block chain discussion

1) The different types of participants that are discusses in this week are Individual, Organizational, System or Device. Out of three, I would like to go with System or Device. Because the business benefits would be In legacy business networks, all participants maintain their own ledgers with duplication and discrepancies that result in disputes, increased settlement times, and the need for intermediaries with their associated overhead costs. However, by using blockchain-based shared ledgers, where transactions cannot be altered once validated by consensus and written to the ledger, businesses can save time and costs while reducing risks. Assets can be tangible and physical, such as cars, homes, or strawberries, or intangible and virtual, such as deeds, patents, and stock certificates. Asset ownership and transfers are the transactions that create value in a business network. Transactions typically involve various participants like buyers, sellers, and intermediaries (such as banks, auditors, or notaries) whose business agreements and contracts are recorded in ledgers. A business typically uses multiple ledgers to keep track of asset ownership and asset transfers between participants in its various lines of businesses. Ledgers are the systems of record for a business’s economic activities and interests. Conclusion Blockchain technologies represent a fundamentally new way to transact business. They usher in a robust and smart next generation of applications for the registry and exchange of physical, virtual, tangible, and intangible assets. Thanks to the key concepts of cryptographic security, decentralized consensus, and a shared public ledger (with its properly controlled and permissioned visibility), blockchain technologies can profoundly change the way we organize our economic, social, political, and scientific activities. Questions: Is a business network involved? What is the first step in choosing a Blockchain solution? How do I choose a Blockchain platform?

2) In this post, I would like to discuss about participants in the business network. Participants are the users involved in the business by which it forms a network and frame a good scenario to benefit mutually. For any business there are and need of various participants like customers, businesses and other intermediaries which will create a flow of business by forming a network. The idea behind the participants will play a major role in understanding business networks. Even if we take any business scenario the participants are the major carriers in the whole network , for example if we consider Restaurant chain network there are number of participants like suppliers, wholesalers, franchisees, chefs, waiters, software vendor, restaurant staff and many other connections are formed like a network where everyone had their role to play. So participants are considered to be a major setback for business network. Since there are various participants in the business network, I would like to elucidate about organizational participants, they are considerably one of the pivotal participants in the business network. As the individuals are part of organization and they have their own identity and purpose which survive in a reality front. Even the size of individuals grow or shrink, leave or change over the time, the organization is steady in its nature and live for a longer time than any certain individual membership to it. Finally, everyone should consider the role play between individuals and organizations as individuals perform duties of the organization as defined by their roles. so the work done by the individuals in an organization is more look like an agent is working on behalf of organization and they are confined to their role they are permitted to do. Eventually, individuals act according to the organization and with the authority of the organization. (Gaur et al., 2018) Reference: Gaur, N. (2018). Hands-on Blockchain with Hyperledger: Building decentralized applications with Hyperledger Fabric and Composer. Packt Publishing. Questionaire: 1.What were the key guidelines that will be used in industry to build and maintain systems? 2. In your understanding, how tough it will be to design and configure a fabric network? 3. According to you, how important are the participants in the business network?

3) A participant refers to a member of a business network. The participant can own assets as well as submit various transactions. Participants are actors in the business networks and they can be individual, organization or system (Rajeevan, 2019). Participants are able to create assets as well as exchange assets with the rest of the participants. The participants work with different assets through submitting transactions. Participants in a business networks can have their access limited depending on their individual role as a seller, realtor or buyer. This discusion paper will explore individual participants as one of the main type of participants in business networks. Individual participants in a business network refers to the buyers, clinets, sellers as well as intermediaries such as financial institution, notaries and auditors whose business contacts together with agreements are recorded in ledgers. Each individual participant owns assets which entails physical as well as tangible like cars, or virtual as well as intangible like stock certificates. Ownership together with transfer of individual participant assets creates value in the business network (Brakeville, 2018). Individual participant could effectively use different assets in a blockchain environment to affect the outcomes in an organization. An individual can create assests and further exchange the assets in a blockchain network. An individual participant has set of documents that are reffered to as identity that are used to validate their identity in a business network. Individual participants are agents of the transactions in a business network and they enable the flow of assets over time. The questions I have outlined that I would like to ask other students include; 1) Describe organization as a type of participant in a business network, 2) are participants members of business networks? 3) Differentiate assests and transactions in business networks?