November 16, 2022
This paid work is sponsored by Dakota State University.
“Blockchain is a new technology that will likely be widely used in the future,” said Dr. Yenling Chang.
Chan and two other Dakota State University lecturers will offer a new course this spring that will look at blockchain from a technical, financial, and marketing/management perspective.
Designed for students in their second year and above, this course is an important way to prepare for future employment in the business world.
“Students from a business perspective need to know what this technology does and how they can take advantage of it,” says Dr. Deb Tech. She, Chan, and Bailey Bellisario will teach the course, offering different perspectives and focuses.
“While this course will not make you an expert in any of these three areas, it will give you enough information to navigate blockchain technology and make informed decisions.” said Tech, associate professor at the University of Business Information Systems. .
Tech sees an opportunity to improve supply chain issues in the area of marketing and managing blockchain applications. Using blockchain to track your supply chain will allow you to see what is happening in real time.
“You can see what happened when you left it at the dock, or if the truck broke down,” said Tech. “All this information can be easily shared with everyone in the blockchain network.”
A lot of money is lost due to supply chain problems. The use of blockchain technology could show where problems arise and allow companies to develop solutions.
Other blockchain applications include cryptocurrencies, non-fungible tokens, and international trade.
Zhang sees blockchain applications in finance as a new area. “We believe this new technology will transform the financial services industry.”
Chang, an associate professor at the College of BIS, reads a case study about an internationally recognized company using blockchain to provide financial services to the international trading community.
“I am analyzing how blockchain will affect companies in terms of operations, management and usage efficiency,” she said.
Blockchains can be permissionless or permissioned. Chan explained that Bitcoin is a permissionless distributed ledger system and anyone interested in participating in the activity can become part of its community. Permissioned blockchains require people to register and disclose themselves to the community, and administrators restrict access. Permissioned blockchains may be centralized.
International trade is an area of potential impact, with businesses traditionally having to go through banks to process transactions. This takes time to verify and certify documents, which can take several weeks. Blockchain can speed up processes while securing and digitizing them.
“Blockchains make document changes difficult because the entire community must verify and verify all information that passes through the chain,” Chan explained.
In addition to international trade, organizations can use blockchain in other areas such as financial services, marketing, and warehousing.
She hopes that students who take this class will develop their own ideas for blockchain applications and that their creativity will inspire them as they embrace new technologies.
Belisario, a research engineer at Applied Research Lab, teaches the technical side of blockchain.
“From a technical point of view, I want people to understand how it can be applied to the world of business and economics.
One of the ways he teaches is through labs where students learn how to use the technology, interact with the Bitcoin blockchain, and send transactions to each other. He hopes the lab will help people understand how value can move in cyberspace.
Although he will primarily focus on Bitcoin, he will also help identify where potential roadblocks and vulnerabilities exist in students’ intensive use of blockchain as with other cryptocurrencies. increase.
“I don’t think blockchain is revolutionary, but I personally think Bitcoin’s implementation is a revolutionary technology.