The Final Portfolio Project Is A Three-Part Activity 238817

The Final Portfolio Project Is A Three Part Activity You Will Respond

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 a 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 5-8 pages long, including both a title page and a references page (for a total of 7-10 pages). Be sure to use proper APA formatting and citations to avoid plagiarism. Your paper should include an introduction, a body with fully developed content, and a conclusion. Support your answers with the readings from the course, the course textbook, and at least three scholarly journal articles from the UC library to support your positions, claims, and observations, in addition to your textbook. The UC Library is a great place to find resources. Be clearly and well-written, concise, and logical, using excellent grammar and style techniques. You are being graded in part on the quality of your writing.

Paper For Above instruction

The final portfolio project encompasses a comprehensive exploration of three interconnected facets of modern globalization: blockchain technology, big data, and government policies. This integrated research paper aims to analyze each prompt thoroughly, supported by scholarly sources and textbook references, providing a holistic understanding of their implications for the global economy.

Introduction

In an increasingly interconnected world, technological innovations and policy frameworks significantly influence economic activities across borders. Blockchain technology, big data analytics, and government policies serve as pivotal catalysts shaping the dynamics of the global economy. Understanding these elements and their interrelations offers insights into future economic developments and policy directions. This paper explores the major components of blockchain technology, examines the role and impact of big data, and discusses governmental roles and policies in fostering or regulating worldwide economic interactions.

Prompt 1: Blockchain – Components, Economic Impact, and Future Growth

Blockchain technology is fundamentally a decentralized digital ledger system that records transactions across multiple computers, ensuring transparency and security (Tapscott & Tapscott, 2016). Its primary components include blocks, which contain data; cryptographic hashes linking blocks; consensus mechanisms like Proof of Work or Proof of Stake; and distributed networks that enable peer-to-peer interactions (Crosby et al., 2016). These components work together to create an immutable and transparent ledger that enhances trustworthiness without relying on a centralized authority.

The influence of blockchain on the global economy is profound, as it facilitates secure and efficient cross-border transactions, reduces reliance on intermediaries, and fosters financial inclusion in underserved regions (World Bank, 2019). Blockchain's transformative potential extends to supply chain management, healthcare, voting systems, and more, exemplifying its versatility. According to PwC (2021), blockchain innovation is expected to grow exponentially, with integration into mainstream financial services and government applications.

Future growth of blockchain relies on scalability improvements, regulatory frameworks, and broader adoption by enterprises and governments. As the technology matures, its capacity to streamline operations, enhance transparency, and reduce transaction costs will likely accelerate, positioning blockchain as a core component of digital economies worldwide (Gans, 2019). The ongoing development of central bank digital currencies (CBDCs) further exemplifies blockchain’s expanding role in global financial systems.

Prompt 2: Big Data – Understanding, Usage, Demands, and Impact

Big data refers to extremely large datasets that require advanced methods and tools for collection, storage, analysis, and interpretation. It encompasses structured and unstructured data generated from social media, IoT devices, transactions, and other sources. From a personal perspective, social media platforms leverage big data to tailor content, advertisements, and recommendations, optimizing user engagement (Kitchin, 2014). Professionally, organizations utilize big data analytics for market analysis, customer insights, and operational efficiency.

The demands of big data on organizations include the need for robust data management infrastructure, high-performance processing capabilities, and skilled data scientists. Technologies like cloud computing and distributed databases facilitate this, but they also challenge traditional data governance and security protocols (Mayer-Schönberger & Cukier, 2013). The proliferation of big data compels organizations to develop advanced analytics and invest in cybersecurity to protect sensitive information.

Globally, big data significantly influences economic activities by enabling informed decision-making, optimizing supply chains, and fostering innovation. For example, in manufacturing, predictive maintenance based on big data reduces downtime, enhancing productivity (Manyika et al., 2011). Moreover, countries leveraging big data effectively can gain competitive advantages, stimulate economic growth, and improve public services.

Prompt 3: Government and Policies in the Global Economy

Governments play critical roles in regulating, facilitating, and shaping the global economy through policy frameworks and international cooperation. Current policies include trade agreements, monetary policies, intellectual property protections, and regulations on digital currencies and data privacy (World Trade Organization, 2020). These policies aim to promote economic stability, innovation, and fair competition while aligning with international standards.

However, as technological advances such as blockchain and big data evolve rapidly, policies need to adapt. For example, regulations around cryptocurrencies vary widely, and clear legal frameworks are essential to prevent illicit activities and protect consumers (Financial Stability Board, 2020). Moreover, policies promoting digital infrastructure, cybersecurity, and data sovereignty are crucial for fostering trust and safeguarding economic interests.

Looking forward, policies should emphasize international collaboration on digital governance, ethical use of data, and support for emerging technologies. Implementing standards for interoperability, data sharing, and cybersecurity can facilitate smoother global economic integration. Additionally, fostering innovation-friendly policies, such as incentives for blockchain and AI development, will position nations competitively in the digital age.

Conclusion

In conclusion, blockchain, big data, and governmental policies are interconnected drivers that shape the trajectory of the global economy. Blockchain's components and growth prospects promise greater efficiency and transparency, transforming traditional sectors. Big data's capacity to extract valuable insights presents opportunities for innovation but also demands robust management and security measures. Governments must craft adaptable policies that foster technological advancement while ensuring security and fairness. Collectively, these elements will continue influencing economic development, necessitating ongoing research, regulation, and strategic investment to harness their full potential for sustainable growth.

References

• Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation Review, 2, 6-10.
• Financial Stability Board. (2020). Crypto-asset markets and stablecoins: Risks, surveillance and regulation. Financial Stability Board Report.
• Gans, J. (2019). The future of blockchain technology and its role in the digital economy. Economics and Innovation, 30(4), 437-450.
• Kitchin, R. (2014). The real-time city? Big data and smart urbanism. GeoJournal, 79(1), 1-14.
• Mayer-Schönberger, V., & Cukier, K. (2013). The rise of big data: How it’s changing the way we think about privacy and security. Foreign Affairs, 92(3), 28-35.
• Manyika, J., Chui, M., Brown, B., Bughin, J., Dobbs, R., Roxburgh, C., & Byers, A. H. (2011). Big data: The next frontier for innovation, competition, and productivity. McKinsey Global Institute Report.
• PwC. (2021). The impact of blockchain technology on financial services. PwC Report.
• Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind bitcoin is changing money, business, and the world. Penguin.
• World Bank. (2019). The prospects of blockchain for financial inclusion. World Bank Report.
• World Trade Organization. (2020). Trade policy review: The role of digital policies in economic growth. WTO Publication.