Paraphrase and cite at the following passages. Try not to look back at the original passage after you have read and understood it. Also, use a formal, third person writing style in your paraphrased passage. This means do not use first person pronouns (I, me, we, us, our, my, etc.) or second person pronouns (you, your).
â€œBlockchain matters because no business operates in isolation. Multiple institutions can achieve more together than any single institution can alone. By implementing business processes that leverage the collective knowledge of the group, processes can become orders of magnitude more cost efficient. New processes, processes that were not possible before blockchain, can be created. This opens up new opportunities and can create a competitive advantage for many businessesâ€ (Arun, Cuomo & Gaur, 2019, p. 4).
â€œOrganizations offering group benefits often rely on a complex network of administrators, providers, employees, and others to manage those benefits. Different versions of the same data require consolidation to ensure eligibility and access to benefits. For example, IBM blockchain can be the vital link across a vast ecosystem of third-party administrators and service provider networks. Its shared ledger transparency can help employers reduce errors, which results in improved claims processing, better provider management, and lower operational expensesâ€ (Arun, Cuomo & Gaur, 2019, p. 31-32).
â€œEssentially, many industries seem to be looking at blockchain as a technology platform that will either transform the industry (by improving cost-efficiency, compliance costs, transparency, and so on) or disrupt it (though disintermediation, creation of new intermediaries, co-creation models, and so on). In either case, blockchain is a network of participants that form the ecosystem and coordinated decision making process to achieve transaction finality and to facilitate a platform that fosters co-creation between the network participants. As blockchain networks evolve and grow, and new participants are added or removed, the dynamics of the network will undoubtedly change, and bilateral and multilateral relationships may emerge. These changes are largely driven by static bilateral or multilateral engagements that are enforced by chaincode or smart contractsâ€ (Arun, Cuomo & Gaur, 2019, p. 93).
â€œThe goal of technology infrastructure governance is to support, adapt, and complement the blockchain business networkâ€™s objectives. In a blockchain network, as opposed to a centralized entity, these tasks can be challenging because the governance framework should focus on specifying an accountability framework to encourage necessary behavior. In this setting, the functioning of the IT infrastructure that enables deployment and operation of that infrastructure is defined as the foundational layer of the blockchain network. Many best practices frameworks, such as Information Technology Infrastructure Library (ITIL) and Governance, Risk, and Compliance (GRC), have already laid a strong foundation for blockchain networks to build upon and create a blockchain specific technology governance structureâ€ (Arun, Cuomo & Gaur, 2019, p. 110).
â€œWith blockchain, we can reimagine many of the worldâ€™s most fundamental business processes and open the door to new styles of digital interaction that we have yet to imagine. Today, blockchain is fulfilling its potential of vastly reducing the cost and complexity of getting things done across industries and government. Blockchain is certainly here for good. The term â€˜for goodâ€™ has a double meaning: It implies that blockchain is not a passing fad, and it suggests that blockchain is providing a foundation of trust that is delivering a social good – namely, significantly reducing the various pestilences afflicting digital business, including counterfeiting, digital surveillance, and identity theftâ€ (Arun, Cuomo & Gaur, 2019, p. 163).
Source: Arun, J. S., Cuomo, J., & Gaur, N. (2019). Blockchain for Business. New York: Pearson Addison-Wesley.