SME Challenges to Access to Finance

1. SMEs for the most part have constrained money related assets contrasted with a huge organization. Frequently it is difficult to back the standard model for programming process improvement (SPI) exercises. They attempt to maintain a strategic distance from extreme overhead for the full custom standard procedure usage. 2. The demonstrated accepted procedures for the enormous organizations may be excessively costly or tedious to act in SMEs in light of their constrained assets and plan of action. 3. Most of little organizations are freely financed. That causes a tight money related circumstance for some private ventures. So they can’t consistently bear to purchase required aptitude that has the right stuff required in a specific position. 4. An initial move toward process improvement is distinguishing the qualities and shortcomings of association programming forms. For this, an appraisal to look at the procedures against a reference model which assists with deciding the procedures ability to meet the necessary quality, cost, and calendar objectives is required, yet little organizations experience issues running those. 5. The little size of an organization not just motivations for the difficulties of systems administration, showcasing and business issues for little programming organizations. It likewise makes issues for picking up and utilizing mechanical skill. 6. Huge organizations can improve the work productivity utilizing all required toolboxs. Little organization likewise need these devices in each progression of pr ogramming process yet high permitting costs frequently put their undertaking cost over expectable levels. 7. SMEs experience the ill effects of the absence of writing and distributions depicting endeavors on an improvement activity. In any case, selection of universally acknowledged programming process rehearses is basic for the accomplishment of all product organizations to contend in the worldwide programming improvement showcase. 8. Numerous SMEs have different business activities like help, item, and consultancy. A given worker may need to change the tasks all the more oftentimes. This prompts extra difficulties to improve the necessary degree of fitness for various activities with various innovations. 9. A given representative of SMEs may at the same time assume various jobs. For that, he may disregard assignments or think about numerous undertakings as low need. Consequently numerous significant assignments might be left fixed. Now and again, these errands might be opposing or fundamentally unrelated (e. g. An individual is answerable for item cost decrease and improvement of client support at the same time). 10. In SMEs the normal undertaking span is shorter than in huge organizations. Supervisor faces di fficulties to reallocate representatives all the more as often as possible to various activities.

Piercing the Corporate Veil Essay -- Papers

Penetrating the Corporate Veil Since the foundation in Salomon v Salomon, the different legitimate character has been for some time perceived in English law for a considerable length of time, in other words, a restricted obligation organization has its own lawful personality particular from its investors or executives. Be that as it may, in certain conditions the courts might be set up to look behind the organization at the activities of the executives and investors. This is known as puncturing the corporate cloak. There are various cases concerning the puncturing the corporate cloak, among which, Jones v Lipman[1] was a run of the mill case. Lipman offered land to Jones by a composed agreement however would not finish the deal on the grounds that of another great arrangement, rather he offered harms for penetrate of contract. To put the house far from Jones, he purchased an organization off the rack and passed on the house to it. In an activity against Lipman and the organization, the court conceded the particular execution and decided that the litigant organization is the animal of the first litigant, a gadget and ...

The Best Free Time-Management Software for Students

The Best Free Time-Management Software for Students On the off chance that you utilize your PC both for reading and for a relaxation time, it is anything but difficult to get diverted. Therefore, numerous significant errands may wind up being not finished on schedule or just not done by any stretch of the imagination. Such interruptions as ordinary email warnings, messages in internet based life or recently posted recordings can truly mediate with your examination procedure. In such cases, for a large portion of the understudies, time the board programming can be extremely convenient as they can assist you with organizing your errands, plan your working time and maintain a strategic distance from interruptions. FocusWriter One of the best instruments for blocking interruptions is a FocusWriter programming. It covers your entire screen so you end up with an unfilled page for you to focus on one thing †experimental writing. You are not, at this point ready to perceive any interfering with approaching messages or internet based life messages. You can redo your experience and use gave clocks to evade steady clock-viewing. Remember that FocusWriter isn't appropriate for altering and you have to actuate auto-sparing before you begin composing. Be that as it may, for conceptualizing or making your first draft of your paper without getting any interruptions this product can be exceptionally valuable. Trello For you to remain spurred, yet in particular, sorted out, such programming as Trello was made. With this program, you can make different plans for the day and set the cutoff times. Every thing is put on the card and once the undertaking is finished, you move the card to the rundown of employments that were done effectively. Toward the day's end, you can perceive what was done and what isn't and furthermore choose what should be doled out to others. Immediately Immediately is one of the most effective interruption blockers. It may appear to be very exacting for a few, as it can square not just access to applications, explicit site page or the web itself, yet it can even keep you out of your PC. In any case, as per the insights, 97% of the individuals who chose to take a stab at utilizing this product, improved their efficiency and would prescribe this program to the kindred understudies. Blustery Mood Working climate can be effortlessly upset by clamors around your considering place. A few understudies like to concentrate with music playing out of sight. A few understudies (the individuals who want to learn around evening time) may see total quiet as awkward and diverting from the learning procedure. In such cases, when you have to tune yourself into a working mode, web programming can turn into a helpful apparatus. Blustery Mood is a free web and a versatile application with the sound of raindrops and even an inaccessible thunder. It assists with unwinding and get diverted from outside commotions and get into the examining mode. On the off chance that you one of the individuals who thinks that its hard to control yourself and your inclination to get occupied while you working at the PC, the product that we recorded above may be extremely valuable. On the off chance that you settled on a choice to recover power over your time and become progressively profitable in your learning procedure, you have to attempt one of those projects. They won't just assist you with exceeding expectations in your examination life however will give you new abilities of the time the board giving you interesting bits of knowledge into how to profitably manage your regular daily existence.

Evaluating an International Human Resource Strategy (Obb) Essay

Assessing an International Human Resource Strategy (Obb) - Essay Example The report has been finished up alongside specific suggestions that may end up being compelling for the organization later on setting. The essence of business has changed extensively in the course of the most recent couple of decades inferable from the headway of innovation and the part of globalization that has abbreviated national and universal boundaries of business. Besides, the ascent of rivalry in the worldwide business situation likewise moved in the direction of the changing the idea of the business world out and out. These viewpoints further offer ascent to the requirement for organizations to create procedures to make an imprint for themselves in the midst of the potential clients and increase a serious edge over the significant contenders (Ivanko, 2013). There are different elements of any business that incorporate together and structure the establishment for leading business in a compelling and effective way by and large. Among the different capacities that are related with the activities of any business, the elements of human asset the board are considered to be very essential. The human asset division of any business is straightforwardly mindful to manage the different issues just as activities that are pertinent to human asset of the business. The job of a HR director is considered to be very unmistakable with respect to advanced business tasks and it is common in each area of the business (Martin, 2008). This specific report will for the most part center around assessing a human asset technique of a global association for example H&M. The report will principally feature the system of the organization as to entering another market through leading joint endeavor with a specific organization. The organization that will be considered for joint endeavor in this report will be Cia Hering of Brazil. H and M Hennes and Mauritz AB is one of the premier organizations, which is working in the retail garments division

US PATRIOT ACT POSITION PAPER Research Example | Topics and Well Written Essays - 750 words

US PATRIOT ACT POSITION - Research Paper Example In that capacity, the USA Patriot Act is the suitable reaction to fear based oppression. Al Qaeda assault on the World Trade Center on eleventh September, 2001, is an abbreviation for ‘Uniting And Strengthening America by Providing Appropriate Tools Required To Intercept And Obstruct Terrorism.’ This rule was marked into law by President George Bush on 26 October, 2001. The central purpose of the Act is the smoothing out of correspondence between the different knowledge offices, and the reinforcing of the forces of law implementation offices in getting to private records, gathering insight, managing monetary exchanges and controlling movement. A reauthorization Bill, consolidating a few changes, was passed in March, 2006. It is unquestionable that the Patriot Act is an essential and strong apparatus to battle fear mongering, and to plug the current escape clauses that obstruct examinations. A few arrangements of the Act have created banter with regards to the encroachment of security and common freedoms. The three questionable arrangements of the Patriot Act are Section 213 which approves postponed warning court orders, Section 215 which gives insight offices access to private records, and Section 802 which characterizes residential fear based oppression. Segment 213 of the Patriot Act, which has been named the ‘sneak and peek’ arrangement, approves the FBI to look through the business or private premises of a psychological oppression suspect without giving the objective of the examination any quick notification of the pursuit. Searches might be directed by mystery court orders, without a criminal summon, by presenting that the pursuit is ‘sought for’ in a progressing examination. The FBI doesn't need to build up that it has ‘probable cause’ to gather that the suspect is effectively associated with fear monger movement. (ACLU ProCon.org). Pundits affirm that the gauges set by the Act for acquiring wide

Alcoholic Beverage Free Essays

It is ground-breaking and addictive this fluid is taken orally and frequently expended in bundant amounts. Studies state that teenagers and youthful grown-ups are probably going to drink. There are three fundamental sorts of mixed beverages are: Beer, Wine, Spirit. We will compose a custom exposition test on Mixed Beverage or then again any comparable theme just for you Request Now Their distinction is the thing that each is made of and level of liquor content. Lager is produced using aged grains and has 3 to 6 percent of liquor content while is produced using aged foods grown from the ground liquor substance of 11 to 14 percent. Spirits are produced using matured refining items. It as a rule contains 40-50 percent of liquor. American Council Education says 12 ounce glass of brew, 5 ounces of wine and 1. 5 ounce shots f spirits contains a similar measure of liquor. Brew, wine and soul have a similar potential for inebriation and compulsion. At the point when an individual expends liquor the medication follows up on nerve cells somewhere down in the cerebrum. These are the notable signs that an individual is smashed: the smell of liquor on breath, peevishness, loss of physical coordination, fierce conduct, loss of equalization, ambiguous discourse, loss of awareness, eased back reasoning, power outages, and Euphoria, an extraordinary bliss. As per the American Psychiatric Association, (1994) that liquor use is proceeded in spite of information on aving a constant or repetitive physical or mental issue that is probably going to have been caused or exacerbated by liquor. Visit hard-core boozing or getting seriously alcoholic more than twice is classed as liquor abuse. As per look into done through worldwide reviews, the heaviest consumers happen to be the United Kingdom’s juvenile age. Liquor misuse influences about 10% of ladies and 20% of men in the United States, generally starting by their mid-youngsters. In Antipolo City, Philippines, numerous young people are currently confronting the issues of being dependent on mixed drinks. One significant reason is sadness and family issues. Young people who are confronting this sort of issue endure regarding heath like issue in their dietary patterns. Different ailments and maladies which they may have are liver disease, headaches, and different ailments related with their bodies. Where a drunkard has encountered a feeling of withdrawal in a similar timeframe. As indicated by http://www. sciencedaily. com/articles/a/liquor abuse. tm liquor abuse is the utilization of distraction with mixed refreshment to the degree that this conduct meddles. The constant liquor brought about by liquor abuse can result in sychological or physiological turmoil. It is likewise called world’s for the most part sedate use issues. Liquor abuse is regularly dynamic illnesses says Ehrlich (2011). An individual who is alcoholic ordinarily pines for liquor and dri nk and expands his resistance for liquor expressed by Stoppler (2011) For this explanation as per Langham (2010) they are reasons for high schooler liquor addiction rely upon hereditary qualities and life experienced. Youngsters start drinking before the age 15 as indicated by Butler (2006) are bound to build up a reliance on liquor than the individuals who start drinking 21 years of age. As per Langham (2010) after explanation of liquor abuse in adolescents is: Genetics or Family History, which means a young person originates from families who its relatives are addictive in or psychological mistreatment in home yet in addition in school. Another premise of liquor abuse in adolescents is peer pressure, youngsters experience this sort of reason when a young person feels that she or he isn't acknowledged in light of the fact that there is something incorrectly to their character or possibly the individual in question becomes alcoholic on account of companions. Absence of parental help is one of the sources, adolescent who consistently encounters this sort of attribute is an individual ho routinely experience unforgiving order, analysis, antagonistic vibe and dismissal of their folks and the preeminent explanation of liquor addiction in youngsters is despondency, a youngster persuade oneself that liquor will remove their pity and improve her vibe expressed by Boyles (2012). In the event that its in this way, this causes may prompt a few adolescents in various risky impact like: diminishing of focusing, troubles in memory, smashed driving, self destruction endeavor, occupied with sexual movement , poor cleanliness, breaking curfews, Hiding in their room, getting verbally or truly busive toward others as indicated by Palmera (2009)To get youngsters. Parekh (2009) says that guardians look for comprehension; they should consistently utilize the open correspondence for adolescents. To mind by leaving them alone who they are, picking up the trust of the juvenile. Step by step instructions to refer to Alcoholic Beverage, Papers

Blog Archive MBA Biz Quiz The Global Economics of Oil

Blog Archive MBA Biz Quiz The Global Economics of Oil Staying on top of business news is an important part of actively managing your career. Whether you are seeking new opportunities in your industry, preparing for job interviews, or applying to business school, being able to speak intelligently about current events in business is an indispensable tool to help you connect with fellow professionals and convey your passion for your chosen field. Test your knowledge of important business trends and economic developments affecting industry with this bi-weekly MBA Biz Quiz brought to you by our sister company MBA Career Coaches! It is a fun and simple way to stay engaged with business news.   With the headlines of low oil prices, we thought we would start the year covering this very newsworthy development. 1. Which country has the largest estimated oil reserves? a. China b. Japan c. Venezuela d. Brazil 2. For which country does energy revenue account for over 50% of the government’s budget? a. Russia b. Iran c. Saudi Arabia d. Canada 3. Which country is losing approximately $1B per month with the drop in oil prices? a. Venezuela b. Iran c. Jordan d. Malaysia 4. Saudi Arabia is the largest OPEC producer. Who is the second-largest OPEC producer? a. United Arab Emirates b. Iraq c. Iran d. Kuwait 5. How would a 10% decrease in the price of oil affect China’s economic growth? a. there is no effect on China’s economic growth b. increase China’s economic growth by 0.01% c. increase China’s economic growth by 0.15% d. decrease China’s economic growth by 0.15% Answers:  1(c)     2(a)     3(b)     4(c)     5(c) Explanations 1. Venezuela has the world’s largest estimated oil reserves and has received 95% of its export earnings from petroleum before the drop in oil prices. 2. For Russia, energy revenue accounts for more than half of the government’s budget. 3. It is estimated that Iran is losing $1B per month because of the fall in oil prices. 4. Iran is OPEC’s second-largest oil producer, and Iraq is OPEC’s third-largest oil producer. 5. China became the world’s largest importer of oil in 2013, surpassing the United States, and so stands to benefit from plummeting prices. Bank of America Merrill Lynch estimated that every 10% decline in the price of oil could increase China’s economic growth by 0.15%. China imports nearly 60% of the oil it needs to power its economy. To read more, check out our source for this quiz. Share ThisTweet MBA Biz Quiz

November 2019 Horoscopes and Book Recommendations

November 2019 Horoscopes and Book Recommendations Welcome to Book Riot’s November 2019 Horoscopes and Book Recommendations! There are a ton of wonderful books coming out this month. Where to begin? Let the stars be your guide! Find your astrological sign below for your November horoscope, perfectly paired with a newly released book.   Aries (March 21â€"April 19) As the year draws to a close, you’re looking for something bigger. As an Aries, you’re always looking for the next big opportunity, the next chance to win. But this is different. Now you’re looking for something outside of your bubble, maybe even outside of this universe. You’ll spend much of November thinking about the big spiritual questions. Answers may be found through travel or in deep conversations with loved ones. Don’t be afraid to get philosophical. You might enjoy On Swift Horses (November 5, Riverhead Books) by Shannon Pufahl. Muriel is newly married and lonely in her new hometown of San Diego. Her brother-in-law, Julius, is working in casinos and lovesick for a handsome, young card cheat. This queer Western is an exploration of desire, risk, and uncertainty with stunning prose and wonderfully complex characters. Taurus (April 20â€"May 20) Relationship building is key for your this month, Taurus. Your close family and friends and important to you, and you are happy to put time and effort into those relationships. But sometimes you get tunnel vision when it comes to your professional and social life, forgetting to think about the other people around you. Playing nice with colleagues and acquaintances will set you up for success in November, so take that extra time to check in. I recommend The Revisioners (November 5, Counterpoint) by Margaret Wilkerson Sexton. Josephine freed herself from slavery as a child and is now the owner of a thriving farm. When a white woman moves onto the property next door and tries to strike up a tenuous friendship, their relationship may cause Josephine irreparable harm. Gemini (May 21â€"June 20) November will present many forks in the road for Geminis. This is not unfamiliar for the twins; you’re known to be adaptable and creative, but also indecisive and restless. Don’t rush into any big decisions this month. Consult with trusted advisors when it comes to financial and professional matters. You may also face a dilemma in your romantic life. Talking things out is a great help to you, so discuss your situation with a loved one to find a solution. Check out In the Dream House (November 5, Graywolf Press) by Carmen Maria Machado. In this stunning, inventive new memoir, Machado explores an abusive relationship from her past through classic horror and fairytale tropes. It’s an entrancing book that will haunt you far past the last page.   Cancer (June 21â€"July 22) You’ve got a warm fuzzy month coming up, Cancer! November will hold blissful family fun and wonderful memories for you, so carve out time to spend with your loved ones. Your creative side is also seeking an outlet this month. Look out for opportunities that engage your artistic abilities and imagination. Spending time with children may help bring out your inner playfulness. Professional success is on the back burner, so don’t expect to get too much done at work. Read Little Weirds (November 5, Little, Brown and Company) by actress and stand-up comic Jenny Slate. This memoir isn’t what you picture when you think of a celebrity memoir; it’s funny, but also poetic, bizarre, honest, and surprising. It’s deeply personal and wonderfully artistic, and it’s sure to bring you joy. Leo (July 23â€"August 22) November is all about caring for others for Leos. You get a bad rap for being self-absorbed, but Leos’ affinity for loving and indulging themselves also makes them great friends. Leos will always be the first to encourage their besties to take a fake sick day and go to the spa. This month, you’ll spend much of your time pampering your loved ones and encouraging them to practice self-care. You need no reminder, but don’t forget to take care of yourself, too. Check out The Bromance Book Club (November 5, Berkley) by Lyssa Kay Adams. When professional baseball player Gavin’s wife asks for a divorce, he will do anything to save their relationship. Lucky for him, that’s where the Bromance Book Club comes in. He joins a group of men seeking to repair their broken relationships by reading and discussing romance novels. What results is hilarious and heartwarming.   Virgo (August 23â€"September 22) November may not hold big wins for Virgos, but it will certainly bring progress. As a methodical and detail-oriented person, you can find great satisfaction in progress. Careful planning at work will send you in the right direction, even if there isn’t a lot to show for it just yet. It’s also a great time to learn something new. You make an excellent student, and your persistence in educational pursuits may provide opportunities in the near future. You might enjoy Queen of the Conquered (November 12, Orbit) by Kacen Callender. Sigourney is the last survivor in her noble family line on a colonized Caribbean island. When a childless king announces he will choose an heir from noble families, she uses her power of mind control to gain the throne and seek vengeance for the death of her family.     Libra (September 23â€"October 22) Good news, Libra. November is going to be a great month for you! The stars predict success in many aspects of your life, including your career, family life, health, and even romance. Use your good fortune to prepare for the end of the year and get your affairs in order before the holidays, as things may be rockier in December. Your finances are also strong this month; money will come to you easily. It’s always good to save, but treat yourself to something nice, too. Read Get a Life, Chloe Brown (November 5, Avon) by Talia Hibbert. When chronically ill computer geek Chloe has a near-death experience, she decides it’s time to move out of her family’s home and get a life. In order to do so, she enlists the help of her handsome, tattooed, new neighbor, Red. As he helps Chloe tackle her goal, she learns some of his secret dreams, too.   Scorpio (October 23â€"November 21) You’re making big moves this month, Scorpio. Some characterize you as conniving, but you like to think of yourself as strategic. When you’ve got your eye on something, you can always find a way to get there. That’s true for you in November; you’re perfectly capable of getting what you want. But while focused on your goal, you may accidentally step on some toes, particularly with your significant other. Some apologies may be in order…after you win. You might enjoy The Witches Are Coming (November 5, Hachette Bookes) by Lindy West. In this essay collection, columnist Lindy West looks at some of the most toxic yet unsuspecting parts of our cultureâ€"Adam Sandler movies, Twitter, internet famous catsâ€"and unpacks how they explain our current political situation. Wests unique perspectives on racism, sexism, climate change, and more are so necessary, and this collection is a call to action that cant be ignored. Sagittarius (November 22â€"December 21) Love is in the air for Sagittarius! November is a great time for romance. For those in relationships, your time together will be full of laughter and good memories. For those that are single, romance may be found while traveling or while visiting new locations in your hometown. You’re also in great health this month and eager to get outside in nature. Work may bring some frustrations in November; destress while being active outdoors. I recommend Not the Girl You Marry (November 12, Berkley) by Andie J. Christopher. Hannah is an event planner who needs to convince her boss she can fall in love to break into the wedding market. Jack is a pop culture journalist writing an article on how to get dumped by a girl. When the two meet, will they use each other for their own secret reasons, or really fall for each other?   Capricorn (December 22â€"January 19) Capricorns’ to-do lists just keep getting longer this month. You’re known for being responsible and level headed, which means that when someone has a great new idea, you often end up bearing the brunt of the work. This can be frustrating for you, but you also get satisfaction from a job well done. Remember the end goal when things get tough. You can take care of your mental health during this busy period by spending quality time with loved ones. Check out The Starless Sea (November 5, Doubleday) by Erin Morgenstern. Graduate student Zachary stumbles upon a fantastical book with a story from his own childhood. To find out how it got there, he goes on a scavenger hunt that leads him to a doorway in an ancient library. The doorway introduces him to a whole new realm, full of pirates, distant shores, and magical surprises.     Aquarius (January 20â€"February 18) You’re a social butterfly this month, Aquarius! People are drawn to you in November, and you’re excited to expand your network. Social events abound as the holidays approach; your attendance may lead to important connections that benefit you personally and professionally down the line. Be your charming self when meeting new people and you can’t fail. But make sure you don’t neglect your older relationships while building new ones. I recommend The Deep (November 5, Gallery) by Rivers Solomon, based on the song of the same name by Daveed Diggs, William Hutson, and Jonathan Snipes. Deep in the Atlantic Ocean live mermaids descended from pregnant African slaves thrown overboard. While most mermaids have forgotten their traumatic history, Yetu is tasked as the historian who must store painful memories for everyone. Pisces (February 19â€"March 20) November brings Pisces great visions for the future. But while big things may be in store down the road, you may be the only one who can visualize them right now. Others may not be so quick to get on board, causing tension with folks that should be on your side. Use your intuition to learn their reservations; you can win them over if you look at it from their perspective. It’s also important to take care of your body this month, as stress can take a toll on your health. Read The Book of Lost Saints (November 5, Imprint) by Daniel José Older. Ramon is a hospital security guard by day and a DJ by night. He never met his aunt Marisol, as she disappeared during the Cuban Revolution before he was born. But once her spirit starts following him and rediscovering her own story through his dreams, he must uncover what happened to her in order to set her free. Looking for more? Check out your August, September, and October horoscopes and book recommendations!

Ultimate Guide to Blockchain Technology

Ultimate Guide to Blockchain Technology There are many confusing definitions and allusions floating around of what “blockchain” and blockchain technology is. In the succeeding discussion, we will attempt to shed some light on the concept of blockchain, as a whole. © Shutterstock.com | Olga DonskayaIn this article, we will start with 1) an introduction to blockchains, then discuss 2) the role of blockchain technology, 3) how blockchain technology works, and lastly 4) the advantages of blockchain.AN INTRODUCTION TO BLOCKCHAINSTake a look at how the internet has evolved, taking our lifestyle and the way we do things along with it. Aside from completely revolutionizing how we communicate and connect with each other, it has also completely changed even the way we conduct transactions, even those of a financial nature. In the past, the idea of making payments online seemed farfetched, but that has been overturned with the introduction of various technologies that made it possible, such as online bank transfers and PayPal.Bitcoin technology was one of these, introducing the digital currency that came to be known as “Bitcoin”. This virtual currency, instead of physical coins, were simply balances maintained on a public ledger containing all Bitco in transactions, using private and public keys that are verified through the technology’s computing power. What made it prefered to other forms of traditional online payment methods is its lower transaction fees. Its operations were decentralized to “miners”, or the individuals or entities that own the governing computing power in the Bitcoin network.Where does the blockchain come in?You can say that the blockchain technology is a spinoff of Bitcoin, and it has been noted as the latter’s main innovation.All executed Bitcoin transactions are permanently recorded and kept in public ledgers, and each public ledger is a “blockchain”. Files, or “blocks” containing data that pertains to the Bitcoin network are added as they are completed in a linear and chronological order, thus forming a chain of blocks, or the blockchain.The exact details about the developer of blocks and blockchains are unclear. All that is known is that the first block was created in 2009 by a Japanese named Satoshi Nakamoto, and that is not even his real name but his pseudonym. He started it, and others followed suit. Even when Nakamoto reportedly ‘disappeared’ in December of 2010, many others took blocks and blockchain technology forward.Here is short description of blockchain technology: THE ROLE OF BLOCKCHAIN TECHNOLOGYThe Bitcoin network has tons and tons of transactions, which means there is a need to monitor and keep close track of them. In February 2015 alone, it was estimated that there are, on average, 10,000 Bitcoin transactions per day. The block or blockchain is the record of these transactions, so they serve as the proof of all these transactions having taken place, since the blocks record the transactions as they happen. Once these transactions have been completed, they are then moved into the permanent database, or the blockchain.At the moment, blockchain technology is still in its early stages, but it is expected to revolutionize how the industry works. It is continuously growing and evolving, with the most recent version having more or better functionality. The growing interest in Bitcoin will certainly make it more mainstream in the future. Information and electronics giants Microsoft, Intel, IBM and HP are already looking into it. Even Wall Street is showing interest, with names such as Barclays, Citi and UBS dipping their hands into blockchain startups and technology.An analogy has been made between traditional banking and blockchain. Banks have a record containing the full history of all its banking transactions. The bank transactions are recorded into the bank’s system chronologically, as the transactions happen.Now you can look at the bank’s records as the blockchain, and the blocks are the individual bank statements, showing the transactions per month. They are similar in how the Bitcoin transactions work.HOW BLOCKCHAIN TECHNOLOGY WORKSA Block is composed of a group of transactions over a specific time frame; multiple blocks linked together make up a Blockchain. Another thing that you should never forget about the blockchain is that it is a ledger record of the transfer of Bitcoins between or among people or entities.Before we can dive into the details of blockchains, let us first get some key terminologies out of the way. As mentioned earlier, the block or blockchain is the record of transactions. A “transaction” refers to the transfer of value or ‘coins’ from one address to another, or from the sender to the recipient. Meanwhile, the “address” is the account number of the person or entity that you are sending the coins to. The creation of the blocks is through a process called mining, and it is done periodically.There is a need to manage the address, in case one person is using multiple addresses or has a single address that is used multiple times. There is also a need to monitor the running balances of the coins and keep track of the transactions entered into. For that, you will need a s oftware to do this; that software is called the “wallet”.Recording of TransactionsTransactions are time-dependent, meaning they happen in a specific order. Once a coin has been spent, there is no way to go back in time to spend it again.Thus, it follows that the recording of blockchains of transactions is also chronological, or as the transactions happen. As the transactions take place, a record will be created, and that data will be written into a blockchain.Data recorded on a blockchain becomes a historical record: it cannot be changed, and the fact that it happened cannot be hidden, either. The block, when already stored, becomes read-only, so it cannot be edited.How to Get StartedThe problem of most people when trying to understand blockchain technology is that it can get very technical. After all, we are talking about stuff related to nodes, cryptography, keys, hash metadata, etc. We will try our best to keep things simple.Choose the blockchain. There are a lot of blockchai ns that you can choose from, depending on your preferences and who you want to work with.Download the client software from the website of the blockchain you have selected. You can choose from the two types of reference clients:Full or Core Client: This allows you to download the blockchain in its entirety, and will be run as a full node on the Bitcoin network.Lightweight Client: Once downloaded, it will connect to other nodes in the network but does not download the whole blockchain. It is also selective in the information that it downloads, targeting only the transactions to its own addresses.Obtain coins. You can either purchase the coins or earn them, depending on what options are made available to you.Start transacting.In order to transact, the sender must know the address of the recipient, or the person that he or she is sending payment to. There is a small transaction fee involved, and it is up to the sender to calculate it or not, although it is recommended that it be calcula ted.Control in BlockchainsControl of coins in transactions is transferred from inputs to outputs. Cryptography is adopted for this type of control, and this is primarily due to the programmable nature of transactions. This basically means that, in every transaction, certain conditions must first be met before coins can be spent or transferred. The increased security provided by cryptography is also preferred for blockchains, considering that blockchain transactions are essentially anonymous, thus the need for better control.Senders and recipients each have their respective addresses (or account numbers). Senders will send coins by placing them publicly under the control of the recipient’s public key, which is the recipient’s address. Do not worry that the public key is truly public, or accessible by just anyone. The public key will remain hidden, thanks to hashing.At this point, it is the network that is in control of the coins. In order for the network to transfer control of th e coins to the recipient, the latter must prove that he has the matching private key to the hashed public key. Once the control is in the recipient, he or she may now spend the coins received.This means that there are two keys that will be used: a public key and a matching private key, with one key performing encryption and the other in charge of decryption, and vice versa.MiningMining is the process of collecting transactions and subsequently creating blocks, and the ones who create the blocks are called “miners”. Another way to look at mining is as a way of securing the blockchain, considering how solving or creating a block can be very complicated and even “mathematical”.Bitcoin performs mining around every 10 minutes. Let us say, for example, that there are 50 transactions in one ten-minute period. All 50 transactions are grouped together into a single block. On the next 10 minutes, there were 30 transactions; they will make up another block. The third ten-minute period showed 40 transactions, and they are in the third block. These three blocks, when linked together, form a Chain.The records are linear and chronological, so the numbers (or the ‘height’) of the blocks are also in ascending order, with 0 being the first block. When a new block is added, it can only directly link to the one before it. The newer blocks link TO the immediately previous block, and not the other way around. See illustration below: Each block is assigned with a corresponding Block ID, which is the hash of the data within the block, and serves as its digital fingerprint. The ID, or the hash of the metadata, is what identifies the block. The metadata is what contains the Merkle Root of the data related to the transaction.The Merkle Root hash will be added to the other metadata in the header, and the whole thing is hashed to come up with a resulting hash. If the resulting hash begins with a “0”, then the block is considered to be “solved” or completed. If it does not begin with a “0”, the whole process is repeated, using different increments. This is repeated until the resulting hash starts with a zero. This is where the “hard math” on the transactions comes in.Once blocks have been “solved”, the transactions â€" contained in the blocks â€" are then broadcasted to the network. The miners will then compete to create the next blocks that will be added to the chain. Miners are in competition with each other, racing as to who will first publish or broadcast a block.ADVANTAGES OF BLOCKCHAINSNow, many people are wondering why there is a need for blockchains when they can just stick to using databases in order to record transactions. There is nothing wrong with traditional databases, but blockchains have proved to be the better option.Blockchains are fully distributed. This makes the fault-tolerance of this distributed ledger technology very high. Everyone who is part of the Bitcoin network, and is running the Bitcoin client, will have a copy of the blockchain, so they can easily access it at anytime. Miners are also distributed. One benefit from this feature is that no single computer, or even a group of computers, will be able to dominate the network.Blockchains make use of decentralized verification. There is no central authority that it answers to, which is something that has been found to be very limiting in databases, as they have to constantly answer to a central authorit y figure. There is also no need for a central bank to intervene or for a clearinghouse to be involved.Blockchains offer enhanced security. Many users highly value anonymity, and blockchains support that by making use of software algorithms to record transactions in a reliable manner, without divulging any personal information about identities. All that is needed is the address to make payments and receive them. This pretty much makes it immune to fraud and tampering.Blockchains enhances trust among parties, even 3rd party trust. Security is high when it comes to blockchains. There is no physical exchange of value and, in transactions, the records remain on the blockchains even if the control of the Bitcoin is transferred from the sender to the recipient.There is a low barrier to entry. Anyone can enter the network and make use of Bitcoin and blockchains, because all it takes is a computer, internet connectivity, and downloading the client software.Blockchains advocate real-time tran sactional capability. Consumers are more demanding in the sense that they want immediate, almost-instant, results. When they place an order, they want feedback right away. They also want to be able to make payments RIGHT NOW so the products they purchased will be shipped at this same moment or a few hours from now, within the same day. Certainly, they would want to get rid of dealing with more waiting time for transactions to clear through some other regulatory hurdle.Blockchains enhance global operations. Businesses are taking their operations global or worldwide, and blockchains certainly help in facilitating this.Blockchains prevent double spending. The cryptographic controls that are in place in blockchain technology prevent duplication, so there is no risk of double spending on the part of the one making the payment. Each transaction is processed only once, and then it enters the block. The transaction cannot be processed again, so there is no fear of data redundancy, which is something that cannot be said with some bank’s recording systems. Tracking of the transactions is also made easier, because the blocks are arranged in a linear and chronological manner.Blockchains come with very low transaction costs. This is one of the main draws of Bitcoin and its innovation, blockchains. As much as possible, consumers want to save money, and they would want to spend less on transaction costs so they could get more value from their money on items that they really want or need to purchase.Advocates and supporters of blockchain technology are positive that it will soon go beyond Bitcoin and be applicable in bank transactions and even several non-financial transactions. Like vote-counting in government elections, for example. Sure, it may take a while, but at the rate things are going, we have no doubt that there is a great possibility of that happening.There are a few concerns about how blockchains will be able to accommodate the ever-increasing number of transact ions. It has been said that a new block is created every 10 minutes, so we are looking at 6 new blocks per hour and 144 new blocks per day. Many fear that there will come a point where the blockchain will be plagued with problems with storage and speed, leading to issues on synchronization and updating. Naturally, these will have implications on the security of the data or transactions being recorded. This is certainly a challenge that will have to be addressed by the proponents of this technology.