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Description
SESSION | FEB-MAR 2024 |
PROGRAM | MASTER OF BUSINESS ADMINISTRATION (MBA) |
SEMESTER | IV |
COURSE CODE & NAME | DITF403 – CRYPTO-CURRENCY AND BLOCKCHAIN |
Assignment Set – 1
- a) How does a cryptocurrency differ from traditional forms of currency?
- b) What is Bitcoin and how does it work?
Ans 1.
- Cryptocurrency vs Traditional Currency
Cryptocurrency represents a radical shift from traditional forms of currency, primarily in its mode of operation and underlying technology. Traditional currencies, such as the dollar, euro, or yen, are issued by national governments as legal tender—meaning they are recognized by law as a suitable form of payment. These currencies are typically regulated and controlled by a central authority, such as a central bank, which oversees monetary policy and is responsible for maintaining the stability and integrity of the currency.
In contrast, cryptocurrencies are dece
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2a. How does an ERP system handle data integration and synchronization across different departments?
- How does blockchain technology improve data transparency and trust compared to a centralized database used in ERP systems?
Ans 2.
- ERP Systems: Data Integration and Synchronization
Enterprise Resource Planning (ERP) systems are crucial for integrating various business processes across different departments within an organization. They function by consolidating data from disparate sources into a single, coherent system. This centralization of data facilitates improved communication, coordination, and management across the organization.
ERP systems handle data integration by employing a common database that allows multiple departments, such as sales
3a. Are there any specific industries or sectors that have successfully implemented blockchain and ERP together?
- What role does consensus play in blockchain technology, and how does it differ from the decision-making process in an ERP system?
Ans 3.
- Successful Implementations of Blockchain and ERP Integration
Several industries have recognized the complementary benefits of integrating blockchain technology with traditional ERP systems, thereby enhancing transparency, efficiency, and security in their operations. Notably, the supply chain and logistics sectors have seen significant advancements with this integration. For instance, major retail companies are using blockchain to track the provenance and authenticity of goods, from food safety to luxury items. This technology
Assignment Set – 2
2a. How does the CAP theorem impact the design and operation of blockchain networks?
- How does blockchain ensure the security of transactions?
Ans 2.
- Impact of the CAP Theorem on Blockchain Networks
The CAP theorem is a fundamental principle in distributed computing that posits any distributed data store can only simultaneously provide two out of the following three guarantees: Consistency (C), Availability (A), and Partition tolerance (P). This theorem has significant implications for the design and operation of blockchain networks, which are inherently distributed systems.
Blockchain networks must prioritize
2a. How does consensus work in a blockchain network?
- What are the potential future developments in the blockchain technology landscape?
Ans 2.
- How Consensus Works in a Blockchain Network
Consensus in a blockchain network refers to the process used by the nodes (participants) in the network to agree on the validity and order of transactions. This process is crucial to maintaining the integrity and security of the blockchain, preventing double-spending and ensuring that all copies of the distributed ledger are consistent. Different blockchain systems use various consensus mechanisms, depending on their specific needs and goals. The most commonly used are Proof of Work (PoW) and Proof of Stake (PoS), along with newer methods like Delegated Proo
3a. Explain the concept of smart contracts and their role in automating transactions in the supply chain.
- How does blockchain technology ensure the immutability and integrity of land registry records, preventing unauthorized changes and reducing the risk of fraud?
Ans 3.
- Smart Contracts and Their Role in Supply Chain Automation
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. These contracts run on blockchain technology, which allows them to operate in a transparent, conflict-free environment without the need for intermediaries. In the context of supply chains, smart contracts provide a significant advantage by automating transactions and facilitating seamless interactions between various parties.
The automation process begins when predefined conditions are met. For example, a smart contract in a supply chain setting could automatically release payments to a supplier once a tracking system confirms