Blockchain Decision Tree - Reading Assignment

Blockchain Business Course
#341

Reading Assignment: Blockchain Decision Tree (Answers)

  1. Faster Query.
  2. Expensive, Loss of money and Time. Complex Structuring.
  3. Validation of Blocks and chain code process, in order to continue blockchain.
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#342

1.)

Easier and Cheaper to Build a Solution
Finding people with the Compentency and skill using old tech is easier.
More Resources Available.

2.)

Expensive.
Time Intensive.
Poor user experience.

3.)

Having more than 1 writer would insure trust isn’t dependant on 1 but many. One main driver to blockchain use is having trustless operation.

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#343
  1. Faster, cheaper and known by IT
  2. You could put complexity where it is not needed
  3. Because additional writers elminates the risk of tampering with data
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#344
  1. It is cheaper, and easier to use.
  2. Overspending by the firm.
  3. because blockchain is of more benefit when you have multiple users, with one user you do not need a middleman, and blockchain removes the middleman.
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#345

  1. What are the benefits of using a normal database instead of a blockchain?
    Normal database are cheaper, easier and fast to implement, and are more efficient at storing data

  2. What do you think the consequences would be of using a blockchain when you in reality don’t need one?
    Incurring excessive unnecessary cost in-terms of capital outlay and overhead cost and time, difficult to integrate with the rest of IT infrastructure.

  3. Why should there be more than 1 writer to a database in order to justify a blockchain?
    Blockchain is an immutable distributed ledger that built up trust through consensus.
    If there is only one writer then its a centralized database and no need for blockchain because there is no issue with trust .

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#346

  1. Much easier and cheaper to build a solution using traditional tools, with many more operators having the skills to get the job done.

  2. The cost of setting up such a program would affect resources which could have been deployed on a better use case. Functionality may hinder execution and time and energy spent on training technology.

  3. It would come down to a trust issue from that one individual on the project in hand. Multiple participants might justify a use-case.

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#347
  1. Fast queries, more effective for every day scenarios, and building actual solutions, much more history and expertise in working with those kind of databases.
  2. It’s an expensive and difficult solution with very little knowledge currently available. If you find a solution for your business problem, it will be very costly, but chances are that you won’t even meet the requirements for solving the problem.
  3. If only one person is writing to the database, you don’t need to reach consensus or a trustless system as offered by blockchain.
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#348

What are the benefits of using a normal database instead of a blockchain?
Normal databases have centralized control and access is limited based on permission. Also it is technology that is supported by many developers.

What do you think the consequences would be of using a blockchain when you in reality don’t need one?
The project would probably fail. You’d be selling something someone doesn’t need.

Why should there be more than 1 writer to a database in order to justify a blockchain?
1 Writer means a centralized system. If there’s only 1 writer to the database there is no need to take on the additional cost of a blockchain.

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#349
  1. What are the benefits of using a normal database instead of a blockchain?
    Performance , much cheaper and simple to manage/build since also a lot of developers and related
    experts are available + integration with your current IT environment should be much easier
  2. What do you think the consequences would be of using a blockchain when you in reality don’t need one?
  • Your business will be more difficult to success , due to it will be much more complex and probably wont meet costs and efficiency expected
  1. Why should there be more than 1 writer to a database in order to justify a blockchain?
    • Because a normal database can do the same job having better performance and latency.
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#350

  1. Much cheaper tech.o use and implement than blockchain tech

  2. Waste of time and money aswell as efficiency

  3. Because of what blockchain techknolegy offers if only one writer to the database is needed then you effectively dont need the trustless aspect of blockchain.

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#351
  1. What are the benefits of using a normal database instead of a blockchain?
  • Easier
  • More economical to build a solution
  • Resources easier to locate
  • Competency/skill level matrix
  • More resources in the marketplace, salary arbitrage
  1. What do you think the consequences would be of using a blockchain when you in reality don’t need one?
  • Time Consuming
  • Higher Costs
  1. Why should there be more than 1 writer to a database in order to justify a blockchain?
    There should be more than 1 writer to a database in order to justify a blockchain for transparency and security purposes.
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#352
  1. Quicker solution, control can be total and centralized. There already many known use cases and known solutions also a lot of developers to support the system.
  2. Big cost to establish and maintain, slow business response.
  3. Main characteristics for a blockchain are decentralization and consensus among participants. If there would be only one writer to a database, there is no real need to have decentalized system or no need for consensus.
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#353
  1. private, trusted, cost effective, complant w/ regulations, efficent.
    2.More expensive, slower, and difficult to manage and build.
  2. It removes trusted third parties, adding transparency and immutability.
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#354
  1. What are the benefits of using a normal database instead of a blockchain?
    The database doesn’t require a consensus algorithm and is completely dependent on the centralized approach. Blockchains are designed to work in a decentralized manner whereas the databases are always centralized.
  2. What do you think the consequences would be of using a blockchain when you in reality don’t need one?
    A traditional database is less costly when compared to the blockchain. Blockchain is a fairly new technology and hence is still evolving. This also means that a business needs to do proper planning and execution to integrate blockchain into their process.
  3. Why should there be more than 1 writer to a database in order to justify a blockchain? Because are entries into a blockchain are authenticated by mass collaboration or consensus.
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#355

Database is efficient, faster, easier and cheaper to use than a blockchain.

To slow
To expensive

This is what makes it trustless. Iff you have only 1 writer you have to trust that 1 writer complete then you will get the same thing as a third party and iff you want to use a third party you don’t need a blockchain

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#356
  1. Cheaper, easier to use, more resources and expertise available.
  2. Incur more cost, while the functionality of blockchain might not suit one’s needs. Slower speed from operations of a blockchain could also affect efficiency.
  3. If there were only 1 writer to the database then the issue of trust would not surface in the first place.
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#357
  1. What are the benefits of using a normal database instead of a blockchain?
    cheaper and easier to build solution
  2. What do you think the consequences would be of using a blockchain when you in reality don’t need one?
    it is much more expensive to build and longer development
  3. Why should there be more than 1 writer to a database in order to justify a blockchain?
    security and transparency is a key here
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#358

  1. It could be that you needed knowledge of who the handles accesses to the database or if they are trusted. Also if you wanted to trust a third party service so that you could focus on other aspects of your business.

  2. Maybe you wanted complete control over functionality and all aspects of data, when setting up a blockchain database some of that may be lost to multiple writers or consensus algorithms.

  3. So that there can be consensus of accurate and correct information.

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#359

  1. What are the benefits of using a normal database instead of a blockchain?
    More efficient, more cost effective, than using a blockchain. If you need to change information and need less transparency then use a regular database.

  2. What do you think the consequences would be of using a blockchain when you in reality don’t need one?
    It would be more expensive, less efficient and there is no changing the data once entered.

  3. Why should there be more than 1 writer to a database in order to justify a blockchain?
    It is called on consensus, and there is no need to trust a 3rd party with the information.

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#360
  1. normal DB is cheaper, easier to set up, faster and there are more devs who have pretty good knowledge (unlike in blockchain technology).
  2. will be a waste of money, ressources and maybe image (bad user experiences)
  3. if there is only one writer you will need no concensus, you have one dominator who dictates. The Blockchain is a solution were you want to have transparency, immutability and consensus, so more than 1 writer will be needed.
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