In business, the role of IT is becoming more important than ever before. With technology constantly improving at a rapid pace, IT is finding itself having impact in multiple departments within an organization such as marketing, sales, and customer service. The value of IT is being noticed by higher management and “CEOs are leaning on IT to deliver a competitive advantage” (Newman, 2016). The gap between IT and business functions is diminishing and the two are being integrated. I believe organizations are in the process of reshaping its organizational structure to “IT is the Business” where the CIO will be expected to aidi the company make business decisions and be responsible for business outcomes. The article had one interesting point that with IT evolving and having influence on multiple business units, in the future, the demand of IT professionals who are not only tech savvy, but also have strong fundamental knowledge about the business. For example, project management requires knowledge in both, and must have the ability to translate technological concepts into easier terms for someone who is not as technical. But I do believe there’s room for individuals who do not have business understanding such as programmers. What do you think?
Blockchain technology is a digital, decentralized, and distributed transaction ledger with a growing list of records that is linked and secured by using cryptography. Due to its recent growth in popularity, corporations are starting to understand the technical capabilities for blockchain technology and finding use cases for it, especially in the financial services industry. Currently, the third largest cryptocurrency Ripple (XRP), with a market cap of approximately $50 billion was founded in 2012. Ripple has gained a tremendous amount of popularity since its one of the most scalable cryptocurrency. XRP connects banks and payment providers through its blockchain, RippleNet, simplifying global financial transactions. It’s advantages are quicker transaction times, lower transaction costs, and tracking transactions on its network. In comparison to Bitcoin, cross-border payments could take hours that is associated with ridiculously high transaction fees while Ripple can be completed in a matter of seconds for a fraction of the price. It has locked partnerships with large organizations such as American Express, Santander, and other financial services companies in Europe, Japan, and South Korea.
In the future, do you think Ripple gain mass adoption and replace our current financial system? What are some of the risks if there was a full scale adoption of Ripple? What are some other applications can blockchain technology be used for?