Question And Textbook Attached - Read The Attached Doc File

Question And Text Book Attached Read The Attached Doc File Propelypr

Question and Text book attached. Read the attached doc file propely. Proper introduction and body and conclusion with References Two or more references (One is book author and another one anyone) Need three distinct questions from Chapter 1, 2 and 3. In chapter 3, the author describes eight core functions of the global financial service sector which blockchain technology will likely change. Create a new thread, choose one of the core functions described in chapter 3, and explain why it is important in moving today’s economy forward, and provide at least two real examples of the chosen core function being changed by blockchain technology today.

Then think of three questions you’d like to ask other students and add these to the end of your thread. The questions should be taken from material you read in Chapter 1, 2, or 3. You’re not trying to test each other, but you are trying to start a discussion. Finally, go to three other students’ threads and post comments, answering at least one of their questions. You must do the following: 1) Create a new thread.

As indicated above, choose one of the core functions described in chapter 3, explain why it is important in moving today’s economy forward, and provide at least two real examples of the chosen core function being changed by blockchain technology today. Then think of three questions you’d like to ask other students and add these to the end of your thread. The questions should be taken from material you read in Chapter 1. You’re not trying to test each other, but you are trying to start a discussion. 2) Select AT LEAST 3 other students' threads and post substantive comments on those threads.

Your comments should answer AT LEAST one of the questions posed in the thread and extend the conversation started with that thread. Make sure that you include the question in your comment so I can see what question you’re answering. ALL original posts and comments must be substantive. (I'm looking for about a paragraph - not just a short answer.)

Paper For Above instruction

The rapid evolution of blockchain technology is revolutionizing the global financial services sector, promising increased transparency, efficiency, and security. This transformation aligns closely with core functions outlined in recent literature, particularly the eight functions described in Chapter 3 of the textbook. Understanding the significance of these functions and the potential impact of blockchain is crucial for comprehending how the economy is moving forward. This paper will explore one core function—payment and settlement systems—highlight its importance, and provide real-world examples of blockchain's influence. Additionally, it will formulate engaging questions for peer discussion and reflect on insights gained from subsequent student threads.

Introduction

The financial services sector encompasses various interconnected functions that facilitate the seamless flow of capital across the globe. As emerging technologies like blockchain gain traction, they threaten to overhaul traditional practices, offering more decentralized, secure, and efficient alternatives. The importance of understanding these core functions lies in recognizing how technological advances can propel economic growth, reduce costs, and improve transaction speeds. Among the eight core functions of the global financial service sector identified in Chapter 3—such as managing payments, risk management, and asset management—payment and settlement systems stand out as particularly transformative when integrated with blockchain technology.

Core Function: Payment and Settlement Systems

Payment and settlement systems are fundamental to the daily functioning of the economy, enabling the transfer of funds between parties efficiently and securely. Blockchain technology enhances this core function by providing a decentralized ledger that allows real-time settlements without intermediary institutions. This advancement reduces settlement times from days to seconds and minimizes counterparty risk. For instance, Ripple’s use of blockchain for cross-border payment settlements exemplifies this shift, reducing transaction costs and times dramatically (Tapscott & Tapscott, 2016). Similarly, the adoption of blockchain in the Australian Securities Exchange (ASX) aims to replace the existing CHESS system, promising faster processing and increased transparency (Australian Securities Exchange, 2020).

Importance in Moving Today’s Economy Forward

The significance of blockchain-enhanced payment and settlement systems lies in their potential to streamline international trade, reduce operational costs, and foster financial inclusion. Faster settlement times make markets more efficient, encourage investment, and enhance consumer confidence. Furthermore, eliminating intermediaries minimizes costs and reduces points of failure, contributing to a more resilient financial infrastructure. As digital currencies and cryptocurrencies mature, their integration into payment systems illustrates the critical importance of this core function in shaping a cashless economy.

Real Examples of Blockchain Changing Payment and Settlement

• RippleNet: Ripple utilizes blockchain to facilitate cross-border payments, enabling banks and financial institutions to settle transactions in seconds with minimal costs, a significant departure from traditional SWIFT transfers (Kharif, 2018).
• Australian Securities Exchange (ASX): ASX plans to implement a blockchain-based platform to replace their existing clearing system, aiming for faster, transparent, and more reliable transactions (Australian Securities Exchange, 2020).

Discussion Questions for Peers

1. What are the biggest regulatory challenges facing the implementation of blockchain in global financial markets?
2. How might blockchain technology impact traditional banking jobs and employment?
3. In what ways can blockchain improve financial inclusion in underserved regions?

Conclusion

Blockchain technology’s influence on payment and settlement systems exemplifies its broader potential to transform the financial services sector. By enabling faster, cheaper, and more secure transactions, blockchain contributes significantly to the modernization of financial infrastructure. As the technology continues to evolve, its integration will likely become a cornerstone of global economic development, fostering innovation and inclusivity.

References

• Australian Securities Exchange. (2020). ASX announce blockchain-based replacement for CHESS system. Retrieved from https://www.asx.com.au
• Kharif, O. (2018). Ripple’s blockchain payment network expands globally. Bloomberg News.
• Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind Bitcoin is changing money, business, and the world. Penguin.
• National Institute of Standards and Technology. (2019). Blockchain Technology Standards. NISTIR 8202.
• World Bank. (2021). Digital currencies and financial inclusion. World Bank Publications.