Streamlining Trade Processes
Question
A big trading company requires various organizations such as importers, exporters, banks, shipping companies, and customs departments to work with one another.
The trade-related paperwork needs to go back and forth between the stakeholders, taking 5-10 days to complete, which is very time-consuming.
The company is considering creating a blockchain network where all parties can transact and process trade-related paperwork electronically without the need for a central trusted authority.
Answers
Explanations
Click on the arrows to vote for the correct answer
A. B. C. D. E.Correct Answer - A, B, E.
Amazon Managed Blockchain is a fully managed service that makes it easy to create and manage scalable blockchain networks using the popular open-source frameworks Hyperledger Fabric and Ethereum.
Amazon Managed Blockchain has various benefits, such as that it is fully managed, scalable, and secure.
Details can be found in https://aws.amazon.com/managed-blockchain/.
Option A is CORRECT because a member can quickly add a new peer node using Managed Blockchain's APIs.
Option B is CORRECT because Amazon Managed Blockchain takes care of the hardware, software provisioning, etc.
Option C is incorrect because Amazon Managed Blockchain does not require an upfront fee, and there is no commitment for usage.
Option D is incorrect because, at the moment, only Hyperledger Fabric and Ethereum are supported in US East (N.
Virginia) region.
Option E is CORRECT because the member can configure peer nodes.
Refer to the below picture on how AWS Managed Blockchain works.
The scenario presented in the question describes a need for a blockchain network to facilitate trade-related paperwork between various stakeholders. Blockchain technology is known for its ability to create a trustless environment where multiple parties can transact with each other without the need for a central trusted authority. Amazon Managed Blockchain is a fully managed service that allows customers to create and manage scalable blockchain networks using popular open-source frameworks, including Hyperledger Fabric, Ethereum, and R3 Corda.
Answer A states that Amazon Managed Blockchain can easily scale the blockchain network as the usage of applications on the network grows over time. This is a key feature of the service, as it allows organizations to start small and expand the network as needed without worrying about the underlying infrastructure. Amazon Managed Blockchain is designed to scale to meet the demands of large, complex applications.
Answer B states that Amazon Managed Blockchain eliminates the need for manually provisioning hardware, configuring software, and setting up networking and security components. This is another key feature of the service, as it removes the burden of managing infrastructure from the customer. With Amazon Managed Blockchain, customers can focus on building and deploying applications on the blockchain network instead of worrying about the underlying infrastructure.
Answer C is incorrect. Amazon Managed Blockchain does not charge an upfront fee or require a commitment for a 12 months usage. Customers pay only for the resources they use, and there are no upfront costs or long-term commitments.
Answer D is correct. Amazon Managed Blockchain supports popular blockchain frameworks, including Hyperledger Fabric, Ethereum, and R3 Corda, in most regions. This means that customers can choose the blockchain framework that best meets their needs and deploy it on the Amazon Managed Blockchain service.
Answer E is also correct. Once a new member is added, Managed Blockchain lets that member launch and configure multiple blockchain peer nodes. This allows organizations to quickly and easily deploy their blockchain network and start transacting with other members.
In summary, Amazon Managed Blockchain is a fully managed service that allows customers to create and manage scalable blockchain networks using popular open-source frameworks. It eliminates the need for managing infrastructure and allows organizations to focus on building and deploying applications on the blockchain network. It supports popular blockchain frameworks and can easily scale to meet the demands of large, complex applications.