Reference no: EM133210027
Assignment:
Can you reword/rephrase the following paraphrases. (Please keep them in paragraph form) Thank you so much!
It is now essential to exchange information across many platforms in today's world. It would have been inconceivable to imagine the current levels of data collection and transmission a few decades ago. The advancement of civilization has resulted in the need for businesses to function in a timely and easy way, necessitating the development of new technologies and techniques. Opportunities created by urbanization can only be taken advantage of via government collaboration and the development of business strategies (PWC 2018). This research will primarily concentrate on blockchains and their role in increasing the efficiency of business transactions and operations.
Businesses may thrive due to the application of different technologies. Cryptocurrency is one of the most current technologies that has shown to be extremely reliable in terms of improving transaction security while also making transactions simpler and more affordable for customers. It has attracted the interest of many academics and teams seeking a smart way to enhance businesses via the use of blockchain technology, which is characterized by its secure record profiles (blocks) and the dependability found in the cryptography used as part of the security measures.
Even though the use of blockchains in companies such as Bitcoin has reached a trustworthy and laudable level, the general public and experts involved in the creation of technology to build enterprises know very little about blockchains and their cryptographic nature. Blockchains have seen very little implementation due to a lack of understanding, despite the numerous benefits of technological advances, such as lower maintenance costs when compared to traditional accounting systems, fewer errors, faster operation due to the elimination of numerous confirmations, and fewer delays. Current corporate procedures and currencies are relatively expensive to maintain since they need the employment of more humans than electronic ledgers, and they often necessitate the storage of capital against risks such as transaction fees. The adoption of blockchain technology would represent a watershed event in the development of fast, error-free, virtually entirely automated operations.
A supply chain is a network of people, organizations, information, and resources, as well as the activities that occur along the route, in the process of moving services and goods from suppliers to consumers. This supply chain is important in meeting the market's demand and supply needs. However, for commercial enterprises to enjoy the full advantages of the supply chain, a well-constructed and organized management framework, known as supply chain management, is required. As a consequence, supply chain management refers to the activity of directing the flow of products and services across a company. This process involves activities like storing and transferring raw materials and finished products from the point of production to the point of consumption, as well as maintaining work-in-progress inventories.
When businesses adopt effective supply chain management, they get an immediate competitive advantage over their competitors in the market and the industry as a whole. As a result, it allows a business entity to reduce the inherent risks connected with the purchase of raw materials and the subsequent sale of finished products (Calantone & Vickery, 2010). It also defines and establishes new and required marketing channels, as well as the roles these channels play in the supply of goods and services, among other things.