Description
This final project gives you the opportunity to review what you’ve learned throughout the semester and present a range of topics in the form of a policy that describes how participants can join your business network, and the benefits of doing so. The overall purpose of your policy should be to create interest in your business network and its applications, along with a description of the on boarding process and ongoing benefits to members.
Create a membership policy that describes the benefits and requirements of membership in your Letter of Credit business network. Your policy should be no less than 1000 words and no more than 1500 words.
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Explanation & Answer
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Running head: BLCN 532
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Letter of Credit business network
Name
Course
University
BLCN 532
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Purpose Statement
The purpose of this Letter of Credit business network is to enhance business operations
with new technology that connects organizations and allows them to engage in business which
greater efficiency and transparency. It seeks to enhance business operations by making use of
blockchain technology to modernize letters of credit. Further, the business presents blockchain
technology as a way that organizations can conduct their business more efficiently and
effectively substitute paper-based documentation.
Current Base
Currently, the Letter of Credit business network operates as an open-source blockchain
where everybody has access to the network and can read and write. Although the network enjoys
the benefits that blockchain technology offers such as efficient access to information, proof of
work, the immutability of the content, and so forth, it is subject to various functional challenges
such as slower speeds and low-efficiency levels.
Upcoming Features
To enhance the operations of the Letter of Credit business network, the next quarterly
release will see the operations of the network undergo some significant changes. A look at the
current operations of the network shows that its public status has an impact on operations and
efficiency. First, the operations are much slower and the efficiency is lower. The ability of every
person to access the network, read the content and write affects customers’ ability to transact and
their efficiency. The upcoming changes will see the system shift to a federate operation where
only pre-approved members participate.
This approach will be instrumental in ensuring that every member of the organization
can leverage the technology and what it has to offer. As such, a company that prefers to conceal
BLCN 532
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their sensitive information for the mass public will be able to transact their...