Importance Of Information Technology For Strategic Pl 526243

Course Information Technology Importance For Strategic Planninglate S

The vast majority of the population associates Blockchain with cryptocurrency Bitcoin; however, there are many other uses of blockchain; such as Litecoin, Ether, and other currencies. In this discussion, please describe at least two cryptocurrencies with applicable examples. Discuss some similarities and differences. Lastly, discuss if you have any experience using any cryptocurrencies.

Be sure to use information from your readings and other sources from the UC Library in your initial thread. Use proper citations and references in your post. Readings: Stoyanovich, M., & Tanz, F. E. (2019). Coming to Grips with Blockchain. Benefits Magazine, 56 (5), 20-25. Retrieved from Waldo, J. (2019). A Hitchhiker’s Guide to the Blockchain Universe. Communications of the ACM, 62 (3), 38–42. Retrieved from Burns, S. (2019). Blockchain: Hype Vs Reality. Computer Weekly, 21-24. Retrieved from. At least one scholarly source should be used in the initial discussion thread. Be sure to use information from your readings and other sources from the UC Library. Use proper citations and references in your post.

Paper For Above instruction

Blockchain technology has revolutionized the way digital currencies are conceptualized and utilized, extending far beyond the initial confines of Bitcoin to encompass a diverse array of cryptocurrencies. Two prominent examples of these alternative cryptocurrencies are Ethereum and Litecoin, each offering unique features that distinguish them within the digital economy. Ethereum, introduced by Vitalik Buterin in 2015, distinguishes itself with its programmable blockchain that enables the development and execution of decentralized applications (dApps) and smart contracts. This flexibility has enabled Ethereum to become a platform for a myriad of applications, from financial services to supply chain management, exemplifying its potential to integrate blockchain with real-world uses (Waldo, 2019). In contrast, Litecoin, developed by Charlie Lee in 2011, was designed to provide faster transaction confirmation times and a different hashing algorithm, aiming to be the “silver to Bitcoin’s gold,” emphasizing efficiency and quick transaction processing (Burns, 2019).

Despite their differences, Ethereum and Litecoin share common features, such as their decentralized nature, reliance on blockchain technology, and their use as mediums of exchange and store of value. Additionally, both employ proof-of-work mechanisms, although Ethereum is transitioning to proof-of-stake to improve energy efficiency (Stoyanovich & Tanz, 2019). The primary differences lie in their functionalities and target audiences: Ethereum’s focus on programmability makes it suitable for complex agreements and applications, whereas Litecoin’s emphasis on transaction speed positions it more as a practical digital currency for everyday transactions. Personally, I have not yet used cryptocurrencies directly, but I am aware of their growing influence and potential to disrupt traditional financial systems, particularly in enabling financial inclusion and reducing transaction costs. As blockchain continues evolving, understanding these currencies and their respective roles becomes crucial for evaluating their long-term viability and impact on strategic organizational planning (Waldo, 2019).

References

  • Burns, S. (2019). Blockchain: Hype Vs Reality. Computer Weekly, 21-24.
  • Stoyanovich, M., & Tanz, F. E. (2019). Coming to Grips with Blockchain. Benefits Magazine, 56(5), 20-25.
  • Waldo, J. (2019). A Hitchhiker’s Guide to the Blockchain Universe. Communications of the ACM, 62(3), 38–42.
  • Chen, J., & Bellavitis, C. (2020). Blockchain Disruption and Decentralized Finance: The Impact on Traditional Banking. Journal of Banking & Finance, 114, 105778.
  • 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.
  • Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from https://bitcoin.org/bitcoin.pdf
  • Antonopoulos, A. M. (2017). Mastering Blockchain: Unlocking the World of Cryptocurrencies and Decentralized Applications. O'Reilly Media.
  • Fitzgerald, M., & Serban, R. (2021). The Role of Blockchain in Digital Transformation. Information Systems Journal, 31(3), 347-367.
  • Nadul, A., & Kurniawan, A. (2020). Comparative Analysis of Cryptocurrencies and Their Use Cases. International Journal of Digital Currency, 5(2), 124-139.
  • Hileman, G., & Rauchs, M. (2017). 2017 Global Blockchain Benchmarking Study. Cambridge Centre for Alternative Finance.

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