Question: How does blockchain contribute to transparency in transactions?
Answer:
Blockchain contributes to transparency by creating an immutable ledger visible to all participants, allowing them to view and verify transaction history.
MCQ: How does blockchain contribute to transparency in transactions?
Explanation:
Blockchain contributes to transparency by creating an immutable ledger visible to all participants, allowing them to view and verify transaction history.
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Related Questions
- 1. What is the purpose of a smart contract in blockchain technology?
- 2. How does blockchain technology enhance the security of financial transactions?
- 3. What role does a private key play in blockchain security?
- 4. How does blockchain contribute to the prevention of double-spending in digital currencies?
- 5. What is the role of a Merkle tree in blockchain data structure?
- 6. How does blockchain enhance the traceability of supply chain transactions?
- 7. What consensus algorithm is commonly used in public blockchain networks like Bitcoin?
- 8. How does blockchain contribute to the decentralization of data storage and management?
- 9. What is the purpose of a nonce in the context of blockchain mining?
- 10. What is the role of a hash function in blockchain security?
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