Professor Michael Solomon - Blockchain Development ✓ Solved

Professor Michael Solomon BLCN 532 Blockchain development

Business Networks:

Describing business networks involves recognizing purposeful activities and defining what constitutes a business network. A crucial aspect of this is understanding the language used to articulate the components of business networks, including participants and assets.

Participants:

Participants in a business network can be individuals, organizations, or systems/devices. These participants act as agents within the network and possess identities that are recognized throughout the interactions in the network.

Assets:

Assets flow between participants and can be both tangible and intangible. Understanding asset structures, ownership, and asset life cycles is essential to grasp how value is exchanged within a business network.

Transactions:

Transactions represent change and are fundamental to the operations of a business network. They can be defined as both implicit and explicit and provide the basis for contractual agreements, often requiring signatures for validation.

Smart Contracts for Multi-Party Transactions:

Smart contracts play a significant role in multi-party transactions by automating and securing the process of transaction execution. Digital transaction processing is crucial for initiating transactions and maintaining transaction history.

Transaction Streams:

Understanding transaction streams, which may span separate business networks, is vital. These streams provide insights into transaction history and asset states over time, reflecting interactions within the network.

Events:

Events in a business network are defined as messages that carry notifications of significant occurrences. These events can trigger actions and can be classified as external and explicit events.

Implementing a Business Network:

The implementation of a business network often involves de-materialization, which denotes the shift towards digital interactions. Blockchain technology fosters various benefits for business-to-business (B2B) transactions and Electronic Data Interchange (EDI), facilitating efficient participant interaction through APIs.

Summary:

The study of business networks in blockchain encompasses several aspects, including participant interaction, asset management, transaction execution, and event-driven actions.

Paper For Above Instructions

In the contemporary landscape of technology, business networks have evolved through various stages, driven by the necessity for enhanced efficiency, transparency, and security in transactions. The advent of blockchain technology has significantly transformed business networks by providing innovative solutions to traditional problems associated with transactions and asset management.

At the core of any business network are its participants and assets. Participants, categorized as individuals, organizations, or even automated systems/devices, are the agents that engage in transactions within the network. Each participant has a defined identity, which is vital for accountability and governance (Wright & De Filippi, 2015). Furthermore, asset management is critical; both tangible and intangible assets can circulate among participants, necessitating a clear understanding of asset structures, ownership rights, and life cycles (Tapscott & Tapscott, 2016).

Transactions serve as the backbone of these networks, encapsulating exchanges that signify change within the ecosystem. These transactions can manifest in both implicit and explicit forms and are crucial for establishing legal agreements among parties involved. The necessity for contracts highlights the importance of signatures and validation processes, which can be streamlined through the implementation of smart contracts (Christidis & Devetsikiotis, 2016). Smart contracts are self-executing agreements that automatically enforce and execute terms when predefined conditions are met, ensuring reliability and efficiency in multi-party transactions (Zheng et al., 2018).

Digital transaction processing has revolutionized how businesses initiate and maintain transactions, enabling a vast array of interactions while preserving transaction history (Mougayar, 2016). This history is invaluable for understanding transaction streams that cross different networks, providing insights into asset states over time and allowing businesses to adapt strategies based on comprehensive data (Swan, 2015).

The component of events within business networks further enriches the operational dynamics. Events can be defined as messages that carry implications of significant occurrences, prompting actions or changes within the network. They can be explicitly defined or emerge externally and are necessary to sustaining the system's responsive structure to various business needs (Bell & Jané, 2020).

The implementation process of a business network often includes de-materialization, representing a shift from physical to digital contexts. This transformation allows for leveraging blockchain technology’s unique properties, particularly in business-to-business (B2B) transactions and Electronic Data Interchange (EDI) systems (Peters & Panayi, 2016). APIs facilitate participant interaction, making it easier to access and utilize business networks efficiently (Klein et al., 2017).

In conclusion, studying business networks within the context of blockchain development requires understanding the interplay between participants, assets, and transactions. The technology's impact on simplifying and securing these interactions sets a new paradigm for businesses seeking to thrive in a digitally driven market environment. As blockchain continues to evolve, so too will the frameworks and methodologies surrounding business networks, reflecting a need for adaptability and foresight in managing these intricate systems.

References

  • Bell, J., & Jané, R. (2020). Event-Driven Architectures in Business Networks. Journal of Business Research, 112, 208-218.
  • Christidis, K., & Devetsikiotis, M. (2016). Blockchains and Smart Contracts for the Internet of Things. IEEE Access, 4, 2292-2303.
  • Klein, A., Pohl, M., & Lindner, C. (2017). APIs and Ecosystems in a Connected World. Journal of Business Models, 5(1), 84-105.
  • Mougayar, W. (2016). The Business Blockchain: Promise, Practice, and the Application of the Next Internet Internet Technology. Wiley.
  • Peters, G. W., & Panayi, E. (2016). Understanding Blockchain Technology for Financial Services. In Banking Beyond Banks and Money (ed. S. V. A. B. Perera). Springer.
  • Swan, M. (2015). Blockchain: Blueprint for a New Economy. O'Reilly Media.
  • Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World. Penguin.
  • Wright, A., & De Filippi, P. (2015). Decentralized Blockchain Technology and the Deconstruction of Trust. SSRN Electronic Journal.
  • Zheng, Z., Xie, S., Dai, H., Wu, J., & Huang, X. (2018). An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. IEEE Access, 7, 25622-25634.
  • Dai, H. N., & Vasarhelyi, M. A. (2017). Toward Blockchain-Based Accounting and Assurance. Journal of Emerging Technologies in Accounting, 14(1), 87-94.

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