The document discusses Deloitte's adoption of blockchain technology. It describes how blockchain allows for data sharing and record keeping in a decentralized, transparent manner without intermediaries. Some advantages include improved security, reduced data redundancy and automated smart contracts. The document also notes challenges like aligning blockchain with business objectives and changing employee mindsets. It recommends clearly defining how blockchain can drive innovation and prioritizing employees who understand the technology.

1. MIS102 Data And Networking
Answer:
Background Of The Company
The Deloitte organization has been building their reputation around the world providing
efficient services delivering assurance, audit, financial advice, consulting, tax regulation and
risk advisory and technological services.
The company operates over 150 countries globally solving complex customer problems
innovating new solutions with creative problem-solving.
The company provides world class services building a strong financial community helping
their employees with awards and recognition delivering shared value globally.
The company has over 310,000 individuals working for them providing multi-dimensional
approach to delivering technological impact addressing various perspectives (Whitter,
2019).
The company aims to impact how the professional can contribute to developing innovative
changes in the ways of communication bringing in heavy guns like the block chain
technologies.
Data And Networking:
The connectivity among the data and networking are beneficial for the Deloitte organization
where data is the main part of communicated shared over transmission media and the
computer network allows the transmission media to be connected among each other to be
transfer media.
The data and networking allows disintermediation enabling interactions, auditability
helping with record keeping, immutability helping in tamper-proofing and integrity and
plans for real-time tracking (Wang, Han & Beynon-Davies, 2018).
Data and network are interconnected among each other allowing sharing of resources and

2. files with a single mode of connecting systems.
The Networks are important to be improved for reducing errors and redundancy allowing
increased flexibility.
Blockchain Technology:
The Deloitte has adopted Blockchain technology as a major approach to maintain financial
services providing effective ways to exchange financial assets, store records of transaction
and automate the use of contracts.
The Blockchain technology tends to be beneficial in creating a shared repository storing
vital information, multiple users, interaction during transaction and no intermediary
(Laroiya, Saxena & Komalavalli, 2020).
The Blockchain has changed the way the business communicate among each other in a
distributed, decentralized manner storing records of digital assets across the network
(Deloitte Australia, 2016).
The Blockchain is used in Deloitte helps the organization to facilitate better service to the
customer in a cheaper and faster manner saving transactional costs improving
transparency.
Use Of Blockchain In Financial Companies
Help To Employees:
The Blockchain helps the regulators of Deloitte to identify, monitor and engage with the
stakeholders and understand the necessary levels of risks
The technology would help the bank to collaborate with the organization leading to
potential learning rather than planning (Lee & Shin, 2020).
The processes are needed to be reshaped according to the best practices to utilize the
technologies while re-integrating Blockchain with traditional system.
The system solves necessary problems bringing structural changes to business processes
with the best strategies to improve the front–end and back-end systems and develop
efficient source codes.
Core Application:
The Deloitte wants to improve their core functionalities facilitating trade finances and
trading properties with new ways to global payments and financial instrumentations.

3. The technology allows the use of smart contracts which provides program protocols for
executing critical transactions while meeting sets of determined conditions (Chou et al.,
2021).
The Blockchain technology allows real time transfers of low-cost value sharing without
having any central intermediary. The technology can now transfer other major assets other
than “money”.
Record keeping and redundancy reduction in the data is automated in Blockchain
technology applied to the traditional system. The efficiency and the performance of the
latest system developed is much better than the previous systems (Deloitte Australia,
2016).
Advantages
The Blockchain technology can be utilized for improving the consensus of information
among multiple parties providing essential cryptographic verification and authorization
enabling trust of efficiently sharing data among complex parties.
The Blockchain allows improved securities to provide encryption technologies to support
untrusted participants to share vital information among third parties.
The Blockchain allows the use of digital signature to define identities providing authenticity
and reducing redundancy. The technologies improves data loss prevention approaches
(Attaran & Gunasekaran, 2019).
The decentralized, distributed architecture of the platform provides resilience while
replicating the necessary with management procedures facilitating multi-program
agreements.
Disadvantages
The Blockchain technologies are needed to align with the business objectives with need for
improved collaboration among the registered banks
The company needs to understand how the internet is a major factor that needs to be
standardized with appropriate policies to reduce the negative impacts that can come from it
(Deloitte Australia, 2016).
The major lack of understanding is present among the employees about the best practices
to be used and the change management required from the traditional technologies (Lauer,
2020).

4. Without the presence of a central architecture, it is difficult to regulate how to tackle
inefficiencies in the system understanding how to mitigate the bottlenecks and challenges.
Protocol Stacks:
The protocol stacks in the Blockchain system contain of transactional ledger, consensus
algorithms and peer-to-peer networks and TCP/IP protocols.
The transactional ledgers allows to store the records of transactions that is performed
between the participants of the Blockchain. The ledger is an important part of the
distributed system.
The consensus algorithm helps with establishing agreements on singular data across the
distributed networks. The algorithm allows the establishment of relationships among all the
parties in the agreements. The consensus algorithm can be proof-of work and proof-of-state
(Lesavre, 2019).
The peer to peer network in a Blockchain is the communication model being decentralized
among two nodes communicating among each other without any central architectures.
The TCP/IP protocol allows the Blockchain to build a reliable trustable and fast network for
communicating information with high availability level, security and network speed.
Recommendation
The organization must clearly define to its employees how to involve Blockchain for
innovating and developing new Fintech solutions around the objective of the business.
The team members that understands the use of Blockchain should be prioritized to
continuously collaborate and improve the facilities provided by the organization
The employees need to understand how the Blockchain can be effective finding new values
to improve the financial services and Australian economy.
References
Whitter, B. (2019). Employee experience: develop a happy, productive and supported
workforce for exceptional individual and Business Performance Kogan Page Publishers.
Wang, Y., Han, J. H., & Beynon-Davies, P. (2018). Understanding blockchain technology for
future supply chains: a systematic literature review and research agenda. Supply Chain
Management: An International Journal.

5. Laroiya, C., Saxena, D., & Komalavalli, C. (2020). Applications of blockchain technology. In
Handbook of research on blockchain technology (pp. 213-243). Academic Press.
Lee, I., & Shin, Y. J. (2020). Machine learning for enterprises: Applications, algorithm
selection, and challenges. Business Horizons, 63(2), 157-170.
Chou, C. C., Hwang, N. C. R., Schneider, G. P., Wang, T., Li, C. W., & Wei, W. (2021). Using
Smart Contracts to Establish Decentralized Accounting Contracts: An Example of Revenue
Recognition. Journal of Information Systems, 35(3), 17-52.
Attaran, M., & Gunasekaran, A. (2019). Applications of blockchain technology in business:
challenges and opportunities. Springer Nature.
Lauer, T. (2020). Change management: fundamentals and success factors. Springer Nature.
uLesavre, L., Varin, P., Mell, P., Davidson, M., & Shook, J. (2019). A taxonomic approach to
understanding emerging blockchain identity management systems. arXiv preprint
arXiv:1908.00929.
Deans, D. (2022). Exploring the commercial advantages of blockchain technologies – and
what CIOs need to do about it. Retrieved 8 April 2022, from https://cloudcomputing-
news.net/news/2019/nov/11/the-commercial-advantages-of-blockchain-technologies/
The Ultimate Research on Blockchain Development for Businesses - GoodFirms Survey.
(2022). Retrieved 8 April 2022, from https://www.goodfirms.co/resources/blockchain-
development-research
Deloitte Australia, (2016). Retrieved 8 April 2022, from
https://www2.deloitte.com/content/dam/Deloitte/au/Documents/financial-
services/deloitte-au-fs-opportunities-implications-blockchain-australia-180516.pdf