Bitcoin
Description
Bitcoin allows for secure and simple transfer of value online without any role of intermediaries. It utilizes cryptography to control its transactions and creation, thereby considered valuable just like money. Overall, users can send and receive bitcoin value with an acceptable privacy level.
Key learning
Bitcoin supply is cryptographically secure and therefore, no organization or individual can manipulate its protocol, thereby permitting the core of bitcoin to be trusted for being predictable, transparent, and neutral. Besides, all crucial data is readily prevalent on the block chain for everybody (Shaw, 2017).
Opportunities and threats
The effectiveness and low-cost provisions in bitcoin can allow businesses make payments in an enhanced manner without risk of fraud or errors. However, tight regulations are prevalent concerning bitcoin money supply and hacks have also been found, thereby facilitating in major frauds.
Personal reflection
Despite all barriers, it can be believed that payment tools like debit cards, credit cards, etc will become too tempting for businesses, merchants, and business-to-business (B2B) applications to resist.
M-commerce
Description
Mcommerce assists in communication and electronic transactions using electronic devices like mobile phones having an internet connectivity. Mcommerce serves various purposes like ubiquity, pro-active functionality, localization, immediacy, etc. Based on researches, Mcommerce is enhancing like a weed and is expected to grow more in the upcoming tenures. This has in turn assisted in developing the significance of wireless technology on a whole. Overall, Mcommerce has its advantages and disadvantages on different business models that must be carefully considered before implementing the same.
Key learning
Mcommerce has altogether assisted consumers in buying and selling of goods and services. Further, new technologies that has permitted mobiles and other electronic equipments have also made wireless transactions feasible. Both mcommerce and ecommerce has assisted in development of a competitive strategy in the current working environment that has altogether enhanced the living standards of individuals and organizations.
Opportunities and threats
Businesses can utilize Mcommerce and Ecommerce to facilitate cost-effective promotions and marketing, thereby developing a competitive strategy in the market to gain more customers. Besides, they can also offer better customer services through such strategies and gain an opportunity to reduce their transaction and overhead costs as a whole. However, owing to sectoral limitations, businesses can face issues to progress in such field. Besides, in many cases, businesses incur high optimization expenses to conduct e-business.
Personal reflection
The outcome of conducting e-business can be both advantageous and disadvantageous for individuals and businesses. Even though e-business can facilitate in the provision of various efficacies to people, yet it may also offer several negative consequences and therefore, too much reliance on such IT systems must be avoided. Overall, both online and offline means must be considered by businesses and individuals as e-business may interrupt smooth flow of operations at any time.
Disruptive technology
Description
Disruptive technologies displace an already established technology by shaking up the entire industry that designs a completely new industry. Moreover, various trends facilitate in present and future technology disruptors.
Key learning
Digital twins and intelligent apps can facilitate in making every day’s work easier in nature. Moreover, blockchain and distributed ledgers can transform the industry operating models by sequentially grouping value exchange transactions into blocks (Crosby, 2015).
Opportunities and threats
Businesses can easily explore drivers of change and identify their significant impact on various elements of its business model to ensure whether it is vulnerable to disruption or not. However, businesses often become a victim of their own success as they fail to act even after identifying major threats to their business model (Crosby, 2015).
Personal reflection
Technologies that challenge well-established industries promises opportunity for few and instil fear in others. Hence, identification of threats in business model must be undertaken to avoid negative consequences
Digital, online, and mobile marketing
Description
In the present scenario, various organizations use digital, online, and mobile marketing to constitute their business model. This is because these are convenient, immediate, and readily accessible to the consumers. Moreover, sellers can also attain benefits like establish relationships with buyers through such approaches .
Key learning
Businesses have now used social and digital marketing strategies to engage a huge base of customers and establish a brand community. This sheds light on the fact how businesses have efficiently reacted to such approaches and exerted lesser importance to traditional and direct marketing (Barney & Ray, 2015).
Opportunities and threats
Businesses can easily use digital and social marketing to engage consumers from anywhere and at any time through utilization of digital devices. However, various annoying customers may create obstacles for businesses to continue smooth flow of operations.
Personal reflection
Even though online and digital marketing has its significance, yet too much emphasis must not be offered to it because various issues are also annexed with such efficacies. Moreover, traditional marketing must also be practiced but on a lower scale.
References
Barney, J. and Ray, G. (2015). How information technology resources can provide a competitive advantage in customer service. Planning for Information Systems [online]. 3(2), p. 444-460. Available from: DOI: 10.4236/me.2015.63038
Crosby, M. (2015) Block chain technology. [online]. Available from https://scet.berkeley.edu/wp-content/uploads/BlockchainPaper.pdf [Accessed 21 April 2018]
