Blockchain
A distributed ledger system enabling secure, tamper-resistant transaction records.
Detailed Description
Blockchain
What is the primary function of blockchain technology?
Blockchain technology serves as a decentralized digital ledger that records transactions securely and transparently.
What are the main types of blockchain?
The main types of blockchain are public, private, and consortium blockchains.
How do smart contracts work in blockchain?
Smart contracts are automated agreements that execute when specific conditions are met, stored on the blockchain for immutability and transparency.
What are some applications of blockchain in fintech?
Blockchain applications in fintech include cross-border payments, identity verification, and smart contracts.
What challenges does blockchain technology face?
Blockchain technology faces challenges such as scalability, energy consumption, and regulatory uncertainty.