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Basics of Blockchain
Unit 1
What is Blockchain
Introduction to Blockchain Technology
Blockchain vs. Traditional Database
Blockchain Use Cases
Unit 2
How Blockchain Works
Blockchain Structure and Components
Consensus Mechanisms in Blockchain
Transaction Processing in Blockchain
Unit 3
How Blockchain is Going to Change the World
Blockchain and Financial Services
Blockchain and Supply Chain Management
Blockchain and Healthcare
Blockchain and Voting Systems
Unit 3 • Chapter 1
Blockchain and Financial Services
Summary
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Concept Check
What is a smart contract in blockchain technology?
Verbal agreement between parties
Self-executing contract with terms directly on code
Contract signed by lawyers
Physical contract in paper form
How does blockchain enhance security in financial services?
By using outdated security protocols
Through decentralization and cryptographic techniques
By sharing user passwords
By storing all data in a single server
What is a potential risk of adopting blockchain in financial services?
Regulatory uncertainties and lack of standardization
Increased efficiency and cost savings
Enhanced data privacy and security measures
Full transparency and accountability
How does blockchain technology improve transparency in financial transactions?
By centralized control of data access
By creating an immutable ledger shared among all participants
By hiding transaction history
By providing fake transaction records
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Blockchain and Supply Chain Management