Blockchain and Smart Contract for Payment This question requires you to demonstrate your understanding on how blockchain and/or smart contract can be used for payment systems. (a) Illustrate in detail how smart contracts change the payment system. Use supply chain payment as an example. Back your answers and claims with relevant references. (Word limit: 400 words) (8 marks) (b) Create a simple smart contract that executes a payment from the sender to the receiver. Ensure a clear layout and proper formatting of your code. Provide a logical explanation of your smart contract code. (Word limit: None) (8 marks) (c) You are preparing a report on blockchain and smart contract for financial services. Show, in your report, how blockchain, cryptocurrency, and smart contract can be used to improve workflows in financial services. Include in the report the following: (i) (ii) Overview: Describe the lifecycle of a smart contract from creation to destruction. General use cases: Examine how: (1) retail banking and (2) insurance can leverage blockchain, smart contract, and/or cryptocurrency to improve its business model. Risks: Discuss at least two (2) key risks associated with smart contract; back your claims with example. (iii) You will be evaluated based on how convincing your report is, as well as the writing, clarity and conciseness of your report. Where possible, use infograp) to bring your points across (Word limit: 700 words) (15 marks) Blockchain and Smart Contract for Payment This question requires you to demonstrate your understanding on how blockchain and/or smart contract can be used for payment systems. (a) Illustrate in detail how smart contracts change the payment system. Use supply chain payment as an example. Back your answers and claims with relevant references. (Word limit: 400 words) (8 marks) (b) Create a simple smart contract that executes a payment from the sender to the receiver. Ensure a clear layout and proper formatting of your code. Provide a logical explanation of your smart contract code. (Word limit: None) (8 marks) (c) You are preparing a report on blockchain and smart contract for financial services. Show, in your report, how blockchain, cryptocurrency, and smart contract can be used to improve workflows in financial services. Include in the report the following: (i) (ii) Overview: Describe the lifecycle of a smart contract from creation to destruction. General use cases: Examine how: (1) retail banking and (2) insurance can leverage blockchain, smart contract, and/or cryptocurrency to improve its business model. Risks: Discuss at least two (2) key risks associated with smart contract; back your claims with example. (iii) You will be evaluated based on how convincing your report is, as well as the writing, clarity and conciseness of your report. Where possible, use infograp) to bring your points across (Word limit: 700 words) (15 marks)