Reference no: EM133148850

Scenario

You are the financial advisor for a large antique coin and gold distributor. Some of your large customers are requesting the distributor begin accepting cryptocurrency, which is possible because of blockchain technology.

The distributor has been accepting credit cards and money transfers for many years. The fees associated with transactions have continued to increase. The fees have become so large that the distributor has been forced to pass along the cost to customers.

Customers outside the United States have also requested to use cryptocurrency since currency exchange rates can fluctuate greatly depending on world events.

The distributor asks that you prepare a presentation to stakeholders in the distributorship, discussing the acceptance of cryptocurrency, which uses blockchain technology. Be sure to support your recommendations with credible resources. Using the assigned readings in this module is a good starting point. Research databases are listed in the Resources area below.

You are tasked with preparing a presentation that will discuss blockchain technology, which could allow the distributor to accept cryptocurrency. The presentation will discuss the types of cryptocurrency, the advantages, the concerns, and the risks related to using cryptocurrency in the business. The stakeholders may not be familiar with this technology so be thorough in your description of the technology.

Define blockchain and cryptocurrency technologies and how they work together.

Evaluate the types of cryptocurrency technologies appropriate for the distributor.

Explain how blockchain and cryptocurrency technologies create a competitive advantage for the distributor.

Examine the risks associated with accepting cryptocurrency.

Recommend that the stakeholders approve or deny the request to use cryptocurrency in a clear recommendation statement or call to action.