Report Design
Name
Institution
Date
Step One
Summary of the Design
In researching to determine the impact of blockchain in the banking industry, I was going to research for a period of two months. The budget that I was to use during this research was $5000, which was a limited budget based on the number of things I was supposed to do during the research, i.e., accommodation, traveling, and food that was to be eaten during the research for both the people I was going to research on and me. The primary data collected were through a qualitative technique, where I conducted interviews with different professionals who work at the banks and other relevant stakeholders concerning the impact of blockchain in the banking sector. I used simple random sampling to select the people I would interview by first categorizing them into two groups’ people who had interacted and used blockchain technologies and people who were not familiar with blockchain technology. The sample size was drawn from various financial institutions.
The secondary data I had drawn from various academic articles that had published how blockchain had impacted the banking sector, I had used articles published in the past eight years weighing and seeing how each of them has explained the impact of blockchain in the banking sector. The interviews that I conducted were semi-structured to allow the interviewees to express themselves fully; I used MAXQDA data analysis software to analyze the data I had collected from the interviews conducted (Kuckartz & Rädiker, 2019). The research aimed to see how blockchain had helped the banking industry improve the quality of outcome produced and whether or not it was something that many financial institutions should start considering using as they conduct their day-to-day activities. I had recruited three people who assisted me in conducting this research; there work was to organize interviews, compile and analyze the collected data, and come up with the findings and implications of the research.
Step Two
Design problem, Objectives, and Assumptions
The design’s main problem was coming up with the method appropriate technique that would be used to collect, analyze the data that would be retrieved from the research since this research was about how blockchain had impacted the banking industry. I opted to choose an interview to get first-hand information on how banking institutions have been transformed by blockchain. The research objective was to find out if the rate of work done in the banking sector had been improved as a result of using blockchain technology. We also wanted to know how secure the systems were from external attacks and the level of transparency it had in that sector; another objective was to determine if most banking institutions spent less amount of resources. The digital currency was an objective that was to be achieved by the available banking sector, and the last objective was maintaining proper accountability (Bashir, 2017).
During the design process, the assumptions that were made were that majority of the banks were aware of what blockchain was and how it could be incorporated into their system. Financial institutions were also assumed that they had the relevant skills and expertise to use and implement the blockchain system; another assumption was that blockchain had been identified to ensure that many young generations were capable of realizing how it was essential to investment. Another assumption was that the current technologies used by the financial institutions were not as competent enough as the blockchain technologies, which was a new recommendation that was very effective compared to other technologies. The final assumption was that all the banking sector had the relevant infrastructure that would be able to support the blockchain.
Step Three
Detailing the design process and theory
The process that was used in the process design was the formulation of the research problem, which was the impact of blockchain in the banking sector. The second step was conducting its literature review; this is where I conducted research of past research pertaining to the research topic that I was tackling; it helped me in avoiding any replication of the past hypothesis of research that had already been done earlier. I conducted my literature review from different peer-reviewed articles that scholars had already written and the majority of that information I had retrieved from Google Scholar (Mitchell & Jolley, 2012). The next process was the formulation of a hypothesis; it assisted in explaining the nature of the problem that was being handled. Research design formulation was the next step where I defined the study’s nature, identified the sample design, administered the collection of data, then conducted a proper data analysis with the available tools during the research process; and then finished by testing the hypothesis. The results were later interpreted to develop findings and later, a report was drafted (Leavy, 2017).
The theory behind the design was that resources would be saved in the banking sector if it was to be used. The problem encountered during the research design was the trouble of interview scheduling among a financial institution; it was a very great challenge to schedule for an interview since most of them were busy during the day. The interviewees come to the interview while they were exhausted from the amount of work they had done; therefore their level of concentration and effectiveness in answering the interview questions asked to them were not desirable (Tobi & Kampen,2018). To overcome these problems, I decided that I would interview in the evening when they were through with their work. Since they were exhausted from the amount of work they had conducted during the day, I offered them coffee and gave them additional thirty minutes to rest before starting the interviews. An inferential test was conducted to compare the results got during the design process.
Step Four
Summary of design testing and objectives
The was no more summary to be done concerning the design process since all of them had been captured by the above content; on the other hand, the above objectives were achieved from the research. The objective discussed above was met; this was because there was an improvement in the work rate since the process of transacting was very efficient and transparent. This made the level of productivity increase among the various banking institutions, blockchain ensured that the security of the information of the clients was very much safe from any form of cyber-attack (Rahi, 2017). The shared ledgers were able to assist the banks in securing the information of the transactions; it enabled quick completion of the available transactions; this would therefore help reduce the amount of risk that would be there for the information to be captured. The banks could save some of their resources when they used blockchain technologies as a new form of a cloud computing concept. The banks were able to accept the process of digital currencies, where digital currencies would be accepted by the banks to complete various kinds of transactions. This was made with the emergence of cryptocurrency such as Bitcoin. Blockchain technologies also maintained accountability. This meant that misuse of assets and fraud reduction, transactions are normally easy to verify and check, which ensures bank transactions are consistent and accurate.
References
Bashir, I. (2017). Mastering blockchain. Packt Publishing Ltd.
Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2(6-10), 71.
Cresswell, J. (2014). Research design. Thousand Oaks: Sage publications.
Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2(6-10), 71.
Fischer, M., & Ghaffari, M. (2018). A simple parallel and distributed sampling technique: local glauber dynamics. arXiv preprint arXiv:1802.06676.
Gupta, S. S. (2017). Blockchain. John Wiley & Sons, Inc.
Kuckartz, U., & Rädiker, S. (2019). Analyzing qualitative data with MAXQDA. Switzerland: Springer International Publishing.
Leavy, P. (2017). Research design: Quantitative, qualitative, mixed methods, arts-based, and community-based participatory research approaches. Guilford Publications.
Mitchell, M. L., & Jolley, J. M. (2012). Research design explained. Cengage Learning.
Maxwell, J. A. (2012). Qualitative research design: An interactive approach (Vol. 41). Sage publications.
Melgar Estrada, L., & Koolen, M. (2018). Audiovisual media annotation using qualitative data analysis software: A comparative analysis. The Qualitative Report, 23(13), 40-60.
Rahi, S. (2017). Research design and methods: A systematic review of research paradigms, sampling issues and instruments development. International Journal of Economics & Management Sciences, 6(2), 1-5.
Schoonenboom, J., & Johnson, R. B. (2017). How to construct a mixed methods research design. KZfSS Kölner Zeitschrift für Soziologie und Sozialpsychologie, 69(2), 107-131.
Swan, M. (2015). Blockchain: Blueprint for a new economy. ” O’Reilly Media, Inc.”.
Tobi, H., & Kampen, J. K. (2018). Research design: the methodology for interdisciplinary research framework. Quality & quantity, 52(3), 1209-1225.
Taherdoost, H. (2016). Sampling methods in research methodology; how to choose a sampling technique for research. How to Choose a Sampling Technique for Research (April 10, 2016).
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