Explain what blockchain is, explain these uses

Reference no: EM133696499 , Length: word count:1700

Analytics in Accounting, Finance and Economics

Assessment - Blockchain, Fintech and Regtech

Task:
Create a report on Blockchain in the context of Fintech and RegTech.

Learning Outcome 1: LO2, LO4 and LO5

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.

You are a compliance manager in a financial institution. Your company wants to use blockchain for three purposes:
As a mechanism for secure digital transactions and smart contracts
As a way of managing digital identities
To offer clients the chance to invest in cryptocurrencies

However, the executive management team are not sure of all of the benefits of these applications or possible ethical, legal and privacy issues.

You have been requested to prepare a report for management that will address the three key purposes above and to address the concerns raised by the executive. Your report should 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:

Introduce the idea of blockchain and its applications in general. [400 words]
Briefly explain the applications that we are focussing on here (1,2 & 3 above). [200 words]
Describe in detail how and why blockchain can be applied in these three ways. [400 words]

Describe the benefits blockchain can offer auditors and compliance officers and subsequent positive impact on the organisation. [300 words]
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, customers or other stakeholders. [400 words]
Use at least ten (10) relevant references and the Harvard referencing style. References must be relevant to what you are discussing in each paragraph.
Take care with your report structure and written presentation. Remember, your audience for the report is the executive management team, so you should write appropriately for that audience.

Use of Generative AI (eg Chat GPT)
You may use generative AI to assist you in preparing your report. However, it is important to consider the following if using generative AI:
The use of generative AI must be referenced accordingly
The wording submitted must be your own - it cannot be simply a ‘cut & paste" from the generative AI tool
If using generative AI, you must in addition to the above, include as part of your references a list of the prompts used in order to produce output from the generative AI tool.

Reference no: EM133696499

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