Question: Example of the Format: Purchasing a Vehicle Situation: Purchasing a new automobile with 3 entities involved. These are: the car dealer, the finance broker, and

Example of the Format: Purchasing a Vehicle

Example of the Format:

Purchasing a Vehicle Situation: Purchasing a new automobile with 3 entities involved. These are: the car dealer, the finance broker, and the finance lender. Salesperson collects some information about the buyer. If the buyer wants to take a car for a test drive, the salesperson makes a copy of the buyer's driver's license. Once the buyer decides to purchase a car, they normally need a loan, and the dealer has the buyer meet with their finance broker. The finance broker collects personal information about the buyer in order to submit a loan application. The finance broker sends the information they collected about the buyer to the lenders with whom they work, to provide the buyer with more than one loan option. These are presented to the buyer and then the buyer chooses a lender. Target: Use a blockchain to simplify the steps described above for purchasing a new automobile. Use complete sentences for your answers to all of the questions below. 1. Identify and list the transactions that could be placed on a Blockchain to improve the process for purchasing an automobile. 2. Record any contract logic that may be necessary before adding a transaction to the Blockchain. 3. Describe the reasons for the logic you recorded in question 2. 4. Can the information on the Blockchain be completely transparent? What information needs to be transparent and what information needs to be private? Blockchain - Linking the blocks Block 1 (1 MB) Block 2 (1 MB) Block 3 (1 MB) T1: Damian-500 BTC T1: George +500 BTC T2: Bernard-200 BTC T2: Gerald +200 BTC T3: George -100 BTC T3: Damian +100 BTC T4: Gerald-200 BTC T4: Bernard +200 BTC X32 T5: Damian -50 BTC T5: George +50 BTC T6: Bernard -200 BTC T6: Gerald +200 BTC 9BZ The unique signature that corresponds with this string of data is w10. The unique signature that corresponds with this string of data is 9BZ. The unique signature that corresponds with this string of data is 74T. Block 1 (1 MB) T1: Damian -100 BTC T1: George +100 BTC T2: Bernard-200 BTC T2: Gerald +200 BTC Previous Block was changed That causes everything subsequent in chain to change

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