TraDove Blockchain Solution Case

TraDove Blockchain Solution Case Study Report

The aim of the report is to investigate a specific Blockchain solution and case study to understand how blockchain technology has been developed and how it can facilitate daily activities of businesses.

Executive Summary

Blockchain is the decentralized ledger technology that does not need centralized servers, middlemen, and cloud to record and store transactions. TraDove is an example of blockchain technology that has been successfully applied to the business setting whereby products are exchanged by remote parties requiring an additional layer of assurance to perform their business. The report is subdivided into five major sections.  First, a brief explanation of the business context for developing and using the TraDove blockchain solution in the B2B space is presented. Secondly, the report highlights the various business problems that are resolved by TraDove blockchain. Next, the processes, mechanisms, and components of the TraDove blockchain solution used by businesses worldwide will be discussed.  The report also covers an in-depth discussion of the benefits of the TraDove blockchain solution for Audi and BMW in the automobile industry. The final section covers the legal, ethical, and other limitations of the TraDove blockchain.

TraDove Blockchain Solution

Introduction

On 6 June 2019, TraDove, Inc. released the finalized second phase of its blockchain development initiative: B2B Blockchain Payment Solution version 1. This release was preceded by site rebranding, new features, and relaunch of its Social Business Network. TraDove is a B2B platform whereby business buyers and sellers link, connect, and engage in trade globally. TraDove’s public social network collaborates and connects more than 250,000 of the best-suited global buyers and sellers, certified and reviewed by verified partners. Also, TraDove’s B2B Blockchain Payment Solution helps in finding new markets and conducting secure trades. This assessment will investigate the TraDove blockchain solution to understand its development and facilitation of daily business activities.TraDove Business Context: BMW

First, the business context that led to the development and varied uses of the TraDove blockchain solution will be examined. TraDove blockchain technology is the first dedicated B2B blockchain championed by global teams to address and support the needs of the business to the business (B2B) environment (Rossow, A 2018). The BMW Group is an engine, motorcycle, and automobile manufacturing business established in 1916. The company uses innovative digital technologies with the goal of optimization of its processes. The firm’s global supply chains are increasingly complex as they often undergo fast changes and involve various players across different delivery stages. BMW’s adoption of the TraDove blockchain technology aids in building a robust network that is wholly dedicated to forming best-suited networks for both buyers and sellers from all parts of the world (Rossow 2018). Furthermore, TraDove matches BMW with ideal business partners in the international automobile industry and creates new markets for auto products, endorsed and appraised by certified professionals in the business world. After the users initiate new connections, the blockchain solution allows for the collaboration on different projects and the execution of trades with the Blockchain Payment Solution. Lastly, TraDove enables the authentication of users and credit scoring by backed blockchain within the B2B space. Finally, there was a major challenge within the global B2B space, where specialized buyers and sellers were seeking a simple means of connecting and making business deals.

TraDove Resolution of Business Problems

TraDove targets and eradicates BMW’s main problems, including addressing purchasing urgency, misaligned buying and selling processes, low trust, absence of communication, restricted transparency, and discovery of appropriate suppliers. The international supply chains in the automotive industry are highly complex. Thus, considerable efforts are needed to track the origin and supply route of the components. The TraDove blockchain solution seeks to resolve many problems faced by both buyers and sellers today. This is achieved by allowing the organization to build a branded private network or vast business community portal at no cost. The technology enables businesses to conduct faster and secure trade across worldwide borders and grow sales with pertinent and informed business connections (McGrath 2018). The BMW Group uses the blockchain technology in purchasing to guarantee the traceability of raw materials and components in the multi-stage global supply chain. The TraDove application has numerous functions that enable the business to readily utilize its advanced networking tools to enhance communication processing, promote products, accelerate cross-border payments, optimize the most critical projects, and target advertising.TraDove: Application and Components

The TraDove solution successfully executes its functions due to the mechanisms and components of Blockchain technology. The blockchain technology works by using AI technology, which allows businesses to promote products and match buyers and sellers with the same interests and profiles (Lopes & Alexandre 2018). The platform also allows businesses to obtain qualified leads and attain multiple proposals and the best deals worldwide. Besides, TraDove offers a platform for sharing product information to more than 250,000 users and learning new content within the procurement world. It also allows business professionals in a particular industry to create and join group discussions where ideas on specific topics can be shared. Furthermore, TraDove guarantees full transparency since one can read the product reviews and recommend fellow users, products, and services. The solution uses a proprietary authentication protocol to validate all users. Lastly, TraDove’s secure blockchain payment solution eliminates the payment complexities associated with international trading transactions.

The blockchain is a tamper-evident and resistant digital ledger executed in a distributed fashion with no central authority. At its basic level, the technology allows a community of users to record their transactions in a shared ledger to ensure that no transaction is changed once published under the usual operations of the blockchain network (Yaga et al. 2018). Thus, the blockchain architecture’s core components include the asymmetric key cryptography, transactions, block, chain, miners, and consensus mechanisms (Deepak et al. 2018). The blockchain technology is viewed as a distributed ledger of data that maintains a continued growing list of records, blocks, protected from tampering and other changes. The distributed ledgers are permissioned since users can join the private network through authenticated and verified invitations either by the network operator or defined protocol effected by the network. The main components of the TraDove blockchain are digital signature private and hash function only. The blockchain system does not have proof of work.  In this case, the smart contract substitutes the need for proof of work to approve trades. First, the distributed ledger works by the initiation of transactions using digital signatures. Secondly, the users broadcast transactions to nodes. In the next phase, one of the more nodes starts validating each transaction.  In its place, the consensus between the trading parties is required only.  After that, the nodes aggregate the validated transaction to blocks. Finally, the block reflects the true state is changed to the previous block.

Benefits of Tradove

There are numerous benefits of the TraDove blockchain solutions for organizations in virtually all industries. TraDove offers a global platform for buyers and sellers to develop trust rapidly, greatly minimize transaction costs, simultaneously generating instant and safe payments (Zhao et al. 2018; Lahkani et al. 2020). Furthermore, TraDove uses the ethereum tokens, blockchain technologies, and advanced user authentication to resolve the central trust problem in B2B and global trade. The authenticated and vetted buyers and sellers use smart contracts to conduct trade across the global B2B platform to ensure successful payments (Rajput et al. 2020). Additionally, the solution also allows organizations to delay their tax payments under certain circumstances. TraDove’s Blockchain Payment Solution is the first blockchain devoted to business B2B trades and operates wholly on mobile devices. The app’s mobile functionality, lightweight model, and processing power scale readily with every new user compared to traditional blockchain technologies (Williams 2018). The other benefits of TraDove include built-in trust, 8-level security, super light, super-fast, user authentication protocols, blockchain-backed credit scoring, privacy, low cost, and environmentally friendly transactions.Limitations of Tradove

As is the case with new technologies, several limitations have a direct impact on businesses. First, the blockchain solution’s key characteristics present many challenges to the existing regulatory and legal frameworks. Most of the laws and regulations envision centralized business structures with one base of responsibility and control. The deviating from the arrangement poses a myriad of challenges from the legal perspective and enforcement issues. The decentralization brings forth benefits but poses legal and regulatory obstacles to firms as there is no centralized party responsible, and the systems span multiple jurisdictions (Fulmer 2019).  The blockchain solution can cross-jurisdictional boundaries since the nodes can be situated anywhere in the world, which poses numerous complex jurisdictional issues that necessitate careful consideration with regard to the pertinent contractual relationships.

The development and infrastructural guidelines increase the time taken to implement the TraDove solution due to scalability and latency issues. Its development necessitates higher security and credibility, which, in turn, requires hefty investments in financial and human resources. Moreover, the ethical implications include lack of privacy and data protection since user information in the blockchain cannot be deleted is freely accessible to everyone now and in the future, as sellers can access the purchasing history with other buyers (Ishmael 2020). The higher transparency levels also raise privacy and confidentiality problems for the firms. Finally, TraDove raises other ethical issues, with the most prominent limitations being the environmental impact due to the skyrocketing energy use and enabling criminal activities.

Conclusion

TraDove is a pioneering blockchain solution that aids businesses seek faster and secure ways of conducting trade across global borders and upturn sales with relevant and informed business connections. The technological solution was initiated as a social networking platform for global businesses. Over time, it has earned recognition due to the potential for target advertising and the acceleration of cross-border payments. In summation, TraDove connects B2B verified buyers and sellers worldwide using an AI-driven and blockchain social networking technological solution. This allows users to lessen the corporate buyer-seller cycle of discovery, enjoy greater transparency, trust, and expedites precision advertising.

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