Question 4: 3-5 page response What is Block Chain and how could it change the way...
Question 4: 3-5 page response
What is Block Chain and how could it change the way the financial field is run?
Homework Answers
Well,
As the name says, block chains are actually chain of blocks means digital datas(blocks) in public database (the chain).
Blocks helps to save every minute imformations about particular transactions especially date, time and amount. This give details about who all are participating in every transactions. One block is entirely different from another one . However, anyone can view details in the block chain.
The possibility of manipulation of datas are very low because each computer blockchain user will get one copy of the block chain thereby creating millions of copies of chain amoung people makes it very difficult for a hacker to hack it that is the reason why it is called distributed ledger.
Perfect example is the bitcoin block chain.
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Question 4: 3-5 page response
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