking for economic progress. Only in this manner can a shared organizational attitude be
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developed, in which growth is regarded as a natural process that permits programmers'

investments to pay off.

Policies should be put in Place

 Foreign Occupation

In contrast to the overall slowing of the UK economy, global commerce helps Japan's and

Germany's relatively high growth rates. However, most large nations' growth is mostly

reliant on imported goods and the capacity to export to pay for those purchases. The

economy's expansion stimulation maintains import demands high and compresses the

labour market, rising monetary wage levels.

 Economic Slowness

Beginning in the early 1970s, the rise in the number of jobless and the slowing of GNP

and per capita spending growth figures in the capitalistic system signalled a scenario in

which demand did not expand at the same rate. Much of their work focused on the

negative impacts of high unemployment and poor capital asset utilization on investments

and, as a result, productivity improvement. The high labour and capital unemployment

rates may be attributed to macroeconomic and fiscal policies that stifled collective

demand beginning in the first half of the 1970s.

Conclusion

Businesses may employ blockchain technology to enable safe payments that are not

reliant on centralized power. Although blockchain technology is still in its infancy, it is founded

on sound cryptographic principles. The technology is gaining prominence and has a wide range
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of potential applications. The euphoria surrounding blockchain technology is predicted to fade

quickly, and the technology will be reduced to nothing more than another tool to be exploited.

Big data, reduced general technology, breakthrough information security, and increased analytics

have contributed to a watershed moment in data processing history. Individuals may now

evaluate huge data quantities quickly and inexpensively for the first time in modern history

because of the convergence of these tendencies. These skills are not theoretical or

straightforward to achieve. They neither provide substantial progress nor a clear prospect of

generating significant efficiency, productivity, revenue, and competitiveness gains.

The substantial data era has come, and these are extreme conditions if coupled technical and

corporate specialists continue to work and deliver on the promise. Government policy can

influence how often society creates money, retirement, citizenship statuses, laws, penalties for

breaching the rules, the educational system, and market commerce and corporation. The

government passes laws that influence the performance of businesses. The government may

develop collaborations to generate new information to help in the necessary transformations. The

quantity of items and activities accessible reduces due to lower private sector investment. As a

result, job opportunities may be lost. Government activities influence interest rates, and rising

interest rates increase the cost of borrowing. The government aims to solve the problems that

have emerged; government measures guarantee that the economy's future responsibilities are

satisfied.
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References

Casino, F., Dasaklis, T. K., & Patsakis, C. (2019). A systematic literature review of blockchain-

based applications: Current status, classification and open issues. Telematics and

Informatics, 36(36), 55–81. https://doi.org/10.1016/j.tele.2018.11.006

Kumar, A., Priya, B., & Srivastava, S. K. (2020). Response to the COVID-19: Understanding

implications of government lockdown policies. Journal of Policy Modeling.

https://doi.org/10.1016/j.jpolmod.2020.09.001

Kushwaha, A. K., Kar, A. K., & Dwivedi, Y. K. (2021). Applications of big data in emerging

management disciplines: A literature review using text mining. International Journal of

Information Management Data Insights, 1(2), 100017.

https://doi.org/10.1016/j.jjimei.2021.100017

Leible, S., Schlager, S., Schubotz, M., & Gipp, B. (2019). A Review on Blockchain Technology

and Blockchain Projects Fostering Open Science. Frontiers in Blockchain, 2.

https://doi.org/10.3389/fbloc.2019.00016

Ozdemir, S., Tan, S. N. G., Chaudhry, I., Malhotra, C., & Finkelstein, E. A. (2021). Public

Preferences for Government Response Policies on Outbreak Control. The Patient -

Patient-Centered Outcomes Research, 14(3), 347–358. https://doi.org/10.1007/s40271-

020-00494-9

Sivarajah, U., Kamal, M. M., Irani, Z., & Weerakkody, V. (2017). Critical analysis of Big Data

challenges and analytical methods. Journal of Business Research, 70, 263–286.

https://doi.org/10.1016/j.jbusres.2016.08.001

Xu, M., Chen, X., & Kou, G. (2019). A systematic review of blockchain. Financial Innovation,

5(1). https://doi.org/10.1186/s40854-019-0147-z