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Blockchain essential tool to track goods and reduce friction and fraud in the supply chain especially for cross-border shipments.
Sir could you please explain how this is achieved?
Thank you
See P142 pf our notes.
Blockchain allows an unchangeable and essentially indelible record of transactions relating to an entity to be recorded. It is used in recording who owns land, shares and other assets.
When they say one of the application of blockchain is use in the bank,so does that mean that banks are using crypocurrency or its just the normal currency that we use
Thank you
2.verification of a block happens when users agree a certain transaction has occured? and how does that verification occur?
Q1 I don’t know what is meant without seeing the information, but cryptocurrencies such a Bitcoins are only one use of blockchain technology. Banks can also use the technology to record transactions such as share purchases and mortgages.
Q2 They compare records and I believe a ‘vote’ is taken to decide in the definitive version ie a consensus is reached.
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