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Assignment Details:
- Words: 1850
Unit 1 Assignment – Application of Blockchain
Personal Reflection Question
Briefly explain about your take on Bitcoin cryptocurrency and Blockchain technology
1. What were your assumptions about Blockchain Technology?
2. Do you think Blockchain Technology is capable of supporting enterprise use-cases beyond cryptocurrency? Specify few business domains where Blockchain can be implemented.
Unit 2 Assignment – Application of Blockchain
Personal Reflection Question
I. Choose a Blockchain framework for a global banking ecosystem
1. Briefly explain the reason to choose the specific Blockchain Framework.
2. Specify some of the success stories of banks utilizing the selected Blockchain framework.
II. Choose a Blockchain consortium for Trade Finance
1. Briefly explain the reason to choose the specific Blockchain consortium.
2. Specify some of the success stories of banks utilizing the selected Blockchain consortium.
GMU – Master of Business Administration – Blockchain Management – U3 – Application of Blockchain
Personal Reflection Question
A case study by Consensys on Global Supply chain
A global trade system reliant on paper-based processes and manual operations
Over the last decade, global trade leaders have attempted to drive standardization and simplification across the agricultural commodity trading industry with the use of e-BLs and electronic documents, with limited success. Today, industry processes remain complex and inefficient due to:
• – Manual processes: Post-trade processes for bulk shipments remain labour intensive and manual with paperwork couriered around, and often repeatedly re-entered? increasing both operating costs and risks of human error.
• – Reliance on email: More than 275 million emails are exchanged annually to process the estimated 11,000 worldwide shipments of grain transported across the oceans (Source: The IPPC ePhyto Solution, The Food and Agricultural Organization of the United Nations).
• – Inefficient data exchange: Paper-based certificates and bills of lading are not easily exchanged among multiple parties. It is costly to replace paper-based certificates if they are misplaced.
Specifically in the context of COVID-19, agricultural commodity supply chains have been disrupted by interruptions to paper document deliveries, and the increasing necessity to work from home. The global pandemic has accelerated the importance of the industry’s digital transformation, necessitating an easier way to electronically exchange documents and data.
The Covantis initiative was created to facilitate post-trade execution: the movement of cargo from port of origin to port of destination after buyers and sellers have agreed on contract terms. The solution aims to simplify coordination between stakeholders and various counterparts across the processes of inventory ownership identification, goods chartering from origin to destination, import regulation compliance, final collection, and everything in between.
In order to overcome barriers to industry-wide adoption, the founders of Covantis recognized the need for adoption of emerging technologies, collaboration with key stakeholders, and the creation of a solution-focused entity to drive the initiative forward.
Covantis marks a first-of-its-kind collaboration between 6 of the industry’s largest agricultural traders working to build a solution for the entire industry. Together, they aimed to simplify global trade by providing a secure, efficient, and collaborative environment in which all stakeholders could seamlessly interact.
Assignment –
1. Analyze the business environment of Covantis and specify the stakeholders – roles & responsibilities.
2. Specify the challenges faced as per the current system/approach.
3. Which Blockchain framework as per you is best suited for Covantis? specify the selection criteria.
4. Benefits to Covantis by implementing a Blockchain-based solution for Supply Chain.
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