Assessment 2 Information
\nSubject Code: FINM4100
\nSubject Name: Analytics in Accounting, Finance and Economics
\nAssessment Title: Blockchain, Fintech and Regtech
\n–> Blockchain, Fintech and Regtech are all related and intersecting technologies that are transforming the way financial transactions, trade, and regulation are conducted.
\nBlockchain technology is a decentralized digital ledger system that uses cryptography to record and verify transactions. It is a distributed database that maintains a continuously growing list of records, called blocks, which are linked and secured using cryptography. Blockchain technology is used in a wide range of applications such as secure digital transactions and smart contracts, digital identity management, and cryptocurrency trading and investment.
\nFintech, or financial technology, is the use of technology to improve and automate financial services. Blockchain technology is a key component of Fintech, as it enables more secure and efficient financial transactions. Fintech also includes other technologies such as artificial intelligence, machine learning, and big data, which are used to improve financial services such as lending, payments, and investment management.
\nRegtech, or regulatory technology, is the use of technology to improve regulatory compliance and oversight. Blockchain technology is also a key component of Regtech, as it enables more efficient and accurate regulatory compliance. Regtech also includes other technologies such as AI and machine learning, which are used to improve regulatory compliance in areas such as anti-money laundering and know-your-customer regulations.
\nBlockchain, Fintech, and Regtech are all important technologies that are changing the way financial transactions and regulation are conducted. They offer many benefits such as increased security, efficiency, and transparency, but also raise important ethical and privacy concerns that need to be addressed.
\n—><\/p>\n
Assessment Type: Report (individual)
\nWord Count: 1700 Words (+\/-10%)
\nWeighting: 40 %
\nTotal Marks: 40
\nSubmission: Turnitin
\nDue Date: Monday 23:55 AEST Week 10
\nYour Task
\n\u2022 Create a report on Blockchain in the context of Fintech and RegTech.
\n\u2022 This task is to be done as an individual.
\n\u2022 Submit your report as a Word file using Turnitin on Monday 23:55 AEST
\nAssessment Description
\nLearning Outcomes: LO2, LO4 and LO5
\nBackground: Blockchain is an emerging technology of great importance in Finance, Economics and Accounting. It impacts the way we deal with and monitor financial transactions, trade, identify ourselves, and is having an impact on auditing and regulation.
\nImagine that you are a compliance manager in a financial institution. Your company wants to use blockchain for three purposes
\n1. As a mechanism for secure digital transactions and smart contracts
\n2. As a way of managing digital identities
\n3. To offer clients the chance to invest in cryptocurrencies however, the executives are not sure of all of the benefits of these applications or possible ethical, legal and privacy issues.
\nYou are to explain what blockchain is, explain these uses (applications) and how it will benefit yourself and the company auditors in a report, as outlined below.
\nAssessment Instructions
\nDo your initial research from the workshops then find relevant articles on the internet to support your statements.
\nYou are to write a report as follows:
\nA. Introduce the idea of blockchain and its applications in general. [400 words, 8 marks]
\nB. Briefly explain the applications that we are focussing on here (1,2 & 3 above, i.e. secure digital transactions and smart contracts, digital IDs and investment in cryptocurrencies).
\n[200 words, 4 marks]
\nC. There have been dramatic fluctuations in cryptocurrency prices with current values a fraction of what they were 12 months ago. What are your views on the future of cryptocurrencies?
\nWhat are their pros and cons?
\n[400 words, 8 marks]
\nD. Describe the benefit blockchain can offer auditors and compliance officers and subsequent positive impact on the organisation. [300 words, 6 marks]
\nE. Assess possible ethical and privacy implications of the applications at the financial institution at which you are imagining that you work. The impact could be on staff and\/or customers.
\n[400 words, 8 marks]
\nF. Use at least ten relevant references and the Harvard referencing style. References must be relevant to what you are discussing in each paragraph. [3 marks]
\nG. Taking care with your report structure and novel written presentation. [3 marks]
\nSome Starting references
\nhttps:\/\/www.euromoney.com\/learning\/blockchain-explained\/what-is-
\nblockchain#:~:text=Blockchain%20is%20a%20system%20of,hack%2C%20or%20cheat%20the%20 system.&text=Each%20block%20in%20the%20chain,added%20to%20every%20participant’s%20le dger
\nhttps:\/\/ethics.org.au\/blockchain-some-
\nconsiderations\/#:~:text=The%20development%20and%20application%20of,integrity%20of%20the% 20system%2C%20and
\nhttps:\/\/nexia.com\/insights\/global-insight\/blockchain-technology-opportunities-and-challenges-forauditors\/
\nhttps:\/\/consensys.net\/blockchain-use-cases\/digital-identity\/<\/p>\n
Important Study Information
\nAcademic Integrity Policy
\nKBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy.
\nWhat is academic integrity and misconduct?
\nWhat are the penalties for academic misconduct?
\nWhat are the late penalties?
\nHow can I appeal my grade?
\nClick here for answers to these questions:
\nhttp:\/\/www.kbs.edu.au\/current-students\/student-policies\/.
\nWord Limits for Written Assessments
\nSubmissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.
\nStudy Assistance
\nStudents may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information.
\nAssessment Marking Guide
\nFINM4100 Assessment 2
\nRubric
\n\/40
\nHas demonstrated limited achievement:
\nHas achieved all or most of:
\nReport Content
\n0-16 17-34 \/34
\n\u2022 Has not explained the idea of blockchain and general applications in an accurate\/convincing way
\n\u2022 The three applications are not relevant, have parts missing or not explained well
\n\u2022 It has not been clear why the nature of blockchain has made these applications possible and there is not enough detail on how the applications work
\n\u2022 Benefits for auditors and compliance officers are too general, missing, out of context or not relevant
\n\u2022 Ethical and privacy implications are too general, missing or not relevant
\n\u2022 Has explained the idea of blockchain and general applications in an
\naccurate and convincing way
\n\u2022 The three applications are relevant, have explained clearly
\n\u2022 It is clear why the nature of blockchain has made these applications possible and there is enough detail on how the applications work
\n\u2022 Benefits for auditors and compliance officers are relevant, practical and accurate
\n\u2022 Ethical and privacy implications are relevant and explained clearly
\n8
\n4
\n8
\n6
\n8
\nStructure and Referencing
\n0-3 4-6 \/6
\nStructure
\n\u2022 Not appropriate for a report
\n\u2022 Does not flow
\n\u2022 No novelty and\/or not engaging Referencing
\n\u2022 References are missing
\n\u2022 Not relevant
\n\u2022 In text references are not related to the paragraphs in which they appear
\n\u2022 Harvard referencing style was not used
\nStructure
\n\u2022 Appropriate for a report
\n\u2022 Flows well
\n\u2022 Has novelty and is very engaging Referencing
\n\u2022 References are present
\n\u2022 Relevant
\n\u2022 In text references are related to the paragraphs in which they appear
\n\u2022 Harvard referencing style was used correctly
\n3
\n3
\nAssignment Submission
\nStudents must submit their individual report via Turnitin on Monday of Week 10 at 23:55 AEST.
\nThis file must be submitted as a Microsoft word document to avoid any technical issues that may occur from incorrect file format upload. Uploaded files with a virus will not be considered as a legitimate submission. Turnitin will notify you if there is any issue with the submitted file. In this case, you must contact your lecturer via email and provide a brief description of the issue and a screen shot of the Turnitin error message.
\nStudents are also encouraged to submit their work well in advance of the time deadline to avoid any possible delay with Turnitin similarity report generation or any other technical difficulties.
\nLate assignment submission penalties
\nPenalties will be imposed on late assignment submissions in accordance with Kaplan Business School\u2019s Assessment Policy.
\nNumber of days Penalty
\n1* – 9 days 5% per day for each calendar day late deducted from the student\u2019s total Marks.
\n10 – 14 days 50% deducted from the student\u2019s total marks.
\nAfter 14 days Assignments that are submitted more than 14 calendar days after the due date will not be accepted and the student will receive a mark of zero for the assignment(s).
\nNote Notwithstanding the above penalty rules, assignments will also be given a mark of zero if they are submitted after assignments have been returned to students.
\n*Assignments submitted at any stage within the first 24 hours after deadline will be considered to be one day late and therefore subject to the associated penalty.
\nIf you are unable to complete this assessment by the due date\/time, please refer to the Special Consideration Application Form, which is available at the end of the KBS Assessment Policy:
\nhttps:\/\/www.kbs.edu.au\/wp-content\/uploads\/2016\/07\/KBS_FORM_AssessmentPolicy_MAR2018_FA.pdf<\/p>\n
A. Introduction
\nBlockchain is a decentralized, digital ledger system that uses cryptography to record and verify transactions. It is a distributed database that maintains a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The decentralized nature of blockchain technology makes it resistant to modification of the data and ensures that the data is transparent and incorruptible.<\/p>\n
Blockchain technology has a wide range of applications in finance, economics and accounting. Some of the major applications include:<\/p>\n
Secure digital transactions and smart contracts
\nDigital identity management
\nCryptocurrency trading and investment
\nB. Applications<\/p>\n
Secure digital transactions and smart contracts: Blockchain technology can be used to create digital contracts that are self-executing and enforceable. These smart contracts can be used to automate processes such as payments, escrow, and other financial transactions.<\/p>\n
Digital identity management: Blockchain technology can be used to create secure and decentralized digital identities that can be used for a wide range of applications such as online voting, digital asset management, and financial transactions.<\/p>\n
Cryptocurrency trading and investment: Blockchain technology is the backbone of many cryptocurrencies, such as Bitcoin and Ethereum. These digital currencies can be traded and invested in just like traditional currencies, but with the added benefits of decentralization and transparency.<\/p>\n
C. Future of Cryptocurrency
\nCryptocurrency has seen a lot of fluctuation in price in the past year, with the value of some coins dropping significantly. However, many experts believe that the future of cryptocurrency is bright. Cryptocurrency has the potential to provide an alternative to traditional financial systems and to make financial transactions more efficient and secure.<\/p>\n
The pros of cryptocurrency include:<\/p>\n
Decentralization: Cryptocurrency is not controlled by any central authority, making it more resistant to manipulation and censorship.
\nTransparency: Cryptocurrency transactions are recorded on a public ledger, making them transparent and easily auditable.
\nEfficiency: Cryptocurrency transactions can be processed much faster than traditional financial transactions.
\nThe cons of cryptocurrency include:<\/p>\n
Volatility: Cryptocurrency prices can be highly volatile, making them risky investments.
\nLack of regulation: Cryptocurrency is not regulated by governments, making it difficult to protect consumers from fraud and other financial crimes.
\nLimited acceptance: Cryptocurrency is not widely accepted as a form of payment, making it less useful as a currency.
\nD. Benefits to Auditors and Compliance Officers
\nBlockchain technology can offer significant benefits to auditors and compliance officers. The decentralized and transparent nature of blockchain makes it easier for auditors to track and verify financial transactions. Smart contracts can also be used to automate compliance processes, reducing the need for manual oversight. Additionally, digital identity management can be used to improve the accuracy and security of customer identification and verification.<\/p>\n
E. Ethical and Privacy Implications
\nThe use of blockchain technology in a financial institution may have ethical and privacy implications for both staff and customers. One concern is the potential for blockchain to be used for money laundering and other financial crimes. Additionally, the use of digital identities may raise concerns about privacy and the protection of personal information. It is important for the financial institution to develop policies and procedures to mitigate these risks and to ensure that the technology is used in an ethical and responsible manner.<\/p>\n
F. References<\/p>\n
“Blockchain Explained” Euromoney.com, https:\/\/www.euromoney.com\/learning\/blockchain-explained\/what-is-blockchain
\n“Blockchain: Some Considerations” Australian Centre for the Study of Ethical and Social Implications<\/p>\n","protected":false},"excerpt":{"rendered":"
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