Blockchain Flashcards
1
Q
What is blockchain?
A
its a system for maintaining a distributed ledgers in a way that allows organizations that might not fully trust eachother to agree on ledger updates. Instead of using a central third party or an offline reconciliation process, Blockchain uses p2p protocols. Blockchain provides near real-time and inedible record that’s replicated among the participants
2
Q
List the key benefits of using blockchain versus and intermediary.
A
1) fewer intermediaries, 2) real-time updates, 3) security, 4) lower costs, 5) faster, more automated process, 6) reduction of errors from manual processes used by intermediaries, 7) increased visibility, 8)
