Question: What is the purpose of a smart contract in blockchain technology?
Answer:
Smart contracts in blockchain execute self-executing and self-enforcing contracts based on predefined rules, automating and ensuring the integrity of contractual agreements.
MCQ: What is the purpose of a smart contract in blockchain technology?
Explanation:
Smart contracts in blockchain execute self-executing and self-enforcing contracts based on predefined rules, automating and ensuring the integrity of contractual agreements.
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Related Questions
- 1. How does blockchain technology enhance the security of financial transactions?
- 2. What role does a private key play in blockchain security?
- 3. How does blockchain contribute to the prevention of double-spending in digital currencies?
- 4. What is the role of a Merkle tree in blockchain data structure?
- 5. How does blockchain enhance the traceability of supply chain transactions?
- 6. What consensus algorithm is commonly used in public blockchain networks like Bitcoin?
- 7. How does blockchain contribute to the decentralization of data storage and management?
- 8. What is the purpose of a nonce in the context of blockchain mining?
- 9. What is the role of a hash function in blockchain security?
- 10. How does blockchain address the issue of single points of failure in traditional databases?
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