Choose One Of The Business Scenario Options To Establ 710209

Choose One Of The Business Scenario Optionsto Establish The Audience A

Choose one of the Business Scenario Options to establish the audience and business perspective for your Emerging Technology Analysis Report. Picked NASCAR Consider the Topic Options presented under each of the Emerging Technology Categories and choose one topic option Picked Blockchain for Data Security You may use the same topic option previously chosen. Instructions In your role as a consultant in your chosen business scenario, put together a slide presentation for an industry conference that includes: A technical description of the purpose (what it does) and function (how it works) of the topic option How the use of this emerging technology can raise legal concerns How the use of this emerging technology can raise ethical concerns How this emerging technology can be misused How this emerging technology can be protected Assessment Requirements/Submission Requirement: 10 slides minimum, not including title and reference slides Enough text narrative in the Notes for each slide that would produce a 10-minute presentation Submit in PowerPoint format (download from Google Slides or export from Keynote) 3 scholarly references

Paper For Above instruction

In the rapidly evolving landscape of emerging technologies, blockchain has garnered significant attention across various industries for its potential to revolutionize data security. This paper presents a comprehensive analysis of blockchain technology tailored to the context of NASCAR, providing an in-depth understanding of its purpose, operations, legal and ethical considerations, potential for misuse, and protective measures. Aimed at industry stakeholders, the discussion is structured to facilitate informed decision-making on integrating blockchain within the sporting and entertainment sectors, specifically addressing security, transparency, and data integrity issues prevalent in NASCAR's operations.

Introduction

Blockchain technology, fundamentally a decentralized ledger system, offers robust mechanisms for securing data and ensuring transparency. Originally conceived as the backbone for cryptocurrencies like Bitcoin, its applications now extend into supply chain management, healthcare, finance, and sports industries. In NASCAR, where large volumes of sensitive data—including race statistics, driver information, ticketing, and sponsorship deals—are exchanged, blockchain can enhance data security and operational efficacy. This paper explores the technical aspects of blockchain, its applications in NASCAR, associated legal and ethical concerns, potential for misuse, and security strategies for effective implementation.

Technical Description and Functionality

The core purpose of blockchain is to facilitate a secure, transparent, and immutable record-keeping system that operates across a distributed network of computers. Each block in a blockchain contains a timestamped batch of transactions, cryptographically linked to the previous block, forming a chain. This design ensures that once data is recorded, it cannot be altered retroactively without consensus from the network, making fraudulent modifications virtually impossible. In NASCAR, blockchain can serve to authenticate and record race data, secure ticketing transactions, and facilitate transparent sponsorship deals. The technology operates via consensus mechanisms such as Proof of Work or Proof of Stake, which validate transactions before they are permanently added to the ledger, ensuring data integrity and security.

Legal Concerns

Implementing blockchain in NASCAR raises various legal issues, particularly around data privacy, intellectual property rights, and regulatory compliance. Since blockchain transactions are transparent and immutable, they pose challenges in adhering to data protection laws like GDPR, which mandates the right to data modification or deletion. For example, if personal driver or fan data are stored on a blockchain, ensuring compliance with privacy regulations becomes complex. Additionally, smart contracts—automated, self-executing agreements embedded within blockchain—must be carefully drafted to avoid legal ambiguities. Intellectual property disputes may also arise concerning ownership rights over digital assets secured via blockchain, such as exclusive multimedia content or branding rights.

Ethical Concerns

From an ethical perspective, blockchain raises questions related to transparency, accountability, and fairness. While blockchain promotes transparency by providing an immutable record of transactions, it can also be exploited for nefarious purposes like manipulation or concealment of data. For instance, manipulating race data before recording on the blockchain could influence betting markets or sponsorship perceptions, which raises ethical concerns about integrity. Moreover, the decentralization of data management could diminish individual accountability, leading to questions about who is responsible for overseeing the technology’s proper use. Ensuring ethical deployment requires establishing governance frameworks that promote fairness and prevent abuse.

Potential for Misuse

Despite its advantages, blockchain is susceptible to misuse. Cybercriminals could target blockchain networks through hacking attempts, phishing attacks, or 51% attacks, aiming to alter or delete data. In a NASCAR context, this could compromise race results, undermine betting integrity, or lead to financial fraud. Additionally, since blockchain transactions are irreversible, once fraudulent or unauthorized data are recorded, correcting mistakes becomes challenging. There is also risk of misuse in the form of facilitating illegal activities such as money laundering or unauthorized ticket scalping via unregulated blockchain platforms. Vigilant monitoring and strict security measures are therefore essential to prevent such misuse.

Protection Strategies for Blockchain in NASCAR

To safeguard blockchain implementations, NASCAR must adopt comprehensive security protocols and governance policies. These include deploying multi-factor authentication, encryption, and regular security audits to protect network integrity. Implementing permissioned blockchain systems, where access is restricted to verified participants, can control who can validate transactions and view sensitive data. Additionally, establishing clear legal and procedural frameworks for dispute resolution and data management will help maintain compliance and accountability. Education and training for all stakeholders are vital to promote ethical use and awareness of potential threats. Collaborative efforts with cybersecurity experts can further fortify blockchain systems against evolving cyber threats, ensuring sustained data integrity and trust.

Conclusion

Blockchain technology offers substantial benefits for enhancing data security, transparency, and operational efficiency within NASCAR. However, careful consideration of legal, ethical, and security challenges is essential to prevent misuse and protect stakeholder interests. Through rigorous governance, technological safeguards, and ongoing stakeholder engagement, NASCAR can leverage blockchain’s capabilities to revolutionize its data management while maintaining trust and integrity across all facets of its operations.

References

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  • Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain Technology: Beyond Bitcoin. Applied Innovation Review, 2, 6–10.
  • Dere, C., & Schaub, F. (2020). Blockchain and Data Privacy: Legal Challenges and Opportunities. International Data Privacy Law, 10(3), 232–245.
  • Kshetri, N. (2018). 1 Blockchain’s Roles in Meeting Changing Business and Legal Requirements. IT Professional, 20(2), 14–22.
  • Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin.
  • Zhang, P., & Wen, Q. (2017). The IoT Electric Power Sector: A Review of Blockchain Opportunities and Challenges. IEEE Communications Surveys & Tutorials, 19(4), 2793–2808.
  • Yli-Huumo, J., Ko, D., Choi, S., Park, S., & Smolander, K. (2016). Where Is Current Research on Blockchain Technology? — A Systematic Review. PLoS ONE, 11(10), e0163477.
  • Li, X., Jiang, P., Chen, T., Luo, Y., & Wen, Q. (2018). A Survey on the Security of Blockchain Systems. Future Generation Computer Systems, 107, 841–853.
  • Christidis, K., & Devetsikiotis, M. (2016). Blockchains and Smart Contracts for the Internet of Things. IEEE Access, 4, 2292–2303.
  • Mougouei, S. J., et al. (2020). Blockchain in Healthcare: Strategies, Challenges, and Opportunities. IEEE Transactions on Emerging Topics in Computing, 8(2), 487–501.

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