The Final Portfolio Project Is A Three-Part Activity ✓ Solved

The final portfolio project is a three- part activity. You will

The final portfolio project is a three-part activity. You will respond to three separate prompts but prepare your paper as one research paper. Be sure to include at least one UC library source per prompt, in addition to your textbook (which means you'll have at least 4 sources cited). Start your paper with an introductory paragraph.

Prompt 1 "Blockchain" (2-3 pages): Explain the major components of blockchain. Be sure to include how blockchain is affecting a global economy and how you see it growing in the future.

Prompt 2 "Big Data" (1-2 pages): Describe your understanding of big data and give an example of how you’ve seen big data used either personally or professionally. In your view, what demands is big data placing on organizations and data management technology? How does big data affect a global economy.

Prompt 3 “Government and Policies” (1-2 pages): Discuss the role government plays in a global economy. Also, look at what policies are currently in place and then discuss what policies should be put in place.

Conclude your paper with a detailed conclusion section. The paper needs to be approximately six to eight pages long, including both a title page and a references page (for a total of eight to ten pages). Be sure to use proper APA formatting and citations to avoid plagiarism.

Paper For Above Instructions

In the contemporary digital landscape, the interactions of innovative technologies and global economies are becoming increasingly intricate. The advent of blockchain, big data, and government policies are three pivotal elements that characterize this dynamic environment. This research paper will examine these facets to elucidate their impact on the global economy, as well as to identify their interrelations. Each section will focus on a specific theme, exploring the fundamental components and examples, while integrating credible academic sources.

Prompt 1: Blockchain

Blockchain technology is a decentralized digital ledger that records transactions across many computers in such a way that the registered transactions cannot be altered retroactively, ensuring transparency and security (Nakamoto, 2008). The major components of blockchain include:

• Distributed Ledger Technology (DLT): This is the foundational structure of blockchain, enabling secure, peer-to-peer transactions without needing a centralized authority.
• Blocks: Blockchain organizes data in blocks, which are collections of transactions. Each block is linked to the previous one, forming a chain.
• Cryptography: Blockchain employs cryptographic techniques to secure transactions, ensuring authenticity and preventing fraud.
• Consensus Mechanisms: This includes methods like Proof of Work (PoW) or Proof of Stake (PoS) that allow the network participants to validate transactions and add them to the ledger based on mutual agreement.

The overarching influence of blockchain technology on the global economy cannot be overstated. Its implication extends beyond cryptocurrencies into industries like finance, supply chain, healthcare, and real estate, creating enhanced efficiency, reduced costs, and increased transparency (Tapscott & Tapscott, 2016). Looking ahead, blockchain is poised to redefine transaction mechanisms and strategies across sectors, suggesting a more decentralized future that mitigates the risks of fraud and increases trust among users. As the technology matures, its integration into regulatory frameworks will also shape its evolution, enhancing its applications in various industries.

Prompt 2: Big Data

Big data refers to the vast volumes of data generated every second from various sources, including social media, sensors, and transactional systems. This data is characterized by its volume, velocity, and variety, prompting organizations to invest heavily in data management technologies to harness its potential (Laney, 2001). Personally, I have witnessed the application of big data in digital marketing, where personalized advertisements are targeted based on previous user interaction patterns. This targeted approach exemplifies how big data can be utilized to enhance customer experience and engagement.

The demands posed by big data on organizations are multifaceted. Firstly, companies must invest in advanced data storage solutions and analytics tools capable of processing vast amounts of information in real time. Furthermore, organizations confront significant challenges related to data privacy and security, necessitating robust governance frameworks to protect sensitive information. The impact of big data on the global economy is pronounced, as it enables businesses to make informed, data-driven decisions, fostering innovation and enhancing competitive advantages in various sectors (Mayer-Schönberger & Cukier, 2013).

Prompt 3: Government and Policies

The role of government in a global economy is multifaceted and instrumental in shaping regulatory frameworks that govern international trade, economic stability, and consumer protection. Governments implement policies to manage economic growth, regulate industries, and ensure fair competition among businesses. Currently, governments grapple with issues like cybersecurity, data privacy, and climate change, leading to the formulation of policies that address these challenges.

For example, the General Data Protection Regulation (GDPR) in Europe highlights the increasing focus on data privacy amid the growing prevalence of big data (European Union, 2016). However, there is still a pressing need for policies that foster innovation while ensuring ethical practices. Future policies should prioritize the establishment of international standards for emerging technologies such as artificial intelligence and blockchain, enabling collaborative frameworks that enhance global economic stability and foster inclusive growth.

Conclusion

This research paper has explored the critical intersection between blockchain technology, big data, and government policies as they pertain to the global economy. With blockchain set to redefine transaction methodologies, and big data playing an increasingly vital role in organizational decision-making, governments will have to adapt their policies accordingly to ensure that innovation is balanced with ethical considerations and market stability. It is essential for institutions and policymakers to collaborate in crafting regulations that support technological advancement while protecting consumer interests. Hence, as we advance, the confluence of these elements will be pivotal in shaping the future landscape of the global economy.

References

• European Union. (2016). General Data Protection Regulation. Official Journal of the European Union.
• Laney, D. (2001). 3D Data Management: Controlling Data Volume, Velocity, and Variety. META Group.
• Mayer-Schönberger, V., & Cukier, K. (2013). Big Data: A Revolution That Will Transform How We Live, Work, and Think. Eamon Dolan Books.
• Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Bitcoin.org.
• Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin.
• Berg, C. (2020). The Power of Blockchain in Supply Chain Management. International Journal of Supply Chain Management.
• Chui, M., Manyika, J., & Miremadi, M. (2016). Where machines could replace humans—and where they can’t (yet). McKinsey Quarterly.
• Gartner. (2019). Predicts 2020: Artificial Intelligence and Machine Learning Will Change Business Processes. Gartner Group.
• OECD. (2020). Data-Driven Innovation: Big Data for Growth and Well-Being. OECD Publishing.
• World Economic Forum. (2016). The Digital Transformation of Industries. World Economic Forum.